成功收购策略的6大关键原则上.doc

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1、【精品文档】如有侵权，请联系网站删除，仅供学习与交流成功收购策略的6大关键原则上.精品文档.成功收购策略的6大关键原则（上）SIX KEY PRINCIPLES OF A SUCESSFUL ACQUISITION STRATDY ,PART1来源：天和网 核心提示：思科的前CSO通过研究该公司七年间的75项收购案,揭示出确保收购行为创造价值的六条原则。After overseeing 75 acquisitions in seven years at Cisco in the 1990s, then-CSO Mike Volpi helped the company become a rol

2、e model for tech M&A and an acquisition-as-growth strategy. In this two-part series, he reveals six ways companies can make sure their acquisitions create value.【据消息】审查了思科公司（Cisco）在20世纪90年代间的7年内的75项收购案之后，思科公司当时的首席战略官（CSO ）迈克尔沃尔潘帮助该公司成为高科技行业收购以及收购并增长策略的一个行为榜样。在本系列的两篇文章中，迈克尔沃尔潘揭示可以确保企业收购行为创造价值的六条原则。Wh

3、en we began the mergers-and-acquisitions journey at Cisco in 1993, we had no idea what we were getting into. It was clear that there was a new category of products called “switches” that was threatening our leadership position in routing at the time. Our engineering team felt that they could build a

4、 better switching product based on Ciscos existing technology foundation. But the venture community had funded a number of switching companies that were months if not years ahead of Cisco in the race to market. Instead of developing our own technology, we decided to buy Crescendo Communications, whi

5、ch turned out to be a huge success. The descendants of that Crescendo product line provide Cisco with in excess of $10 billion in revenue and rich profits today.当我们于1993年开始思科的兼并和收购旅程时，我们不知道我们正在进入什么地方。很明显，有一个新的被称为“开关”的产品类别，威胁着我们当时路由设计的领导地位。我们的工程团队认为，他们可以根据思科现有的技术基础建立一个更好的开关产品。但在这场比赛中，企业界已经资助了一些比思科早几个

6、月甚至早几年前进入该产品市场的开关公司。我们没有开发自己的技术，而是决定收购Crescendo通信公司，后来这证明是一个巨大的成功。Crescendo产品线的衍生物为思科提供了超过10亿美元价值的收入和丰厚的利润。The truth is, we got a bit lucky. Historical data shows that the majority of acquisitions fail. The Crescendo acquisition didnt, and we were encouraged, so we set ourselves on a path that event

7、ually lead to 75 acquisitions over the next seven years. At its peak, these acquisitions collectively represented 50 percent of Ciscos revenue. Along the way, we made a lot of mistakes and learned a lot of important lessons, but we were also fortunate to be held as one of the role models of tech M&A

8、.事实是，我们有点小幸运。历史数据显示大多数收购案都失败。但收购Crescendo没有失败，我们从此受到鼓舞，所以我们为自己设定了收购方法，最终使我们在未来七年内完成了75项收购。在最高时期，这些收购总共占到了思科收入的50。在收购的道路上，我们犯了很多错误，学到了很多重要的经验教训，但我们也有幸成为高科技企业收购的行为榜样之一。Todays mega-companies Facebook, Google, Groupon, Zynga, LinkedIn, Twitter, etc. all face the same opportunity around M&A. And, in fact

9、, the lessons that we painstakingly learned in the late 90s could well be applied in the current environment. The methodologies for acquisition-as-growth, as employed by Cisco, could be a template for a wide range of media and retail businesses that aspire to generate their next growth phase.现今的大型公司

10、例如Facebook（脸谱网）、谷歌，Groupon团购网站，Zynga社交游戏公司，LinkedIn社交网站，Twitter（推特）等等都面临同样的收购机会。事实上，我们在90年代末煞费苦心学到的教训可能会很好地适用于当前的环境。收购并增长的方法，正如思科采用的一样，可能是广泛的渴望产生下一个增长阶段的媒体和零售业务的一个模板。The first and perhaps most important principle of a scalable and repeatable M&A is that an acquisition is not an event but a process.

