Evaluation in the M&A process—appraisal, valuations, and assessment of the target and acquiring companies—should happen at each turn: before, during, and after the decision to acquire. Evaluation has neither a “start” nor a “start date.” Rather, it involves a circular, continuous process of reevaluating new information as it becomes available and reassessment of existing dataRead more
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Some experts refer to “incompatible business models” undermining a merger or acquisition deal, but what does that really suggest? It means that when companies make money in vastly different ways, doing extremely different things, and no one recognizes or addresses these differences, the merged company risks destabilization. While decision-makers should consider the mission, vision, andRead more
When companies merge or acquire, stakeholders usually expect that the whole will be greater than the sum of its parts. Unfortunately, the facts tell a different story. Study after study puts the failure rate of mergers and acquisitions between 70% and 90%. One plus one does not equal three; too often it moves shareholder returnsRead more
Mention the word “change,” and a large number of people will react with horror, anger, or angst. These people are members of a not so elite group of the chronically unraveled. The only change they like jingles in their pockets. In fact, you might be among them. But whether you are or not, chances areRead more
Change and adversity are often mentioned in the same breath because many see unexpected, unwanted change as a hardship and pervasive loss of control. The ancient Chinese indicated their understanding of this concept by constructing a two-part pictogram. However, this two-part pictogram for change appears to imply contradictory thought. The bottom part by itself isRead more
