并购整合咨询框架（英文PPT60页.pptx 61页

March2002MergerIntegrationIntellectualCapitalCollectionGenericProposal TableofcontentsExecutiveSummaryOurUnderstandingofYourSituationA.T.Kearney’sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA.T.KearneyQualifications ExecutiveSummaryThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocument OurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger.Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclient’sparticularchallengesanddriversofsuccessfortheintegration A.T.Kearney’sPerspectiveonMergerIntegration Thebestvalue-builderscombineorganicgrowthwithmergersandacquisitionsSource:A.T.KearneyMonographonValue-BuildingGrowth2001RevenueGrowthValueGrowthUnderperformersProfitSeekersSimpleGrowersValueGrowersGrowthMatrix(CAGR1988-2000)ValueGrowersFollowConscious,ConstantProcessToGrowth MergersandacquisitionsarekeygrowthdriversWhatreallymattersin“acquisitionforgrowth”strategiesisexecutionSource:A.T.KearneyMonographonValue-BuildingGrowth2001SourcesofGrowth40%ofGrowthIsFromAcquisitionsValueGrowersManageBothWell FewmergersactuallycreateshareholdervalueSource:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscopeAcquirer"sValueGrowthFollowingaMergerTopperformingmergerscreatesignificantshareholdervalueValuegrowth3%8%12%27%21%16%3%UnderperformancecomparedtoindustryaverageOverperformancecomparedtoindustryaverage-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers10% BusinessIntegrationissuesrequire“usual”managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderablecomplexity…ScopeHighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanagedTimepressureAllstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,…)DecisionsneedtobemadewithoutdelaySimultaneityCo-existenceofstrategic,tacticandoperationaldecisionsStronginter-dependenceofthedecisionsShorttermandstrategicdecisionsmayseemincompatibleHumancomponentHighnumberofpeoplepotentiallyinvolved(operational,functionalandexecutivepeople)RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompanies"Usual"ManagementdecisionsStrategy&IPODefinethescopeofcombinedentityConfirmeachcountry’sscopeofactivityformobilesDesignstrategyleveragingonbroaderglobalpresenceDefinefinancialandoperationaltargetsaswellastimingofexpectedbenefitsPreparetheIPOOrganisationChoosethebestorganisationalmodelattheEuropeanmanagementlevelIdentifythecentral/localfunctionsevolutionscheduleDefineorganisationalchartsandmanagementnominationDefinekeydecisionprocesses(committees,procedures,…)InfrastructureReducetotalcostofexternalpurchasesthroughbestpriceevaluationvolumeconcentration,competitivebiddingSharebestpractices…SupportfunctionsRationalisesharedsupports(AlignandselectInformationSystemsfortheintegrationAlignprocessesandsharebestpracticesCommunicationDefineexternalcommunicationstrategyDefineinternalcommunicationstrategySelectcommunicationrulesandproceduresChoosemedia(intranet,documents,speeches…)IntegrationmgntIntegrateoverallplanningandmilestonesDetailplanningbytopicandcountry…ManagetransitionphaseTrackandexecutefinancialsynergiesManagerisks …explainingwhyonlyfewmergersandacquisitionssucceedfullyNote:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;DatastreamHigherNochangeLower100%=230companiesOnly29%ofCompaniesRealizeanIncreaseinAggregateProfitabilityPerformancerelativetoindustryaverage10%11%21%18%17%23%-15%-25%+15%+25%TopPerformingMergersUnderperformanceOutperformanceNumberofcompaniesIndustryaverageOnly42%ofCompaniesOutperformTheirPeersinShareholderValue(1)42%58% TopperformersacrossmostindustriescancreatesignificantshareholdervalueCreationofShareholderReturnsErosionofShareholderReturnsNote:(1)Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement;totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources:Datastream;A.T.KearneyAnalysis2001Retailers62.5%64.5%32.3%44.2%26.6%49.9%34.2%26.6%36.1%25.1%16.0%43.3%26.0%27.5%17.2%17.4%31.9%22.4%18.0%40.4%17.4%14.8%4.0%-6.5%-31.5%-38.9%-10.8%-25.9%-11.0%-35.0%-20.6%-17.6%-28.8%-18.0%-9.7%-39.6%-22.7%-24.9%-17.4%-20.3%-35.3%-26.7%-24.1%-46.8%-26.5%-27.2%-19.4%-24.1%RecreationChemicalsMetalProducersPaperTransportationDiversifiedDrugs,Cosmetics&HealthCareUtilitiesAutomotivePrintingandPublishingElectronicsFinancialBeveragesMetalProductsManufactureFoodTobaccoMachinery&EquipmentElectricalMiscellaneousOil,Gas,Coal&RelatedServicesConstructionTextilesAerospaceIndustrySpecificRangesofValueCreation(1) Oncethedealisclosed,theprincipalproblemsrelatealmostentirelytofailuresinmergermanagement,ratherthantotheunderlyingstrategicrationaleProblemsIdentifiedinMergerIntegrationUnder-communicationFinancial/synergyExpectationsUnrealistic/UnclearNewOrg.StructureWithTooManyCompromises“MasterPlan”MissingMissingMomentumMissingTopManagementCommitmentUnclearStrategicConceptMissingPaceofProjectITIssuesAddressedTooLateSource:A.T.Kearney’sGlobalMergerIntegrationSurvey1998PercentofRespondents Tomanageinherentrisks,“criticalsuccessfactors”canbedistilledfromsuccessfullarge-scalemergerstoguidevaluecreationCriticalSuccessFactorsfromLarge-ScaleMergersSource:A.T.KearneyMergerIntegrationCreateasenseofurgencyandreduceuncertaintythroughcleareventmilestones,andmovequicklySelecttop-levelleadershipquicklyandfairly;avoid“two-in-the-box”leadershipforintegrationplanningandexecutionunlessabsolutelynecessarySetoutsynergygoalsandobjectives,toprioritizeactivitiesandprovideabaselineforperformancetrackingManagemarketexpectationscarefully.SetconservativedollartargetswithatimeframethataccommodatesunforeseencircumstancesKeepstrong,explicitfocusonkeycustomerretentionandservicewithteeth(i.e.,measurementandtracking)MaintainopenandtimelycommunicationswithemployeestoensureunderstandingandretentionConductdecentralizedmergerIntegrationguidedforciblyviaClearguidingprinciplesOverallframeworkandtoolsforintegrationReportingstandardsEstablishastrongcentralIntegrationofficeanddecentralizedIntegrationteamswithcorporate-wideperspectivesonResultsProjectstatusRiskLeadroleoninternal/externalcommunicationsInstillrobust,well-definedprocessestoensureobjectiveandtimelyriskandinterdependencytrackingSenseofUrgencyTop-LevelLeadershipSelectedQuicklyClearSynergyGoalsManageMarketExpectationsExplicitFocusonCustomersOpen,TimelyandConsistentCommunicationsDecentralizedMergerIntegrationStrongCentralIntegrationOfficeWell-DefinedProcesses