mergers

The Strongest Link provides a proven approach to sustaining SUCCESSFUL strategic alliances. This is a must-read for individuals who want to learn more about corporate alliances and for corporations looking to ensure a successful transition when committing to an alliance. An overall great read.

The Strongest Link, a treatise on the management of corporate alliances by George Slowinski and Matt Sagal, has come towards the end of my career. This is too bad, since it is an excellent and comprehensive book on this topic, building on the twenty years of experience that the authors bring to the topic.

Based on this extensive experience gained from working on dozens of alliances, they have developed an "Alliance Framework" that covers the topic - from deal conception to the termination clauses. This systematic structure, using a six-step process, covers the process from end to end, and the text is full of useful advice on almost every aspect of success and potential failure. Given the extensive experience of the authors, they have seen just about everything that could and does happen, and developed scenarios to both exploit opportunities and counter challenges.

The authors admit that "creating and managing strategic alliances is an art" - but to help the "struggling artist" they have crafted an excellent how-to book. Despite their protestations that their Alliance Framework is "not a step by step check list", any alliance manager could do much worse than follow its advice to the letter.

The book is not an easy read. It is not to be skimmed on a flight to Tokyo. Rather the serious alliance manager will lock themselves in their office with pen and pad, and pour over the book page by page, to get the full benefit of the wealth of experience that the authors bring to the subject.

The book could benefit from more detail on individual deals. While the authors have distilled the essence of their multiple experiences, the readers could better learn from individual and practical examples. Although confidentiality is always as issue, whatever can be done describe real examples beyond the Battelle alliance, would significantly enhance the value of the book.

Most books on alliances give broad advice or a 50,000 foot view of the topic. This book is different. It provides practical tools. My team now uses the Alliance Framework and Alliance Implementation Program to create and manage our deals.

This book takes the mystery out of M&A financial modeling and structuring deals. Many books on the subject seem to take a "black box" approach to how to do deal structuring and valuation. The author discusses in plain language how to do valuation, simulation, and deal structuring using financial models and how to use such models to select the best offer price for a target firm. The book includes detailed discussions of tax, accounting, and alternative deal structures.

The CD accompanying the book contains an Excel spread sheet model that can be modified to fit the unique circumstances of any transaction. This alone justifies buying the book, in my opinion.

The book also provides keen insights into how M&A can be used to implement business plans, how to identify potential target firms, strategies for contacting potential targets, and how to draw up initial documents such as confidentiality agreements and letters of intent. The book is highly comprehensive covering virtually all topics necessary to understanding the M&A process.

For the money, it is the best book on the subject, up-to-date, complete, and highly readable. If you have a serious interest in the subject, this is an important book to add to your library.

Unlike many other treatments of this subject, this text discusses M&A in the context of a process or framework. The author takes great pains to show how all M&A related activities interact. The text discusses both technical (e.g., valuation, accounting, and tax issues) and non-technical (e.g., strategy development, identifying potential targets, initial contact, negotiation, and integration) issues. The book does an excellent job of talking about alternatives to M&A for executing strategies, including alliances, joint ventures, partnerships, etc.

Numerous recent case studies illustrate various concepts and situations. The coverage of laws affecting different types of business combinations, of accounting standards applicable to M&A, and of relevant tax considerations is both current and excellent. The book also contains useful checklists to facilitate implementing transactions. The book is also chock full of helpful insights and hints of what to look for and how to avoid the traps that often accompany different types of transactions.

The book also contains an excellent discussion of other ways to enhance shareholder value. These include spin-offs, divestitures, carve-outs, bust-ups, and bankruptcy.

The book is highly practical and well-documented and could be viewed as a handbook on how to use M&A (or alternatives to M&A) to execute business stratgies. I think the book is an indispensable reference for accountants, lawyers, investment bankers, CFOs, and others involved in making transactions happen.

This book is very well written...packed full of helpful information on M&A. The author's use of short cases to illustrate key points was most helpful. I found the down to earth discussion of how to put deals together very clear. I particularly enjoyed the fact that the scope of the book included an extensive discussion of alternative strategies such as JVs to mergers and acquisitions. The author also managed to include an exceedingly large number of case studies in the book, many of which were international transactions. Good book, good read. I highly recommend it.

Tom Taulli, media savant and expert dealwatcher, has penned a volume that is useful, comphrensive, and readable. Bravo!

