The Art of M&A Integration 2nd Ed A Guide to Merging Resources, Processes,and Responsibilties,9780071448109

The Art of M&A Integration 2nd Ed A Guide to Merging Resources, Processes,and Responsibilties

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Edition: 2nd
ISBN13: 9780071448109
ISBN10: 0071448101
Format: Hardcover
Pub. Date: 2006-01-04
Publisher(s): McGraw Hill
List Price: $63.00

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Summary

Your roadmap to success in the world of postmerger integrationNearly half of today's executives attribute M&A failure to poor integration between merging businesses. This thoroughly revised edition ofThe Art of M&A Integrationprovides you with updated facts on integration of compensation plans, new FASB and GAAP accounting rules, strategies for merging IT systems and processes, and more.

Author Biography

Alexandra Reed Lajoux is senior research analyst for the National Association of Corporate Directors.

Table of Contents

Preface xiii
Acknowledgments xvii
PART ONE Prerequisites 1(106)
Introduction and Acknowledgments
1(2)
Chapter 1 Basic Definitions and Data
3(14)
Introduction
3(1)
The Meaning of Integration
4(6)
International Considerations
10(2)
Appendix 1-A: Postmerger Performance: A Review of the Research
12(2)
Notes
14(3)
Chapter 2 The Path to Integration
17(18)
Introduction
17(1)
Alternatives
17(2)
Growing versus Shrinking
19(1)
Building versus Buying
19(2)
Keeping versus Selling
21(5)
Integrating versus Managing Separately
26(1)
International Considerations
27(2)
Appendix 2-A: Postmerger Sell-Offs: How Common Are They?
29(1)
Following Up on the 10 Largest Acquisitions of 1985
29(2)
Appendix 2-B: Valuing the Divestiture Option
31(1)
Notes
32(3)
Chapter 3 Integration Planning and Communication
35(72)
Introduction
35(1)
Forming Integration Plans
36(5)
The Role of Insiders in Planning M&A Integration
41(2)
The Role of Outsiders in Planning M&A Integration
43(5)
Integration Elements in the Merger Agreement
48(2)
Internal Communication: Key Challenges
50(6)
Formal External Communication of the Integration Plan
56(2)
Taxable M&A Reporting
58(4)
Communicating with Stakeholders
62(1)
Merger Scenarios
63(3)
International Considerations
66(1)
More Is Better: A Case in Point
67(1)
Appendix 3-A: Sample Mission, Team, and Timeline of Acquisition
68(16)
Appendix 3-B: Communications Plan Matrix
84(9)
Appendix 3-C: Integration Planning Worksheet
93(3)
Appendix 3-D: Integration Plan Outline (Sample Outline Focusing or, HR, Communications, and IT)
96(7)
Notes
103(4)
PART TWO Integrating Resources 107(112)
Introduction and Acknowledgments
107(4)
Chapter 4 Retaining and Integrating Human Resources
111(36)
Introduction
111(1)
Retaining Human Resources
112(3)
Legal Issues
115(3)
Cultural Issues
118(1)
Merging Boards of Directors
119(2)
Reshaping the Chairman and CEO Roles
121(5)
Merging Senior Management Teams
126(1)
Turf Typical and Special Scenarios
127(6)
Merging Sales, Merchandising, and Distribution Forces
133(2)
International Considerations
135(1)
Appendix 4-A: Sample No Compete Agreements
136(2)
Appendix 4-B: Human Resources Integration Planning Grid
138(4)
Notes
142(5)
Chapter 5 Integrating Financial and Tangible Resources
147(32)
Introduction
147(1)
Acquisition Accounting for M&A (under GAAP)
148(12)
Enhanced Financial Reporting for M&A (Non-GAAP)
160(1)
Valuing and Combining Tangible Assets
161(4)
International Considerations
165(4)
Appendix 5-A: Selected Unaudited Pro Forma Condensed Combined Financial Data (in thousands, except per share data)
169(6)
Notes
175(4)
Chapter 6 Integrating Reputational and Other Intangible Resources
179(40)
Introduction
179(1)
The Challenge of Company Name Changes
180(5)
Managing Brand Identity after a Merger
185(3)
