Mark Sirower's Books

The Synergy Trap, Asia-Pacific Edition

By: Mark L. Sirower

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The Synergy Trap, Asia-Pacific Edition

By: Mark L. Sirower

Every CEO and Corporate Director who has been in the path of the 'WOW! GRAB IT!' acquisition locomotive should read this book!" -- Charles R. Shoemate, Chairman and CEO, Bestfoods With global acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much -- and predictably never realize the promises of increased performance and competitiveness -- in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: The unique business gamble that acquisitions represent The managerial challenges already embedded in current stock prices The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains The seductiveness and danger of sophisticated valuation models so often used by advisors The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan -- and account for huge uncertainties -- before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.

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Page Count

330

Publisher

Simon and Schuster

Published Date

ISBN 10

1451603444

ISBN 13

9781451603446

The Synergy Trap

By: Mark L. Sirower

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The Synergy Trap

By: Mark L. Sirower

With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.

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321

Publisher

Simon and Schuster

Published Date

ISBN 10

1439137706

ISBN 13

9781439137703

The Synergy Solution

How Companies Win the Mergers and Acquisitions Game

By: Mark Sirower,Jeff Weirens

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The Synergy Solution

How Companies Win the Mergers and Acquisitions Game

By: Mark Sirower,Jeff Weirens

The new M&A bible. Few 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. In The Synergy Solution, 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 strategy includes how to: Become a prepared "always on" acquirer Test the investment thesis and DCF valuation of a deal Plan for a successful Announcement Day, and properly communicate synergy promises to investors and other stakeholders Realize those promised synergies through integration planning and post-close execution Manage change and build a new, combined organization 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's an art and a science to getting mergers and acquisitions right, and this powerful book provides the insights and strategies acquirers need to find success at every stage of an often complex and perilous process.

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238

Publisher

Harvard Business Press

Published Date

ISBN 10

164782043X

ISBN 13

9781647820435

Mergers and Acquisitions

Managing Culture and Human Resources

By: Mark E. Mendenhall

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Mergers and Acquisitions

Managing Culture and Human Resources

By: Mark E. Mendenhall

This book examines the dynamics of the sociocultural processes inherent in mergers and acquisitions, and draws implications for post-merger integration management.

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Page Count

472

Publisher

Stanford University Press

Published Date

ISBN 10

0804746613

ISBN 13

9780804746618

The Synergy Trap

By: Mark L. Sirower

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The Synergy Trap

By: Mark L. Sirower

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321

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Simon and Schuster

Published Date

ISBN 10

1439137706

ISBN 13

9781439137703

Alliance Brand

Fulfilling the Promise of Partnering

By: Mark Darby

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Alliance Brand

Fulfilling the Promise of Partnering

By: Mark Darby

As pressure continues to build on organisations to achieve more with less, partnering offers tremendous promise as a strategic solution. However, up to 70% of such initiatives fail to meet their objectives. In this book, alliance expert Mark Darby argues that, in the age of the extended enterprise, firms must display a positive reputation and hard results from their alliances in order to attract the best partners and stand out from the growing crowd of potential allies. Building on this, he introduces the Alliance Brand concept, explores its critical success factors, and shows in detail how to apply it in your organisation. Darby's straightforward advice and comprehensive maps and tools will guide you on the journey to fulfilling the promise of partnering. The results are higher revenues and reduced alliance failure rates, along with lower costs and fewer risks. Alliance brands also have more satisfied staff and partners, and a transparent, audit-friendly process to satisfy increasing governance concerns. This leads to sustainable alliance success, and ultimately 'partner of choice' status in your chosen industries and markets. That's a compelling return on investment. That's an Alliance Brand.

