Harvard Business Review Mergers And Acquisitions Pdf
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- Strategic Orientations, Acquisitive Growth, and Continuous Adaptation
- Mergers & acquisitions
- Don’t Integrate Your Acquisitions, Partner with Them
Growth modes are of utmost importance when companies intend to expand their business. For decades, organic and acquisitive growth modes were treated as a dichotomy, or opposite ends of a bipolar scale.
Strategic Orientations, Acquisitive Growth, and Continuous Adaptation
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The use of acquisitions to redirect and reshape corporate strategy has never been greater. Many managers today regard buying a company for access to markets, products, technology, resources, or management talent as less risky and speedier than gaining the same objectives through internal efforts. And clearly, we must look beyond conventional advice on making acquisitions to understand how to manage them better. Most analysts stress one of two ways to make acquisitions work. The second approach stresses the need to achieve an organizational fit between the two companies by matching administrative systems, corporate cultures, or demographic characteristics. Why, then, have even friendly acquisitions that apparently satisfy this advice failed to work out so often?
Weinhold, Diversification Through Acquisition (New York: Free Press, ), John Kitching, “Why do Mergers Miscarry?” HBR November–December , p. 84;.
Mergers & acquisitions
March Article Harvard Business Review. By: Clayton M. Executives can dramatically increase their odds of success, the authors argue, if they understand how to select targets, how much to pay for them, and whether and how to integrate them.
The financial world set a record in for mergers and acquisitions. The author has an explanation for this persistent failure and offers a way forward. Acquirers, he notes, tend to look at acquisitions as a way of obtaining value for themselves—access to a new market or capability. The trouble is, if you spot a valuable asset or capability in a company, others will too, and the value will be lost in a bidding war. But if you have something that will make the acquisition more competitive, the picture changes.
Executives can dramatically increase their odds of success, the authors argue, if they understand how to select targets, how much to pay for them, and whether and how to integrate them. The most common reasons for making an acquisition include holding on to a premium position or cutting costs. CEOs, who are often unrealistic about the performance boost from such acquisitions, must be sure not to pay too much for them.
Don’t Integrate Your Acquisitions, Partner with Them
It turns out that this is more of a problem for companies that are acquiring complementary businesses that they know quite well. Your customers need to have a reason to like the new combination, which may require change as well as integration. According to most studies , between 70 and 90 percent of acquisitions fail. Most explanations for this depressing number emphasize problems with integrating the two parties involved.
I wonder how many of them will succeed? According to Harvard Business Review, between 70 and 90 percent of mergers and acquisitions fail. The reasons for this failure rate are complex, and no two deals are the same. When two organizations combine, C-suite executives often focus on the financial and strategic benefits of the deal.
If you can tell them apart, you stand a better chance of making them succeed. We know surprisingly little about mergers and acquisitions, despite the buckets of ink spilled on the topic. In fact, our collective wisdom could be summed up in a few short sentences: acquirers usually pay too much. Friendly deals done using stock often perform well. Our in-depth findings will emerge over the next year or two, in the form of various books, articles, and cases.
What’s So Different About Partnering?
A takeover usually signals the demise of one of the two corporations involved in the tussle—no prizes for guessing which one. The new parents lay down new values and create a fresh sense of purpose, but they leave it to the acquisitions to carry them out. Some companies are better suited to adopt the partnering approach than others. Organizations with collaborative, inclusive cultures will have an easier time than companies with a hierarchical, command-and-control style. Senior executives in acquiring companies must be comfortable achieving goals through influence rather than control. They must also have a higher-than-average tolerance for ambiguity.
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