Integrating Mission Statements
188(2)
Valuing and Combining Intangible Assets
190(20)
International Considerations
210(2)
Appendix 6-A: Sample Vision Statements from Companies Involved in Mergers
212(2)
Appendix 6-B: Branding Case Studies
214(2)
Notes
216(3)
PART THREE Integrating Processes 219(136)
Introduction and Acknowledgments
219(2)
Chapter 7 Integrating Management Systems
221(40)
Introduction
221(1)
Integrating Organizational Structures
222(7)
Sharing Space
229(1)
Sharing Goals
230(1)
Sharing Standards
230(1)
Sharing Services
231(1)
Integrating Processes for Product or Service Design, Production, and Supply
232(5)
Integrating Internal Financial Controls
237(4)
International Considerations
241(1)
Appendix 7-A: Types of Organizational Structure
242(4)
Appendix 7-B: Internal Control—Integrated Framework: Excerpts from the Original COSO Report
246(7)
Appendix 7-C: Benchmarking Postmerger Integration of Internal Control: A Sample Guidesheet
253(3)
Notes
256(5)
Chapter 8 Integrating Compensation Plans
261(32)
Introduction
261(1)
Postmerger Compensation Basics
262(8)
Planning Pay Integration: A Strategic Overview
270(5)
Merging Benefit Plans
275(7)
Disclosure and Trading Rules
282(2)
International Considerations
284(1)
Appendix 8-A: Pay for Performance
285(4)
Notes
289(4)
Chapter 9 Integrating and Enhancing Technology and Innovation
293(62)
Introduction
293(3)
Postacquisition Knowledge Management
296(4)
Integrating Technologies: The Big Picture
300(7)
Integrating Systems for Research and Development (R&D)
307(5)
Valuing and Combining Patents and Trade Secrets
312(5)
International Considerations
317(1)
Appendix 9-A: IT Buzzwords for the Twenty-First Century
318(4)
Appendix 9-B: Integration Planning Worksheets
322(11)
Appendix 9-C: Integration Planning Worksheet for IT
333(11)
Appendix 9-D: Information Security Program Elements
344(7)
Notes
351(4)
PART FOUR Integrating Corporate Responsibilities—Fulfilling Stakeholder Commitments 355(88)
Introduction and Acknowledgments
355(2)
Chapter 10 Fulfilling Commitments to Customers and Suppliers
357(30)
Introduction
357(1)
Commitments to Customers
357
Legal Aspects of Customer Relations
261(103)
Postmerger Pricing
364(3)
Postmerger Quality Management
367(1)
Continuity for Customers
368(3)
Commitments to Suppliers
371(5)
Legal Aspects of Supplier Relations
376(2)
Key Supplier Issue: Postmerger Outsourcing
378(1)
Continuity for Suppliers
379(1)
Technological Considerations for Customers and Suppliers
380(4)
International Considerations 383 Notes
384(3)
Chapter 11 Fulfilling Commitments to Shareholders, Bondholders, and Lenders
387(30)
Introduction
387(1)
Commitments to Shareholders
388(1)
Owners/Investors
389(4)
Building Shareholder Value
393(6)
Postmerger Returns
399(1)
Legal Aspects of Shareholder Relations
400(2)
Commitments to Bondholders
402(1)
Bondholders
403(2)
Commitments to Lenders
405(1)
Lenders
405(1)
International Considerations
406(3)
Appendix 11-A: Simple Formulas for Calculating Shareholder Value
409(3)
Notes
412(5)
Chapter 12 Fulfilling Commitments to Employees and Communities
417(26)
Introduction
417(1)
Commitments to Employees
418(13)
The Context for Commitments
431(2)
Commitments to Communities
433(5)
International Considerations
438
Notes
440
APPENDIXES
Appendix A: Acquisition Process Overview
443(14)
Appendix B: Sample "Assets" Checklist of Resources, Processes, and Responsibilities
457(8)
Appendix C: Pairwise Comparison
465(8)
Appendix D: Sample Integration Planning Process (as shown in Table 3-1)
473(6)
Appendix E: Sample Press Releases
479(12)
Appendix F: Screen Shots from an M&A Planning "Cockpit"
491(14)
Appendix G: Baldrige Self-Analysis Worksheet for Quality Assessment (optional)
505(4)
Index 509

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