The book will focus on the practical application of best practices employed in the divestiture process. Its process orientation will present a structured approach that emphasizes disciplined execution, and the text will be supplemented by illustrative documents and application aids that will be able to be adapted for use in actual transactions. Providing practical application of best practices employed in the divestiture process, Corporate Divestitures provides you with detailed guidance on how your corporation should handle a divestiture. It provides a structured approach that emphasizes…mehr
The book will focus on the practical application of best practices employed in the divestiture process. Its process orientation will present a structured approach that emphasizes disciplined execution, and the text will be supplemented by illustrative documents and application aids that will be able to be adapted for use in actual transactions.Providing practical application of best practices employed in the divestiture process, Corporate Divestitures provides you with detailed guidance on how your corporation should handle a divestiture. It provides a structured approach that emphasizes disciplined execution and illustrative documents and application aids that can be adapted for use in real world situations.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
William J. Gole, MBA, CPA has many years of M&A experience, managing numerous corporate divestitures from initiation to contract and close. Mr. Gole has held a wide variety of operational, financial, and strategic positions throughout his career. Most recently he was Senior Vice President, Planning and Business Development, with Thomson Healthcare where he had responsibility for strategic planning and the management and coordination of corporate acquisition and divestiture activity. Paul Hilger, CPA has over twenty-five years of financial leadership experience, and has led numerous acquisitions and divestitures from planning through integration. Most recently he was Executive Vice President and Chief Financial Officer of Thomson Healthcare, a division of the Thomson Corporation. Prior to Thomson he served in a number of financial management roles with the McGraw-Hill Companies.
Inhaltsangabe
PREFACE XI ACKNOWLEDGMENTS XV CHAPTER 1 INTRODUCTION 1 1.1 Overview 2 1.2 Characteristics of Corporate Divestitures 3 1.3 Transaction Model 10 1.4 Staffi ng Model 15 1.5 Enabling Principles 23 1.6 How This Guide Can Help 27 Key Points 30 Appendix 1A Divestiture Activity by Standard Industrial Classification: 2002 to 2006 32 Appendix 1B Aggressive Divesters: 2005 and 2006 33 CHAPTER 2 STRATEGIC ASSESSMENT 34 2.1 Overview 35 2.2 Strategic Assessment Process Steps 36 2.3 Analyze Portfolio and Consider Alternatives 37 2.4 Opt for Divestiture 41 2.5 Position the Organization for the Divestiture 46 2.6 Next Steps 52 Key Points 52 CHAPTER 3 DIVESTITURE PLANNING 54 3.1 Overview 55 3.2 Planning Phase Process Steps 60 3.3 Approval 62 3.4 Organization Plan 70 3.5 Retention Plan 74 3.6 Assembling the Divestiture Team 78 3.7 Development of the Divestiture Plan 86 3.8 Development of a Communication Plan 89 Key Points 95 Appendix 3A Illustrative Divestiture Timeline 96 Appendix 3B Retention Planning Document 99 Appendix 3C Weekly Action Item Control 102 Appendix 3D Communication Plan Outline 104 Appendix 3E Issues and Resolution Control 106 CHAPTER 4 PREPARING FOR THE TRANSACTION 108 4.1 Introduction 109 4.2 Preparation Phase Process Steps 110 4.3 Engagement of External Resources 111 4.4 Validation of the Transaction Structure 120 4.5 Development of Selling Materials 122 4.6 Identifi cation of Potential Buyers 131 4.7 Preparation of a Data Room 134 4.8 Overview of the Phased Disclosure Process 136 Key Points 139 Appendix 4A Illustrative Data Room Information Listing 140 CHAPTER 5 DISENTANGLEMENT 143 5.1 Disentanglement: Preparing the Business to Be Separated 144 5.2 