This book is a terrific read for any business person who has been, will be, or wants to be in Mergers and Acquisitions. Tom Taulli does a great job educating and advising the reader. This is a must have book for investment bankers, business brokers and dealmakers, but especially for executives of companies who are considering selling or acquiring other businesses.

The Complete M&A Handbook is a great read. I plan on buying several copies to hand out to clients. The explanations are very clear and concise. Yet detailed enough for a professional to put in the tool box for reference.

Great story!! Great characters!! Great romance!! Great drama!! Great parent/child conflict!! It's no wonder this book was recently nominated for best long contemporary for the RITA awards. It's an all-around great book!! You shouldn't miss this one!! It gets my vote for best book!!

To tell the truth, I only picked up and read this book because it is MY three cats who are characters in the novel. But as I read I discovered that this woman I volunteer with is an insightful, thoughtful and Kind writer. Her development of these four compelling characters has me invested in their happiness and impressed with their depth and growth. And she got my cats perfect too!

The terrible twos are nothing compared to the traumatic teens. David Whitcomb is a good father and once upon a time, his thirteen-year-old daughter Claire adored him. But times have changed and Claire seems intent on running away to live with her mother---a woman who's unable to look after her.

In desperation, David turns to Grace Blanchet, the mother of Claire's best friend. Grace agrees to fostre Claire while father and daughter work things out. She knows this is what's best for Claire. She's just not sure it's best for her. Does she really want to "play house" with a man who, much as she's attracted to him, reminds her of another man---one she'd prefer to forget?

The Daughter Merger is another winner for Janice Johnson. It's charming and well-written. I stayed up late into the night to finish it. The characters of Grace and David are both realistic and likeable. These are two people you're happy to see end up together. With a lovely blend of humor and romance, The Daughter Merger is a book I'd recommend to anyone who wants a really great read.

Transformational change addresses the problem of how to deal with change when moving from a mass production oriented business to a customer centered customized production business. One of the truly unique perspectives of this book is that it discusses and details the process of such a change. Many similar books effectively argue the need for change but then provide no direction on how to make the change. Thomas Wentz' book provides detailed discussion and processes for creating that complete transformation of your business

In the past most businesses were based on a mass production focus. Success and management were evaluated on a numbers basis. How much has sales increased? How many items were produced during this period last year? This numbers orientation tends to cause people to work hard to meet the numbers as their primary focus. In this scenario employees typically don't go beyond what is expected of them. There is no motivation to create a unique world-class organization. Add to that the fact that times have changed and customers now require a solution or product that is customized to their specific needs. If you can't provide a customized solution or product then they will simply go to a competitor that can. Is this just another business direction change? Thomas Wentz argues that it is more than just a directional change, it requires a complete transformation of the business from one form to another completely different form.

A nice extra to the book are the numerous "Key points" scattered throughout the text. By summarizing the prior information in just one or two sentences and making it stand out from the text it is easy to quickly read over the key points of the book and refresh your memory on an ongoing basis. An excellent book on business and change that also has some applicability to personal change, it is a recommended read.

This book finally provides the process to address how leaders can transform their company. Many other books defined the need to rethink the "business of the business" but none actually outlined a process. I have not only read the book but also participated in several of Tom's Simulation exercises. With this experiential background, I can honestly express to readers that you will actually understand what Tom is trying to convey only after having experienced the Simulation in conjunction with reading the book. We all have seen managers who were trying to "fix" an organization into a level of performance desired by customers, stockholders, and employees. Given the changes in consumers' demands for customized solutions, organizations that were built within the context of Mass Production cannot be "fixed" into a new existence. Organizations must be transformed and created to compete within the new reality of Mass Customization and the required thinking of a "market of one."

The Simulation allows team members to "feel" the transformational change process and thereby it becomes more meaningful and alive than simply understanding the intellectual issues documented within Transformational Change. In particular, it becomes critical that a collection of individuals become aligned on the outcome the organization is trying to "create"; i. e., the Vision. More importantly, the individual boss can no longer "tell" the organization what the Vision should be. In today's world, team members must collectively create the Vision and enroll in that creation procss. Subsequent to alignment on Vision, then the Structural Framework becomes the documented process for leading the organization through transformation.

If you read this book and participate within a Simulation, you will not believe how you will be equipped to transform your organization and be prepared to deal with the realtiy of Mass Customization. This is a very important book that all leaders should read, and read again.

