Synopses & Reviews
ince The Complete Guide to Mergers and Acquisitions was published in 2000, merger and acquisition activity has increased dramatically, and shows little sign of slowing down. Done right, M&As result in unified, cohesive new organizations whose financial performance and strategic options are much improved.
Revised and updated to meet the needs of today's business environment, the second edition of The Complete Guide to Mergers and Acquisitions gives executives, managers, and supervisors the guidance and tools they need to successfully see the M&A process through at every organizational level. Authors Tim Galpin and Mark Herndon show why?the typical M&A deal never realizes its?intended financial and strategic results.?Based on the authors' consulting experience with numerous Fortune 500 companies, this comprehensive resource will help organizations address the myriad integration aspects of M&As, maximizing the strategic and financial value of integrations more quickly and effectively.
The second edition expands on the authors' step-by-step advice and includes best-practices and lessons learned as well as information about:
- Conducting M&A due diligence that leads to effective integration
Typical organizational dynamics created during a M&A deal
Mistakes commonly made during integration
The how-tos of comparing and combining company cultures
Effective design, management, and coordination of the enterprise-wide integration process
Retaining and recruiting key talent
Capturing and measuring deal synergies
A proven process for integration staffing and selection
This comprehensive resource also contains several new visual aids as well as helpful templates, checklists, graphs, and tools. In addition Galpin and Herndon provide sound guidance for successfully integrating different processes, organizations, and cultures.
Review
"This is a very timely and useful book. The authors are clearly speaking from experience, and they present many practical concepts, activities, and tools. Merger managers who read this book are likely to increase shareholder value." --Henry Hutson, corporate vice president of human resources, Global Knowledge Network, Inc.
"The tools that Tim Galpin and Mark Herndon describe have been a great help to us in integrating people, processes, and cultures, which are critical steps in delivering the full value of a merger or acquisition." --Dan F. Smith, president and CEO, Lyondell Chemical Company
"When integrating two organizations and cultures, putting the proper process in place is key. This guide will help you avoid the pitfalls and follow the key steps to success." --Jeff Hemmer, vice president of customer supply chain, Equistar Chemicals
Synopsis
A compendium of tools, templates, and the proven process for efficiently merging two organizations, integrating their cultures, retaining key talent, and keeping score of progress.
Synopsis
Based on the authors' consulting experience with numerous Fortune 500 companies, this resource will help you capture the synergies of your next merger or acquisition more quickly and effectively. Augmenting their step-by-step advice with helpful templates, checklists, graphs and tools; Galpin and Herndon provide sound guidance for successfully integrating different processes, organizations, and cultures. The authors also address pre-deal dos and don'ts, people dynamics, common mistakes, communications strategies, and specific actions you can take to create measurable positive results throughout the integration process.
Synopsis
"Galpin and Herndon are back with an updated edition of their highly respected M&A integration classic. Like its predecessor, this book is a 'must buy' for every manager or advisor tasked with the awesome job of putting companies together after a merger."
Alexandra R. Lajoux, coauthor, The Art of M&A series, and chief knowledge officer, National Association of Corporate Directors
"No matter how conceptually good an acquisition looks from 30,000 feet, if the M&A deal structure and follow-on implementation aren't optimized, the acquisition will fall short. That's why we rely on the concepts and methods aptly laid out in this book."
Jim Wickett, executive vice president corporate development, Macrovision Corporation
"This book is essential reading for anyone in the merger process. I particularly like the insights on addressing different cultures."
Jon Katzenbach, senior partner, Katzenbach Partners, and author, Why Pride Matters More Than Money and The Wisdom of Teams
"For those of us who have wrestled with the colliding strategic, logistical, and human hurdles that come with M&A integrations, this book is a welcome guide through the chaos."
Jim Alleman, vice president human resources, Commercial Metals Company
"Galpin and Herndon's first edition was required reading at US Airways as we successfully merged with America West Airlines in 2005. Once again, they have hit it on the head with this insightful, practical guide to successfully integrating companies. From the practical to the philosophical, this is the book for any company considering a merger or acquisition."
