» » Mergers: Leadership, Performance and Corporate Health (INSEAD Business Press)

eBook Mergers: Leadership, Performance and Corporate Health (INSEAD Business Press) epub

by D. Fubini,C. Price,M. Zollo

eBook Mergers: Leadership, Performance and Corporate Health (INSEAD Business Press) epub
  • ISBN: 0230019722
  • Author: D. Fubini,C. Price,M. Zollo
  • Genre: Business
  • Subcategory: Management & Leadership
  • Language: English
  • Publisher: Palgrave Macmillan; 2007 edition (October 24, 2006)
  • Pages: 143 pages
  • ePUB size: 1663 kb
  • FB2 size 1534 kb
  • Formats txt azw lrf rtf


MAURIZIO ZOLLO is the Shell Fellow in Business and the Environment, and Associate Professor of Strategy at INSEAD. I am not sure this book fulfilled my need for a refresher course on mergers and acquisitions.

MAURIZIO ZOLLO is the Shell Fellow in Business and the Environment, and Associate Professor of Strategy at INSEAD. He holds a PhD degree in Management from the Wharton School of the University of Pennsylvania, USA, and a Laurea degree in Monetary Economics from Bocconi University, Italy. It doesn't deal with all aspects of mergers, but only with the integration phase that begins when the deal closes and that aims to bring the two companies under the same roof.

MAURIZIO ZOLLO is the Shell Fellow in Business and the Environment and Associate Professor of Strategy at INSEAD. Leadership, Performance and Corporate Health. INSEAD Business Press. At INSEAD, he teaches on these topics at all levels, from MBAs to senior executives. He regularly consults with major corporations on corporate development and social responsibility issues.

This book by David Fubini, Colin Price and Maurizio Zollo argues that . David Fubini is a director of McKinsey in the Boston office. He is the long time leader of the firm's worldwide Post-Merger group and has also served as the North American leader of the Organization Practice.

This book by David Fubini, Colin Price and Maurizio Zollo argues that CEOs and other senior managers need to focus greater attention on defining and performing their own leadership role in a merger. Fubini has been with the firm for over 25 years, during which time he has led efforts for over two dozen of the world’s largest mergers and acquisitions as well as run the firm’s Boston office. He has also worked extensively in the area of organization transformation.

Find many great new & used options and get the best deals for INSEAD Business Press: Mergers : Leadership . Author David Fubini, Colin Price. However, many of the CEOs of these advanced integrators remain dissatisfied

Author David Fubini, Colin Price. However, many of the CEOs of these advanced integrators remain dissatisfied. In this essential new book, the authors recognize the importance of a strong managerial discipline and extensive integration experience in counteracting these problems.

Fubini C. Price M. Zollo12 de enero de 2016

Fubini C. Zollo12 de enero de 2016.

Mergers : Leadership, Performance and Corporate Health. by David Fubini, Maurizio Zollo, Colin Price.

oceedings{Fubini2006MergersLP, title {Mergers: Leadership, Performance and Corporate Health}, author {David G. Fubini and Colin Price and Maurizio Zollo}, year {2006} }. David G. Fubini, Colin Price, Maurizio Zollo.

Start by marking Mergers: Leadership, Performance and Corporate Health as Want to Read .

Start by marking Mergers: Leadership, Performance and Corporate Health as Want to Read: Want to Read savin. ant to Read. Authors David Fubini, Colin Price and Maurizio Zollo base their short book on a uniquely comprehensive investigation: survey responses from 30 senior managers on the front lines of mergers around the world. The authors focus on crafting healthy mergers, which goes beyond the obvious process of merely merging two companies to meet future financial goals.

Drawing on their own extensive integration experience, the systematic analysis of 167 mergers, and cutting edge academic research, the authors of this book identify the common leadership challenges to be tackled for the achievement of what we call 'corporate health', the most thorough and sustainable test of merger success.
Comments: (3)
Iarim
I read this slim volume as a way to revisit the management courses I tried to fake through in business school. Back then, I attended a class on mergers delivered by one of the leading authorities in the field. I read the book he co-authored on Managing Acquisitions, and I ran through a few case studies. And yet I remembered very little of the issues covered, and my retention rate was almost nil. The main idea I retained from the literature is that the majority of mergers and acquisitions destroys shareholders value. The biggest reason that mergers do not pay off on average is that because the buyers overpay and then undermanage the integration of what they have bought. I also remembered that you have to get many things right to set the acquisition process in order, particularly in the post-acquisition phase, and that people's ego often got in the way. As for the rest, I thought of M&A as an issue fit for strategy consultants and investment bankers, people I usually don't hang around with.

I am not sure this book fulfilled my need for a refresher course on mergers and acquisitions. It doesn't deal with all aspects of mergers, but only with the integration phase that begins when the deal closes and that aims to bring the two companies under the same roof. It is aimed at a very specific audience: as the authors write in the foreword, "Our target readers are CEOs and other senior managers who are not only veterans of past integrations themselves, but do have available to them highly competent managers to run the integration project." In other words, the book doesn't deal with technicalities: there are paid experts for that. Its purpose is to craft a role for the top executive that goes beyond the day-to-day monitoring of the integration team's plan.

According to the authors, there are three reasons why many senior managers fail to define a high-impact leadership role for themselves. First, some believe it is enough for them to avoid the merger disasters that feature so prominently in the business press and help explain the disappointing performance of mergers on average. Second, most senior managers believe integration is a technical challenge, and they are certainly comforted in this opinion by the army of consultants and integration experts who have the task delegated to them. Third, senior managers simply do not know how to add real value, and the existing literature on M&A has very little to say about what coherent leadership role they could endorse. This book aims to fill this gap.

