| {{B}}
A Critical Concern in Merger and Acquisition
Strategies{{/B}} Mergers and acquisitions as growth strategies are once again in vogue. This business drama seems to be {{U}}(19) {{/U}}by recent highly visible mergers between rich and famous players. Even speculation around a low ball offered by Comcast to acquire Disney seems to excite global {{U}}(20) {{/U}} in corporate marriages. However, like all such {{U}}(21) {{/U}}, long-term success is rarely accomplished by a mere combination of cool stuff and know-how. In the midst of all the hype, a well documented fact is that most merger and acquisition activity rarely {{U}}(22) {{/U}} the highly anticipated cooperation between companies. Throughout a merger or acquisition, people in an acquired company often {{U}}(23) {{/U}} that they don't know what is happening, express fear about {{U}}(24) {{/U}} their jobs, and feel demoralized as to the future of their contributions. Failed mergers that otherwise have a {{U}}(25) {{/U}} strategic and financial fit are typically the {{U}}(26) {{/U}} of the irretrievable loss of intangible, messy-to-measure, and difficult-to-implement human {{U}}(27) {{/U}} on which the company's tangible assets ultimately {{U}}(28) {{/U}}. Traditional integration practices have been {{U}}(29) {{/U}} around consolidating key resources, financial and physical assets, {{U}}(30) {{/U}} names, and tradable endowments. The most forward-thinking integration strategies also capture key pieces of elusive core competencies, such as a/an {{U}}(31) {{/U}}'s best practices, skills, knowledge bases, and routines. {{U}}(32) {{/U}} excluded are critical root strategic assets, which can make or break a union that is otherwise "made in heaven". These root strategic assets {{U}}(33) {{/U}}collaborative leadership, cultural cohesion and talent retention. |