Tag Archives: M&A strategy

Company Relationships in M&A: The Differentiating Factor

If you consider just how much time goes into an M&A transaction, from extensive financial analysis to the intricate process of evaluating the target’s corporate culture, then you can imagine how disappointing it would be for a venture to fail due to poor company relationships. As it were, it is estimated that somewhere between 70% to 90% of M&A transactions fail to achieve all of their goals; it is fair to suggest that much of this would come down to poor relationships in M&A.

On face value, the concept of individual relationships within a company can seem rather trivial, but the reality is quite the opposite. Just like any functional group, success will largely be derived from how well the team is able to work together, and naturally, this will significantly depend on relationships within this group. In turn, the concept of fostering relationships must be taken extremely seriously within any business, and this is never more relevant in the context of a newly merged company post-acquisition.

The Importance of Company Relationships

With this in mind, a company must consciously and actively prioritise the promotion of positive relationships internally, to the extent that it can be considered a part of the company’s corporate culture. As we have alluded to in our previous article, the advantage of having a strong and balanced corporate culture cannot be overstated, and resultantly, the companies that dedicate the most time to developing it will often rise above those that fail to do so.

As such, the task of fostering company relationships is not just a job for top management and human resources, rather it is for each and every employee to truly embrace. Alas naturally, we as human beings will not always enjoy the company of absolutely everyone, but it is essential in a business context to put any differences with particular individuals aside for the sake of the firm’s success. As it were, a solid foundation of strong working relationships internally will exact a high degree of confidence within a team to deliver fruitful results, in a genuinely supporting environment.

How to Ensure That an Acquisition Is Successful

This latter point in particular, the maintaining of a supportive workplace, is absolutely essential for company morale. As a direct result of being apart of such an environment, incoming employees post an acquisition will be able to transition into the team much more comfortably in the knowledge that their colleagues will have their back from the very first moment. One of the crucial aspects of ensuring this is the case is creating a workplace that promotes open dialogue amongst its workers, in which employees can feel comfortable in discussing their feelings, ideas and perspectives regarding business operations.

One of the major benefits of an acquisition is exactly the fact that you will obtain individuals with varying opinions, and so to supress anyone with a difference of perspective is to truly waste an opportunity to improve the company. As a whole, this notion derives from the concept of trust. The sooner a company can generate a genuine level of trust amongst its employees, the sooner it will truly be able to promote the comparative advantages of individuals within the firm so to increase input overall.

Be Careful: Do Not Neglect Internal Company Relations

What is vital to consider that in this disruptive moment in time for the world of business, arguably the most differentiating factors of a firm are related to innately human-oriented skills and capacities. Be it personalised customer service, corporate communication or negotiation skills, these are all linked to interpersonal and emotional capacities, and it is unsurprising to see that the companies who most effectively maintain strong internal relations are the ones that will most effectively execute these differentiating external operations.

The other thing to recognize is that neglecting internal relationships can be as damaging and harmful to a company, as maintaining well-established internal relationships is beneficial. Resultantly, to set this in a sporting analogy, if your company fails to address internal relations whilst your competition does, it is the equivalent of losing two games in one as you see your competition climb the proverbial ladder above you.

The Acquisition Process Should Not Substitute Personal Communications

Overall, a happy company is a strong company, and this derives from the absolute foundations of team affairs. Particularly for companies with incoming acquisitions, if they brush off the notions of internal understanding, team bonding and healthy communication, then it is more likely than not that they will encounter unwanted problems in the future. Even as early as the acquisition process, “data rooms and software tools should augment, expedite and manage the voluminous amount of data and information… but they should not be a substitute for direct, personal communications.”

After all, employees just like any human, are emotional beings and shouldn’t be treated in a mechanical or rigid manner. Overall, it is always in everyone’s interest to promote genuinely warm and open working relationships in any company.

Taking M&A Transactions to the Next Level: Corporate Culture

Corporate Culture: Taking M&A Transactions to the Next Level

The coveted concept of synergy is thrown around continuously when discussing M&A, and yet it is so often left unprioritized during the heated process of executing a deal. As such, a company owner might be inclined to confirm a seemingly lucrative transaction or opportunity, without truly investing enough time in analysing the target’s corporate culture. Invariably, this is an almost natural response for a business owner, who in all practicality, just wants the best for their company. However, to truly do the firm justice, the owner must comprehensively evaluate whether the acquisition target is a genuinely viable fit at a cultural level for the firm.

