Flagship discussion topics in internal planning sessions have included areas such as finding cost reduction potential, scaling back capacity and squeezing the capital budget plan. Management’s focus on conserving cash and shoring up the balance sheet has been unrelenting.
然而,今天,我们已经开始看到佛的转变cus. A renewed sense of confidence has returned to the board room as a result of the recent rebound in corporate earnings, normalization in valuations and opening of capital markets. The manufacturing sector has seen eight straight months of expansion and is forecasted to see production grow at an annual rate of 5.4 percent in 2010 and 5.3 percent in 2011, according to Manufacturers Alliance/MAPI. The famed "G" word—Growth—is beginning to emerge again from the ashes of the global recession.
Senior executives now recognize the importance of shifting priorities to once again proactively drive growth in their businesses. Initiatives in key areas such as new product development, new geographies and new customers will likely continue to be key drivers for organic growth in the industrial automation and control sector. However, many highly successful industrial companies have effectively deployed a proactive acquisition program to supplement these organic initiatives.
Being an acquirer
While every company will have its own unique needs, we have found that some of the most active and successful acquirers in the industrial sector share the following five common characteristics within their acquisition programs.
Successful acquisition programs start with buy-in from senior management. We have seen many top executives dedicate as much as one-third of their time to meeting with high-priority targets and participating in target reviews.
通过良好考虑的合并和收购（并购策略）来定义目标，概述了目标搜索范围对于有效计划至关重要。对于每项成功的交易，典型的收购方通常必须评估数十个（即使不是数百个）潜在目标的情况。
Pipeline management must be organized with clear toll gates in order to properly track opportunities throughout the various stages of development. Frequent meetings among key decision makers keep targets moving through the pipeline.
为尽职调查，估值和批准创建标准化的内部流程是平滑交易执行的关键。这些过程包括由高级管理层设定的标准价值标准以及内部设计的勤奋检查清单，以创建可重复的结果。
Successful acquirers start the integration-planning process before a transaction is even closed. Following a detailed integration plan with clear daily roles and responsibilities for at least the first 90 days of ownership is not an uncommon approach. Consider appointing an integration manager knowledgeable in your company’s practices, policies and procedures to execute the plan.
实施成功的收购策略是一项艰巨的任务，需要针对每个步骤的过程方法；但是，拥有一个的好处可能意味着成功与失败之间的差异。For example, Honeywell’s Automation and Control Solutions Group successfully acquired RMG Group, a global leader in natural-gas measuring and control products, services and integrated solutions, for approximately $400 million in August of 2009. Honeywell was able to act quickly and decisively when this asset became available because of its long-standing M&A program.
The first quarter of 2010 has shown positive signs, and a more confident economy might be en route. According to a recent Reuters Business Roundtable Survey, 29 percent of U.S. Chief Executive Officers say they are planning to add more jobs in the next six months, and 47 percent say they plan to boost capital spending in the United States. A renewed confidence in the board room and manufacturing sector may mean a chance at future sustainable growth, including the identification, development and execution of acquisitions.
吉姆·拉维尔（Jim Lavelle），jlavelle@hl.com，是工业技术实践的董事总经理，尤金·巴兹莫尔（Eugene Bazemore）, ebazemore@hl.com, is Senior Vice President in the Industrial Technologies practice of Houlihan Lokey, an international investment bank (www.hl.com).
然而,今天,我们已经开始看到佛的转变cus. A renewed sense of confidence has returned to the board room as a result of the recent rebound in corporate earnings, normalization in valuations and opening of capital markets. The manufacturing sector has seen eight straight months of expansion and is forecasted to see production grow at an annual rate of 5.4 percent in 2010 and 5.3 percent in 2011, according to Manufacturers Alliance/MAPI. The famed "G" word—Growth—is beginning to emerge again from the ashes of the global recession.
Senior executives now recognize the importance of shifting priorities to once again proactively drive growth in their businesses. Initiatives in key areas such as new product development, new geographies and new customers will likely continue to be key drivers for organic growth in the industrial automation and control sector. However, many highly successful industrial companies have effectively deployed a proactive acquisition program to supplement these organic initiatives.
Being an acquirer
While every company will have its own unique needs, we have found that some of the most active and successful acquirers in the industrial sector share the following five common characteristics within their acquisition programs.
Successful acquisition programs start with buy-in from senior management. We have seen many top executives dedicate as much as one-third of their time to meeting with high-priority targets and participating in target reviews.
通过良好考虑的合并和收购（并购策略）来定义目标，概述了目标搜索范围对于有效计划至关重要。对于每项成功的交易，典型的收购方通常必须评估数十个（即使不是数百个）潜在目标的情况。
Pipeline management must be organized with clear toll gates in order to properly track opportunities throughout the various stages of development. Frequent meetings among key decision makers keep targets moving through the pipeline.
为尽职调查，估值和批准创建标准化的内部流程是平滑交易执行的关键。这些过程包括由高级管理层设定的标准价值标准以及内部设计的勤奋检查清单，以创建可重复的结果。
Successful acquirers start the integration-planning process before a transaction is even closed. Following a detailed integration plan with clear daily roles and responsibilities for at least the first 90 days of ownership is not an uncommon approach. Consider appointing an integration manager knowledgeable in your company’s practices, policies and procedures to execute the plan.
实施成功的收购策略是一项艰巨的任务，需要针对每个步骤的过程方法；但是，拥有一个的好处可能意味着成功与失败之间的差异。For example, Honeywell’s Automation and Control Solutions Group successfully acquired RMG Group, a global leader in natural-gas measuring and control products, services and integrated solutions, for approximately $400 million in August of 2009. Honeywell was able to act quickly and decisively when this asset became available because of its long-standing M&A program.
The first quarter of 2010 has shown positive signs, and a more confident economy might be en route. According to a recent Reuters Business Roundtable Survey, 29 percent of U.S. Chief Executive Officers say they are planning to add more jobs in the next six months, and 47 percent say they plan to boost capital spending in the United States. A renewed confidence in the board room and manufacturing sector may mean a chance at future sustainable growth, including the identification, development and execution of acquisitions.
吉姆·拉维尔（Jim Lavelle），jlavelle@hl.com，是工业技术实践的董事总经理，尤金·巴兹莫尔（Eugene Bazemore）, ebazemore@hl.com, is Senior Vice President in the Industrial Technologies practice of Houlihan Lokey, an international investment bank (www.hl.com).
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