Business Acquisition Quotes

The business of life is the acquisition of memories. In the end that's all there is.

Tony poured wine into each glass and handed one to Claire. “Do you remember when we had wine at the Red Wing?” Claire closed her eyes, recalling the scene from a lifetime ago, and nodded. “I do.” “I’d been watching you for years. I was so nervous that night. I thought I was planning your acquisition.” He looked into his red liquid. Her stance straightened, “If you’re using business metaphors, may I suggest hostile takeover. It’s more appropriate.

An advertising strategy is based on proper research which guides you in this entire process of customer acquisition with the help of ads.

We want to believe. Young students try to believe in older authors, constituents try to believe in their congressmen, countries try to believe in their statesmen, but they can't. Too many voices, too much scattered, illogical, ill-considered criticism. It's worse in the case of newspapers. Any rich, unprogressive old party with that particularly grasping, acquisitive form of mentality known as financial genius can own a paper that is the intellectual meat and drink of thousands of tired, hurried men, men too involved in the business of modern living to swallow anything but predigested food. For two cents the voter buys his politics, prejudices and philosophy. A year later there is a new political ring or a change in the paper's ownership, consequence: more confusion, more contradiction, a sudden inrush of new ideas, their tempering, their distillation, the reaction against them -

I suffered,I learned,I changed

Businesses solve problems. Businesses make the world better. There are too many problems for any one person to solve.

Despite our policy of candor, we will discuss our activities in marketable securities only to the extent legally required. Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are.

It's worse in the case of newspapers. Any rich, unprogressive old party with that particularly grasping, acquisitive form of mentality known as financial genius can own a paper that is the intellectual meat and drink of thousands of tired, hurried men, men too involved in the business of modern living to swallow anything but predigested food." p. 201

The world is now being dominated by few Giant organizations that influence and dectate our consuming behavior.

The business of life is the acquisition of memories. In the end that’s all there is.

The commercial media … help citizens feel as if they are successful and have met these aspirations, even if they have not. They tend to neglect reality (they don't run stories about how life is hard, fame and fortune elusive, hopes disappointed) and instead celebrate idealized identities – those that, in a commodity culture, revolve around the acquisition of status, money, fame and power, or at least the illusion of these things. The media, in other words, assist the commercial culture in “need creation”, prompting consumers to want things they don't need or have never really considered wanting. And catering to these needs, largely implanted by advertisers and the corporate culture, is a very profitable business. A major part of the commercial media revolves around selling consumers images and techniques to “actualize” themselves, or offering seductive forms of escape through entertainment and spectacle. News is filtered into the mix, but actual news is not the predominant concern of the commercial media.

Use the data from the clients you already have to help you find new clients just like them. Eventually you'll be tapped into a whole market segment.

Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss, or other bad news passes over it like a storm cloud—as when he bought Coca-Cola soon after its disastrous rollout of “New Coke” and the market crash of 1987. He also wants to see managers who set and meet realistic goals; build their businesses from within rather than through acquisition; allocate capital wisely; and do not pay themselves hundred-million-dollar jackpots of stock options. Buffett insists on steady and sustainable growth in earnings, so the company will be worth more in the future than it is today.

I hope my message has at least jarred you into rethinking the standard and conventional approaches to living one’s life—get a good job, work hard through endless hours, and then retire in your sixties or seventies and live out your days in your so-called golden years. But I still ask you: Why wait until your health and life energy have begun to wane? Rather than just focusing on saving up for a big pot full of money that you will most likely not be able to spend in your lifetime, live your life to the fullest now: Chase memorable life experiences, give money to your kids when they can best use it, donate money to charity while you’re still alive. That’s the way to live life. Remember: In the end, the business of life is the acquisition of memories. So what are you waiting for?

The business of life is the acquisition of memories.

Embracing data-driven decisions allows organizations to uncover valuable insights, adapt to changing market conditions, and stay ahead of the beat, ultimately increasing their chances of success and growth.