11、Companies are like human beings. When trained in a given discipline, they perform incredibly well. You look at Roger Federer on a tennis court and you know he never makes a shot for the first time in his career. Everything he does has been practiced and honed before; its part of a larger process. Co

12、mpare that to a hack like me who is likely to attempt 50 percent of his shots for the first time this weekend, and you can quickly predict the outcome of my game (along with a possible pulled hamstring). Corporations are the same way. If you ask them to do tasks they have not done before, the probab

13、ility of a successful outcome is fleetingly small.第一同时也许是可扩展并且可复验收购的最重要原则是，收购不是一个事件，而是一个过程。公司就像人类一样。当以给定的原则管理它们时，它们的表现效果非常好。你看看网球场上的罗杰费德勒（瑞士网球巨星），你知道在他职业生涯中，他第一次发球从不会落空。他在上场前一直不断地练习和磨练所有的事情；这是更大过程的一部分。与我这样愿意在本周末第一次尝试50%的发球的普通人相比，你可以快速预测出我的战绩(以及可能的肌腱拉伤)。公司也同样如此。如果你让他们做从未做过的任务，成功的概率非常的小。To avoid that

14、pitfall in M&A, companies have to make a long-term commitment to many acquisitions. That way, the entire organization can learn and adapt to the strains of the process and eventually make it a core competence. Why not just hire experienced acquisition professionals? Prior experience undeniably helps

15、, but since a company and its DNA are highly organic, an outsider will have difficulty engaging with the various parts of the organization. It is critical to develop a company-wide process over a series of transactions rather than relying on hired help.为了在收购中避免这种陷阱，公司必须为许多收购做出长期承诺。这样，整个公司可以学习并适应收购过程

16、的压力，最终使它具有核心竞争力。为什么不雇佣经验丰富的收购专家呢?不可否认经验有助于收购，但是因为一个公司和它的DNA是高度组织的，外人很难参与到组织的各个部分。关键是开发一个全公司的一系列交易流程，而不是依靠雇佣收购专家来帮忙。Assuming that the company is committed to the multi-M&A process, there are six extremely important principles that underlie a successful acquisition strategy. Ill address the first two

17、here and the last four in my post tomorrow.假设公司是致力于多收购过程，有六个极其重要的原则构成了一个成功的收购策略。我在本文中介绍前两个，其余四个在明天的文章中介绍。1. Keep principal objectives consistent1.保持主要目标的一致性All too often, companies acquire for a hodge-podge of reasons: gaining market share, economies of scale, entering new markets, accumulating crit

18、ical assets, fortifying weak product lines, ingesting talent, etc. Each one of these motives implies a different acquisition criteria, deal structure and integration process.通常，公司收购有五花八门的原因：获得市场份额、规模经济，进入新市场，积累关键资产，加强薄弱的产品线，招徕人才等。每一个动机意味着不同的收购标准，交易结构和整合过程。At Cisco, we were pretty clear that we wante

19、d to enter new markets. We had a global and powerful distribution machinery (both direct and indirect). And we fundamentally believed that we could better leverage that distribution channel with a product portfolio that was broader than what our development organization could produce within the nece

20、ssary timeframes. As a result, we bought lots of young companies with promising technologies or products. Since the acquired product portfolio was adjacent to the existing Cisco product lines, the sales teams were quickly able to expand to push the new additions to customers.在思科，我们都很清楚我们想要进入新的市场。我们有

21、一个全球性的强大分销机构(包括直接和间接的)。我们从根本上相信自己可以更好的利用分销渠道，产品组合范围也比我们的开发组织在必要的时间段内可以生产的更广泛。因此，我们买了很多拥有好前景技术或产品的新公司。由于收购的产品组合接近思科现有的产品线，所以销售团队很快能够扩大销售，推动增加新的客户。Furthermore, since Cisco had an advantage of a 10x or more distribution scale over the acquired company, the revenue from acquired sources would quickly in

22、crease post-integration.此外，因为思科在收购公司时有一个10倍或更多的分布规模优势，所以在整合后源于被收购公司的收入将迅速增加。2.Understand probability2.了解各种可能性No matter how good of an acquisition process you assemble, the odds are stacked against you that any given deal will succeed. Fundamentally, companies are not created to be bought or integrat

23、ed. And, people who are the core assets of most technology companies often “review” their loyalty to an acquirer since its not the company they had originally chosen to join. At the same time, acquisitions can be enormously transformative when they work out correctly.无论你集合的是多么好的收购过程，任何给定的交易将会成功这种可能性

