Finance for Executives: Growing by Acquisition


Hilary Hough, 25.01.2012, M6 Educational Centre

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Seminar overview

Increasing Shareholder Value is a key objective for every business. Growing by acquisition can be a very effective way of achieving this.
This seminar will identify how to create shareholder value through acquisitions, identifying the different types of acquisitions, the rationale for them and the key success factors in making them work. It will also identify why many acquisitions do not deliver the expected value.
It will also show how to value a business for acquisition and how to ensure that promised value is delivered.

Who Should Attend

· Chief Executives, Finance Managers, Strategic Development Managers and any other senior managers involved in the identification, evaluation and integration of acquired businesses

How will you benefit?

Participants will
· Get clarity on the types of acquisition most suited to their businesses
· Be able to identify the key success factors in delivering value from acquisitions
· Understand and be able to use valuation models to set the maximum price
· Get guidelines on how to negotiate the optimum deal for the business
· Understand the key requirements to deliver synergies and effective integration

11:00 – 11:30 Registration and Coffee

11:30 – 13:00 Module 1
· How to set up a team
· What is important in managing it
· Different approaches during different phases
· Scenario: Team set up Mergers and Acquisitions
· Creating value for the business
   - Maximising return on investment
   - Organic growth vs growth by acquisition
· Different types of acquisition
   - Horizontal integration
   - Vertical integration
   - Diversification
· Key success factors
· Why many acquisitions fail
· Identifying the required return
   - Cost of capital
   - Calculating weighted average cost of capital
   - Deciding on hurdle rates
Case Study

13:00 - 13:15 Coffee Break

13:15 – 14:45 Module 2
Valuation Models
· Traditional valuation models
   - Limits of accounting data
   - Asset based valuations
   - Earnings multiple approaches to valuation
· Cash flow valuation models
   - Identifying free cash flows
   - The forecast period and horizon values
· Evaluating the cash flows
   - Discounted Cash Flow models
   - Cost of capital
   - Calculating horizon(terminal) values
· Fixing the maximum price
Case Study

14:45 - 15:30 Lunch Break

15:30 – 17:00 Module 3
Ensuring Value Delivery from Acquisitions
· The first 90 days
· Delivering the synergies
   - Targets and measurement
· Effective integration
   - Group synergies
· Ongoing post acquisition management

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Hilary Hough
Hilary is a Financial consultant and lecturer, and Adjunct Professor of Accounting and Finance at Trinity College in Dublin, Ireland.
He possesses a wide range of experience in advising large and small companies on strategy and finance both as a lending banker and as a financial advisor.
Hilary has served as a senior executive for many years with the Bank of Ireland as Head of Public Affairs and Managing Director of Bank of Ireland Commercial Finance
He has been advising and training senior executives in : Johnson & Johnson, Sony Ericsson, Kone Lift Corp, LM Ericsson, Hilton Hotels International, Carlsberg, Eurocontrol Agency, Akzo Nobel, Janssen Pharmaceuticals, Vodafone, Turkcell, Accenture, Irish Travel Agents Association Hilary is a Certified Accountant (Chartered Association of Certified Accountants); Chartered Director (Institute of Directors); and a Graduate of Harvard Business School (Small Business Management)
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