When considering the acquisition of new sources of revenue, the business must account for the costs that must be incurred prior to the acquisition, and the costs associated with the maintenance of that source of revenue.

Sometimes, though, people want to know more about your offer before they buy. This is common for businesses that sell more expensive stuff. If that’s you, then you’ll often get more leads to engage by advertising with a lead magnet first.

Rapid business growth, increased downsizing, frequent reorganizations, mergers, acquisitions, and joint ventures have inadvertently increased the number of attractive employment opportunities for individuals with psychopathic personalities

Any rich, unprogressive old party with that particularly grasping, acquisitive form of mentality known as financial genius can own a paper that is the intellectual meat and drink of thousands of tired, hurried men, men too involved in the business of modern living to swallow anything but predigested food. For two cents the voter buys his politics, prejudices, and philosophy.

thought then that decent, intelligent, and experienced managers would automatically make rational business decisions. But I learned over time that isn’t so. Instead, rationality frequently wilts when the institutional imperative comes into play. For example: (1) As if governed by Newton’s First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

Companies should embrace data-driven decision-making because it enables them to make informed decisions based on concrete evidence rather than speculation, leading to more efficient operations, better strategies, and improved competitiveness in today's data-rich business environment.

Tasks are the real-world activities people think of when planning, conducting, or recalling their day. That can mean things like brushing their teeth, preparing breakfast, reading a newspaper, taking a child to school, responding to e-mail messages, making a sales call, attending a lecture or a business meeting, having lunch with a colleague from work, helping a child with homework, coaching a soccer team, and watching a TV program. Some tasks are mundane, some complex.

I have seen the consequences of attempting to shortcut this natural process of growth often in the business world, where executives attempt to “buy” a new culture of improved productivity, quality, morale, and customer service with strong speeches, smile training, and external interventions, or through mergers, acquisitions, and friendly or unfriendly takeovers. But they ignore the low-trust climate produced by such manipulations. When these methods don’t work, they look for other Personality Ethic techniques that will—all the time ignoring and violating the natural principles and processes on which a high-trust culture is based.

I often see teams that maniacally focus on their metrics around customer acquisition and retention. This usually works well for customer acquisition, but not so well for retention. Why? For many products, metrics often describe the customer acquisition goal in enough detail to provide sufficient management guidance. In contrast, the metrics for customer retention do not provide enough color to be a complete management tool. As a result, many young companies overemphasize retention metrics and do not spend enough time going deep enough on the actual user experience. This generally results in a frantic numbers chase that does not end in a great product.

Companies should consider merger and acquisition (M&A) opportunities carefully because these strategic moves can have a significant impact on their operations and financial health. Thorough evaluation helps mitigate risks, ensure alignment with business objectives, and maximize the potential benefits, ultimately leading to successful integration and growth.

Interest rate risk arises when there's potential for interest rates to change, impacting loan costs. It’s a serious consideration for lenders.

Every lender is interested in the character of their borrowers.

In most cases, lenders are not interested in owning the collateral itself – they are only interested in the cash value of the collateral.

Your business’ debt is a lenders investment and your business’ liability is a lenders asset.

Bankers throughout time have used what we call ‘‘The Five C’s of Credit’ as a basis of evaluating the worthiness of a potential borrower.

We all really only want to lend our money to people we can trust to pay it back. It’s the same thing with banks and other institutional lenders.

Lenders want to have peace of mind when it comes to getting their money back plus profit – collateral is one thing that gives that peace of mind.

There’s a best time for everything – including the acquisition of capital.

Reminder: You get rich from what you make. You become wealthy from what you own. And it took me years to realize this because not that long ago...

