Benaderingen voor de Integratie van Acquisities

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Fusies en Overnames. Verklaring van de Benaderingen voor de Integratie van Acquisities van Philippe Haspeslagh en David Jemison. ('90)

De Benaderingen voor de Integratie van Acquisities van Philippe Haspeslagh en David Jemison geven inzicht en raad i.g.v. Fusies en Overnames bij het kiezen van de optimale integratieaanpak.

In Fusies en Overnames was het motto traditioneel meestal: „Maak hen als ons“. Of er werden vrij eenvoudige criteria gebruikt om een aanpak te kiezen. Zoals de grootte en de kwaliteit van de verworven firma.

Haspeslagh en Jemison (1990) hebben naar voren gebracht dat de aanpak, die een bedrijf voor integratie zou moeten nemen, zou moeten worden bezien door twee (extra) criteria te overwegen:

1. De behoefte aan strategische onderlinge afhankelijkheid.
2. De behoefte aan organisatorische autonomie.

Vier Types van waardecreatie in Fusies en Overnames

Natuurlijk is het doel en de centrale taak bij iedere acquisitie om de waarde te creëren die wordt mogelijk gemaakt wanneer de twee organisaties worden gecombineerd. Er zijn vier types van waardecreatie:

1. Middelen samen gebruiken. De waarde wordt gecreëerd door de bedrijven op operationeel niveau te combineren.
2. Overdragen van functionele vaardigheden. De waarde wordt gecreëerd door bepaalde mensen te verplaatsen of door informatie, kennis en know-how te delen.
3. Overdragen van algemene managementvaardigheden. De waarde wordt gecreëerd door beter inzicht, coördinatie of controle.
4. Combinatie voordelen. De waarde wordt gecreëerd door financiële middelen te gebruiken als hefboom, door leencapaciteit, door verhoogde inkoopkracht of door grotere marktmacht.

organisatorische Autonomie

Haspeslagh en Jemison waarschuwen ervoor dat de managers niet uit het oog moeten verliezen dat de strategische taak van een acquisitie is om waarde te creëren. Verder moeten zij niet te snel autonomie toestaan, hoewel mensen natuurlijk belangrijk zijn, en vrij en met waardigheid moeten worden behandeld. De behoefte aan organisatorische autonomie kan worden beantwoord gebruikmakend van drie vragen:

1. Is de autonomie essentieel voor het bewaren van de strategische capaciteit die wij hebben gekocht?
2. Als zou het antwoord op vraag 1 positief is, hoeveel autonomie moet worden toegestaan?
3. In welke specifieke gebieden is de autonomie belangrijk?

Het geprefereerde Fusie- en Overnamemodel

Afhankelijk van de score op de bovengenoemde twee factoren (zie grafiek), is de aangewezen benadering voor de integratie van acquisities:

• Absorptie. Het management zou moedig moeten zijn om te waarborgen dat deze visie voor de acquisitie wordt uitgevoerd.
• Behoud. De focus van het management is: de bron van de verworven voordelen intact te houden, en deze te „voeden“.
• Symbiose. Het management moet gelijktijdig grensbehoud en grensdoorlaatbaarheid waarborgen, een geleidelijk proces.
• Holding. Geen bedoeling om te integreren, en waarde wordt slechts gecreëerd door financiële transfers, risicodeling of algemene managementbekwaamheden.

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