Keep the Wheels Turning

The benefit of acquiring a firm that fits into the corporate culture of your company speaks for itself. Like a well-oiled machine, a business that is functioning well will have each and every member playing their part, executing their role well, and in turn promoting the overall success of the company. Such a scenario becomes increasingly challenging to achieve when there are elements of disharmony, disagreement or varying visions within a business; a situation that many companies that have recently expanded via acquisitions unfortunately find themselves in. Resultantly, a lack of unity at an internal level can lead to a range of detrimental outcomes such as reduced efficiency or output, arguments between employees and management, or even workers leaving their posts as a direct result of their disillusionment with the company’s new formation. In turn, there must be an appreciation for the fact that an integrated, synergetic corporate culture post-acquisition should not be considered as a nice-to-have, but as a must.

After all, one can focus on the financials all they want in the pursuit of that bargain deal, but if a transaction ultimately fails due to a lack of cultural integration, then what first appears to be a money well spent situation will become an avoidable instance of hard-earned profit gone to waste. Once again, it comes down to pure human temptation, and being able to turn down the option of executing a deal quickly, for the sake of truly thinking things through. What one might forego in the short-run, in the form of being able to report the merger, enjoy the spoils of the positive press and lap up the praise, one will truly advantage from in the long-run by ensuring that either their deal will in fact benefit the firm overall, or that a disaster waiting to happen is avoided.

It is Worth it in the End

It is then at this point that the hard work really pays off. After having established that your target acquisition will integrate well into your company’s corporate culture, then you have the opportunity to truly take your firm to the next level. Much like any solid partnership, it advocates for the notion that 1+1≠2, but rather 3 or 4 or 5, whereby together in collaboration, two new partners are able to bring out the best in one another such that the firm can achieve exponential results beyond their usual output. In turn, the well-oiled machine won’t just function, it will fire on all cylinders, at a level that had not been previously achieved before.

The morale of the story can be traced back to one of the more famous children’s fables by Aesop, The Tortoise and the Hare. If a business owner who closes a lucrative deal without checking for cultural synergy is the speedy Hare of the story, then the owner that takes their time to assess their target’s ethos and philosophy will play the part of the Tortoise. As such, this owner will take the time to evaluate their potential acquisitions holistically at a corporate culture level, in comparison to the Hare who takes the process for granted and rushes right through it or skips it altogether. And just as Aesop so wisely alluded to, it will be the “slow and steady” that ultimately “wins the race!”

Four Ways to Evaluate When It’s Right to Take Your Businesses Global

When to Take Your Business Global

While taking your business global holds the promise of new markets, a larger client base, and bigger profits, no company should rush headfirst without adequate preparation. In a previous article on One to One Corporate Finance we discussed ways for investors to evaluate the best business to buy. In this instalment, we would like to provide you with four ways you can evaluate whether your business is ready to move from the local to the international market.

Have You Chosen the Right Market to take your business global?

Before plunging your business into a foreign market, ask yourself which market is the right one for your operation? Is it established enough locally to support your expansion, and have you done the necessary market research and chosen the right country and segment to penetrate? Entry into foreign markets can be costly and consume vast management time and resources, doubly so if the country’s economy is stagnating. Expanding into a country like the UK for example, which is going through economic uncertainty due to the fallout from Brexit, might not be propitious to your new foreign operation. Nadex documeted that there has been underlying weakness in the Pound due to the flagging UK economy. The Financial Times also reported that one in seven European companies with UK suppliers had moved their business out of Britain as a result of this uncertainty. Once you’ve weighed these factors and chosen wisely, only then can you set your sights internationally.

Is Your Product Ready to take your business global?

Once you’ve determined how to set a proper foothold locally, you must now look at your product and determine whether it is ready for international exposure, or are there issues that might hold you back? Based on the product gap analysis, it is essential you take the necessary steps to make your product market-ready. Fast Company recommend being prepared re-think your product strategy, as it may not be a sure hit the first time. Determine whether product localisation is required in your target market, and initiate a patent and trademark review to protect your intellectual property and ensure you’re complying with local standards. If you fail the first time it could be an indication that you didn’t take the right approach to fully localise the product. Go back to the drawing board and rethink your strategy.