He devoured morning shows, daytime shows, late-night talk shows, soaps, situation comedies, Lifetime Movies, hospital dramas, police series, vampire and zombie serials, the dramas of housewives from Atlanta, New Jersey, Beverly Hills and New York, the romances and quarrels of hotel-fortune princesses and self-styled shahs, the cavortings of individuals made famous by happy nudities, the fifteen minutes of fame accorded to young persons with large social media followings on account of their plastic-surgery acquisition of a third breast or their post-rib-removal figures that mimicked the impossible shape of the Mattel company’s Barbie doll, or even, more simply, their ability to catch giant carp in picturesque settings while wearing only the tiniest of string bikinis; as well as singing competitions, cooking competitions, competitions for business propositions, competitions for business apprenticeships, competitions between remote-controlled monster vehicles, fashion competitions, competitions for the affections of both bachelors and bachelorettes, baseball games, basketball games, football games, wrestling bouts, kickboxing bouts, extreme sports programming and, of course, beauty contests.

Currency risk is a consideration in international corporate lending, given fluctuating exchange rates. It represents another set of costs and risks that lenders have to consider when lending internationally.

Leaders of large businesses sometimes make huge bets in expensive mergers and acquisitions, acting on the mistaken belief that they can manage the assets of another company better than its current owners do.

Redundancies are much more predictable and transparent than theoretical opportunities to add value. My focus is always on the downside. Overly optimistic assumptions lead to the graveyard of corporate acquisitions.

People try so hard to believe in leaders now, pitifully hard. But we no sooner get a popular reformer or politician or soldier or writer or philosopher—a Roosevelt, a Tolstoi, a Wood, a Shaw, a Nietzsche, than the cross-currents of criticism wash him away. My Lord, no man can stand prominence these days. It's the surest path to obscurity. People get sick of hearing the same name over and over... We want to believe. Young students try to believe in older authors, constituents try to believe in their Congressmen, countries try to believe in their statesmen, but they can't. Too many voices, too much scattered, illogical, ill-considered criticism. It's worse in the case of newspapers. Any rich, unprogressive old party with that particularly grasping, acquisitive form of mentality known as financial genius can own a paper that is the intellectual meat and drink of thousands of tired, hurried men, men too involved in the business of modern living to swallow anything but predigested food. For two cents the voter buys his politics, prejudices, and philosophy. A year later there is a new political ring or a change in the paper's ownership, consequence: more confusion, more contradiction, a sudden inrush of new ideas, their tempering, their distillation, the reaction against them-

My target customer will be? The problem my customer wants to solve is? My customer’s need can be solved with? Why can’t my customer solve this today? The measurable outcome my customer wants to achieve is? My primary customer acquisition tactic will be? My earliest adopter will be? I will make money (revenue) by? My primary competition will be? I will beat my competitors primarily because of? My biggest risk to financial viability is? My biggest technical or engineering risk is? What assumptions do we have that, if proven wrong, would cause this business to fail?  (Tip: include market size in this list) You should be able to look at this list and spot

Corporate lenders play a vital role in supporting economic growth by providing capital to businesses. Without corporate lenders, the ability and rate at which businesses are able to grow would likely be considerably less.

Companies should maintain accurate and timely financial records because it serves as the foundation for informed decision-making, ensures compliance with regulatory requirements, and enhances transparency, ultimately bolstering trust among stakeholders and facilitating long-term financial stability and growth. Without good records, businesses may risk financial mismanagement and uncertainty, hindering their ability to thrive in a competitive market.

Why am I violent, competitive, ambitious, acquisitive? Why is there in me this constant struggle to become? Obviously, I am running away, taking flight from something through ambition, through acquisitiveness, through wanting to be a success. I am afraid of something, which is making me do all these things. I am not for the moment concerned with the fear of darkness, of public opinion, of what somebody may or may not say of me, because all that is very superficial; I am trying to find out what it is that fundamentally making me afraid, which in turn drives me to be ambitious, competitive, acquisitive, envious, thereby creating animosity and all the rest of it. First of all, it seems to me that we are very lonely people. I am very lonely, inwardly empty, and I don't like that state; I am afraid of it, so I shun it, I run away from it. The very running away creates fear, and to avoid that fear, I indulge in various kinds of action. There is obviously this emptiness in me, in you, from which the mind is escaping through action, through ambition, through the urge to be somebody, to acquire more knowledge - you know, the whole business of violence. And without running away, can the mind look at this emptiness, this extraordinary sense of loneliness, which is the ultimate expression of the self? - the self being the entity, the self-consciousness which is empty when it doesn't run.

