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valuation for m a building value in private companies p4

đầu tư đôi khi được thể hiện ở giá trị của các tài sản hữu hình thuộc sở hữu của doanh nghiệp thẩm định. Đối với một công ty có lợi nhuận, làm điều này bỏ qua giá trị vô hình chung có thể đại diện cho hầu hết các giá trị thuộc sở hữu của nhà đầu tư. | 82 Measuring Synergies Exhibit 5-1 Sirower s Cornerstones of Synergy Competitor Reactions Strategic Vision Competitor Reactions Power Culture Premium Operating Strategy Competitor Reactions Systems Integration Source Mark L. Sirower The Synergy Trap How Companies Lose the Acquisition Game New York The Free Press 1997 2000 p 29. evaluated in light of the likelihood of achieving the forecasted synergies. Mark L. Sirower describes the Cornerstones of Synergy as four elements of an acquisition strategy that must be in place to achieve success with synergies. As shown in Exhibit 5-1 lack of any of the four dooms the project according to Sirower. Sirower s cornerstones include Strategic vision. Represents the goal of the combination which should be a continuous guide to the operating plan of the acquisition. Operating strategy. Represents the specific operational steps required to achieve strategic advantages in the combined entity over competitors. Systems integration. Focuses on the implementation of the acquisition while maintaining preexisting performance targets. For success these should be planned in considerable detail in advance of the acquisition to achieve the timing of synergy improvements. Power and culture. With corporate culture changing with the acquisition the decision-making structure in the combined entity including procedures for cooperation and conflict Synergy and Advanced Planning 83 resolution must be determined and implemented. Success in the integration requires effectiveness throughout the newly combined organization which forces the need for clarity of purpose. Synergy has acquired almost a mythical reputation in M A for the rewards that it reputedly provides. Watch out for these rewards. They may indeed be a myth. Business combinations can provide improvements but these must be in excess of the improvements that investors already anticipate for the acquirer and target as stand-alone companies. These anticipated stand-alone improvements are the