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Surviving	And	Thriving		
During	a		
Merger,	Acquisi0on,	Dives0ture		
or	Other	Change	in	Ownership	
July	24,	2013	
	
Presented	by	Tom	Marx		
1©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Tom	Marx	
•  The	beginning	
•  25+	years	in	the	aNermarket		
•  12+	years	in	M&A	
•  Products	and	channels		
•  AcGve	member	
2©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
M&A	Survival	Summary	
3
M&A	scenarios	
What	to	expect	
How	to	survive…and	thrive	
©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
M&A	Scenarios	
4
Sell	Company;	
Divest	a	
Business	Unit	
Acquire	 Merge	
Ownership	
Events	
The	role	of	
Private	Equity	
(PE)	
©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Sell	or	Divest		
•  Exit	strategy:	planned	or	not!	
•  ReGrement	and	no	bullpen	
•  Accident	or	illness:	sudden	death	
•  Financial	challenges		
•  Disagreements	between	partners	or	family	members	
•  Approaches	to	corporate	restructuring	
•  Eliminate	underperforming	or	capitalize	on	be`er		
performing	assets	
•  Freedom	–	It	ain’t	fun	any	more!	
•  An	offer	you	cannot	refuse!	
	
5©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Acquire	
•  Grow	or	die	
•  Strategic	acquisiGons		
–  Territory	
–  Market	share	
–  Economies	of	scale	
–  Gain	new	customers,	suppliers,	
management,	technology	
–  Take	out	the	low	price	leader	
	
	
6©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership	
A B
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Merge	
•  Mergers	are	propelled	by	many	of	the	same	reasons	as	
acquisiGons	
•  Shared	ownership/equity	rather	than	straight	buy-out	
•  Shared	responsibility	
•  Power	and	value	of	the	enGGes	allow	for	controlled	equity,	joint	
power	to	make	decisions…strengths	or	weaknesses	of	the	
parGes	defines	if	merger	or	acquisiGon	
7©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership	
A
B
C
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Ownership	Events	
Succession	planning	gone	right:		
•  Next	generaGon	moves	into	leadership	
•  Seamless	
•  All	on	the	same	page	
•  Plan	successfully	executed	
8©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Ownership	Events	
Succession	planning	gone	wrong:	
•  Current	generaGon	won’t	depart	
•  Illness	or	worse	
•  FricGon	builds,	frustraGon	grows	and	finally	outside	therapy	
comes	to	rescue	
•  Plan	isn’t	executed	
9©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Role	of	Private	Equity	
•  Provide	funds/experGse	needed	to	grow	the	business	
•  Support	succession	planning	
•  Buy	out	certain	family	members	
•  Owner	gets	parGal	cash-out	and	business	grows	bigger	
•  The	ulGmate	exit	strategy	
•  Result:	PE	firm	now	owns	a	piece	(or	all)	of	the	rock	
10©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You	and	The	Change	
Have	you	experienced	these	scenarios?	
•  Sell	
•  Acquire	
•  Merge	
•  Ownership	event	
•  Private	equity	
11©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You	and	The	Change	
What	to	expect?	
•  Survival	
•  OrganizaGonal	consolidaGon	
•  Your	value	to	surviving	enGty	
•  Leadership	
12©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You	and	The	Change	
The	inner	sanctum:	
•  What	does	this	mean?	
•  How	do	I	get	there?	
•  How	will	I	know?	
•  How	do	I	react	when	surprises	happen?	
13©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You	and	The	Change	
Will	I	thrive?	
•  Be	posiGve	and	stay	posiGve	
•  Find	ways	to	drive	collaboraGon	
•  Show	objecGvity	
•  Focus	and	determinaGon	
•  Know	when	to	hold	‘em	and	when	to	fold	‘em	
•  And	through	all	this,	get	your	day	job	done	
14©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Your	Company	is	Selling	
•  All	the	prep	that	needs	to	happen	
•  Keeping	it	quiet—the	true	meaning	of	an	NDA	
•  Where	do	I	go	to	release	the	tension?	
•  The	ulGmate	sign	of	maturity	
•  Do	I	jump	ship?	
•  TRUST!	(Competency,	Sincerity,	Competency)	
15©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Your	Company	is	Buying	
•  Devil	is	in	the	details	
•  IntegraGon	spells	success	vs.	failure	
•  Planning	is	important	–	execuGon	is	everything	
•  Building	a	disparate	team	
•  A	great	opportunity	
16©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You’re	Merging	
•  Opportunity	knocks	
•  CreaGng	financial	gain	
•  Efficiency	is	key	
•  Keeping	different	customers	happy	
•  Do	I	jump	ship?	
17©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
You’re	Merging	
•  No	room	for	duplicate	expenses	
•  Changes	will	occur—they	must!	
•  The	foundaGon	for	successful	M&A	
•  The	whole	needs	to	be	more	valuable	than	the	sum	of	the	parts	
•  Keep	focus	on	the	financial	arm,	board,	bank	or	PE	firm	
18©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Always	be	at	Your	Best	
•  Be	a	team	builder	
•  Accountable	
•  Be	a	decision	maker	
•  Redesign	the	company’s	culture	
19©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Manage	Your	People	
•  Retain	the	best	people	
•  Keep	your	team	informed	
•  Keep	producGvity	up	
•  Handle	issues	before	panic	sets	in	
20©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Success	is	ONen	Up	to	You	
•  Contribute	
•  Demonstrate	leadership	
•  Listen	to	points	of	view	
•  Find	middle	ground	
•  No	room	for	egos	
•  Find	soluGons		
21©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Contribu0ng	to	Success	
•  Let	go	of	your	beliefs	
•  Be	a	magic	person	
•  Build	a	team	
•  Get	people	on	the	same	page	
•  Break	down	the	fiefdoms!	
22©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
Your	Leadership	Will	Shape	the	Future	
•  Growth	or	no	growth	
•  Branding	
•  Value	ProposiGon	
•  Sales	
•  MarkeGng	
•  OperaGons	
•  Finances	
23©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership
Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions.
THANK	YOU	
©	2013	Marx	Group	Advisors	-	Surviving	And	Thriving	During	A	Merger,	AcquisiGon,	DivesGture	Or	Other	Change	In	Ownership	 24
Visit	our	website	for	ar0cles	and	resources.	If	you	would	like	a	copy	of	
this	presenta0on	or	further	informa0on	on	buying	or	selling,	please	
contact	me.	
	
