Due Diligence and Integration

How to use due diligence and integration effectively to maximize your opportunity for success.

Join Capstone Strategic Managing Director John Dearing & Valuation Advisor Todd Nelson as they discuss Advanced Valuation Techniques in a Capstone Webinar on Wednesday, June 29. For many, business valuation is a complex, intimidating topic.  While valuation is simply a process and set of procedures used to determine what a business is worth, it requires […]

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“If you’re an entrepreneur and you come to Google, your days as an entrepreneur are not over” – David Lawee In life you’d be hard-pressed to find a win-win situation where both parties in a discussion come away feeling like they were the winners. That may be especially true in the world of M&A. Google […]

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Keys to Integration Success Friday, February 18, 2011; 1:00 ET Hosted by David Braun, Capstone CEO Join Capstone CEO David Braun as he leads a webinar on how to successfully plan and execute the integration of two companies. The closing of a deal is the fruition of months — even years — of hard work. […]

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Join Capstone CEO David Braun as he leads a webinar on how to maximize the time and effort you put into due diligence during the acquisition process. Due diligence has traditionally been seen as a “check the box”  exercise, but a new way of thinking about due diligence has come to the forefront.  Due diligence […]

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Capstone Webinar: Keys to Integration Success Thursday, September 17, 2009; 1:00 PM ET Hosted by David Braun, Capstone CEO Join Capstone CEO David Braun as he leads a webinar on how to successfully plan and execute the integration of two companies. The closing of a deal is the fruition of months — even years — […]

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There are countless books on how to effectively integrate two companies after an acquisition.  Some stress “communication” while others put the emphasis on “culture”.  While both concepts are important, neither is the key to integration success.  In my experience, the single best thing you can do to ensure a smooth integration is to buy the […]

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On Friday, August 21, 2009, Capstone will be hosting a webinar on maximizing the time and effort put into due diligence in the acquisition process. Due diligence has traditionally been seen as a “check the box”  exercise – you evaluate the strengths and weaknesses of a target, uncover liabilities and understand risk in order to […]

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In another installment of our video series, I discuss what “Synergy” really means.  Synergy is a word that gets bandied around a lot in the world of M&A.  When discussing potential deals, companies often try to justify a mediocre deal by talking about all of the synergies that will result.  Really, though there are only […]

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At a seminar on the M&A process, I discuss the most common reason that acquisitions fail – and it might not be what you expect: Have you been part of a failed acquisition?  What do you think was the main reason that it didn’t work? Let me know in the comments!

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My company Capstone is in the business of helping clients with external growth, and that usually means buying another company. But not always. It’s easy to miss a rich field of alternative opportunities if you just latch on to acquisition. Let me just focus on one of these: minority interest ownership. This surprisingly neglected tactic […]

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  If you want to read a decent book on M&A, be prepared to spend $70 or $80, and set aside several days to plough through a heavy-duty tome for business students. There are exceptions, but for the average business reader there’s remarkably little to guide you through our world of deals.   So I’m […]

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I was asked the other day what can be learned from the possible merger of GM and Chrysler. Specifically, what might this union of giants teach the M&A market lower down the food chain? As I’ve said elsewhere, this is a time when corporate mergers can appeal to those struggling with a hostile economic climate. […]

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Watch out for one defensive M&A strategy in times of financial stress. Instead of selling, weaker companies under threat may seek mergers with other victims of the crisis. Expect to see quiet talks between struggling competitors, looking for ways to wring out the costs and create a new, stronger entity.

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A short while ago, banks were pressuring struggling companies and seemed only too eager to move them into the “distressed” category, or effectively force them to sell. Recently, there’s been a dramatic reversal of attitude. The last things banks want on their hands is a host of collapsing companies. So you’ll find a very liberal […]

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In every crisis there are winners as well as losers. Today companies seeking growth through acquisition can pick up bargains — if they have the cash. Small, over-leveraged companies are choosing to sell rather than go to the wall. As for the publicly traded corporations, they are under pressure from shareholders to get out of […]

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A common error in the M&A game is to over-delegate the process to the financial team. I had a highly successful client who put an entire acquisition in the hands of his CFO. Like many (but not all) of his kind, this financial executive could only see or understand spreadsheets. He had zero patience for […]

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This isn’t the time to be down on private equity. They aren’t the bad guys and they brought a lot of value to companies in recent years. But the growth economics have changed. Private equity buyers have wrung out much of the financial value from these companies. When it comes to business acquisitions, it’s time […]

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It’s been a dramatic time for investment banking, and many people are anxious. We probably haven’t seen the bottom yet, but there’s no cause for panic. In fact, good things may come from this latest turmoil. Take Lehman, the smallest of the four majors. They had tremendous exposure to real estate and their balance sheet […]

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If you look at the divide in the M&A market, the growth you will see is in strategic acquisitions — either very large or very small. Where we can expect the least amount of activity is what I call the wedge: $1B to $10B transactions. This market sector is inherently ripe for private equity. It […]

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