Organisational Readiness & Operations

You’ve now determined your product is ready for international exposure, the next step is to take into consideration the cultural differences, regulations, and customs of your target market. Business journalist Michael Evans suggests that a company must be flexible in the policies and procedures it implements in international operations. This will ensure that the company’s vision is being executed effectively. Policies and procedures must be in place to comply with local labour and employment standards. You must also decide on the appropriate level of direct presence in the region to manage your operation; will you need local partners to handle specific aspects, or will you be self-sufficient and dependent on your own staff? Some companies need their sales and support teams on the ground for example. Depending on the nature of your operation, your needs will vary.

You Have Suppliers & Customers

Having taken into consideration the company requirements, it’s time to consider your supply chain as well as marketing and customer base. Entrepreneur reveals that it’s essential to be able to find trustworthy suppliers who will deliver and adhere to agreed payment terms, as it will be vital to your international success and your ability to deliver to your customers. Having a reliable supply chain in place will guarantee that your product will reach your customers. As such, by providing a reliable middleman to facilitate secure transaction, your customers will feel comfortable sending money to a foreign company with which they have never worked with before, and you’ll rest easy knowing that you will receive those payments in exchange for your products. Once you’ve determined the necessary platforms and supply chain possibilities, you’re ready to consider the next steps in your global expansion.

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How to create a winning mentality in business

A Winning Mentality in Business: How to Create it

Successful entrepreneurs are bold and audacious in their goal setting. If you want to create a winning mentality in business, start thinking big. The larger the audience you can connect with, the more relevant your organization will become.

It seems obvious to suggest that in order to achieve goals, you must set them first. Goals are only dreams until you set deadlines and plans for yourself.

Sir Edmund Hillary, the first person to ever reach the top of Everest, once said, what we conquer is not the mountain but ourselves. If you want to change reality, you need to dream.

Many people live in a world of “what is possible” instead of “what could be possible.” The thought of someone running a mile under four minutes was impossible, until one man proved it to be false.

Roger Bannister believed in himself and achieved the impossible. Three years later, nine additional athletes achieved the same feat, with each of them adopting the mindset that the task was no longer impossible. Things are only seen as impossible until someone decides to change that mentality.

Destiny is not a matter of chance; it is a matter of choice. It is not a thing to be waited for, it is a thing to pursue.

As such, nothing spectacular has ever truly been achieved without passion; it is only with genuine passion that one can unlock and surpass their goals.

An essential part of creativity is not to be afraid of failure. Success is not built on success, it’s built on failure. Failure is the key to success because every failure teaches us something. Winston Churchill pointed out that success is the consequence of going from failure to failure without losing enthusiasm.

Andy Grove, chairman of Intel, said that success feeds complacency and complacency feeds failure. And so it is, when arrogance appears decadence begins.

If you do not have big dreams for your company, if you do not have maintain bold goals, if you do not create a winning mentality, then maybe it is time to think about selling your company. Do not hesitate to contact our team for advice!

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Is Your Business Stranded? You are Ready for M&A

Many business owners call us because their companies have reached a size that complicates the management and they are not prepared for the next stage. As consequence, they feel ready to use an M&A strategy.

His business is not small and flexible anymore, nor is it big enough. It is stuck in the middle.

Business owners reasons for being ready for M&A strategy

Business owners prefers to sell the company to a larger organization with bigger resources, rather than continuing with the current difficult path. This is frequently followed by the need to internationalize the company or relocate in order to stay competitive. Business owners see how the relevant competitors are outsourcing manufacturing to other countries, which is a process that they don’t how to approach.

We had a client that was conscious of the fact that his company needed to become international. He could not speak other languages which prevented him from tackling this international project with the expected level of leadership. However, his management team pressured him and tried to convince him to go on with the international expansion. Frightened by the potential risk of the undertaking, he decided to look for private equity which could work with his management to handle the challenge. As sell side advisors, we located four private equity entities that bid on the company (two domestic and two international). We finally closed the deal with a foreign investor that incentivized the managers to undertake a powerful international expansion.

Sometimes the signal comes from human resources. Difficulties hiring or retaining a capable management team are at times a sign that the moment to sell has come.

In other occasions, the loss of important clients is a sign that the business is losing its competitive advantage and the company needs to make a strategic change.