Written by the Thomas K. Wentz (President of Corporate Performance Systems Inc.), Transformational Change: How To Transform Mass Production Thinking To Meet The Challenge Of Mass Customization is a solid and deftly presented guide for adapting to the new and evolving demands and realities of a globalized marketplace where merely churning out vast quantities of a product is simply not enough to be profitable. Now, more and more, customers want goods and services uniquely tailored to their tastes, and they are willing to pay for it - so much so as to change the shape of international businesses worldwide. Learning how to incorporate customization for maximum consumer satisfaction and profit is a rocky road, but individual chapters of Transformational Change address a range of relevant problems including corporate restructuring, gathering appropriate intelligence, competitive advantages and disadvantages, and a great deal more. Transformational Change is a truly excellent resource and a highly motivational reading for business managers at all corporate levels of responsibility.

Very detailed source for information on mergers, acquisitions and buyouts. The question and answer format is a great way to identify the information that you need. This book really is a handbook; I wouldn't encourage reading it cover to cover, but to use it as more of a reference book. The footnotes at the end of each chapter are useful to finding more in depth information, and the book gives a generous number of websites which you can consult.

After scanning several books on the subject, this one looked like the most useful and usable of the batch. The Art of M&A provides solid, detailed and precise information for people in companies making acquisitions. It is a good introduction to the topic and long term resource for specifics.

This is a fantastic reference tome for anyone involved with M&A. As a private equity Associate, I have found this book to be invaluable on multiple levels as both a reference guide for securities law, as well as for procedural issues such as sample formats for term sheets, DD check lists, etc.

Also, while it is a dense read, I think this would be invaluable for people just entering either Investment Banking or Private Equity to read as an introduction to the rules, regulations and procedures surrounding mergers/acquisitions.

this is d 1st book from judith mcnaught that ive ever read....& trust me....it is SOOO good!! ive since been a huge fan of hers...but i got to admit this is by far her bes. in fact, it is THE best EVER....
at first, after seeing that it was about business, i kinda wasnt so interested, but i was wrong. the love n i mean LOVE (not just lust, but true all-consuming love) between Matt & Meredith was so touching, & their pain from the misunderstanding that Mer's dad caused will just tear your heart apart. but them making up was just blissful. but that's not all....then they find out that they're still married....ahhhh.....thats even better.
i just love it when Matthew said 'you have no idea just how much-i'd do for you' *sigh*
once you start....you'll totally get so entranced by the book (that you'll totally be able 2 relate to) that u just cant put it down... you'll just get so caught up with their lives & their feelings that it makes you sometimes wanna jump in & sort evryting out between the characters. sometimes it's hard to remember that they're just FICTIONAl characters cuz they seem so real. everything that's felt between matt & mer is just evrything you'll want in real life....true love
cheers to judith mcnaught....& may you write more books that'll take us to Paradise :))
P.S. the book Perfect (Paradise's supposed kinda sequel) is nothing compared to Paradise

Despite hearing good comments about Judith McNaught books, I have never read one before Paradise. The book was totally captivating, a real page turner! I wasn't really a romance novel reader before this book, but I became so completly absorbed into the lives of these two vivid, striking characters, that I can say I am now one of the converted. After reading this book I had to buy the next novel available by J.M. I haven't been let down yet, Whitney, My love was equally enjoyable! Paradise is definately fast-paced, with witty lines and two irresistible main characters. Meredith, was a capable heroine, but her character was also bolstered by her friend Lisa who adds a light-hearted frank air to the books atmosphere. There were some good plot twists, and brief distractions from the focus of the main characters to develop the other characters in the book. I found that interesting as the romance novels I had read before were completly centred and fixated on the main characters only using the others as bystanders or convenient devices to bring some issue to a climax. They were that and more. All in all it was a good read. More importantly was that each time I read it (5 times and counting) i found something fresh and new, to love about the storyline, or the charaters. Read the excerpt on this site, but don't draw any conclusions from the first few pages of the book, buy it and delve into the heart of it and discover the true gem that I found when I read it.

I found "Paradise" to be one of Judith McNaughts best works, and that is saying something! A real page turner from beginning to end...it is definitely worth reading, and rereading.

Also, if you love this book as much as I do, I highly recommend going onto "Perfect" next as it has familiar characters and a wonderful plot.