Source:A.T.Kearney"sglobalPMIsurvey"98ValueCaptureofTopPerformersOverTime15%Year1Year2CumulativeValueCaptureAfterTwoYears85%TimeClosingtheDeal12345678910-10-8-6-4-20246ValueCapture/Loss($MM)YearinWhichSynergiesAreRealizedTimingofSynergyRealizationIsAlsoCriticalSource:MarlLSirower:TheSynergyTrap.Calculatedbasedona$10MMacquisitionpremium,representing50%ofmarketvalueInourexperience,themostcriticalelementinachievingtargetedbenefitsisspeed ProposedOverallApproach A.T.KearneyhasaflexiblemergerintegrationframeworkwithacomprehensivetoolkittosupportplanningandimplementationthroughoutthemergerprocesstoensurevaluecaptureA.T.Kearney’sMergerIntegrationFrameworkDevelopStrategyEstablishStructureandPlanMerger/AcquisitionoptionsCreate/articulate/validateMarkets/customersCompetitionResourcesSourcesofvalueUnderstandtypeofmergerEstablishtheintegrationprogramBuildintegrationcapabilityAssesssourcesofvalueDeveloporganizationstrategy&designDevelopITintegrationstrategyDesign/harmonizeHRpoliciesCreatemasterplanandprioritizeValidatesourcesofvalueImplementquickhitsDevelopSOVITenablersImplementHRplanMonitorprogressandriskExecutetheplanRealigntheorganizationImplementITintegrationplanMergerManage-mentSourcesofValueMergerEnablersChangeofControlShareholderApprovalMOUIntegratedPlanningandInitialRolloutFull-ScaleRolloutDayOnePhase0PhaseIPhaseIIPhaseIIIMultipleToolsExistforAllCells Thisallowsmergingentitiestorapidlycaptureavailablesourcesofvaluebyfocusingonoperationalsynergies,aswellasseamlesslymergingtheorganizationsMergetheOrganizationsasSeamlesslyasPossibleDevelopandcommunicateasharedstrategicagendaDefineOrganizationstructures/leadershipKeybusinessprocessesTechnologyplatform/architectureChangeintegrationrequirementsDrivetoplinegrowthNewvaluepropositions/productsCrossselling/salespullthroughEnsurecustomerfocus/retentionIntegrateday-to-dayoperationsEnsuresustainablechangePositionforgrowthAchieve$XXmillion(annualrate)ofsynergysavingswithin12–18monthsSalesOperationsProcurementCorporateoverlapandduplicationCostofdistributionTechnology/R&DOtherstobeidentifiedEliminate/minimizesourcesofriskDrivetheshort-termvalueExceedthemarket’sexpectationsMISourcesofValueAchieveGrowthSynergyandCostSynergyTargetsasQuicklyasPossible TheprogramstructuresupportsfocusedvaluecaptureteamsworkingacrossallSBU/GeographicteamsIllustrativeIntegrationOfficeOthersSteeringCommitteeBusinessDevelop-mentTeamCorporateCenterTeamGlobalOperationsTeamGlobalSourcingTeamTechnology/R&DTeamHumanResourcesTeamInformationTechnologyTeamSBUAorN.AmericaSBUBorLatinAmericaSBUCorEuropeSBUDorAsiaPacificBUdrivenintegrationtosetprioritiesFocusedonvaluecaptureacrossthebusinessesMarketFacingTeamsValueCaptureTeamsEnablerTeamsSetoveralldirectionMakecriticaldecisionsDevelopguidingprinciplesProvideintegrationmanagementleadershipandsupport ImplementationFull-ScaleRolloutIntegratedPlanningandInitialRolloutEstablishStructureandPlanBylaunchingtheintegrationeffortpriortochangeofcontrol,significantprogressismadeinidentifyingsourcesofvalue,whilealsodevelopingthehigh-levelorganizationmodelstocapturethatvalueIntegrationManagementITRequirements/AlignmentHigh-LevelOrganizationDataRepositoryComm.PlanningOversight/VisibilityRmAnalysisOpportunitiesInitialPrioritizationInitialSequencingDataCollection/AnalysesOperations/AssetConsolidationDiagnosticPackPP1PP2PP3PP4HMLHMLInitQ1Q2Q3Q4PP1PP2PP3PP4DataCollection/AnalysesBusinessUnit(e.g.,Services)DiagnosticPackCS1CS2CS3CS4HMLHMLInitQ1Q2Q3Q4CS1CS2CS3CS4PhaseI(“CleanTeam”)Hypotheses1HypothesisNHypotheses1HypothesisNMasterCalendarDay/Week/Month1PlansSourcesofValueIdentification…………BaselineDev./Tracking Duringthecriticalperiodpriortochangeofcontrol,theengagementteamassumestheroleofa“cleanteam”toenablecriticalpre-mergerintegrationRoleofCleanTeamQuantifysavingsgeneratedfromidentifiedopportunitiesfromteamsofmergedcompaniesActasathirdpartyconduitforproprietaryinformationofbothcompanies(protectionshouldmergerbeaborted)ValidateandchallengeinitialassumptionsofopportunitiesmadebymergingcompaniesHighlightbestpracticesinexistingcompaniesandexternalknowledgeandrecommendongoingmergedoperatingpracticesDetermineriskfactorsinmergerforongoingriskmanagementduringimplementationDataCollectionOrganizationassessmentHypothesesdevelopmentPreliminaryplanningCompanyACompanyBOpenJointClientTeamMeetingsA.T.Kearney“CleanTeam”MergerSynergyHypothesesPre-ChangeofControlPost-ChangeofControlValidatedInitiativesAcceleratedecisionmakingbyprovidingaccesstocomprehensivedatabasesanddetailedanalysisShareandvalidatefindingswithjointclientteamsFinalizeinitiativesbasedonvalidatedhypothesesDevelopimplementationplansAssistinlaunchinginitiativesandprovidecontinuedimplementation,riskandfinancialtrackingsupportTheup-frontworkeffortsofthe“cleanteam”enablesacceleratedlaunchofimplementationactivitiesandvaluecapture“CleanTeam”ProcessLimitedJointClientTeamMeetings