Economies of scale that other companies reach through sector consolidations can make business owners realize their size isn’t enough to survive this change.

What do you need to do?

You need to ask yourself: Is there enough business for all the competitors? Are there companies disappearing? Is there a consolidation on the sector?

The growing interdependence of economies across the planet has accelerated cross-border M&A deals, forcing local companies to search sufficient critical mass to compete against global players, this commonly translates into mergers.

If you realize that you can’t play in the global arena by yourself, is better to sell or merger with another player before it is too late. Don’t hesitate to contact us to talk about your company’s future and how M&A strategy can help you!

Risk Arbitrage and Cross-Border M&A

Many strategic as well as financial investors are familiar with the numerous advantages of cross-border M&A, including expanding into potentially lucrative new markets, establishing a presence near existing or new clients, building and smoothing out revenue streams and diversifying international business risk. Investors, however, may be less familiar with another potential advantage of cross-border M&A, that is the possibility of creating financial and operational value through an investment strategy known as risk arbitrage.

This article will provide a brief overview of the concept of risk arbitrage and then discuss how risk arbitrage principles can be used as part of an overall M&A strategy to identify investment opportunities, build firm value and reduce firm risk.

Overview

Even though when many people hear the words “risk arbitrage” highly speculative strategies that are confined to narrow corners of the M&A world often come to mind, risk arbitrage is a very simple concept that occurs in markets and applies to businesses every day. In financial markets, arbitrage refers to a situation where an asset can be purchased for a price in one market and sold at a higher price in another market. Risk arbitrage, on the other hand, refers to taking advantage of a mispricing of risk and the impact of that mispricing on credit or asset prices to either build firm value or prevent firm value from being lost.

To provide a simple example of risk arbitrage in the credit context, let’s say that a fair interest rate for a loan based on the risk of a company or an activity is 8%. If, assuming the same level of risk, a bank is willing to lend money at a price of 6%, this represents a clear risk arbitrage opportunity for borrowers. Similarly, if borrowers are willing to pay a 10% interest rate, this represents a clear risk arbitrage opportunity for lenders because borrowers are overpaying for the actual level of risk in connection with a loan that a creditor will take.

These opportunities also frequently arise with regard to asset purchases. To take another example, let’s assume that the capitalization rate for multifamily properties in a particular market is 6%, meaning that the price of the asset is derived by dividing the net operating income of the asset by 6%. If the real risk associated with a multifamily property in the market warrants a capitalization rate of 4%, this represents a risk arbitrage opportunity for buyers, because in practical terms it will reduce the price that is paid for an asset. Similarly, if the risks associated with a multifamily property warrant a capitalization rate of 8%, the opportunity to sell the property at a capitalization rate of 6% represents a risk arbitrage opportunity for sellers because the buyer is effectively discounting asset risk by 2%.

It may well be asked how these types of opportunities can exist, as one would assume that if a risk arbitrage opportunity existed, buyers and sellers would immediately take advantage of these opportunities and the resulting market pressures would quickly cause the arbitrage spread to disappear. However, often the arbitrage spread does not disappear, principally because of three key reasons:

1) Information necessary to accurately price assets is often not available, particularly with respect to companies that are not publicly traded;

2) Assets and the market context that defines asset values are in a constant state of change which causes risk levels to fluctuate faster than they can be converted into accurate pricing terms;

3) Misperceptions of risk exist even in the face of clear information.

Risk Arbitrage and Cross-Border M&A

Risk arbitrage opportunities often exist in cross-border M&A, particularly in emerging markets due to the fact that information regarding market fundamentals or assets may be more difficult to obtain or key market drivers, such as inflation rates or currency values, may be more volatile than in more developed markets.

It commonly occurs in emerging markets, for example, that investors may assume that because a country is considered to be “risky” and companies or assets in that country by definition must be equally risky. In fact, many companies that operate in riskier jurisdictions adopt measures that protect themselves from risk such as, for example, having operations or assets abroad or hedging against currency risk. Because of this, the acquisition of a company at a discount rate of 15% to reflect country risk, when in fact the company’s risk profile merits a discount rate of only 12%, implies a risk arbitrage gain of 3%.

Risk arbitrage opportunities can also occur in highly stable markets where risk pricing in the market does not reflect real levels of company, sector or market risk. In this type of situation, assets can be sold at a price in excess of the price which reflects real market risk, creating a risk arbitrage gain.

