Growth Through Acquisitions | Wharton Scale School
554,115
Published 2018-01-22
In this "Wharton Scale School" session, we examine when to look outside the firm for missing pieces, how to find a company with the right fit, and how to price the deal in a way that retains value.
The Wharton Scale School workshop series, hosted by Wharton San Francisco and Venture Lab, guides entrepreneurs making the transition from a successful startup to a large enterprise. Hear from experts who share solutions to critical challenges faced by rapidly growing companies. Learn more: whr.tn/scaleschool
Panelists:
David Wessels, ENG'92, W'92
Adjunct Professor of Finance, The Wharton School
Vicente de Baca, WG'09
Partner, v2 Ventures
Anton Hanebrink, WG'04
Chief Corporate Strategy & Development Officer, Intuit
Jamie Kim, WG'14
Corporate Development & Strategy, E la Carte Inc.
#growththroughacquisitions #mergersandacquisitions #m&a
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All Comments (21)
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Received a ton of value from the moderator, the panelists and the audience. Thank you so much.
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Listening to this from the perspective of a small General Contractor, looking for parallels and how I would apply to my business
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good lecture. it is concise and deep. strategic view for big company is discussed and tactical view for small campany is also discussed
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Excellent lecture! Acquisitions have become more common nowadays as a means of inorganic growth. But the scaling doesn't work out all the time and leads to heavy loses.
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41:55 - nice, logical breakdown
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Its a game between Advisories and clients to get a higher valuation. I been doing this and theres a lots more to it. You have to be aligned to the BS or itll not work
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Great to see a superb teacher in action.
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Every time I listen to someone talking about their industry about it not being great it comes off as they don’t want you to do it because they want all the deals. Plus, he talks about how his partner can help you grow your business. Using their stuff @ 7:04
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Im 44… a newly entrepreneur, on my way to transforming myself into a money conscious businessman with no prior experience other then reading & learning from books like Think & Grow Rich, Million Dollar Habits & listening to people like Jim Rohn etc… videos like this share so much wonderful & useful information, thank you Wharton👍… The true key to success is the person you need to become in order to be successful… so I began my transformation about 5 years ago on my way to becoming wealthy🔥💪🏻
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Enjoy this. Suggestion: It is difficult to hear the audience/student questions. On future videos would it be possible to pass a microphone around or have a central mike? Thanks.
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Anybody know what book from david wessels is he referring at the beginning “the bible of valuing a company”
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The M&A way you pay debt and securities in a particular order is an attempt to maximize return on equity, right?
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good lecture. I invest in stocks in vietnam. I want to know how company grow. this lecture will permit me to check whether acquisition is good or bad. it is simple. but if we dont join this lecture. we dont know. HOW TO FIND SIMILAR LECTURE ON YOUTUBE, pls, tell me. thanks
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M&A is such a great thrill and an amazing way to avoid headaches as an investor.
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Amazing class!!
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Lots of glitz and glamour with Wharton, I enjoyed it, but now I see how it's as much of a brand name as is Mercedes-Benz. No question there have outstanding resources. Where is Elon Musk on this?
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21:43 if we are big, we buy. (But still, how much it will cost?) If we are small we develope from internal. We know that trend would be no cord, but now to add value on top. Even the knowledge is out there, but we also buy to level up knowledge. Yes, speed is important. If we analyze that the speed of development from internal is too long, it might be too late later on. Sometime, we focus on knowledge more than short term profit. We M&A, we safe time. M&A is just the starting point of internal development for the big company.
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It was so hilarious when the panelist answered the question regarding valuation. More or less, they told me they didn't do any valuation. In fact, they twisted their assumptions to increase the price to outbid others. Therefore, more than 90% of M&A in the corporate world value destruction rather than value creation. Luckily, you hide it in your consolidated financial statements.
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1. Type of business mainly growth by brain power 2. Big company M&A to safe time for development. When they buy, their starting point of development is not zero. But they have to think about what is next? What they can add up to what it is already developed but the seller. 3. But another side, if they buy. They give money power to the seller. They have money to develop something even better. 4. If number 3 is the case, go back to think about what is next that you will add up? Gauge it.
