HERE ARE THOUSANDS OP
MERGERS EVERY YEAR AND, BY SOME ESTIMATES, TWO-THIRDS OF THEM EITHER FAIL OR PALL FAR
short of expectations. How can leaders keep their merger from becoming a head-on colhsion?
In The Human Side
ofAf&A, Dennis Carey and Dayton Ogden argue that most failed mergers looked good on
paper they made financial and strategic sense but the crucial human element was neglected
or overlooked. Consequently, corporate cultures often clash and wreck any chance that the
companies will work harmoniously together.
The authors, who have worked
with many companies in the process of merging, draw on their unique experience to
demonstrate how to address the human side of a merger, revealing pitfalls to avoid as well
as best practices to pursue. They describe how to assess the quality of the people on both
sides, aligned with the strategy, to determine whom to retain. They argue that the CEOs
need to create a new vision for the combined company (one that differs from the visions of
the two individual entities). And they stress that it is vitally important to move quickly
once the merger is approved so that the new enterprise can hit the ground running on the
first official day of operating as a combined company. The book concludes with a rigorous
statistical appendix that analyzes some of the most successful mergers of the past ten
years, validating the book's underlying theme and conclusions.
While the volume of mergers
may wax and wane depending on a host of economic factors, mergers will endure as a
logical, efficient, and profitable strategy for many companies in a global economy. This
book will help ensure the success of those who choose this path.
About Authors
Dennis C. carey is vice
chairman of Spencer Stuart, U.S. He has recruited CEOs and directors for many of the
largest global companies and has led numerous large-scale merger integration projects. He
is the founder of G100 and the CEO Academy, and the co-author of How to Run a Company.
Dayton ogden is chairman of
Spencer Stuart and previously served for nine years as the firm's chief executive. His
search consulting practice focuses on CEO succession and board recruiting for a broad
range of international clients. He serves on the board of the American Business Conference
and is secretary and a director of Project HOPE.
198 pages