The startup’s goal is to find a profitable customer acquisition strategy by spending small amounts of money in a lot of them, measuring results, and then narrowing down the best channels, while performing PDCA for continuous improvement.

Commercial loans serve various purposes, from financing expansion and working capital to equipment acquisition and real estate investment – They’re a very important part of the capital ecosystem of the world, and of its individual nations.

The infamous Debt-To-Income ratio is the standard formula most lenders use to determine a potential borrowers capacity. Lenders calculate this by adding up a borrower’s total monthly debt payments and dividing that by the borrowers gross monthly income.

Let me share with you an intriguing thought. The real value in setting goals is not in their achievement. The acquisition of the things you want is strictly secondary. The major reason for setting goals is to compel you to become the person it takes to achieve them. Let me explain:

Every business needs capital. Whether we’re talking about a barbershop or a bank, a boutique e-commerce store or a hotdog stand. Whether we’re talking about a restaurant or a clothing store, a giant like Walmart, or the local bodega that’s owned by a local family. They all need capital.

A persons trustworthiness in one area of life may not necessarily transfer over to their trustworthiness as a borrower. And a business that can be trusted to do the right thing for its customers may not necessarily be a business that can be trusted to do the right thing for its creditors.

Using Hollerith’s tabulators, the 1890 census was completed in one year rather than eight. It was the first major use of electrical circuits to process information, and the company that Hollerith founded became in 1924, after a series of mergers and acquisitions, the International Business Machines Corporation, or IBM.

Leo was a fifty-something Athenian intellectual who had tried to convince Barry that the Greek gods were better, or at least more curious and interesting, than the main Judeo-Christian one, whom he saw as a collector of sorts, never happy with his last acquisition, always too busy to maintain the pieces he already owned.

Ya'aburnee1. As in you bury me. A rough translation for the way I want to leave this world before you because I can’t imagine having to go through a single day without you in it. If this last week was a preview of that kind of life, then I can assure you it isn’t a life worth living. You’re my wife and my best friend. The future mother of my children and the one place that truly feels like home. You’re the woman I want to spend the rest of my life with, not because you signed a contract, but because you love me enough to stay without one. “I want to be the kind of man who is worthy of a woman like you—if it’s even possible. I promise to work every damn day to make sure you don’t regret marrying someone as miserable as me. Because when I’m with you, I’m not miserable at all. You make me happy in a way that makes me afraid to blink just in case it all disappears.” The vulnerability of his words tugs at every single one of my heartstrings. “I’ll give you anything you want—anything at all—so long as you give me a chance to make you as happy as you make me. A dog. A family. A home. I want it all. These are my terms and conditions, take it or leave it because I’m not open to negotiations.” “Only you could make a proposal sound like a business acquisition and get away with it.” “Marry me,” he orders with a smile that could make me agree to just about anything.

The more trustworthy a borrower is, the greater the likelihood that they will return the money lent to them back to the lender with interest. This is why lenders of every kind and size, place a high priority on the character of potential borrowers – it is one of the five key determining factors as to the likelihood of the lender receiving their money back with interest.

Murphy’s approach to the roll-up was different. He moved slowly, developed real operational expertise, and focused on a small number of large acquisitions that he knew to be high-probability bets. Under Murphy, Capital Cities combined excellence in both operations and capital allocation to an unusual degree. As Murphy told me, “The business of business is a lot of little decisions every day mixed up with a few big decisions.

Kensi Gounden, Highly innovative new technologies can be both disruptive and transformative, but technology adoption can also be incremental, such as simply automating a manual process. So introducing business technology innovations, either incremental or step-change, may embrace increasing online connectivity across the business, strategic technology acquisition and use or using time-saving technologies to improve internal communication.

