"Investment Banking is 10% Financial Analysis and 90% Psycho-analysis" – André Meyer  This blog is about the "other 90%"…

Engineering Firm Value – September 2013

Dear Firm Value Blog Reader, Welcome to the first issue of the Engineering Firm Value Newsletter.  This is the sister publication of Firm Value, that in different forms and languages we have published since 2006.  If you like this newsletter, check out archive copies here: http://en.imapmb.com/firmvalue_archive.php If you enjoy reading it half as much as I […]

Uncertain vs. Sure Synergies

M&A bankers like to talk about cross-selling, up-selling, skills transfers, innovation and management talent as being the main synergy drivers of mergers.  Sure enough, there is nothing sexier than Google buying social media traffic app Waze for $1 billion. The search giant can put its maps service on steroids pulling further away from Apple Maps […]

Buy Skills, Not Customers

Many of us share the mental image of multinational corporate behemoths going around the world acquiring leading competitors, populating the globe with flags.  Behind lies the concept that markets can be “bought” by taking over the leading local players or buying their brands.  This is seemingly what happened in the early 1990′s in Central Europe […]

Technology or Contracts

I got a call yesterday from an entrepreneur-friend, Bill, who owns a B2B service company.  He asked me if I could raise expansion capital for him, so that he could take the business to the next level by building a management team and possibly acquiring competitors. Before jumping on the opportunity, I wanted to ‘diagnose’ […]

Too Big to Chew

On holiday in Virginia Beach last week I witnessed an astonishing attempt by a bird that mistook a snake for a slug. The feathered creature tried to pick up the serpent off the asphalt road by its flimsy tail, while the snake made a reluctant crawling escape towards a sheltering bush. The snake was never […]