TOM	MARX	
415.453.0844	ext.	106	
tmarx@marxgroupadvisors.com	
www.marxgroupadvisors.com	
Sign	up	for	our	newsleYer	 at

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Surviving And Thriving

  • 2. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Tom Marx •  The beginning •  25+ years in the aNermarket •  12+ years in M&A •  Products and channels •  AcGve member 2© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 3. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. M&A Survival Summary 3 M&A scenarios What to expect How to survive…and thrive © 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 4. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. M&A Scenarios 4 Sell Company; Divest a Business Unit Acquire Merge Ownership Events The role of Private Equity (PE) © 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 5. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Sell or Divest •  Exit strategy: planned or not! •  ReGrement and no bullpen •  Accident or illness: sudden death •  Financial challenges •  Disagreements between partners or family members •  Approaches to corporate restructuring •  Eliminate underperforming or capitalize on be`er performing assets •  Freedom – It ain’t fun any more! •  An offer you cannot refuse! 5© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 6. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Acquire •  Grow or die •  Strategic acquisiGons –  Territory –  Market share –  Economies of scale –  Gain new customers, suppliers, management, technology –  Take out the low price leader 6© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership A B
  • 7. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Merge •  Mergers are propelled by many of the same reasons as acquisiGons •  Shared ownership/equity rather than straight buy-out •  Shared responsibility •  Power and value of the enGGes allow for controlled equity, joint power to make decisions…strengths or weaknesses of the parGes defines if merger or acquisiGon 7© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership A B C
  • 8. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Ownership Events Succession planning gone right: •  Next generaGon moves into leadership •  Seamless •  All on the same page •  Plan successfully executed 8© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 9. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Ownership Events Succession planning gone wrong: •  Current generaGon won’t depart •  Illness or worse •  FricGon builds, frustraGon grows and finally outside therapy comes to rescue •  Plan isn’t executed 9© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 10. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Role of Private Equity •  Provide funds/experGse needed to grow the business •  Support succession planning •  Buy out certain family members •  Owner gets parGal cash-out and business grows bigger •  The ulGmate exit strategy •  Result: PE firm now owns a piece (or all) of the rock 10© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 11. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You and The Change Have you experienced these scenarios? •  Sell •  Acquire •  Merge •  Ownership event •  Private equity 11© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 12. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You and The Change What to expect? •  Survival •  OrganizaGonal consolidaGon •  Your value to surviving enGty •  Leadership 12© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 13. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You and The Change The inner sanctum: •  What does this mean? •  How do I get there? •  How will I know? •  How do I react when surprises happen? 13© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 14. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You and The Change Will I thrive? •  Be posiGve and stay posiGve •  Find ways to drive collaboraGon •  Show objecGvity •  Focus and determinaGon •  Know when to hold ‘em and when to fold ‘em •  And through all this, get your day job done 14© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 15. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Your Company is Selling •  All the prep that needs to happen •  Keeping it quiet—the true meaning of an NDA •  Where do I go to release the tension? •  The ulGmate sign of maturity •  Do I jump ship? •  TRUST! (Competency, Sincerity, Competency) 15© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 16. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Your Company is Buying •  Devil is in the details •  IntegraGon spells success vs. failure •  Planning is important – execuGon is everything •  Building a disparate team •  A great opportunity 16© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 17. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You’re Merging •  Opportunity knocks •  CreaGng financial gain •  Efficiency is key •  Keeping different customers happy •  Do I jump ship? 17© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 18. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. You’re Merging •  No room for duplicate expenses •  Changes will occur—they must! •  The foundaGon for successful M&A •  The whole needs to be more valuable than the sum of the parts •  Keep focus on the financial arm, board, bank or PE firm 18© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 19. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Always be at Your Best •  Be a team builder •  Accountable •  Be a decision maker •  Redesign the company’s culture 19© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 20. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Manage Your People •  Retain the best people •  Keep your team informed •  Keep producGvity up •  Handle issues before panic sets in 20© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 21. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Success is ONen Up to You •  Contribute •  Demonstrate leadership •  Listen to points of view •  Find middle ground •  No room for egos •  Find soluGons 21© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 22. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Contribu0ng to Success •  Let go of your beliefs •  Be a magic person •  Build a team •  Get people on the same page •  Break down the fiefdoms! 22© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 23. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. Your Leadership Will Shape the Future •  Growth or no growth •  Branding •  Value ProposiGon •  Sales •  MarkeGng •  OperaGons •  Finances 23© 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership
  • 24. Experience. Knowledge. Expertise. Driving Smarter Mergers & Acquisitions. THANK YOU © 2013 Marx Group Advisors - Surviving And Thriving During A Merger, AcquisiGon, DivesGture Or Other Change In Ownership 24 Visit our website for ar0cles and resources. If you would like a copy of this presenta0on or further informa0on on buying or selling, please contact me. TOM MARX 415.453.0844 ext. 106 tmarx@marxgroupadvisors.com www.marxgroupadvisors.com Sign up for our newsleYer at