Acknowledgments xi

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

Research Insights


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

Intent-Based Leadership

4 Take Ownership (Step 3) 91

The M&A Playbook

Governance in Corporate Processes

CFA: Company-Specific M&A Engagement


M&A Launchpad

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


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

External Advisors?

Financial Advisors/Investment Banking

M&A Myth-Busting

What Your Success Looks Like?

Index for Case Insights & Research Insights 227

Index 232

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