In addition to risk arbitrage gains at the time of asset purchase, it is also possible to realize arbitrage gains throughout a company’s operation. For example, for a real estate development company, developing projects in a country where credit is mispriced can increase profitability and reduce market risk.

Risk Arbitrage and Investment Exit Issues

Many risk arbitrage strategies are employed with assets that have deep and liquid trading markets, such as publicly traded securities, so that once arbitrage opportunities are captured they can be quickly monetized. In the private M&A context, however, investors may hold an investment for many years and it can occur that the market context can significantly change over time and assets that are bought at a discount in year 1 may need to be sold at an even larger discount in year 5 due to a worsening of market risk perceptions.

For this reason, for investors that take a long-term view of strategy and building company value, risk arbitrage should generally not be used as the sole criteria for making an investment but rather as part of larger strategic investment decision that takes into account the investor’s overall strategy and the value that the acquisition of an asset or presence in a country will create irrespective of arbitrage gains.

This article was written by Darin Bifani. If you would like to discuss the potential for using risk arbitrage principles as part of a cross-border M&A strategy, please

4 things to evaluate the best business to buy

4 ways to evaluate the best business to buy

There may be a lot of opportunities around you, but if it involves as much investment as does the purchase of a company, it is important to judge the opportunity to make sure it is worth your time and money. Here are four ways you should consider to evaluate the best business to buy.

Quality of the source of the business to buy

The origin of the opportunity will serve as an indication of whether the opportunity is a true one.

Has it come to you through an investment bank or through an unknown intermediary? In the latter case, be more cautious. Is the seller paying an advisor? If so, it means that he or she is truly interested in selling.

Is the sale process formal? Did they make you sign a confidentiality agreement? Is there a sale memorandum?

This information is very relevant because in many occasions, the owner is only trying to test the market to see if there is interest for his or her company or to see what its true value is. In other cases, the operation may come to you through an intermediary but does not know if the owner truly wants to sell.

Are all shareholders selling?

Often, after conducting an in-depth research you discover that the seller is only a minor shareholder that only has 15% and is looking for a buyer to “get out of there.” The usual in these cases is for the major shareholders to buy them. It usually makes little sense to replace the minority shareholder’s problems and pay money for it.

In other occasions, those who sell are major shareholders but the minorities have the right to abort your operation if they are not consulted in the process.

It could happen that a minority shareholder wants to sell, and in this case, it is important to be creative and design formulas that allow you to close the operation. This usually involves a more complicated operation and the likelihood of failure is very high.

Quality of advisors when looking for the best business to buy

If the advising team that surrounds the seller does not have experience in this type of processes (this happens quite often), it is highly likely that the operation is ruined or the execution becomes more difficult. Therefore, you should look at the type of advisors and lawyers that the seller has before embarking on a purchase mandate.

You can tell them that you are willing to study the operation given that the work with corporate finance advisors and lawyers with given experience in the buying and selling of companies.

If their lawyer is a friend that specializes in family law and he or she is helping them with the process (the lawyer could be the first in not selling so that he or she is not left without a client), it may not be a good idea to become involved with a process that has a high likelihood of failure. Without a doubt, the higher the quality of advisors, the higher the possibility of a successful operation.

Is it really the type of company that you are looking for?

When evaluating the best business to buy, you have to clarify whether the company is in a development phase that interests you: start-up, growth, or maturity. Do you really possess the tools you need to compete in this sector?

Is the company part of the sector and type of business that you have the capacity and real experience to manage?

Is the company in a geographic zone that is accessible and close to your location (two hours maximum by car), and in a good geographical zone to successfully develop the business?

You should be sure to reflect on all these things before embarking on a new purchase.

This article was written by Enrique Quemada, ONEtoONE President.

Key for M&A negotiation strategy: throw down your anchor

When you negotiate the sale of your business, a useful M&A negotiation strategy is to anchor the negotiation from the top with an aggressive demand. When we hear high or low figures, we tend to unconsciously adjust our expectations in the direction of the figure we have heard.

Using anchoring in M&A negotiation strategy has a psychological effect

The anchor has a strong psychological effect and it directs the operation in favor of the person who throws it down. This way, you inevitably condition the other party, who then has to rethink their position.

