The Synergy Solution: How Companies Win the Mergers &Acquisitions Game

by Mark L. Sirower, Jeffery M. Weirens

Few other actions can change the value of a company—and its competitive future—as quickly and dramatically as an acquisition. Yet most companies fail to create shareholder value from these deals, and in many cases they destroy it. It doesn't have to be this way.

The Synergy Solution will change how companies think about and approach their M&A strategies and realize the performance promises they make to their shareholders. Beginning with a clear and well-accepted foundation of the economics of the M&A performance problem, Deloitte's Mark Sirower and Jeff Weirens show acquirers how to develop and execute an M&A strategy—end-to-end—that not only avoids the pitfalls that so many companies fall into but also creates real, long-term shareholder value. This includes:

- How to develop an M&A strategy and a pipeline of deals
- How to test the investment thesis of a deal
- How to decide what premium to pay
- How to plan for a successful Announcement Day
- How to properly communicate performance promises to stakeholders and shareholders
- How to realize those promised synergies through integration planning and post-close execution
- How to build a new, combined organization
- How to anticipate the questions of an informed board
- How to sustain long-term shareholder value
Sirower and Weirens provide invaluable background to those considering M&A, laying out the issues they have to consider, how to analyze them, and how to plan and execute the deal effectively. They also show those who have already started the process of M&A how to maximize their chances of success.

There is an art and a science to getting mergers and acquisitions right, and this powerful resource provides the insights and strategies acquirers need to find success at every stage of this often complex and perilous process.

Genres: Business

272 pages, Hardcover

First published February 15, 2022

Reviews

[Marks54 · Rating 4 out of 5]

This is a book on a complex subject that has generated lots of research but few compelling conclusions. The authors face the problem of translating lots of general data and analysis into an approach that real decision makers can use in their own situations. The state of “knowledge” on M&A has changed little in 40 years or more. This is a focused effort to help firms take charge of their own M&A programs - versus following the advisors - and improving the odds of getting good results. I am not sure how much it actually works but it is much superior to alternative business trade books on mergers, acquisitions, alliances, or other forms of corporate development. The book is well written, consistently focused around strategy, and organized to cover the general arc of decisions involved in merger situations. If you are interested in M&A, this is a good book to read.

[Iris · Rating 4 out of 5]

a good read about M&A from an internal strategy perspective, rather than the banking/finance side. it truly is a guide book, outlining how companies should behave far prior to even considering making a purchase.
i liked the case studies and wish there were more of them. or more specific examples of how certain hard conversations can be carried out.
each section also has the questions that execs must consider before/during/after a deal.
IMO people who facilitate the deal but are external to the company (i.e. third party consultants and bankers) would benefit greatly from reading this book as well. at the end of the day, yes these third party companies try to close these deals as quickly as possible to generate revenue, but it can come at significant costs to the broader economy. many M&A transactions don't need to take place, but if they are deemed strategic, it's important to carry them out in a way that generates positive returns.

[Vicario Reinaldo · Rating 5 out of 5]

This book gives an end to end perspective on M&A starting from

- whether a company is ready to acquire
- how to prepare, execute, and follow through of the announcement day
- a toolkit for the board to monitor the progress of the synergy

In my case, I work as part of the PMI (Post Merger Integration) Team so it's really useful to understand the perspective of M&A not only from the synergy execution part but also from the buyer, seller, and board. This book also gives me ideas on how we can set the IMO (Integration Management Office) to realize the impact of the synergy thesis

[202 unknown · Rating 4 out of 5]

tựa Việt: Chiến lược mua bán & sáp nhập doanh nghiệp

k như mình tưởng, nhưng cũng khá chi tiết (~500 trang), nói nhiều về các chi tiết tài chính & vận hành

mình đang chủ ý muốn tìm hiểu về chỗ tích hợp và thu hẹp khoảnh cách giữa văn hóa doanh nghiệp 2 bên, thì có vẻ k được nói nhiều lắm

mình cũng đọc lướt trong lần đầu thôi chứ k quá kỹ. vẫn yên tâm vì sách do PACE dịch và hoan hỷ vì mua với giá hạt dẻ, cũng như M&A là một chủ đề k có nhiều tài liệu lắm ở VN mà mình tò mò

[Dustin · Rating 3 out of 5]

Just some brief notes:
I found that this largely did not hit the mark for me. I’d love to have seen more discussion of carve-out acquisitions and a heck of a lot more discussion around developing and implementing revenue synergies.

This book seems best suited to company acquisitions that have substantial cost synergies that are used to justify the deal. That just doesn’t fit my immediate use case.

[Julia Rutherford · Rating 5 out of 5]

A must read for any business leader entering into or thinking about an M&A transaction. Practical tips on how to get from point A to point Z in all things M&A. Well written and with many case study examples from two experts in the field.

[Sharon Piech · Rating 5 out of 5]

Like a well-written medical book that can be understood by someone without a medical degree, this book provides insights about M&A that anyone can understand. The book's findings are supported by extensive analysis and brought to life through real stories. I enjoyed it and learned a lot!

[Ben Wiener · Rating 3 out of 5]

A good M&A playbook - written for buyers but probably good for sellers to read as well, to understand buyer mindsets.