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1、BestPracticesoftheBestDealmakersBestPracticesoftheBestDealmakers“BeingfiredbyaFrenchmanisonething,butyoucan’tbefiredbyaGerman.”MerrillDataSiteandTheM&AAdvisorPresentThebusinesspressisfilledwithmanyexamplesofcultureclashesthathavecauseddealstofail.Aprimarygoal
2、formostbuyersandsellersinvolvedincross-borderM&Atransactionsistocapitalizeonthesynergiesgainedbycombiningtheirorganizations.Butsynergycanquicklydissipatewhentheimpactofdecisionsregardingtheneworganizationalcultureismisjudged,asthefollowingcaseillustrates:theW
3、ewereworkingonthesaleofaFrenchcomputerleasingcompanytoanroaDtorecoVerYAmericancompany.WeagreedtoalowersellingpricepartlybasedonthepremisethatthebuyerwouldtakeonthedifficulttaskofterminatingsomePartiioftheemployees.Wetoldthebuyers,“Listen;tofirepeopleinFrance,
4、youMasteringthehavetomakea‘socialplan’andpresentittotheworkinspector.ThisistheartofDistresseDinVestingprocedure.”“Yes,wehavealawyer,”thebuyersaid,“Hetoldusthesamething.”Ineffect,thesellerswerereducingthesellingpricebyhavingthebuyertakeontheresponsibilityforth
5、esocialplan.Wesaid,“Theonlythingisthatyouneedapersonnelmanagerwhoisexperiencedatdoingthis.”Sowesoldthebusinessandconcludedthedeal.Thenextthingweknow,theAmericanbuyerbringsinapersonnelmanagerfromasubsidiaryinGermany.AGerman.TheCEOoftheFrenchcompanycallsmeandbe
6、gsmetocalltheCEOinChicagoandtellthem,“YoucannothaveaGermanpersonnelmanagerinFrancetofirepeople!Youjustcan’t!BeingfiredbyaFrenchmanisonething,butyoucan’tbefiredbyaGerman.BestPracticesItisimpossible.”oftheBestDealMaKersCulturallyitdidn’twork.TheyhadthisGermangu
7、y,goingtodoittheGermanway,andbecauseitwasaGermandoingitinaGermanway,theyhadstrikeuponstrikeuponstrikeintheFrenchoperations.TheythoughtitwasallbecausetheywereanAmericancompanybutnobodycaredaboutthat.ItwasallbecausetheyputaGermanHRguyinthere.–René-PierreAzria,p
8、residentandCEOofadvisoryfirmTegrisAdvisorsAsdepictedaboveandasnumerousstudieshaveconcluded,veryoftenit’sthe“peoplechapter3issues”—differencesinmanagementstyle,organizationalculture,and“th