Afterchangeofcontrol,theteamsquicklyfinalize—notidentify—synergyopportunitiesandgainconsensusResultsTracking/RiskAssessmentBeginImplementationInitialPrioritizationandSequenceMasterPlanSequencingFullTeamMeetingsDiscloseandValidateModifyandRefineFinalizeSavingsOpportunitiesandPrioritizationIdentifyInterdependenciesHMLHMLOverallPrioritization/ExecutiveCommitteeBuy-InInitQ1Q2Q3Q4MD1ST3SC6PP4SC6WorkplanST3WorkplanMD1WorkplanStep1234InvestmentRequirementsTimingofResultsMasterPlanDetailDay/Week/Month1ExecutionPhaseIIInitQ1Q2Q3Q4PP1HMLHMLInitQ1Q2Q3Q4PP1HMLHMLITRequirements/EnablersMasterPlanDetailCommunicationFull-ScaleRolloutIntegratedPlanningandInitialRolloutEstablishStructureandPlan MD1WorkplanActivityTask1Task1Task1Task1Q1Q2Q3Q4Thetransitiontofull-scalerolloutandimplementationofinitiativesissupportedbyacleartrackingprocessProgramRiskManagementTop10ProgramRisksasof06/24OrganizationannouncementtimingstillunclearITrequirementsnotfullyunderstoodNoplanstoaddressculturalmisalignmentSuccessofcommunicationnotcurrentlyplannedtobemeasuredIllustrativeInitiativeStatusManagementSize=$Saved61218GreenYellowRedRiskTimetoCompleteImplementationInitiativeCurrentQuarterCum.Qrtly.BreakdownJan.Feb.Mar.4Q971Q982Q98CostSavesandGrowthAchievementImplementationCommunicationPhaseIIIFull-ScaleRolloutIntegratedPlanningandInitialRolloutEstablishStructureandPlan Source:A.T.KearneyMergerIntegrationThroughouttheeffort,managingriskisaformalizedmethodology;adherencefacilitatesafairandrobustdecisionmakingprocessProjectRiskPrioritizationRiskIdentificationRiskCategorizationProjectPrioritization—BusinessCriticalityAndSizeBusinessCriticality—howmuchdoesitmatteriftheprojectdoesnotmeetitsobjective?A=IncrementalbenefitbutcurrentprocesseswillsufficeB=Supportsstrategybutmanageableimpactifprojectfails/delayedC=Importanttothestrategywithsignificantimpactifprojectfails/delayedD=Criticalimpact/mustkeepupwithcompetitors/cannotcontinuebusinessComplexityHighLowHighDCBAABCDBusinessCriticalityProject2Project3Project6Project1Project4Project5ManyissuesareclosedbymakingassumptionsRisksAssumptionsIssuesProjectPlansRiskPlansIssuesareopenquestionsUnstable/sensitiveassumptionscreaterisksSignificantrisksneedtobemanagedIssues,AssumptionsAndRisksAreInherentInTheProjectPlansRiskReductionRedAmberGreenMergerRiskProfileNowFutureGreenAmberRedTimeCriticalityIllustrativeChallengesDecisionMakingPlanning/ExecutionReportingBenefitsofProactiveRiskManagementCrossorganizationalinputanddedicatedfacilitationensuresobjectiveinputMilestonerisksassociatedwithdecisiontimingarederivedfromprocess-wideinitiativesRiskprocesshighlightsresourcevulnerabilities.SenseofurgencyassociatedwiththeprocessforcesdiscussionsandactionsProactivemanagementandfacilitationobjectivelyevaluatesallcommunicationrisks.ForumoffersparticipantsachancetoagreeordisagreeConciseupdatesfocusedoncross-organizationalrisksdirectattentionwhereitisneededClearassignmentofriskownershipandactionresponsibilitieseliminateconfusion RealizingIntegrationSynergies Toassessandachievetheirsynergies,allteamscanleverageanumberofA.T.Kearney’sprovenmethodologiesandtoolsasappropriateStreamliningtheOrganizationReducingPurchasedCostsObjectives:FocusAreas:MethodologyandToolsDeterminemanagementandgovernancestructureIntegrateofficesAlignHRpoliciesandproceduresFinance/AccountingLegal/RegulatoryITHRCorporateCenterRationalizationLeveragecorporatespendLeveragepurchasingvolumesDirectmaterialsPurchasedservicesIndirectmaterialsCapitalexpendituresStrategicSourcingE-Sourcing(eBreviate)Marketexchangestrategy(LSN)SupportingMethodologiesandToolsIncreasingSalesForceEffectivenessIncreaserevenueproductivityofsalesforceIncreaseknowledgeandvalue-addedsellingcapabilitiesExplorechannelleverage(i.e.,Dealer/Resellernetwork)SalesforceeffectivenessCross-sellingSalesForceEffectivenessMethodologyCustomerRetentionMethodologyIllustrativeLeveragingAssetsMaximizeassetutilizationBottlingplantconsolidationWarehouseconsolidationRealizenetworksynergiesFixedassetsCapitalexpendituresInventoryProcurementSupplyChainTransformationOperatingAssetEffectivenessStreamliningProductPortfoliosandNetworksRationalizeproductofferingandcustomerbaseEvaluateandimplementoptimalnetworkstrategyProductOfferingCustomerrequirementsNetworkcostandcapacityProductPortfolioandNetworkRationalizationMethodologyOperatingNetworksIntegration RapidbenefitdeliveryisfeasiblethroughintegratingtheoperatingnetworkManufacturingCapabilitiesWhatcanbeproducedWhereHowdoesthroughputvarybylocationandplantcapabilityWhatarethecapacityconstraintsNetworkConfigurationWhicharethecostsoftransportation,handlingandinventoryWhichisthemostcostefficientnetworkconfigurationAretherecostsynergieswithotherDannonproductsManufacturingCapabilitiesNetworkConfigurationSeveralIterationsLocalMarketRequirementsWhatarethemarketrequirementsWhatisthecurrent/futurecompetitivepositioningWhatdistributionchannelsaregrowingfastestMarketRequirements1A.T.Kearney6/Document#/I.D.SamplePreliminaryScenarioSKUtree1SKU2SKU3ProliferationLevelABCDEEFGHI••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••1111111111111111111111111116121824612182461218246121824612182461218246121824ResealableClassicBlueGBHClassicResealableCompactBlueGBHCompactResealableClassicWhiteEBHClassicResealableClassicWhiteMechanicalResealableCompactWhiteEBHCompactResealableCompactWhiteMechanicalResealableClassicWhiteGBHClassicMenthol/Euca11128412232113NumberofVariantsPortfolioWhichSKUsareofferedWhichspecificproductcharacteristicsWhichemergingtechnologies/competitiveofferingsHowisproductbundledandpromotedSKUTree36CurrentSites:4FutureSites:3CurrentSites:8FutureSites:5CurrentSites:2FutureSites:1CurrentSites:1FutureSites:1CurrentSites:3FutureSites:2CurrentSites:2FutureSites:1CurrentSites:2FutureSites:1CurrentSites:1FutureSites:1SKU1KeyAssessmentsforIntegratingOperatingNetworks