Disentanglement Process Steps 146 5.3 Gathering Information 149 5.4 Determining the Required End State 158 5.5 Developing the Disentanglement Plan 166 5.6 Quantifying the Disentanglement Costs 170 5.7 Executing the Disentanglement Plan 177 Key Points 180 CHAPTER 6 MANAGING THE SELLING PROCESS 182 6.1 Selling Process: Show Time 183 6.2 Selling Process Steps 185 6.3 Announcing the Intention to Sell 188 6.4 Marketing the Business 200 6.5 Due Diligence 210 6.6 Bidding and Negotiations 217 Key Points 220 CHAPTER 7 STRUCTURING THE TRANSACTION 222 7.1 Structuring the Divestiture Transaction 223 7.2 Structuring Process Steps 225 7.3 Bringing in the Required Expertise 227 7.4 Analyzing Alternative Transaction Structures 231 7.5 Drafting the Agreements 242 7.6 Negotiating the Agreements 257 7.7 Complying with Regulations 266 Key Points 270 CHAPTER 8 CLOSING 272 8.1 Closing, Transitioning, and Learning 272 8.2 Closing Process Steps 273 8.3 Closing the Transaction 274 8.4 Managing the Postclosing Transition 277 8.5 Conducting a Postdeal Process Assessment 280 8.6 Final Thoughts 282 Key Points 290 INDEX 293
PREFACE XI ACKNOWLEDGMENTS XV CHAPTER 1 INTRODUCTION 1 1.1 Overview 2 1.2 Characteristics of Corporate Divestitures 3 1.3 Transaction Model 10 1.4 Staffi ng Model 15 1.5 Enabling Principles 23 1.6 How This Guide Can Help 27 Key Points 30 Appendix 1A Divestiture Activity by Standard Industrial Classification: 2002 to 2006 32 Appendix 1B Aggressive Divesters: 2005 and 2006 33 CHAPTER 2 STRATEGIC ASSESSMENT 34 2.1 Overview 35 2.2 Strategic Assessment Process Steps 36 2.3 Analyze Portfolio and Consider Alternatives 37 2.4 Opt for Divestiture 41 2.5 Position the Organization for the Divestiture 46 2.6 Next Steps 52 Key Points 52 CHAPTER 3 DIVESTITURE PLANNING 54 3.1 Overview 55 3.2 Planning Phase Process Steps 60 3.3 Approval 62 3.4 Organization Plan 70 3.5 Retention Plan 74 3.6 Assembling the Divestiture Team 78 3.7 Development of the Divestiture Plan 86 3.8 Development of a Communication Plan 89 Key Points 95 Appendix 3A Illustrative Divestiture Timeline 96 Appendix 3B Retention Planning Document 99 Appendix 3C Weekly Action Item Control 102 Appendix 3D Communication Plan Outline 104 Appendix 3E Issues and Resolution Control 106 CHAPTER 4 PREPARING FOR THE TRANSACTION 108 4.1 Introduction 109 4.2 Preparation Phase Process Steps 110 4.3 Engagement of External Resources 111 4.4 Validation of the Transaction Structure 120 4.5 Development of Selling Materials 122 4.6 Identifi cation of Potential Buyers 131 4.7 Preparation of a Data Room 134 4.8 Overview of the Phased Disclosure Process 136 Key Points 139 Appendix 4A Illustrative Data Room Information Listing 140 CHAPTER 5 DISENTANGLEMENT 143 5.1 Disentanglement: Preparing the Business to Be Separated 144 5.2 Disentanglement Process Steps 146 5.3 Gathering Information 149 5.4 Determining the Required End State 158 5.5 Developing the Disentanglement Plan 166 5.6 Quantifying the Disentanglement Costs 170 5.7 Executing the Disentanglement Plan 177 Key Points 180 CHAPTER 6 MANAGING THE SELLING PROCESS 182 6.1 Selling Process: Show Time 183 6.2 Selling Process Steps 185 6.3 Announcing the Intention to Sell 188 6.4 Marketing the Business 200 6.5 Due Diligence 210 6.6 Bidding and Negotiations 217 Key Points 220 CHAPTER 7 STRUCTURING THE TRANSACTION 222 7.1 Structuring the Divestiture Transaction 223 7.2 Structuring Process Steps 225 7.3 Bringing in the Required Expertise 227 7.4 Analyzing Alternative Transaction Structures 231 7.5 Drafting the Agreements 242 7.6 Negotiating the Agreements 257 7.7 Complying with Regulations 266 Key Points 270 CHAPTER 8 CLOSING 272 8.1 Closing, Transitioning, and Learning 272 8.2 Closing Process Steps 273 8.3 Closing the Transaction 274 8.4 Managing the Postclosing Transition 277 8.5 Conducting a Postdeal Process Assessment 280 8.6 Final Thoughts 282 Key Points 290 INDEX 293
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