When an anchor is introduced into a negotiation, the ZOPA (zone of possible agreement) usually turns in its direction. The negotiation turns towards the zone of the person who has thrown down the anchor.

Because of this, many people think you should make the first offer and that first offer should be aggressive. Naturally, this anchor is more effective when we actually have other offers and candidates, because if we end up breaking negotiations with the anchor, we will have other options.

DO YOU WANT TO KNOW MORE ABOUT M&A NEGOTIATION STRATEGY? READ “NEGOTIATION IS YOUR POWER WHEN SELLING A BUSINESS”! YOU WILL LEARN ABOUT HOW TO VERIFY THE POWER OF THE OTHER PARTY, AND ONETOONE NEGOTIATION EXPERIENCE WHEN SELLING A BUSINESS

How to throw down an anchor

By making the first offer, you are risking the breakdown of negotiations, as you might throw down an anchor that is too big. Therefore, when you throw down your anchor, it is best not to be categorical. It is not necessary.

Sometimes, we do not even need to make an offer to throw down an anchor. For example, for the buyer, it can be enough to make affirmations such as “Naturally we have to perform a good due diligence in order to know the company better, but companies belonging to this sector are being sold at 4 times EBITDA, which is what we are thinking of.” Even if it is not a good offer, this offer has the effect of an anchor because it hinders the seller’s expectations.

Also, launching the first anchor softly can stop/delay the other party throwing down anchors on their side. In order for your demand to be believable, you should always back it up with rational arguments that can be discussed. You should support them with standards, references, or precedents that make it credible. You will not offend the other party if you can logically justify your demands with solid arguments.

steps to identify the ideal sector and company to buy

When buying a company, it is important to know how to find the best company, and in order to do that, one must know how to first identify the ideal sector. In this article, we walk you through the 6 most important steps to finding that ideal company for you.

Choosing the ideal sector

“If I had an hour to solve a problem I’d spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.” – Albert Einstein

All sectors have a tendency: to go up or down.

1- Analyze if the industry is concentrated (with only a few but large-sized players) or fragmented (many but small players). In those industries that are very concentrated, the leaders establish price. If it is fragmented, you have more possibilities of finding a leading candidate within a niche. Try to buy a company with a dominant position in that niche.

2- Analyze the structure of the industry and where it is going in the next 5 years. The ideal industry is one that will grow in the future and is fragmented – where the companies tend to be of small or medium size. Try to find one of these industries to which you can apply your experience and knowledge. In a fragmented industry, you avoid the presence of a giant that can disrupt the competitive landscape by, for example, changing the prices or conditions of the market.

YOU MIGHT ALSO BE INTERESTED IN, “HOW TO FIND AND BUY A COMPANY.”

3- Avoid industries in decline since they tend to hurt themselves with constant price reductions of the competitors to cover fixed costs and end up destroying margins.

4- Try to not enter industries that have intense competition, with low barriers to entry, high consumer negotiation power, and are subject to external factors that cannot be ignored (regarding regulation, technology, environment, fashion, etc.) The three key factors that determine the intensity of competition within an industry are the competition within the companies that are in it, the threat of new entrants, and the threat of substitute products or services. The level of competition in the sector is an indicator of the potential for high or low margins.

5- The size of the company you should buy depends on you and your experience. However, if you are not a “mega-executive” and do not have experience buying companies, it is best to buy a company that has a turnover between 6 to 12 million euros. That is an ideal size for your first operation because in those sizes, there tends to be a corporate structure to which you can make changes to significantly alter its ability to create value.

6- If you do not have a sector that you specialize in or do not know where to look, it is best to look in sectors that are fragmented based on geography or product line.

The ideal company

The ideal situation would be finding a company that is growing and that has a competitive advantage, that generates a healthy and constant margin, with profits above 15% of sales and with growth possibilities on various fronts.

In this ideal company, customers do not change and their concentration is low. Naturally, these companies are not cheap, but it is much better to buy a good company than to buy a bad one at a bargain price.

This article was written by Enrique Quemada, ONEtoONE President.

“The keys to M&A” | Episode 2: Offensive and Defensive M&A Strategies

]M&A transactions can be used to further many types of objectives, including strategic business objectives, financial objectives, tax objectives and risk management objectives.

In this podcast, we discuss ways that M&A can be used to carry out different types of offensive and defensive strategies to strengthen and protect business value.