Whichentityinthesupplychainshoulddevelopacapabilityisdeterminedbythebusiness’scaleandstrategicobjectivesStrategicAllianceDevelopstrongrelationshipswithkeysupplychainpartnersthathavetherequiredcapabilitiesMaintainveryhighlevelsofcross-functionalinvolvementIn-HouseInvestinresourcesandpeopletodevelopworld-classcapabilitiesOutsourceOutsourceactivitytocapableproviderOrganizerelatedactivitytominimizetransactioncostswithoutsourcedproviderRationalizeDependingontrueswitchingcostsandinvestmentrequirementseithercontinuetodevelopcapabilityin-houseoroutsourceHighHighLowLowActivityStrategicImportanceHowcoreistheactivity?How“entangled”isitwiththerestoftheorganization?Howcriticalisittomaintaincontrolandinvolvementintheactivity?Istheactivityanareaofcompetitiveadvantagetoday?Inthefuture?PotentialForInternalCapabilityDevelopmentIntheshort-tomedium-termcantherequiredcapabilitybedevelopedin-housetobehighlyefficientandeffectiveinanactivity? Differencesineachcompanyhavetobeunderstood,anddecisionsmadeonboththeoperatingmodelofthejointventuregoingforward–aformalprocesscanhelpinfacilitatingthisthinkingIdentifytheOperatingModelandDetailedOperatingStructureandCharacteristicsofEachFirmDetermineNewOperatingModel,andAppropriateBenchmarksMaketheHighLevelChoicesAstoHowtheCompanyOperatesGoingForwardStep1Step3Step2DefineandAlignSupportFunctionsStep4HoldingCompanyStrategicArchitectOperatorFunctionalStrategyFinancialControlCapitalAllocationResourceManagementAccountabilityCorporateStaffSizeAutonomyMarketingStaffPlacementDWNA/JVPartnerSupportFunctionAlignmentHoldingCompanyStrategicArchitectOperatorFunctionalFinance•AccountsPayable•P/Laccounting•Consolidation/corporatereporting•Tax•Treasury•Planning/budgetingHumanResources•Benefits/administration•Benefitsplanning•CompensationplanningBBCBBBB/OB/OBCC/BCC/BCBC/OC/OC/BCCCCCCC/OC/OCCCCCCC/BC/OC/OCC=CorporateB=BusinessUnitO=OutsourcedEffective,fastrationalizationandsavingsBestpractices“CorporateCenter”BG1BG2BG3OtherBusinessGroup???StandAloneModelDWNABG1BG2BG3BusinessGroup•?•?•?ModelCreateJointVentureOrganizationCorporateCenterRationalizationMethodologyJVPartnerBG1BG2BG3BusinessGroup•?•?•?Model 7.ContinuouslyBenchmarkandMonitorSupplierImprovement6.OperationallyIntegrateSupplier(s)StrategicsourcingisapowerfulmethodologyforleveragingthecombinedspendingbaseandprocurementcapabilitiesofthemergedorganizationKeyElementsA.T.KearneyIntellectualCapitalEmployed5.SelectCompetitiveSupplier(s)4.SelectImplementationPath3.GenerateSupplierProfile2.DevelopSourcingStrategy1.DefineSourcingCategoriesEmbedsuppliermonitoringprocessesImplementmarketmonitoringtoolsPeriodicallyre-evaluatesuppliercompetitivenessandperformancePerformancemeasurementtoolsTechnology-enableddatacaptureprocessCompleteimplementationtemplatesGainbuy-intosupplierchangesCoordinatenewsupplychainsImplementsystemstomonitorresultsImplementationtemplatesTailorandissueRFPsAnalyzeresponsesDeveloptargetednegotiationstrategyNegotiateadealElectronicprocurementtoolsInternetRFPsOn-lineauctiontoolsBenchmarksSelectsupplierdevelopmentornegotiationpathincludinguseofmarketexchangesDefineinitialnegotiationstrategyExperienceinthebeverageindustry,includingbottledwaterNegotiationtrainingReviewsupplierlistsandsuppliercapabilitiesPrescreenlisttodevelopshortlistofsuppliersExistingsupplierlistsavailablegloballyAssesssupplycategorybusinessimpactsConfirmsourcingstrategiesValidatetotalsupplychainperspectiveDetailedunderstandingofsupplymarketMarketcompetitionIndustryeconomicsProfilespendIdentifyspecificationsUnbundleasappropriateReviewsupplycategoryprofileAssessprocurementprocessesReviewtrendsEvaluatetotalcostandsavingstargetsProvendatabaseandmanagementtoolsExistingsupplycategoryprofilesSevenStepStrategicSourcingMethodology StrategicSourcinghasagoalofdeliveringbottomlinesavingsthroughcoreelements:strategicpurchasing;demandmanagementandchangemanagementChangeManagementDemandManagementEmbedachievedsavingsbytransformingorganization,structure,processes,policies,andsystemsTangibleResultsApplicationMethodologyReducecostsbydecreasingoreliminatingthedemandforgoodsandservicesEliminateDemandReduceQuantityReduceQualityReduceFrequencySubstituteImposeOnerousApprovalsHeightenCostAwarenessConservativeAggressiveGreatestLowestOpportunityDemandReductionHierarchyReevaluateexternalpurchasesandrestructuresupplierrelationshipstogetbestvalueforthecompany(price,qualityandservice)GlobalSourcingReachedInfo.TransparencyBuyerLeverageProductSpecificationImprovementJointProcessImprovementRelationshipRestructuringStrategicPurchasingStrategicSourcingOrganizationandSkillsProcessSystemsStrategicProcurementVisionProcurementPoliciesRedesignedProcessesOrganizationalStructureandInfrastructureTechnologyTools(InformationSystems)ImplementationofProcessLinkagesPerformanceMetricsTransitionManagement,Communications,TrainingStrategicSourcingApproachOverview Integration-RelatedStrategicSourcingStrategicSourcingiseffectiveinintegrationenvironmentssinceitcanbestartedimmediately,delivermajorsavingsandcontributetobuildingthenewcompanyIntegrationSavingsLeveragingscaleCapitalizeoncombinedbuyingpowerUseleveragetorestructuresupplierofferingsMitigatesupplyrisksbymanagingvendorconcentrationGeneratingefficienciesSpreadtechnologyinvestmentoverincreasedpurchasingbaseEvaluate/selectthebestexistingpurchasingsystemsforuseintheneworganizationRapidtransferofbestpracticeRFI/RFPharmonizationConvergenceofprocurementpracticesandguidelinesBuildtheNewCompanyTeamworkacrossthenewenterprise:AllcategoriesAllbusinessunitsAllgeographies(domesticand/orglobal)Bottom-upinitiativedrivenbythe“new”teamServicelevels/needsDemanddynamicsOrganizationalsimilaritiesanddifferencesRelativelyundisruptive(productsandservicesnotpeople)HelpsnewmanagementtounderstandtheiroperationindetailOpportunitytoredesignprocessestoreflecttheneworganization,andembedworldclassprocurementasacorecompetencyinthenewcompany