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Page Count

408

Publisher

John Wiley & Sons

Published Date

ISBN 10

0470035307

ISBN 13

9780470035306

The Skyscraper Curse

And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century

By: Mark Thornton

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The Skyscraper Curse

And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century

By: Mark Thornton

The Skyscraper Curse is Dr. Mark Thornton's definitive work on booms and busts, and it explains why only Austrian economists really understand them. It makes business cycle theory accessible to a whole new 21st-century audience. And they need it, especially those under 40. Many of the brilliant quants working on Wall Street and at the Fed barely remember the Crash of 2008, much less understand it. But Mark Thornton does, and his book is a warning about overheated equity markets, over-inflated housing prices, and clueless central bankers. Given the shaky stock markets lately, 2018 may be the year the Fed’s latest bubble bursts. And when it does, it will be even more painful than 10 years ago. In fact, US household and business debt is now one trillion dollars higher than 2008. Mark is well known as an expert on bubbles and Fed malfeasance. His work appears in outlets like Wall Street Journal, Bloomberg, Forbes, The Economist, Barron’s, and Investor’s Business Daily. His now-infamous Skyscraper Index theory draws the connection between loose monetary policy, artificially low interest rates, and vanity construction projects. Put the three together and it doesn’t turn out well. And let’s not forget that Dr. Thornton was among only a handful of economists to warn about the dangerous housing bubble in 2004, and again in 2006. Cabbies and waiters bought up condos with no money down in places like Las Vegas. Prices rose 25 percent or more every year in some coastal markets. Even people with terrible credit financed houses at five or seven times their annual income. All of it was made possible by the Fed and its mania for low interest rates. So when the experts said “Nobody could have seen this coming,” the Mises Institute had Mark’s articles and papers ready to go. The housing crash, and the meltdown in equity markets less than a year later, were thoroughly explained by Austrian business cycle theory. And Mark was the capable face of the Mises Institute during it all. Without a lay-friendly book like The Skyscraper Curse, millions more Americans will be duped by the next crash. Dr. Thornton’s book tells the story that needs to be told. It will be among the only alternative explanations available when the next crisis comes.

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Page Count

310

Publisher

Ludwig von Mises Institute

Published Date

ISBN 10

1610166884

ISBN 13

9781610166881

The Global Business Handbook

The Eight Dimensions of International Management

By: Mark J. Hooper

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The Global Business Handbook

The Eight Dimensions of International Management

By: Mark J. Hooper

A nation's economic success depends on the capacity of its companies and trading organizations to develop business relationships, trade and do business in the international arena. Doing business across borders subtly changes the processes and skills the successful manager needs. Cultural, social, geographic and legal factors serve to complicate the picture. The mantra for managers today is think global, act local. In this handbook the authors concentrate on the big developments that currently are happening at an international level. They consider how managers operating in the global business landscape must change what they do to create advantages and remain competitive. The Global Business Handbook is based on the structure of the very successful IÉSEG International School of Management's programme on international management. It includes a global focus, backed by the latest research on different aspects of international business carried out in different parts of the world.

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Page Count

808

Publisher

CRC Press

Published Date

ISBN 10

1317030303

ISBN 13

9781317030300

Unlocking International Joint Ventures

Keys to Formation Success through Cultural, Commercial, and Legal Decision-Making

By: Alan MacCharles,Mark Schaub

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Unlocking International Joint Ventures

Keys to Formation Success through Cultural, Commercial, and Legal Decision-Making