It’s ironic perhaps – but no one wants to lend money to someone or something that has no money or no monetary worth. You wouldn’t plant a seed on barren ground – you plant a seed where there’s already a wealth of resources sufficient to cultivate the seed. It could be a tiny bit of soil in a pot, or the expanse of your front yard. But you’re going to make sure the seed has enough soil to put down roots and a quality of soil that facilitates growth.

Be optimistic around the opportunity but tremendously concerned about the risks involved. This will allow you to see the opportunity as it is. Most tire-kickers spend the entire first meeting identifying why the business is a bad investment rather than identifying the opportunity as a whole. Where are the opportunities and where are the risks of this business? What would need to be true for you to grow this company to double its size? These are the questions you are asking yourself.

We select our marketable equity securities in much the same way we would evaluate a business for acquisition in its entirety. We want the business to be (1) one we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) available at a very attractive price. We ordinarily make no attempt to buy equities for anticipated favorable stock price behavior in the short term. In fact, if their business experience continues to satisfy us, we welcome lower market prices of stocks we own as an opportunity to acquire even more of a good thing at a better price. 1977

Since I entered the business world, conglomerates have enjoyed several periods of extreme popularity, the silliest of which occurred in the late 1960s. The drill for conglomerate CEOs then was simple: By personality, promotion or dubious accounting — and often by all three — these managers drove a fledgling conglomerate’s stock to, say, 20 times earnings and then issued shares as fast as possible to acquire another business selling at ten-or-so times earnings. They immediately applied “pooling” accounting to the acquisition, which — with not a dime’s worth of change in the underlying businesses — automatically increased per-share earnings, and used the rise as proof of managerial genius. They next explained to investors that this sort of talent justified the maintenance, or even the enhancement, of the acquirer’s p/e multiple. And, finally, they promised to endlessly repeat this procedure and thereby create ever-increasing per-share earnings.

3 He seems to have regarded agriculture as the business most conducive to moral and physical health. He thought "if the leadings of the Spirit were more attended to, more people would be engaged in the sweet employment of husbandry, where labor is agreeable and healthful." He does not condemn the honest acquisition of wealth in other business free from oppression; even "merchandising," he thought, might be carried on innocently and in pure reason. Christ does not forbid the laying up of a needful support for family and friends; the command is, "Lay not up for YOURSELVES treasures on earth." From his little farm on the Rancocas he looked out with a mingled feeling of wonder and sorrow upon the hurry and unrest of the world; and especially was he pained to see luxury and extravagance overgrowing the early plainness and simplicity of his own religious society. He regarded the merely rich man with unfeigned pity. With nothing of his scorn he had all of Thoreau's commiseration, for people who went about bowed down with the weight of broad acres and great houses on their backs.

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There is also another political party, who desire, through the influence of legislation and coercion, to level the world. To say the least, it is a species of robbery; to some it may appear an honorable one, but, nevertheless, it is robbery. What right has any private man to take by force the property of another? The laws of all nations would punish such a man as a thief. Would thousands of men engaged in the same business make it more honorable? . . . I shall not, here, enter into the various manners of obtaining wealth; but would merely state, that any unjust acquisition of it ought to be punished by law. Wealth is generally the representation of labour, industry, and talent. If one man is industrious, enterprising, diligent, careful, and saves property, and his children follow in his steps, and accumulate wealth; and another man is careless, prodigal, and lazy, and his children inherit his poverty, I cannot conceive upon what principles of justice, the children of the idle and profligate have a right to put their hands into the pockets of those who are diligent and careful, and rob them of their purse. Let this principle exist, and all energy and enterprise would be crushed. Men would be afraid of again accumulating, lest they should again be robbed. Industry and talent would have no stimulant, and confusion and ruin would inevitably follow. Again, if you took men's property without their consent, the natural consequence would be that they would seek to retake it the first opportunity; and this state of things would only deluge the world in blood. So that let any of these measures be carried out, even according to the most sanguine hopes of the parties, they would not only bring distress upon others, but also upon themselves; certainly they would not bring about the peace of the world.