24、不利于你,。从根本上讲，建立公司不是为了被别人买或者整合。而且人是大多数技术公司的核心资产通常“审查”他们对收购方的忠诚度，因为这不是他们最初选择加入的公司。与此同时，当正确操作企业收购时可以带来极大的变革。This draws an interesting analogy to the venture capital business. In most VC portfolios, a significant portion of investments simply dont work out. In fact, historical data from one of our signif

25、icant limited partners shows that 58 percent of invested capital returns less than 1x capital. Another 33 percent of investments yield modest returns (about 20 percent of the total return value). The magic comes from 9 percent of the funds invested capital, which produce outsized returns 5x to 50x (

26、or more) the original investment. These outliers make the VC asset class work.这产生了对风险投资业务的有趣比较。在大多数风险投资组合中，很大一部分投资完全不起作用。事实上, 我们的一个重要有限责任合伙人的历史数据显示，58%的投资资本回报率小于资本的1 倍。另外33%的投资收益率较低(大约是总回报价值20%)。神奇之处是，9%的基金投资资本产生了高额回报- 是最初投资的5倍到50倍(或更多)。这些异常高的回报使风险投资资产类别运转。Acquisitions, on the other hand, are genera

27、lly viewed as deals that cannot fail. As such, acquirers tend to be risk-averse about the companies they buy and what they pay for them. Rather than looking at acquisitions as a portfolio, acquirers look at them as individual events. So long as that perspective is applied, the technology acquisition

28、 game doesnt work well. Its only when you assume a certain failure rate to be the norm and believe in the occasional massive success that the probability and expected value equation begin to work in your favor.另一方面，收购通常被视为一项不能失败的交易。因此，收购方对于被收购的公司和支付的收购金额往往是规避风险型的。收购方不是将收购视为一个投资组合，而是视其为单独的事件。一旦收购方从这个

29、角度来看，科技收购案的效果并不好。只有当你假设一定的失败率是普遍现象，相信巨大成功是偶尔现象时，概率和预期值方程才开始向着对你有利的方向运作。My good friend Andy Rachleff, who was a founder of Benchmark Capital and is now the CEO of Wealthfront and teaches at the Stanford Graduate School of Business, has collected a set of data that reveals the similarities between the

30、 hit-driven returns of the VC business and the serial acquisition strategies of eBay and Cisco in the 90s and 2000s.我的好朋友安迪瑞克里夫是Benchmark Capital集团的创始人之一，现任Wealthfront公司的首席执行官，并在斯坦福大学商学院任教，他已经收集了一组数据，该数据揭示了易趣和思科在90年代和2000年代风险投资业务的驱动回报和连环收购策略的相似之处。Simply put, 10-15 percent of the capital deployed via

31、 acquisition yields 70-90 percent of the value creation. As this chart clearly shows, a significant number of acquisitions dont directly contribute to the value creation. But the ones that do have huge impact.简单地说，在收购交易中部署10%-15%的资金会带来70%-90%的创造价值。这张图表清楚地显示，相当多的收购不直接有助于价值创造。但那些收购确实有巨大的影响。In my next

32、post, Ill look at four other key principles of a successful acquisition strategy.在我的下一篇文章里，我会着眼于成功收购战略的其他四个关键原则。Mike Volpi is a partner in the London office of Index Ventures. He joined Cisco as Senior Vice President and General Manager of the Routing and Service Provider Technology Group and also s

33、erved as the companys Chief Strategy Officer. He would like to extend a special thank-you to Andy Rachleff who helped develop and articulate a number of these principles at a breakfast we had a few years ago.迈克尔沃尔潘是指数创投公司（Index Ventures）伦敦办事处的一个合作伙伴。他以路由和服务提供者科技集团高级副总裁和总经理身份加入思科公司，他还担任思科公司的首席战略官。迈克尔沃尔潘特别安迪瑞克里夫。安迪瑞克里夫曾在我们几年前的早餐桌上帮助我们开发并清晰地介绍了这些原则的大部分内容。编译：孙亚琦文章来源：【译文稿件声明】此文由天和网翻译，转载务必请注明出处，并添加源链接，否则本网将依法追究责任。