ThesalesproductivityeffortshouldincludeCustomerRetentionMethodologytounderstandthekeyrisksforcustomerdefectionandactionplanstoaddressthemStep1Step2Defection/LoyaltySegmentationStep3CreateTargetedRetentionProgramsRetentionbonus/incentivesDifferentiatedservicelevelsEnhancedproductapplicationsCustomizedcommunicationCustomizedproductbenefitsEarlywarningHighValueCustomersContributionRetentionValueChannelManagementChannelmigrationpricingPricerisePassivecustomerserviceMedium-TermActionsOverallProcessCustomerRetentionMethodologyWorkstreamsImmediateFront-LineActionsCustomerAnalysisandRetentionPlanRetentionSalesProgramsProductManagementIssuesObjectivesSalesforcefocusDetectandreacttodefectionbehaviorIncentivesforretentionperformanceEmpowermentofstaff-pricing,feewaivers,etc.AnalyzecustomersatisfactionlevelbyproductQuantifyretentionperformanceandvaluecontributionofkeytechnologysegmentsUnderstandcustomerdefectionPursueadditionalresearchonhighvaluesegmentsInitiateearlycommunicationsBuildaccountplansBuildtriggeredandtacticalresponsecapabilityBuilddefectionmodelsDevelopmetricstomeasurecustomerretentionOverallcompanySpecificproductbrandingEnsurecustomersarepositivelyimpactedbychangesinthecompany Ourapproachtosalesproductivityincludesbenchmarks,analysisofoverlapandidentificationofneartermgrowthopportunitiesIllustrativeEfficiencySalesforceProductivityBenchmarks##Co.ACo.B$$Co.ACo.B$$Co.ACo.BNumberofRepsServingAccountsTotalSalesManagedbySalesRepSalesDollarPerSalesRepEffectivenessOverlapIntegrationLeverageOpportunitiesNearTermGrowthOpportunitiesAverageTrainingPerSalesRepABABABABMarketingNewProductsNetworkServicesAccountWin/LossPerformancePriceQualityServiceCapabilityCo.ACo.BRegionCo.ACo.BSalesOverlapSalesTerritoryCoverageOverlapCo.APositionOpportunitytoIntroduceCo.BProductsStrategicallyManageRelation-shipsOpportunitytoIntroduceCo.AProductsMinorMinorMajorMajorCo.BPositionGeographyLaptop TechnologyFocusinaMergerProduct/MarketFocusContextSource:A.T.KearneyMergerIntegrationComplementaryorNewOverlappingIn-MarketMergerOut-MarketMergerProductFocusMarketFocusCostReductionCost/RevenueblendRevenueEnhancementAnticipatedBenefitsMarketOverlapInhigh-overlapmergers,theemphasisisoncostreduction.MarketanalystsexpecttoseetangibleactionsbeingtakenearlyinthemergerprogramForsynergisticmergers,timescalestoachievebenefitsmaybelonger,andI.T.integrationcanoperatewithinalongerplanninghorizontosupportrevenueenhancementThecommonfactorwithallofthesemergerformsistheneedforasmoothintegrationprocessthateliminatestheriskofcustomeroremployeedefectionProductLinesProductExpansionSynergisticMergerHighOverlapGeographicExpansionChannelrationalizationSystemsenhancementstosupportnewproductsMajorsystemsrevisionstosupportcross-sellingandgeographic/channelexpansionReviewofglobaldatacentersandcoresystemsEliminatingduplicationbetweensystemsRationalizingserviceagreementsReducinglicensefeesReducingsupportcostsPursuedatacenterrationalizationStandardizationoncommonsystemsStandardizationoncommonproductsIllustrativeInformationTechnologyshouldbeviewedasanenablingmechanismforachievingmergergoals ITmustquicklydelivertangiblebusinessdrivenresultsinatimelyfashionandnotnecessarilythe“best”possiblesolutiontoachievevaluecreationcommitmentCostimperativesRapidintegrationtocapturesynergiesascommittedtothestreetProductrationalizationProductandplantintegrationBusinesssynergiesE-businessopportunitiesNewproduct/newmarketopportunitiesCrosssellingLeverageexistingproductstonewgeographiesActonfutureacquisitionopportunitiesBusinesscontinuityStatutoryandperformancereportingIntegratedstrategicmeasurementMergerintegrationprogressPercentofInitiativesDefinedOverTimeBusinessInitiativesDefinedSupportingITInitiativesDefinedTime80%Deployment/IntegrationofITInitiatives10%IT’schallengeistostayintunewithbusinessinitiativestounderstandthescopeofeffort,developtheITresponse,andtointegratewiththecorporateITdirectionRepresentativeITSupportRequirementsIllustrative IntegrationManagement IntegrationOfficeCoordinateintegrationprocess,scopeactivitiesImplementmergerplanning,integrationandreporting—createandmanagethe“masterplan”ConductfrequentworktaskreviewswithteamsFacilitateoverallchangemanagementMaintainascorecardtotrackdeliverablesandbenefitsPrioritizeenterprisewideissuesandmakerecommendationsManagecommunicationsInstallandmanageeffectivemergerriskmanagementSteeringCommitteeDevelop/communicateobjectivesandtargetsDevelopmergerguidingprinciplesSignoffonmajorissues/decisionsSetoveralldirectionforintegrationProvideresourcesandeliminateroadblocksImplementtop-downcommunicationFocusoncontinuingoperationsTheSteeringCommitteeandIntegrationOfficemanagetheoverallprogramandcoordinatedecentralizedprojectteamsthroughtheIntegrationOfficeIntegrationTeamsIntegrationTeamsIntegrationTeamsIntegrationTeamsIntegrationTeamsIntegrationTeamsIntegrationTeamsMarketFacingTeamsValueCaptureTeamsEnablerTeams