M&A STORIES - The Good, The Bad and The Ugly

It can still be surprising that M&A deals continue to focus on an inside out approach such that attention is on financials, processes, systems, people etc. And whilst that's good practice, Toby argues that it's equally important to take an 'outside in' approach that takes the customers needs and expectations into consideration.  In this episode, Toby outlines a large deal w...

We have the pleasure this week of being joined on our podcast by Global PMI's Stefan Hofmeyer. Stefan is a senior Partner with Global PMI Partners, and a highly experienced M&A practitioner with many successful projects under his belt.  Stefan has chosen to talk about why executives and employees alike should be tuned into and practice their emotional intelligence skills. Particularly, St...

Hopefully, the experience relived in this podcast is one that very few people would have experienced. It's concerned with atrocious behaviour by a very senior leader who in the face of tragedy chose to put business before people. The lesson in this week's episode is that we must always treat people with respect and dignity and in fact treat others how you hope to be treated yourself. It&...

In this episode, Toby recalls a complex divestiture that he managed. If the complexity had been left to flourish, it would have created disillusionment and misunderstanding that could send the divestiture completely off the rails. The answer in this case was to bring the complexity down to a series of simple to understand rules, guidelines and expectations that everyone could understand and follow...

The ability to quickly say “No” is sometimes the best answer in M&A. This is a story about a deal where quickly arriving at “No” was the best outcome.

In this episode, Toby recalls getting involved with a business making its very first acquisition. There was Board approval for the deal and a committed leadership team eager to reap the benefits of their brand new acquisition. All seemed well except for the nagging issue that the deal seemed to lack clear purpose. As Toby points out, there was a lot of attention to the 'WHAT' needed to b...

Set in the beautiful surrounds of the Loire Valley this French engineering firm was a family business started 30 years previously. The founder on his 70th birthday, announced his retirement and gifted the entire business to his loyal employees. This perfect scenario however soon presented some challenges which luckily were resolved and happy endings ensued for everyone. The warning in this story i...

Disappointed with the recording quality this week, but that's what you get when you're dealing with COVID-19 restrictions. Better luck next week. Robert and Toby continue to unpack some of the popular myths and half truths about Mergers and Acquisitions. In many cases these myths have some grounding in fact, but when examined properly, they don't convey the atmosphere of risk and di...

In this week's slightly longer episode, Robert and Toby unpack some of the popular myths and half truths about Mergers and Acquisitions. In many cases these myths have some grounding in fact, but when examined properly, they don't convey the atmosphere of risk and disaster that so many want to portray. In reality, these myths and half truths are diluted when some fundamental techniques a...

Still on their Divestment journey, Robert and Toby discuss a business sale where initial bids from buyers were well below expectation. But by looking under the covers and digging for 'buried treasure', several areas of potential growth were identified that would be very attractive for future owners.  That 'buried treasure (read well qualified and quantified opportunity) increased th...

In this episode, Robert and Toby discuss the importance of IP in every deal, not only in terms of legal and financial ownership, but also in terms of quality, capability and IP protection. In the highlighted case study pertaining to the software industry, the IP turned out to be vapourware and rendered the deal worthless. Important reading for anyone making acquisitions where IP forms the foundati...

In this episode, Toby explains how he was engaged by the buyer, but ultimately ended up helping the seller. The messages in this are that sellers must put themselves in the shoes of the buyer and make adequate preparation of their business so it can be bought and operated with minimal fuss. In this particular case, the deal did not go ahead for multiple reasons but uppermost was the starting fact...

In this episode, Robert and Toby discuss a Tech Industry acquisition where 'deal fever' resulted in rushed and poor quality due diligence. They discuss the threat this posed to post deal value creation and the steps that were taken to resolve several issues. Overall, Robert & Toby conclude that this acquisition whilst posing some serious value creation challenges, was ultimately the...

In this 15 minute episode Robert and Toby discuss how the COVID-19 pandemic actually offers a unique opportunity for CEO's and Boards to Reflect, Review, Plan and Prepare the business. This often means recognising that all or part of your business is more valuable in someone else's ownership, and that often results in recognising 'buried treasure' the you didn't realise yo...