Exit: Terminating Interdependes
In my recent publication in M&A Review (Oct 2010), I discuss how companies should plan and implement their exit strategies, including a generic process for M&A practitioners, corporate decision makers, fund managers and transaction advisors. In my contribution, I also address major shortcomings of carve-outs which have been an emerging discipline in consulting practicies. Most consultants do not provide adequate advice for planning and accomplishing corporate divestitures. The paper is avilable at M&A Review (in German).
Inorganic Growth Hypothesis
Do acquisitions and divestments, over time, contribute to the corporate growth of companies that alter their boundaries through transactions? In a recent study, I focused on acquisitions as multiple events and could find ample evidence for the notion that companies recurrently involved in deals spur growth over time. I could evidently identify factors improving firm growth in conjunction with orchestrated divestment activities. The “Inorganic Growth Hypothesis” suggests a positive relationship between acquisition and divestiture programmes and frequent deal makers’ corporate growth over time.