Before a deal, after a deal, and when the operation has to move.
Two kinds of work, both from the operator's side of the table.
Operational diligence and integration
Before a deal, I look at what the numbers do not show: how the operation actually runs and what the culture rewards. After the deal, I can run the integration rather than hand over a report.
I have integrated three acquired companies, and worked through two changes of ownership at Dealogic, Carlyle's acquisition and later ION's, on diligence and integration both times. That teaches you which parts of an investment case survive contact with the business.
Moving an operation between countries
At Dealogic I ran the site selection across the US and Europe, chose Budapest, and moved a large part of the global operation there. More recently, a business that moved from Frankfurt to Athens came out more productive than it went in.
Companies plan these moves as a cost exercise. The hard part is the knowledge that holds the operation together. It is undocumented, and it sits with people who are not moving.
Three steps to getting started.
- A first call Thirty minutes on the deal or the move, and where it stands.
- A short proposal Within a week: the scope, the timing and what you will have at the end.
- A start date The earlier we start, the more problems can still be avoided.