tailieunhanh - valuation for m a building value in private companies phần 3

. Thậm chí phổ biến hơn là để hiển thị các khoản đầu tư giá trị sổ sách của tài sản hoặc vốn chủ sở hữu của cổ đông từ các báo cáo tài chính của công ty, nhưng những số lượng này ít khi phản ánh giá trị hiện tại. Để khắc phục những điểm yếu của hai biện pháp đầu tiên, | 50 Merger and Acquisition Market and Planning Process severance packages and closing facilities all of which should be quantified as part of the analysis. Failure to estimate and recognize stand-alone fair market value. For private companies that lack an established value buyers may look only at investment value including synergies and ignore the target s lower value on a stand-alone basis. Inconsistent strategy. Inaccurate assessment of strategic benefits may occur. Inadequate due diligence. In the precombination phase ineffective strategic planning or assessment of value drivers and risk drivers or pressure to win negotiations prevails over sound decision making. Incompatibility of corporate cultures. Lack of communication differing expectations and conflicting management styles all contribute to lack of execution. Distraction from existing business. Failure to anticipate or effectively react to competitors response to the acquisition including inattention to ongoing operations and loss of key personnel of acquirer or target affect profitability. Inadequate risk analysis. Discussed in Chapter 6 this involves the failure to rigorously assess the likelihood of success of a transaction or to consider management discretion in future periods. Much of the literature on M A cite CEO hubris the desire to grow for the sake of growth inexperience and overly complacent corporate directors or shareholders as factors contributing to this poor track record. While much less information is available on the success of M A activity involving closely held companies many of these same conditions are present in middle-market transactions. In addition there is an overwhelming misunderstanding of what value is how it is created and how it must be carefully measured and analyzed in M A. SALES STRATEGY AND PROCESS As previously discussed the success of buyers and sellers in negotiating a deal is dependent on understanding the transaction from Sales Strategy and Process 51 the other side