Build, Borrow, or Buy. Laurence Capron

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СКАЧАТЬ M&A succeed. For every successful story, there are multiple failures: some studies suggest that—as with alliances—just 30 percent of M&A achieve their goals. The main reason is that integrating the acquired entity almost always involves unanticipated obstacles and expenses. Personnel you wish to retain—because of their strong skills—typically have other opportunities, which they frequently pursue. The tremendous power and potential of the buy mode is matched by the severity of its challenges. For this reason, it is important to use acquisitions selectively.

      Chapter 5 will help you decide under what circumstances to commit to an acquisition instead of other options that initially seemed infeasible. If you most likely cannot integrate the acquired target’s resources within your organization, then you must reconsider the alternatives: set up more complex versions of the different sourcing modes and view them as learning experiments; explore the possibility of targeting substitute resources; or review your strategic goals and then revise or abandon the current resource search.

      Managing the Portfolio

      The framework we describe in this book not only applies to decisions concerning the acquisition of resources but can also help a firm dynamically manage how it owns and manages those acquired resources over time. In chapter 6, therefore, we present a model for continuously assessing existing resources, resource gaps, and needs for divestiture of resources that have outlived their usefulness. Finally, in chapter 7, we help you manage a balanced build-borrow-buy portfolio and develop a strong selection capability within your organization. These responsibilities require not only a rigorous approach to each sourcing decision, but also the ability to balance all such decisions across your organization, over time. In that way, you can maintain a viable combination of building on existing skills and exploring new opportunities. This balance clearly poses significant leadership challenges that we will highlight in our discussion.

      Let’s now look at the first choice that you need to make as you embark on the acquisition of a new resource.

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