Category: Articles

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Article: Can Rival Partnerships Succeed? Look At Successful M&A Deals For Clues

As political pundits try to identify Donald Trump’s vice-presidential pick, one name leading the dark horse list is former presidential rival, Nikki Haley. Haley surprised the political world when she announced she would vote for Donald Trump in the 2024 presidential election. Her feelings for the former president are no secret. Watching how Haley and Trump have navigated their rivalry, reminded me of numerous merger and acquisition (M&A) deals where rival companies came together. Some successfully, more – not so much.

Valuable lessons can be learned from the challenges rival companies face when partnering and what is required for their alliance to succeed. Who knows? The lessons may even be helpful guidance for politicians, as they consider how to make their partnership successful where it counts: a general election.

Read Jennifer’s full article on Forbes as she looks at lessons from M&A mergers:

  • Rival Marriages Are Rocky In The Short Term
  • Rivals Face Unique Risks When Coming Together
  • Overcoming Distrust Takes Time
  • Company Culture Trumps Strategy
  • A Competitive Edge Can Be Lost
  • Patience and Respect Drive Success in Rival Partnerships
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Article: M&A Should Be Transformational — Not Transactional

Harvard Business Review logo

Businesses have considered merger and acquisition (M&A) deals as a viable growth strategy for more than a century. In the past, these deals have typically been transactional in nature, pursued for economies of scale and to consolidate costs. But today, in an era where companies need to disrupt themselves or be disrupted, organizations are increasingly pursuing M&A for growth through business transformation.

For example, General Mills (GM) has evolved its M&A approach over the past decade. “Prior to 2017, General Mills largely pursued more opportunistic deals, expanding its consumer packaged goods offering with strategic acquisitions like Annie’s organic and natural food products,” shared Doug Power, former Global Head of M&A for General Mills. “In 2017, we pursued transformational growth with our acquisition of Blue Buffalo Pet Products, Inc. for $8 billion. The acquisition positioned General Mills as the leader in the Wholesome Natural pet food category and successfully reshaped our product portfolio.”

Read Jennifer’s full Harvard Business Review article where she outlines a new approach to M&A.

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Article: Are Introverts Better Leaders In Uncertain Times?

In the noise that follows a merger or acquisition (M&A), the louder voices more often break through to command the attention of senior leaders. Extroverts, with their outgoing and assertive nature, tend to better position themselves to take on roles of responsibility as leadership evaluates where everyone fits within the new structure. However, as companies unite post-deal and the criteria for success evolve, leaders with different profiles can begin to shine. Introverted leaders, with their capacity for deep listening, thoughtful analysis, and a calm demeanor, can be exceptionally effective in navigating the intricacies of integration. When facing the uncertainty of an untested strategy, considering the leadership styles of both extroverts and introverts is not just beneficial but necessary.

Read Jennifer’s full article at Forbes where she dives into:

  • Challenging the Stereotype for Leadership in Uncertain Times
  • Embracing Introverted Leadership for Successful Integration
  • Fostering a Culture of Contribution
  • Mastering the Art of Focus Amidst the Noise
  • Soliciting for Friction, Not Simply Agreement
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Article: Women Possess A Secret Weapon For Merger and Acquisition Success

Women’s distinct deal-making talents became evident during a conversation with a male CEO I was interviewing for my M&A book. “You know, a man would never write this kind of book. It would never dawn on a guy to be addressing this emotional stuff. From my experience, it’s how people act or don’t act that dooms the deal. Women’s ability to anticipate and provide guidance on the more personal aspects of a deal is invaluable,” he suggested. Indeed.

As an M&A consultant, focused on the people piece of mergers and acquisitions, I’ve spent countless hours in due diligence and integration meetings. Men tend to be the majority in these meetings, yet women are growing in number and playing bigger roles. According to Datasite’s 2022 study on the changing landscape of M&A, women are a rising force in dealmaking, comprising nearly half of the Millennial and Gen Z workforce employed in mergers and acquisitions. This is a positive shift, as the CEO noted.

Read the rest of Jennifer’s Forbe’s article here, where she outlines the 5 superpowers women possess:

  1. Women illuminate the human side of M&A (which tends to be ignored)
  2. Women the intuition to see things (which may not be obvious to others)
  3. Women have people open up to them (in ways that are insightful)
  4. Women simplify the messaging (so more people can understand)
  5. Women can anticipate future challenges (thanks to intuition on what could go wrong)
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Forbes: Create Certainty During Mergers And Acquisitions With One Exercise

While M&A deal volume normalized and progressively improved throughout 2023, for CEOs and boards, considerable uncertainty remains in today’s market….. There is a simple exercise I employ with companies pursuing a deal to address these questions and bring more certainty to the deal’s unknowns: a premortem analysis.

Click here to learn how to implement my premortem exercise and its benefits for leadership before heading into an M&A conversation.

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Contributor: How to Align Life Sciences Teams After a Merger | Lattice

Jennifer was quoted in this Lattice article on aligning Life Sciences Teams following a merger.

Innovation requires a culture of trust.

Life sciences companies are built on innovation — and research shows that innovation takes trust, collaboration, and the sharing of ideas. Unfortunately, trust is often one of the first casualties of an M&A.

“One of the great ironies of M&A activity is that trust, a key ingredient for business success, often quickly dissolves, as M&A activity is usually cloaked in secrecy,” Jennifer J. Fondrevay, the founder of Day One Ready, an M&A consultancy, explained in a 2018 article in Harvard Business Review.

“A workforce can feel blindsided when a deal is announced, eroding trust and transparency in three mutually reinforcing ways: “our” company versus “their” company; the executive team versus frontline employees; [and] who stays versus who goes.”

Read the full article here.

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GUEST POST: Middle Market Growth – Post-Transaction Integration: It’s All About the People

Jennifer was honored to speak at ACG’s April InterGrowth conference. On the panel “Managing Post-Transaction Integration: How to Achieve Cultural & Operational Success,” experts shared their experiences and advice for how to ensure M&A deals have positive outcomes.

The merging of two entities will undoubtedly ruffle some feathers, and human capital should be the focus of developing an effective post-transaction strategy. Yet Jennifer notes that the people of a merged entity are rarely the focus of post-transaction due diligence, and are more often an afterthought.

Trust, she said, is “critical to business success.” Yet it can dissipate virtually overnight following a merger because the majority of post-transaction integration planning is focused elsewhere. And in trust’s absence, an “us-versus-them” mentality can emerge that threatens to derail post-transaction success.

Read the full article here.