I have been involved in private equity, acquisitions, and joint ventures for the last several years, and bought this book to learn more about other types of deals, such as e-commerce partnerships, etc. Given the multiple five star ratings for this book, I expected quite a read. Unfortunately, although the book is fairly informative, I cannot say that it imparts anything that could not be gained by an attentive reading of the business press--just a chronology of various deals along with their rationale. I would say that this book would probably be quite useful for a novice or someone that doesn't keep up with their business magazine subscriptions.

Excellent framework for business development analysis from market overview to deal implementation. Terms for some sample deals are provided, but wish even more was written on deal structure specifics. The book covers turf not previously explored and advanced my professional thinking. Very useful.

If you 'do' strategy, if you 'do' planning, this is a must read for you. Time is, without a doubt, the most perishable asset on the planet. Where and with whom we spend our times now defines our social and workplace identities. The efficacy associated with our use of time charts our career trajectory. Spending time 'strategically' on 'strategic issues' is what executives are supposed to do. In almost two decades serving as trusted advisor to executives, I have never heard an executive say, 'We have no time for strategy." Having huddled around my fair share of top-of-the-house campfires, I find that as the libations taken at CXO watering holes loosen tongues and the executive elders start to tell stories, the most memorable narrative emerging revolves around a review of past decisions. I have heard, stated quietly and in confidence, "We focused on the wrong things. We made the wrong decision." The payback on time spent strategically was, in many instances, negative.

Is time spent strategically a bad thing? Is strategy dead? Was time spent on strategy wasted? Does strategic planning have no place in our time-crazed, execution-obsessed New Economy? In 1983, the uber-executive of our age- General Electric Chairman Jack Welch dismantled the company's once heralded planning department. We have empirical evidence that those spending the most on traditional forms of resource-centric 'strategy consulting' [the cerebrally challenged SWOT - Strengths, Weaknesses, Opportunities and Threats dance] performed the poorest in the market place. The biggest strategic planner of them all, the Soviet Union appears to have just about finished its pre-Millennial journey from totalitarianism to disintegration. Strategy is not dead, but it had certainly fallen out of favor. Few companies don't have strategic plans. Yet few devote the resources to them they used to. Most disturbing, is that efforts to fix the problem, often had the effect of making things worse - or at least making them bad in a different way. Crusades and reforms intended to reinvent, relaunch and reposition the practice strategy have failed.

Lewis Mumford divided history into epochs characterized by their power sources. Traditional strategy tended to emphasize a focused single line of attack, executed by a single economic enterprise- a clear statement of where, how, and when to compete. Noticeably lacking was the question of 'with whom?' The new power source in the New Economy is the ability to assemble the most resource-rich, market-savvy, technology-gifted, fleet-of-foot, known-and-trusted-by-the-consumer armada of partners. The way you do that is the subject of Digital Deals.

No book can promise infallibility. No book can guarantee that good decisions will be made. This book will help you spend the time you can allocate to strategic thinking more efficaciously. As such, this is not a coffee-table book. This is not a Great-Title-No-Content book. This is not a Good-article-unbelievable-they-stretched-it-into-a-book-book. This most definitely is not a I'll-buy-it-but-I-won't-read-it book. Digital Deals is the new, new thing in strategic thinking. Using the framework in Digital Deals to analyze the ur-protangonists of our evolving New Economy [Cisco, Intel, Microsoft, AOL, AT&T, Amazon] I experienced something akin to the joy that must have accompanied Galileo's use of the telescope to study the heavens or Robert Hooke's (1635-1703) use of the microscope to study bacteria. The tools contained in these pages will let you see new things. It will simplify what heretofore has been an incoherent jumble of pieces parts. This book has helped me understand the players, the deals and the deal rationales of the market I work in - digital security and privacy. As I read the book, I continued to ask myself whether the two Georges were adding words to the existing vocabulary of strategic planning or creating a new grammar into which the old words might be conjugated. There is no doubt that the process of market modeling described within these pages fundamentally changes the types of conversations we will be having as we try to plan our respective futures.

Rickertsen presents a comprehensive overview of a management buyout. Before you buy the book, you should know that he is talking about larger companies, and he is talking about fairly senior executives buying them. (One of his examples of a successful buyout manager is Roger Ballou who ran the travel part of American Express.)If you are looking for a company with $5 million in revenues, you may find valuable information here, but you will likely find other books, targeting a smaller company, more appropriate.