Doug Parker, chairman and CEO, US Airways
Synopsis
Merger and acquisition deals are now at an all-time high, having doubled in frequency since 1990. Done right, M&As result in unified, cohesive new organizations whose financial and strategic options are much improved. This guide gives executives, managers, and supervisors the guidance and tools they need to see an M&A successfully through at every organizational level and so more quickly realize its synergies.
Beginning with the deal itself, The Complete Guide to Mergers and Acquisitions shows managers how to minimize the impact of a merger on personnel and realize its strategic and financial benefits faster, more efficiently, and more effectively. It clearly explains the issues managers will face at each stage of the process and contains step-by-step instructions for creating a successful communications strategy, retaining and re-recruiting key talent, creating a clear selection and staffing plan, designing and managing the integration process, and measuring progress.
Designed by two veterans of dozens of successful mergers and acquisitions, this field-proven program works equally well for senior managers looking at the big picture and for line managers supervising smaller departmental integration. The authors include plenty of templates, charts, checklists, graphs, and tools that give hands-on help along the way. They also offer both best practice and worst practices from a wide variety of companies, laying out the examples to follow and the mistakes to avoid.
A sample task force charter in the back of the book, along with an integration planning template, provides concrete direction for mapping out an integration action plan that works. The Executive Summary of Watson Wyatt Worldwide's 1998/99 M&A Survey found in the appendix reinforces the best practices presented in the text.
Description
Includes bibliographical references (p. 237-238) and index.
About the Author
TIMOTHY J. GALPIN is President of Integration Partners, LLC, and has been involved in over thirty successful mergers. He is the author of two previous books, The Human Side of Change and Making Strategy Work, both from Jossey-Bass.
MARK HERNDON serves as regional leader for Merger and Acquisition Services with Watson Wyatt Worldwide. As a consultant on more than twenty integration assignments, his work has focused on designing and implementing merger integration approaches that maximize the speed, synergy capture, and strategic communication of the deal.
Table of Contents
Preface The Authors
1. Integration: The Real Deal -Why Deals Are Done -Integration: An Experience-Driven Skill Set -The Watson Wyatt Deal-Flow Model
2. Integration Begins with Due Diligence -Redefining the Process of Due Diligence -Due Diligence and Integration Risk Factors -Due Diligence and Organizational Culture -Due Diligence and Human Capital -Coordinating HR into the Due Diligence Process
3. Welcome to the Big Leagues of Change Management -Organizational Dynamics Created By Mergers and Acquisitions -Concepts of Change Management
4. The Merger Integration Work Streams Model -The Merger Integration Work Streams Model -Deploying the Model
5. Organizing and Involving Integration Task Forces -Establishing the Integration Infrastructure -Launching the Planning Process -Managing the Integration Process
6. Tell It Like It Is: Honest Communication -The Johari Window -Communication Models for a Merger -Knowledge Before New Skills
7. Don't Let Them Jump Ship: Retaining Your Key People -Indetifying Key People -Understanding What Motivates People -Developing and Executing an Action Plan
8. Setting the Organization Cures Many Ills: Structure and Staffing Decisions -Common Problems -Ten Principles -Fair Processes -Staffing Process Models
9. Keeping Track of Success: Merger Measurements Systems -Integration Measures -Operational Measures -Process and Cultural Measures -Financial Measures
10. "But They're So Different": Cultural Integration -Defining Organizational Culture -Discovering, Inventing, and Delivering Cultural Integration -Answering Key Questions -Sticking to the Implementation Plan -Contituous Management of Cultural Integration
11. Putting It All Together: Human Capital Integration and the Human Resources Function -The "Making Strategy Work" Function -The Competitive Advantage Model -Case Studies in Human-Capital-Related Integration
12. Keys ot M&A Success -Recommendations for Success -Developing a Sustained M&A Capability -Avoiding "Killer" Phrases