The destruction of representative government and private capitalism of the old school was complete when Hitler came to power. He had contributed mightily to the final result by his ceaseless labors to create chaos. But when he stepped into the chancellery all the ingredients of national socialist dictatorship were there ready to his hand… The aim in which Bismarck had failed was accomplished almost at a stroke in the Weimar Constitution – the subordination of the individual states to the federal state. The old imperial state had to depend on the constituent states to provide it with a part of its funds. Now this was altered, and the central government of the republic became the great imposer and collector of taxes, paying to the states each a share. Slowly the central government absorbed the powers of the states. The problems of business groups and social groups were all brought to Berlin. The republican Reichstag, unlike its imperial predecessor, was now charged with the vast duty of managing almost every energy of the social and economic life of the republic. German states were always filled with bureaus, so that long before World War I travelers referred to the ‘bureaucratic tyrannies’ of the empire. But now the bureaus became great centralized organisms of the federal government dealing with the multitude of problems which the Reichstag as completely incapable of handling. Quickly, the actual function of governing leaked out of the parliament into the hands of the bureaucrats. The German republic became a paradise of bureaucracy on a scale which the old imperial government never knew. The state, with its powers enhanced by the acquisition of immense economic powers and those powers brought to the center of government and lodged in the executive, was slowly becoming, notwithstanding its republican appearance, a totalitarian state that was almost unlimited in its powers.

The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate: Urgency. How badly do people want or need this right now? (Renting an old movie is low urgency; seeing the first showing of a new movie on opening night is high urgency, since it only happens once.) Market Size. How many people are purchasing things like this? (The market for underwater basket-weaving courses is very small; the market for cancer cures is massive.) Pricing Potential. What is the highest price a typical purchaser would be willing to spend for a solution? (Lollipops sell for $0.05; aircraft carriers sell for billions.) Cost of Customer Acquisition. How easy is it to acquire a new customer? On average, how much will it cost to generate a sale, in both money and effort? (Restaurants built on high-traffic interstate highways spend little to bring in new customers. Government contractors can spend millions landing major procurement deals.) Cost of Value Delivery. How much will it cost to create and deliver the value offered, in both money and effort? (Delivering files via the internet is almost free; inventing a product and building a factory costs millions.) Uniqueness of Offer. How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? (There are many hair salons but very few companies that offer private space travel.) Speed to Market. How soon can you create something to sell? (You can offer to mow a neighbor’s lawn in minutes; opening a bank can take years.) Up-front Investment. How much will you have to invest before you’re ready to sell? (To be a housekeeper, all you need is a set of inexpensive cleaning products. To mine for gold, you need millions to purchase land and excavating equipment.) Upsell Potential. Are there related secondary offers that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a Frisbee and you won’t need another unless you lose it.) Evergreen Potential. Once the initial offer has been created, how much additional work will you have to put in in order to continue selling? (Business consulting requires ongoing work to get paid; a book can be produced once and then sold over and over as is.) When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

For a realistic assessment, one had to turn to those who remained inside Germany. They painted a very different, much grimmer picture. One of the most sensitive and valuable witnesses was the journalist Sebastian Haffner, who stayed in Germany until 1938. Though no one expected it when Hitler became chancellor, Haffner notes, his policies were remarkably successful at first. Within three years, Germany went from deep economic depression to full employment. Hitler also rearmed the nation, making it once again the dominant military power on the continent. And then there were the foreign policy triumphs: the reoccupation of the Rhineland, the incorporation of Austria, the acquisition of the Sudetenland from Czechoslovakia. Looking back in April 1939, Hitler could say, “I overcame chaos in Germany, restored order, enormously raised production in all fields of our national economy. . . . I have led millions of deeply unhappy Germans, who had been snatched away from us, back into the Fatherland; I have restored the thousand-year-old historical unity of German living space.” To which a despondent Haffner could only reply: “Damn it, it was all true, or nearly all.” Former opponents, Communists and Social Democrats among them, were won over by Hitler’s undeniable accomplishments. Haffner estimates that at his height, Hitler had the support of 90 percent of the German people, and that a majority of those who had voted against him in 1933 were now Nazi Party members or at least party sympathizers. This, Haffner says, was “perhaps his greatest achievement of all.” What’s more, such wide popularity made it difficult for critics to find fault, even when they weren’t being hounded by the Gestapo to conform. “I don’t like that business with the Jews either,” Haffner would hear from acquaintances, “but look at all the things the man has achieved!” What could one say? Haffner himself was immune to Hitler’s appeal in part because he had many Jewish friends and a Jewish girlfriend. But articulating a response was not easy because rejecting Hitler for his faults seemed to require rejecting his achievements as well, and few wanted to go back to the frustrating political paralysis of Weimar. Opponents of the Nazis who had the inner strength to resist the inevitable self-doubt that had to creep in when everyone around them was applauding Hitler for his all-too-obvious achievements found themselves increasingly living in a world of intellectual isolation and muted skepticism. According to Haffner, “What passive resistance there was to the wave of Hitlerism in Germany was mainly caused by his anti-Semitism,” but how many wanted to stand up and be labeled defenders of the Jews?

