The Merger Mindset "How to Get It Right in the High-Stakes World of Mergers, Acquisitions, and Divestitures"

por Dierickx, Constance; Henman, Linda
The Merger Mindset "How to Get It Right in the High-Stakes World of Mergers, Acquisitions, and Divestitures"
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ISBN: 978-1-138-48182-4
Editorial: Routledge
Fecha de la edición: 2018
idioma: Ingles
Nº Pág.: 190

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Resumen del libro

Reseña: The Merger Mindset offers a unique perspective for leaders'those executives whose companies, reputations, and futures will thrive or fail because of a deal or a series of deals. This book for leaders helps decision-makers deal with the powerful undercurrents and interpersonal dynamics at play in every deal, and no one is more qualified to write it than Constance Dierickx and Linda Henman. Other books on mergers, acquisitions, and divestitures overwhelmingly have one characteristic in common: theyre technical. Attorneys write books about the legal and contractual aspects of deals; project management experts write from the point of view of managing tasks and schedules; and investment bankers write about valuation and negotiation. The Merger Mindset presents an amalgamation of what Drs. Dierickx and Henman have observed'and in many cases, helped to create'in more than 65 cumulative years of consulting with Fortune 500 companies, privately-held firms, family-owned businesses, and military organizations. Their in-the-trenches experiences spurred them to arrive at this premise: To position their organizations for more success, leaders cant shy away from the high stakes, tough decisions about their futures. This book maps the key steps in the M & A journey. It takes the reader through how to make the decision to grow acquisitively, identify roadblocks and typical wrong turns, and ultimately shows how to unlock their decision-making potential while navigating an increasingly uncertain world. Through compelling stories and surprising research findings, readers will discover that theres much more to the decision-making that drives M & A deals than they ever imagined, and they will come away with tools to help them deepen their understanding of what it takes to succeed. A fascinating read, the text weaves lessons that surface from the stories with highly pragmatic advice about suggested mindset, checklists, processes, and diagnostic tools. Readers will understand that while M & A deals arent simple, leaders dont have to overly complicate them either. Instead, they can simplify the process if they remember hope shouldnt serve as a strategy, and they cant abdicate or delegate their leadership responsibilities. The lessons from mergers and acquisitions are critical to those considering a deal, but applied elsewhere, they have equal value, even though noticing them takes more effort. This is the essence of leadership: doing the hard work of ensuring that the gulf between strategy and tactics does not lead to either over simplification or needless complexity.
indice: Contents Acknowledgments ix Introduction xi Part I High Stakes 1 Chapter 1 The High-Stakes World of M&A 3 Why Do a Deal? 4 Five Essential Traits of a Successful Deal 6 Deal Progression 11 Vision 14 Financial synergy 14 Operations 14 Talent 15 Culture 15 The Insidious Nature of Fear 16 Conclusion 20 Note 20 Chapter 2 High Stakes: High Risk, Low Visibility 21 Betting on Value 21 Are You in Jeopardy? 24 What People Think of You Matters 27 No One Likes Shaky Ground 29 Gambling with Loyalty 33 Conclusion 36 Note 36 Chapter 3 Think of All Weve Been Through 37 Where We Have Been 37 Where Are We Going? 40 How Will We Know When We Get There? 42 What Good Will It Do? 46 Tough Calls Start with 'Why?' 48 Conclusion 50 Notes 51 Part II Leadership Traps 53 Chapter 4 Necessary Uncertainty: Overconfidence, Rationalization, and Bias 55 You Cant Shine a Light in Every Dark Corner 56 Overconfidence 59 Rationalization 62 Bias 63 Spreadsheets Dont Make You Smart 67 Conclusion 70 Notes 71 Chapter 5 Talent Is Not Your Greatest Asset 73 Take the Risk Out of People Decisions 73 E5 Star Performer Model 76 Ethics: Doing Well by Doing Right 77 Expertise: The Raw Data of Talent 78 Excellence: Consistency of Performance 78 Enterprise: Setting the Bar 79 Experience: The Yesterdays That Define the Tomorrows 79 Leading through Ambiguity 80 Whom Do You Want to Leave? 84 Why You Need Gyroscopes 86 Conclusion 90 Notes 91 Chapter 6 Critical M&A Decisions 93 What It Takes to Decide 94 If I Only Had a Heart 98 Courage Is Not Recklessness 100 The Rewards of Heavy Mettle 102 Deals Create Decision-Making Traps 104 Groupthink Trap 104 Complexity Trap 105 Status Quo Trap 106 Anchoring Trap 107 Sunk-Cost Trap 108 Inference and Judgment Trap 109 Conclusion 109 Notes 110 Part III Correlations, Cause, and Culture 111 Chapter 7 Sailing in Uncharted Waters 113 Rough-Water Rafting 114 Implement or Drown 116 The Messiness of Metrics 119 Keep Your Customers in the Boat 123 Run a Triple Play 125 Conclusion 130 Notes 130 Chapter 8 This Makes Cents 131 Formulating the Strategy for the Deal 132 Setting Criteria for the Deal 134 Identifying and Evaluating Targets 137 Evaluating People and Planning Succession 139 Integration 142 Conclusion 145 Notes 145 Chapter 9 Elements of Culture 147 Beyond the Code of Conduct 148 Setting the Pace 152 Organizational Learning 153 Capacity and Appetite for Change 157 Building New Neural Networks 160 Conclusion 162 Notes 163 Chapter 10 You Bought It; Dont Break It 165 Integrating with a Merger Mindset 166 Set Objectives; Measure Success; Reap the Benefits 168 How Will You Be Better Off If You Integrate? 171 Integration Dos and Donts 174 Cast Your Leadership Shadow 177 Conclusion 181 Notes 181 Index 183