About the Authors xiii
Introduction:The Opportunity, the Pain, and the Promise 1
Why Do M&A?
WhatWill You Learn From This Book?
Who IsThis Book For?
WhyWas This BookWritten?
HowWas This BookWritten?
WhoWrote This Book?
The Professors, the Case Insights, and the
Part I THEM&AFORMULA 29
1 What Is theM&A Formula? 31
Before the M&A Formula…
Should You Build or Buy?
Understanding Business Model-Driven
Success and Failure in M&A
2 Be BusinessModel Driven (Step 1):What
Is BusinessModel-Driven M&A? 51
Business Model Complementarity and Signals for Success
Three Real Business Models: M&A Drivers and Complementarity Score
What Are the Goldman Gates?
How to Create a Target List Based on the Goldman Gates?
3 Communicative Leadership (Step 2) 69
Lesson #1 in M&A Leadership: Drive Hard with Soft Management Tools
Lesson #2 in M&A Leadership: Create a Strong Foundation for Your People
Lesson #3 in M&A Leadership: Silent People Are NOT Team Players
The M&A Deal Committee
4 Take Ownership (Step 3) 91
The M&A Playbook
Governance in Corporate Processes
CFA: Company-Specific M&A Engagement
Funding and Corporate Finance
5 Accelerating Your M&A Formula: Digitizing M&A 117
Strengthening the Formula
The M&A Dashboard
Digitizing: The Human Side of M&A
Now, Science Meets Business
Part II THEM&AFORMULA APPLIED 131
6 Case Insights (CI) and Research Insights (RI) 133
CI1: DSV: From Ten Trucks to €10bn
CI2: RB: ‘King of OTC’ Improved Value Proposition and Client Relation as Business
Model Driver in M&A
CI3: Heritage Comes First at LVMH
CI4: The Global Brewer: Driving M&A
Growth One Beer at a Time
CI5: Danaher: The Importance of Teamwork
CI6: FrieslandCampina: A Merger of Equals or an Impossible Utopia?
CI7: ASSA ABLOY: The Highest Total Return to Shareholders in Our Research Period (1st Jan 2007–1st Jan 2017)
7 Next Steps 201
M&A Reputation as a Tool for Success?
Can You Build a Good M&A Reputation
and Attract Sellers?
Things to Avoid Internally—Bias
Where to Get External Advice?
FON-A-PAL—Building Your Resource Library
What DoWe Mean WhenWe Talk About
Financial Advisors/Investment Banking
What Your Success Looks Like?
Index for Case Insights & Research Insights 227