In fact, regression analysis demonstrates that the number one determinant of deal multiples is the growth rate of the business.

star performers will leave no matter what. The best people are constantly looking for more opportunity, more challenge, more accomplishment. The only question is whether you will leverage your best talent to create career-long connections that provide ongoing payback via new opportunities for business transactions, talent acquisition, and investment deals.

Over the next six months, we discovered the company had been pursuing deals in an ad hoc, opportunistic way, struggling in four key areas: identifying which companies to acquire, performing due diligence on these companies, calculating their value, and integrating acquisitions into our business. Taking stock of our deficits led us to a powerful, four-step model for pursuing M&A,

To Build a Robust Pipeline . . . •​Don’t wait for bankers to knock on your door with potential deals. Instead, scour the market proactively. •​Seek out businesses that have great positions in good, high-growth industries. •​Look for bolt-on acquisitions as well as companies in good industries adjacent to yours. •​Not all perceived adjacencies are the same. If the adjacency is too far removed from your existing business, you will lose your shirt. •​Make identifying targets a day-to-day priority. •​Be patient. Nurture long-term relationships with potential acquisitions.

Great leaders are great listeners. Leadership is no shallow business, it's about acquisition of knowledge on the go, every moment.

Established Sino-Burmese businessmen continue to remain at the helm of Myanmar's economy, where the Chinese minority have been transformed almost overnight into a garishly distinctive prosperous business community. Much of the foreign investment capital into the Burmese economy has been from Mainland Chinese investors and channeled through Burmese Chinese business networks for new startup businesses or foreign acquisitions. Many members of the Burmese Chinese business community act as agents for Mainland and overseas Chinese investors outside of Myanmar. In 1988, the State Law and Order Restoration Council (SLORC) came to power, and gradually loosened the government's role in the economy, encouraging private sector growth and foreign investment. This liberalization of state's role in the economy, if slight and uneven, nonetheless gave Burmese Chinese-led businesses extra space to expand and reassert their economic clout. Today, virtually all of Myanmar's retail, wholesale and shipping firms are in Chinese hands. For example, Sein Gayha, a major Burmese retailer that began in Yangon's Chinatown in 1985, is owned by a Burmese Hakka family. Moreover, ethnic Chinese control the nations four of the five largest commercial banks, Myanmar Universal Bank, Yoma Bank, Myanmar Mayflower Bank, and the Asia Wealth Bank. Today, Myanmar's ethnic Chinese community are now at the forefront of opening up the country's economy, especially towards Mainland China as an international overseas Chinese economic outpost. The Chinese government has been very proactive in engaging with the overseas Chinese diaspora and using China's soft power to help the Burmese Chinese community stay close to their roots in order to foster business ties.[9] Much of the foreign investment from Mainland China now entering Myanmar is being channeled through overseas Chinese bamboo networks. Many members of the Burmese Chinese business community often act as agents for expatriate and overseas Chinese investors outside of Myanmar.