BUYOUT will become the 'bible' of buyouts for managers and investment bankers/advisors. One of the first good books on buyouts. The book covers all aspects of the buyout considerations/process/tactics/contracts etc, is an easy read, but above all the joy of which it is clearly written with(and the convincing arguments) must inspire managers to pursue a buyout. I think no manager will be imune to this great book. BUYOUT is a guide, a motivator, a sales pitch and fun book to read at the same time. Also a recommended read to sellers of businesses to show that a buyout is nothing to be scared of. A must read for everyone unknown and known with the buyout business. Just read the book and find out why I am so enthusiastic about it.

Rickertsen succinctly sums up everything you need to know about leading a buyout. This book gives you confidence and guidance - like a personal counselor. The stories are particularly interesting. The appendices are an added bonus and the book's web site offers additional resources to help you move forward with a management buyout.

This is an outstanding academic treatment of the investments made by KKR, all of which were some kind of leveraged buy-out. The authors focus their attention on the transactions themselves, not the way they were viewed by society or on the people that put them together - in this regard the book is a rare gem. It treats the period up to 1990 in some depth, with some very interesting case studies that show pretty good financial detail with outstanding qualitative descriptions of the transactions that were put together. As you walk through the various case studies, you are able to sit alongside with the KKR team and watch as the LBO goes from an unusual financial instrument to a mainstream product that is widely accepted in the marketplace. While growing acceptance of financial products is an established facet of Wall Street, to follow this evolution through the work of a single firm really is quite interesting. The manner in which the complexity, leverage and size of the transactions grow is laid out in plain English, making this a fascinating read.

Only Chapter 5 "KKR as an Institutional Form" focused on the firm itself, and even this treatment was not nearly as obsequious as many other financial books (most notably "Goldman Sachs: the Culture of Success" by Endlich). Mr. Baker and Mr. Smith take a very level-headed approach and document the growth of the firm in a straight-forward manner, although they do inject a good deal of 'positivity' to their view, i.e. the revolutionary introduction of Monday Morning Meeting's at KKR in the 1990's (this is commonplace at most banks).

I particularly enjoyed the second chapter "Recasting the Role of Debt" which talks about some of the earlier transactions that KKR did in some depth. The description of their LBO of Houdaille is very much worth reading, if only for the fact that traditional 'Old Economy' companies are again garnering such interest. Indeed, that is a very noteworthy aspect of the whole book, KKR focused on established companies with real cash flows. The one transaction which involved real growth financing was a near bust. This is very different than all of the financial maneuvering that has gone on over the past two years, and it is interesting to compare the sustainability of the two efforts (the many years of KKR's existence surely triumphs over venture capital's recent 15 minutes of fame). Chapter 4 on "When Risk Becomes Real" talks about some of the failed KKR transactions, EFB Trucking and Eaton Leonard in some detail. The reaction of KKR to these hiccups is very impressive, and while it is told with the same 'positivity' of the authors as mentioned above, the authors still do a good job of telling the story in an objective manner. The efforts of the partners to maintaining KKR's reputation in the marketplace is nothing short of heroic, and while there was a clear financial incentive over the short term it is clear that the longer term reputation of the company also played a clear role in motivating their actions.

It really is rare to get a book as good as this with detailed financial information (even if it is more than 10 years old) and a mostly unbiased view of the Company. Where the authors are biased, it is easy to pick up and interpret. This is very much an academic treatment of the firm, with some detail as to what the rest of the market was doing, but not a whole lot. There are just the right number of graphs, which is very nice. I would think anybody working in finance would enjoy this book, although given the depth in which it describes the transactions, it might not be the most leisurely read. This is an outstanding book.

Baker and Smith have accomplished two objectives in their short book. On the surface, they have expertly captured the key elements in the development of KKR as the frontrunner of the LBO firm. However, on a deeper level, they have also captured many of the elements that managers and entrepreneurs should consider when running or starting a firm. In this regard, the Preface and Chapter Five are worth the price of admission. For anyone interested in the evolution and history of modern American finance, read this book.

KKR was the first name I heard while researching the Private Equity marketplace for a college paper. It also became the name heard mostly afterwards and rightfully so. Jerome Kohlberg, Henry Kravis and George Roberts are obviously extremely smart and confident guys, fortunately the book exhibits moments of vulnerability; which is helpful for any financial entrepreneur. The only shortfall is that the book isn't longer. I was excited while reading some of the chapters, keep in mind that this is a finance book not the Lord of the Rings. This book is terrific. Enjoy