By: Alan MacCharles,Mark Schaub

Comprehensive guide to forming successful international joint ventures Written by Dr. Alan MacCharles, partner at Deloitte Consulting and Mark Schaub, senior partner at King & Wood Mallesons, the largest global law firm in Asia. Alan and Mark are both active commentators on joint venturing, geopolitics and industry-specific topics who have been cited or published in the Financial Times, NY Times, BBC, Bloomberg, and other media outlets. Unlocking International Joint Ventures is a complete guide to understanding and successfully executing this powerful and highly complex business formation, with detailed information on how international joint ventures work, how to successfully form them, and key contributory factors that lead to success or failure. This book is backed by research and professional case studies to show how concepts relate to real-world deals. In this book, you'll find information on: Similarities and differences of joint ventures compared to M&A, and why joint ventures are frequently significantly more complex The complexity of international joint ventures in different countries, such as China, with its large, state-owned enterprise (SOE) system, language barriers, cultural distance, different legal system, geo-political tensions, and rapidly changing operating environment Crucial laws, rules, and ways of doing business that affect international joint ventures across different industries and sectors A full set of tools and templates (with examples), methodologies and best practices developed over decades of experience working across multiple international joint venture formations covering the entire formation process from partner identification, negotiation and joint venture agreement signing Pointers as to how to select the right joint venture partner In-depth discussion on key negotiation issues that recur in almost every international joint venture including accounting consolidation, legal entity structuring, governance solutions, exit provisions, the role of trust, etc. Access to leading academic research distilled into actionable insights Unlocking International Joint Ventures is an essential reference for executives, board members, consultants, and legal teams seeking to create successful deals by building on what's proven to work rather than trying to reinvent the wheel.

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Page Count

423

Publisher

John Wiley & Sons

Published Date

ISBN 10

1394268408

ISBN 13

9781394268405

Innovative Relevance

--Achieving Sustainable M&A Post-Deal Results--

By: Mark Dangelo

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Innovative Relevance

--Achieving Sustainable M&A Post-Deal Results--

By: Mark Dangelo

Mark Dangelo's insight and pragmatic advice make this book a must read to all involved in an M&A. He brings clear visibility to the underlying causes of the disappointments so rampant in failing to meet pre-deal expectations. His guidance takes the mystique out of the M&A equation and delivers actionable insights for success." -W. Bruce Newcome GM & CTO Theoris, Inc. "As in other industries, mergers and acquisitions are a fact of life for the mortgage industry. But they don't work just because someone went shopping. Mark Dangelo's little book is one acquirers, acquirees and M&A teams should carry around in their back pockets to deal proactively with the challenges and opportunities brought by the new marriage." -Scott Kersnar Editor Mortgage Technology Magazine "Tomorrow's post-deal challenges bring far different struggles from those that we face today. Having been involved with more than one significant post-deal environment, I only wish I could have referenced this outstanding 'playbook' for the valuable insight that it holds. This book will be referenced by integration teams worldwide for years to come." -Stephen L. Furry Managing Partner S.L. Furry & Associates Former Senior Partner with PwC and Ernst & Young

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Page Count

262

Publisher

iUniverse

Published Date

ISBN 10

0595364489

ISBN 13

9780595364480

The Synergy Solution

How Companies Win the Mergers and Acquisitions Game

By: Mark Sirower,Jeff Weirens

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The Synergy Solution

How Companies Win the Mergers and Acquisitions Game

By: Mark Sirower,Jeff Weirens

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Page Count

238

Publisher

Harvard Business Press

Published Date

ISBN 10

164782043X

ISBN 13

9781647820435

The Synergy Trap, Asia-Pacific Edition

By: Mark L. Sirower

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The Synergy Trap, Asia-Pacific Edition

By: Mark L. Sirower

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Solve jigsaw puzzle

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Page Count

330

Publisher

Simon and Schuster

Published Date

ISBN 10

1451603444

ISBN 13

9781451603446

Book's by Mark Sirower

The Synergy Trap, Asia-Pacific Edition

The Synergy Trap, Asia-Pacific Edition

The Synergy Trap

The Synergy Trap

The Synergy Solution

The Synergy Solution

Mergers and Acquisitions

Mergers and Acquisitions

The Synergy Trap

The Synergy Trap

Alliance Brand

Alliance Brand

The Skyscraper Curse

The Skyscraper Curse

The Global Business Handbook

The Global Business Handbook

Unlocking International Joint Ventures

Unlocking International Joint Ventures

Innovative Relevance

Innovative Relevance

The Synergy Solution

The Synergy Solution

The Synergy Trap, Asia-Pacific Edition

The Synergy Trap, Asia-Pacific Edition

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