外文翻譯---通過并購(gòu)創(chuàng)造價(jià)值-其他專業(yè)-文庫(kù)吧資料
2025-01-27 09:46本頁(yè)面
【正文】 that I call ‘‘strategic market positioning,’’ or SMP, which is about defending and growing your pany’s weighted share of the strategic market segments that define petitive advantage within your industry. This may be defined by geography, customer demographic, channel focus, and so on – the critical dimensions of scale for your particular business. It is not about ‘‘growth for growth’s sake， but about bining the fundamental principles of customer preference and producer economics with the goal of achieving strong market positions and higher profitability through the goal of achieving strong market positions and higher profitability through selective growth. .Stated simply, you are far more likely to increase the value of your pany if you can find a way to expand your existing business and achieve increased benefits of scale or scope within your existing strategic segments. One huge problem with most of those headlinegrabbing deals: it is hard to create value for shareholders given the price of acquisitions today. Every successful corporation is feeling the same growth imperatives, so almost all of them are looking for growing, profitable panies to add to their portfolios of businesses. Meanwhile, wouldbe acquirers face stiff petition from financial buyers. equity firms looking for good panies to buy. These financial buyers were not in the game 20 years ago, or even a decade ago. It can take only one or two such buyers with an inflated sense of their own management capabilities to drive the cost of a potential acquisition past what you should be willing to pay for it. The bination of these factors means that valuations of good panies, and even some notsogood panies, have been steadily creeping upward since the market recovery began in 2021. The upshot? You may have to pay ten times cash flow or 20 times earnings, or even 外文文獻(xiàn)翻譯 2 more, to acquire a good property. This means that, even if you ignore the time value of money, you need many years of profits at the current level to get your money back. So that is the bad news. The good news is that there are definitely situations in which, from an SMP perspective, acquisitions make good sense. The point is to use the discipline of SMP to figure out whether it is worth paying the acquisition premium that today’s petitive Mamp。A environment requires. You need to ask: What strategic segment are we entering through this acquisition and who is the petition in that segment? Will the new business strengthen our SM
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