EachcomponentoftheprojecthadspecificrolesandresponsibilitiesSteeringCommitteeSetthestrategicdirectionandprinciplesforintegrationSign-offonmajorissues/decisionsTop-downcommunicationthroughouttheintegrationprocessFocusoncontinuityofgrowth,customers’issuesIntegrationOfficeCoordination,planning,integration,reportingandcommunicationMonitorsimplementationoforganizationalmodelsPrioritizeissues/initiativesFacilitateoverallchangemanagementRiskidentificationandmanagementDecentralizedIntegrationTeamsProposetransitionstrategyfortheareaPreparethetransitionworkplanDetailedorganizationalassessmentIdentifymergerbenefitsandimplementtrackingmechanismImplementationoftransitionplansStrategicdirection,operatingphilosophy,andgovernancestructureGuidingprinciplesCommunicationofkeymessagesScopeandactionsOverallobjectivesandgoalsOverallprojectkeysuccessfactorsMasterprojectplanandriskassessmentTransitionreportingincludingbenefitstrackingandriskmanagementCommunicationimplementationTransitionplansOrganizationalassessmentanddesignProgressreportswithtargetsachievedRiskassessmentPerformancemeasurementsdefinedDeliverablesIntegrationRoles EachofthesethreeteamshaveclearlydefinedrolesandresponsibilitiesKeyPre-MergerIntegrationSet-upResponsibilitiesSteeringCommitteeCommunicateobjectivesandgoalsofmergerEstablishandcommunicatethe“MergerGuidingPrinciples”IdentifyandappointIntegrationLeaderIdentifyandappointteamleadersCommunicateformationofIntegrationOfficeandValueCaptureTeamsCommunicateexecutivecommitmenttotheintegrationprogramCommunicateteamleaderandteammembercommitmentEnsureregularandconsistenttop-downcommunicationacrossallregionsandgroupsIntegrationOfficeDefinerolesofmembersIdentifyteammembersEstablishcostsavings&revenuesynergiestargetsasaprecursortothe“MergerIntegrationScorecard”InitiatetheappropriateMIS/ITinfrastructureSupportdevelopmentofhigh-levelbusinessline/functionalplansIdentify,atahighlevel,majorriskareasCo-ordinatetheseniormanagementreviewcycleoftheseplansAssemblethefirst“MasterPlan”DeveloptrackingbaselineIssueinitialcommunicationstostakeholders,asrequiredEstablishriskmanagementprocessValueCaptureTeamsIdentifyteammembersCreateteamchartersPrepareforKickoffMeetingstointroduceteammembersandprovideinitialorientationAgreeonoptimalprocessestocoordinateeachteamBegindatacollectionandhypothesistestingDevelopDay1PlansDeveloporganizational,customerand/orcostprofilesfallingwithinteamscopeConductinterviewstogatheradditionalqualitativeinsightregardingoperatingprocessesandstylesDevelopjointvisionforcombinedorganization TheSteeringCommitteemustapplysignificantearlyefforttocommunicatethenewcompany’sstrategy,operatingphilosophyandgovernanceIssuestoAddressStrategyOperatingPhilosophyOrganizationandChangeMarketenvironmentLikelyenvironmentOthercompetitivedevelopmentsEnsuring1+1=3RealisticcapacityfordevelopmentAreasforinvestment/growthStrategicinitiativestofreeze,continueoraccelerateKeythirdpartyrelationshipissuesNewopportunitiesarisingLinkagetoperformancetargetsGrowthCostreductionCapitalefficiencyCoremanagementstyleHoldingcompany“Strategicarchitect”BusinesscontrollerOperatorAlignmenttocorestyleLeadershipalignmentLineresponsibilitiesCorporateresponsibilitiesSupportfunctionsPerformancemanagementExpectationssettingRoleofthe“plan”/“budget”PerformancereportingandmanagementManagementrewardsystemsOrganizationstructureReportingrelationshipsInsideDWNAversusinparentDecisionmaking/mapsKeyaccountabilitiesKeycorporatepoliciesRelationshipstructureConflictresolutionmechanismsChangemanagement Inaddition,theSteeringCommitteeshouldestablishaclearsetofguidingprinciplesMergerGuidingPrinciples1.“Thisisnotthecustomer’smerger”—Majorfocusonavoidingcustomerinconvenienceandlossofcustomers.“Customerservicecanonlychangeforthebetter.”Costsavingsareimportant,butsecondtocustomerfocus2.Focusanalystexpectationsonthelongerterm—Savingsgoalsdefinedas$1billionexpense“runrate”reductionbyendofthreeyears,eliminatingshort-term,quarter-by-quarterfocus3.AppearanceoftightcontrolthroughCommandCenter—CommandCenterusedasasinglepointofcontactforallexternalcommunications.Externalpresentationsconductedin“warroom”toexhibitcorporatecontrolsinplace4.Relentlesstrackingofriskandinterdependencies—Allmergerprojectsrequiredtouseriskandinterdependencytrackingapproach.ThesewereintegratedbytheCommandCentertoprovidecorporateperspectiveonrisk.Focusofinternalmeetingsonrisksandcustomerissues,notonsuccesses5.SystemsfocusonsmoothIntegration—“Suites”ofsystemsshouldbeselectedratherthanpursuitofoptimalelementsfromeachorganization.Extensiveuseof“bridgesandworkarounds”tomaintaincriticalcontrolswhileexpeditingtheprocess6.End-to-endsystemsandprocesstesting—Nosystemorprocessshouldbeconsideredreadyforprocessinguntilithasbeentestedina“dressrehearsal”mode(usuallytwodressrehearsals)7.“1+1=3”volumes—StrongencouragementofbusinessunitstofocusonpostmergerbusinessvolumesCaseExamples1.Fastandfair—acceptthatwewillmakemistakes,butgiveuscreditforbeingsmartenoughtobeabletorecognizethem,andnotsoproudthatwecannotchange2.Leadershipmustbeevident/inspiring—notholedupinthecorneroffices/boardrooms,butoutinevidencewithkeycustomersandouremployees3.Harmonization—thishastobeakeygoalwithrespecttostrategy,keypolicies,businessprocesses,etc.4.Minimizeambiguity—beclearinplans,timing,decisions(don’tfuzzify-“don’tknow”isok5.Shorttermbiastowardsthecustomer—don’tlosesightofthebusinesswhateverwedo6.Overcommunicate—youcanneverdoenoughhere7.Integrationstudyteamshouldbeadvisoryandseparatefrommanagement—letmanagementdecideandletadvisorsadvise,don’tmixtooclosely8.Seekacquaintanceship-buildingopportunities—informal,formal9.Emphasisonflexibility/change/fluidity—acceptchangeasawayoflife,strategicagilityiskey,itismanagement’sfirstresponsibilitytotakerisk(change,growth,wealthcreationcanonlyhappenbytakingrisk) TheroleoftheIntegrationOfficeevolvesoverthecourseoftheintegrationCreationofIntegrationOfficewithleadershipassignedDefinerolesofmembersEstablishandcommunicatethe“MergerGuidingPrinciples”Establishcostsavingstargetsasaprecursortothe“MergerIntegrationScorecard”InitiatetheappropriateMIS/ITinfrastructureSupportdevelopmentofhigh-levelbusinessline/functionalplansIdentify,atahighlevel,majorriskareasCo-ordinatetheseniormanagementreviewcycleoftheseplansAssemblethefirst“MasterPlan”UpdateMergerSteeringCommitteeIssueinitialcommunicationstostakeholders,asrequiredEstablishriskmanagementprocessDevelopfurtherprojectinfrastructureRefineandmonitorthe“MasterPlan”Finalizekeyobjectives,andestablishthe“MergerIntegrationScorecard”WorkwithlinemanagementtofinalizedetailedIntegrationTeamsrequiredandtheirscope,objectivesandtimelinesFocusonensuringdetailed,comprehensiveprojectmanagementEstablishinitialprioritizationframeworkRefinereportingtoolsPreliminaryassessmentofkeyrisksandinterdependenciesUpdateIntegrationSteeringCommitteeonplansManagestakeholdercommunicationsUpdateIntegrationSteeringCommitteeonplansandprogresstowardtargetsMaintainthe“MergerIntegrationScorecard”SupportdevelopmentandexecutionofdetailedimplementationplansbydecentralizedIntegrationTeamsEnsureconsistencyofexecutionRunthecontinuousriskmanagementprocessStabilizeordesensitizerisksasappropriateChampion“quickwin”projectstoreinforceconfidenceofkeystakeholdersEnsurethatkeymilestonesaremet,proposingresourcereallocationsasnecessaryManagestakeholdercommunicationsDevelopcontingencyplansasnecessaryEstablishStructureandPlanIntegratedPlanningandInitialRolloutandImplementationSupportDayOneTransitionofIntegrationOfficeResponsibilitiesFull-ScaleRolloutandImplementationSupport FunctionalAreasSystemCSystemDTestingEnd-To-EndTesting“DressRehearsals”TimeDressRehearsal1DressRehearsal2ActualConversionIdentifiedproblems;implementedfixesSource:A.T.KearneyMergerIntegrationSystemASystemBSystemECommandCenterLayoutExampleACommandCentertomonitorandcontroltheprocessofthemergercanbeestablishedBusiness/GeographicUnits KeyPerformanceIndicatorsShareholderValueCreatedNetworkEvaluationMarketPositioningMarketValue(Pre-merger)InvestedCapitalSVCClientbaseEconomicReturnsMarketShareBusinessLineAggregatePortfolioSensitivityIntegrationPlanRevisedRetailOrganizationIntegrationFrameworkPlannedBudgetsExpectedCostReduction“DressRehearsals”End-to-EndTestingJanFebMarAprMayPhaseIPhaseIISystemASystemBSystemESystemCSystemDTestingPotentialLossesBasisPointsChangeTimeDressRehearsal1DressRehearsal2ActualConversion“CommandCenter”InformationReportingROESource:A.T.KearneyMergerIntegrationExampleTheCommandCentermonitorsandtrackscriticalinformationfromeachareaoftheintegrationandprovidesanoverallviewofprogresstoensuresuccess TherearefivemainadvantagesofimplementingtheBenefitsTrackingandReporting(BTR)systemBTRImplementationFacilitatestheidentificationandrealizationofcostsynergiesandrelatedcosts,whethertheybeinamergerenvironment,arestructuringprogram,astrategicsourcingprogramoranygeneralcostreductionprogramProvideskeyconstituentswithaccesstoperiodic,data-drivenstatusofprograminitiativesCreatesaforward-lookingriskandmilestonetrackingsystemtoalertkeystakeholdersaboutpotentialsynergyshortfallsorissuesProvidesevidencethatcostsynergieshavebeenachievedProvidesinformationforacommonprogramcommunicationvehicleforexecutivemanagement TheBTRisaweb-enabledsystemthatallowsuserstoinputandupdatekeyprojectdataeasily,quicklyandfrequently.Theoutputofthesystemisusedtocreateconsolidatedprojectandprogram-levelreportsBenefitsAchievement,ProgressagainstPlan&RevisedForecastsManagementReports(GeneratedthroughExcelandPowerPoint)SummaryofManpowerReductions&SavingsBTRDatabaseProjectRiskAssessmentWeb-enabledUserInterface(ViaaTerminalServerApplication)TheBTRfront-endandback-endarecompletelycustomizableandscaleabletomeettheneedsofanyengagementsizeandscope TheeightcomponentsoftheBTRconsistofone-timeandongoingregularupdatereportingrequirements1)ProjectProfileDefinesprojectsandowners2)ProjectMilestonesIdentifieskeymilestoneswithaccountableownersandcompletiondates3)ProjectInterdependenciesDescribesinterdependencieswithotherteams,actionsrequiredandimpactifactionsarenottaken4)HeadcountReductionsTemplateTracksactionsresultinginnetheadcountreductionsTracksheadcount-relatedsavingsandcosts5)Non-HeadcountSavingsandCostTemplateTracksnon-headcountsavingsandassociatedimplementationcosts6)CapitalExpendituresTemplateTrackscapitalexpendituresrelatedtotheproject7)AssetSalesTemplateTracksproceedsfromassetsalesrelatedtotheprojectTracksrelatedassetwrite-downs8)RiskandKeyMilestoneTrackerTemplateTracksprogressagainstkeymilestonesHighlightsareasofpotentialriskIdentifiesactionsrequiredtoresolveissuesandremovebarriersOne-timeReportingRegularUpdateReporting ManagementReports(GeneratedthroughExcelandPowerPoint)Web-enabledUserInterface(ViaaTerminalServerApplication)SummariesbyProjectTeamMonthlyAchievement&ForecastMonthlyProgressAgainstPlanandForecastProjectRiskAssessmentUpdatestothesystemareusedtotrackprogressagainsttargets.Thesystemcantrackmultipleparameters,including-savings,costs,headcountandprojectstatusCapitalExpendituresHeadcountReductionsandRelatedSavings/CostsNon-HeadcountSavingsandRelatedImplementationCostsOtherRestructuringCharges(i.e.AssetSales&Write-Offs)RiskandKeyMilestoneTracker TheSteeringCommitteeandclientteamleadersareprovidedwithsummariesofprogressagainstplanonaregularbasisIllustrativeRunRateSaves—IntegrationProgram(US$MM)RunRateSaves—ProjectSC01RunRateSaves—SupplyChainIntegrationTeamFinancialReports0100200300AprMayJunJulAugSepOctNovDecJanFebMarMonthlyActualsOriginalPlanRevisedForecastJulAugSepOctNovDec