As a result, this book doesn't review the ABC of M&A. The authors say they would need volumes to do so. As they describe it, the art of managing acquisitions has become a kind of rocket science. Reading some large companies' integration process manuals is not unlike absorbing the documentation for developing and rolling out new IT infrastructure. Every task has been codified and divided into subtasks. Merger communications plans developed by experienced integration teams are impressively thorough and rigorously executed beginning on the day of announcement. Even culture is factored into integration planning, with some CEOs emphasizing the need to do a cultural due diligence in order to understand better the ways in which the two companies are different. The codification of integration lessons learned has advanced significantly over the years not just because the payback is substantial but also because this process leads itself to continuous improvement.

And yet, managing acquisitions remains an art, not a science. Despite its many technical aspects, the integration of two companies is first and foremost a general management challenge. It has to be determined at the top, and cannot be delegated away to an entrepreneurial business unit, an innovative functional unit or the front line. A narrow focus on technical proficiency in performing integration tasks may lead to a dangerous neglect of the larger picture. As the integration teams become more proficient and their integration tools and techniques more deeply institutionalized, senior managers' charge is to resist the emergence of complacency. Perhaps the most common reason why experienced acquirers occasionally tumble badly with an integration is that they become overconfident about their well-honed routines. As a result, they fail to recognize what is importantly different about the current integration.

One of the means used by the authors to break with the routine and avoid complacency is to assume almost perfect knowledge about the state of the discipline by the veteran managers who form the targeted readership of the book. They take most of the current thinking on M&A as granted, and they take the reader right to the cutting-edge questions that have not yet received a definitive answer in the literature. Instead of emphasizing broad agreement on the general issues and codification of techniques of acquisition management, they point out where there is no consensus on a specific issue or when their opinion departs from conventional wisdom. They then carry the debate to the next level, and offer original solutions to the top executive's predicament

For instance, they point out that some companies take a laissez-faire approach to corporate culture, believing that the stronger of the two cultures will naturally emerge from the process, while others take a hands-on approach and believe they can engineer cultural change in the direction they decide. By contrast, the authors believe the most promising approach is to intervene actively to shape the cultural outcome but to focus these efforts on what they call the "performance culture", that is, the crucial set of attitudes and behaviors that are required to create value in the merged company; Establishment of a powerful performance culture depends upon the definition of a "performance contract" that spells out mutual obligations in the new company.

But in assuming state-of-the-art knowledge on the part of their readers, the authors expect too much from people who are not veterans of the post-acquisition process. Much of what they consider as read was not at all obvious to me, and I would have needed a refresher course on M&A 101 before embarking on this advanced course. People like me should start by the seventh chapter, which provides a crash course in integration management that is best summarized by three keywords : "value", "people", and "tailoring". Broadly speaking, value creation is the objective of any merger, people issues of various kinds present the trickiest constraints on that objective, and tailoring is the means of reconciling the value objective with the people issues. You can leave the other lessons offered by Mergers: Leadership, Performance & Corporate Health to the top executive, to whom the book is addressed. If you want to impress your boss and get a good performance review at the end of the year, you can offer him this book as a gift, he will certainly appreciate it.
Larosa
Authors David Fubini, Colin Price and Maurizio Zollo base their short book on a uniquely comprehensive investigation: survey responses from 30 senior managers on the front lines of mergers around the world. The authors focus on crafting "healthy" mergers, which goes beyond the obvious process of merely merging two companies to meet future financial goals. Healthy mergers happen when those in charge maximize both companies' synergies. Most executives say this is their goal, but their claims are often just rhetoric, since most mergers fail to meet long-term financial and organizational goals. This book nicely explains how senior managers and CEOs can rectify this situation, and avoid making expensive mistakes, but it bogs down in consultant-speak, repeated examples, managerial double-talk and an overly long section on corporate culture. Despite these drawbacks, getAbstract considers this well-informed description of pitfalls in the world of mergers very helpful to those who must survive there.
THOMAS
The book is targeted to the CEO or divisional managers of large corporations. The authors state that it should take no more than two hours to read, including making notes in the margins. How quaint.

The book does not have a single figure or chart. Presumably because the CEO should not be bothered with trivialities. The research is based on interviews with around 30 top managers, presumably all McKinsey clients. This makes for 120 pages of success stories and general problems only. The authors clearly do not want to annoy their clients, but by calling Orkla a Swedish company they do not fully succeed in currying favors.

We are told many useful, but trivial, things:
* The top management team of the new company must be flawless. Mistakes in the top duplicate across the organisation.
* It is important that the acquisition fits with the company's strategy. The authors use the term "story" instead of "strategy".
* Cultural factors take longer to sort out.
* You, the CEO, has to step out of your comfort zone to get it to work. You should consider the acquisition your baby and raise the metabolic rate of the company. Why do people write bs like this???
* An acquisition does not create a blank slate. Employees have a remarkably long memory for corporate history.
Calling these points trivial might not exactly be correct. Based on track-record, many CEOs do not even understand the basics. So if YOU find these bullet points interesting, buy the book and read it.

With all likelihood the book is a spill-over benefit from an internal McKinsey analysis of their M&A projects. It does not contain much value. I do not even think it would be good sales material for McKinsey. Better choices are Alignment: Using the Balanced Scorecard to Create Corporate Synergies and Strategy for the Corporate Level: Where to Invest, What to Cut Back and How to Grow Organisations with Multiple Divisions or maybe even the relevant chapter in Competitive Advantage: Creating and Sustaining Superior Performance.
eBooks Related to Mergers: Leadership, Performance and Corporate Health (INSEAD Business Press)
Contacts | Privacy Policy | DMCA
All rights reserved.
lycee-pablo-picasso.fr © 2016-2020