Arisk-trackingsystemisimplementedtotrackinitiativeprogressandtohelpanticipatedelays,identifybarrierstosuccessandhighlightareasofconcerntoleadership<$1MM$1MM–$5MM$5MM–$10MM>$10MMSizeofSavingsGreenYellowRedRiskRatingExpectedCompletionDateTBDCS1CS5ST1ST8ST2MD2MD15MD21MD19MD1MD11MD26MD29MD33SC1SC4SC3SC5SC6SC7MD32SC11RT4aRT4bPP2CS2IllustrativeExample01/0212/9906/0012/0006/02OnHoldMD31MD34ST7RT5RT3InitiativeRiskAssessmentEM1MD18EM6PP4IIPP7EM3EM4EM5EM7SF11SF8ST9ST10PP5CS4RT6MD6MD27EM2MD37AA1 InitiativePrioritization—BusinessCriticalityandSizeInriskmanagement,objectivecriterianeedtobedevelopedtodecidewhichinitiativesareinherentlymoreriskythanothersBusinessComplexity—howmanyareasofthebusinesswillbeinvolvedintheproject?TechnicalComplexity— howtechnicallydifficultistheproject?ProjectSize—howmanydedicatedFTEswillbeworkingontheproject?BusinessCriticality—howmuchdoesitmatteriftheprojectdoesnotmeetitsobjective?A=IncrementalbenefitbutcurrentprocesseswillsufficeB=Supportsstrategybutmanageableimpactifprojectfails/delayedC=Importanttothestrategywithsignificantimpactifprojectfails/delayedD=Criticalimpact/mustkeepupwithcompetitors/cannotcontinuebusinessComplexityHighLowHighDCBAABCDIllustrativeBusinessCriticalityProject2Project3Project6Project1Project4Project5InThisExample,Project5andProject1AreBothCriticalandComplex,RequiringaFormalProjectRiskManagementApproach Onceriskshavebeenidentified,theyarethenprioritizedas“Red”,“Amber”or“Green”(RAG)toreflecttheirpotentialimpactRiskCategorizationRed=ShowstopperLegalblocktothemergerUnabletoprovideoneFundsTransferSystemLoseamajorcustomerUnquantifiablecostimpactAmber=SeriousProblemMajorcostimpact(difficultworkarounds)CustomerirritationorembarrassmentGreen=MinorProblemMinorcostimpact(workaroundsidentifiedandacceptable)LocalizedimpactIllustrative A.T.KearneyQualifications SuccessfulTrackRecordDiversifiedmanagementconsultingFirmFoundedin1926BackedbytheinformationtechnologyexpertiseofEDSMostlyFortune500clienteleGlobal65officesin35countriesSenior,experiencedstaffMorethan3000assignmentsperyear$1.4billionoffeesin2000BerlinTokyoSanFranciscoLosAngelesPhoenixDenverAtlantaChicagoTorontoNewYorkClevelandWashington,D.C.MadridLondonParisDüsseldorfMilanAmsterdamBrusselsMunichSingaporePragueStockholmOsloCopenhagenMoscowHong-KongMexicoHelsinkiSaoPauloDallasBarcelonaMelbourneSydneyBeijingCaracasOttawaLisbonBuenosAiresManilaWellingtonStuttgartSeoulSanDiegoHoustonMiamiBostonKualaLumpurJohannesburgIstanbulNewDelhiA.T.Kearneyisaglobalmanagementconsultingfirmwith5,000employeesworldwide SampleofRecentClientsAmeritechAnglianBTCarrefourEuroDisneyGeneralMotorsJohnson&JohnsonKelloggMetroMonoprixNabiscoNomuraPepsiCoPromedesPrudentialQuelleSearsShellSprintUnileverA.T.KearneyisbestknownfordeliveringoutstandingtangibleresultsquicklyRepresentativeAnnualResultsAchievedFederalExpress>$500MillionSears>$750MillionRolls-Royce$750millionMarks&Spencer$250millionGeneralMotors>$3.5Billion"A.T.Kearneyhashelpedenormouslytoaddressourkeyissues…WehaveplannedandimplementedcostreductionProgrammesthatwillreturnoverhalfabilliondollars"FredSmith,CEO,FederalExpress"…insharpestcontrast…A.T.Kearneyconsultantshelpedengineeroneofthemoststunningcorporateturnaroundsinrecentmemory"ArthurMartinez,CEO,Sears(excerpt,reviewofDangerousCompanyinFortune,August18,1997)"TheKearneyworkhasmadeusradicallyre-thinkourapproachtothebusiness.Wewouldn"thavedonethatotherwise"M&SSupplier"A.T.Kearneyisreallythefatherofourglobalpurchasingsystem.""Theyareourachievementconsultants"JackSmith,CEO,GM"Wewantedconsultantswhowouldn"tjustgiveusadviceandwalkaway"JohnRose,CEO,Rolls-Royce OurcommitmenttoourclientsisguidedbythreekeyprinciplesRelationshipBasedAccountsSenior-levelrelationshipsandaccountabilityinternationallyJointsteeringcommitteesandactionteamsInvolvementofkeystakeholdersPersonable,collegialclientinteractionTwoqualityevaluationsfollowingaproject85%ofworkexceedsexpectationsTheonlyprogramofitskindtoourknowledge90%ofrevenuesfromrepeatclients15currentclientswith10plusyearsMostrelationshipsextendinternationallythroughourone-firmpolicyEngagementQualityReviewMutualInvolvementUniqueQualityProgramTheseprinciplesensurethatA.T.Kearneyconsistentlyprovidesnotonlyhigh-valueinsightsbutalsopractical,tangibleresultsforourclients Inoverallsatisfaction,A.T.Kearneyisthegloballeader71%74%75%77%79%79%80%82%94%A.T.KearneyKPMGPeatMarwickPriceWaterhouseMcKinsey&CompanyAndersenConsultingBooz-Allen&HamiltonBostonConsultingIBMCSCIndexSource:LouisHarrisSurvey,1998ClientSatisfaction 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Ourmergerintegrationcompetencyisbroughttolifethroughastylesuitableformergerintegrationactivity—swiftnessandanalyticalrigormatchedwithsensitivityandbuy-inA.T.KearneyMergerIntegrationPracticeCompetenciesMergerEngagementsMIApproachIntellectualCapitalDevelopmentConsultedtomanyoftheworld’stopcorporationsAnindependentstrategicviewAdvisoryroleinmanyofthemajormergersinthepastdecadeMergerintegrationexperienceacrossindustriesandgeographiesFormalizedfeedbackprocesseswithinthefirmtocaptureandadvancepostmergerintegrationbestpracticesHighlydevelopedproject/riskmanagementskillsProvenabilitytoexpeditechangeinlargeorganizationsSeasonedExpertiseKnowledgeofBestPracticesTangibleResultsCross-functionalandcross-companyteam-basedapproachWell-structuredandflexibleworkplanEarlyandrecurrentmanagementbuy-inopportunitiesCulturallyversedandflexibleTangibleresultsmindsetCooperative,participatorystyleLeverageclientknowledgebaseObjective,fact-basedanalysisandpractical,feasiblerecommendationsLocalresources/globalsupportA.T.Kearney"sApproachToClientWork 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