A word that can mean anything has lost its bite. To give content to a concept one has to draw lines, marking off what it denotes and what it does not. To begin the journey toward clarity, it is helpful to recognize that the words “strategy” and “strategic” are often sloppily used to mark decisions made by the highest-level officials. For example, in business, most mergers and acquisitions, investments in expensive new facilities, negotiations with important suppliers and customers, and overall organizational design are normally considered to be “strategic.

The invention approach required the endurance to evaluate and discard many options and ideas. So, as we were considering which path to take—build or buy—we took countless meetings with different companies in the digital media business. In addition to enabling us to understand our options for potential acquisition, it was a productive way for us to get up to speed quickly on different aspects of the digital media business, as the founders and leaders of these companies shared their experience and insights from working on a variety of product challenges. In parallel, we were writing some of our first PR/FAQs for digital media products, which we would review and discuss with Jeff. The two processes reinforced one another, and by the end of 2004, our thinking and vision had become clearer. As

comparison companies frequently tried to jump right to breakthrough via an acquisition or merger. It never worked. Often with their core business under siege, the comparison companies would dive into a big acquisition as a way to increase growth, diversify away their troubles, or make a CEO look good. Yet they never addressed the fundamental question: “What can we do better than any other company in the world, that fits our economic denominator and that we have passion for?” They never learned the simple truth that, while you can buy your way to growth, you absolutely cannot buy your way to greatness. Two big mediocrities joined together never make one great company.

With the exception of Whole Foods, it doesn’t acquire big businesses in different industries and try to run them. Instead it organically builds businesses in new sectors, sometimes making a relatively small (under $1 billion each) strategic acquisition to acquire the talent or technology it needs to get its invasion armies rolling.

Furthermore, for a platform business, user commitment and active usage, not sign-ups or acquisitions, are the true indicators of customer adoption. That’s why platforms must attract users by structuring incentives for participation—preferably incentives that are organically connected to the interactions made possible by the platform. Traditionally, the marketing function was divorced from the product. In network businesses, marketing needs to be baked into the platform.

Fechheimer is exactly the sort of business we like to buy. Its economic record is superb. . . . You may be amused to know that neither Charlie nor I have been to Cincinnati, headquarters for Fechheimer, to see their operation. . . . If our success were to depend upon insights we developed through plant inspections, Berkshire would be in big trouble. Rather, in considering an acquisition, we attempt to evaluate the economic characteristics of the business—its competitive strengths and weaknesses—and the quality of people we will be joining. Warren Buffett, annual letter to shareholders, 1985

I am not suggesting that all of GE’s problems resulted from its guidance culture, but I think it played a significant role. When business managers are hyper-focused on meeting quarterly numbers, their long-term orientation takes a back seat; when a company is desperate to make an acquisition just to meet its earnings, it can overpay for a bad asset; when a manager is unable to speak the truth about accounting obfuscations, they pile up over time.

I want to do what you do in my business, but I don’t know how. I’d like to work with you for 6 months so I can learn how you do it. Plus, I’ll pay extra for you to break down why you make the decisions you do and the steps you take to make them. Then, after I get a good idea of how it all works, I’ll start training my team on it. And once they can do it well enough, I’d like to change to a lower cost consulting arrangement. This way, you can still help us if we run into problems. Are you opposed to this?

One important duty of public company directors is to oversee strategic planning, but in Waterloo it seemed like an afterthought. RIM’s board paid “limited attention” to strategic planning according to Protiviti. In 2009, the year Apple started taking big bites out of BlackBerry’s market share and RIM was betting heavily on Storm phones, the board’s Strategic Planning Committee met exactly once, for less than two hours, according to Protiviti. As RIM stepped up acquisitions of technology companies to bolster BlackBerry services, directors had little time to assess some deals. According to Protiviti, directors sometimes learned about deals during the same meeting they were asked for approval. Elsewhere, the board’s audit committee was asked to review financial press releases after publication. RIM’s employee count soared 53 percent to 12,800 in 2009. The surge of new hires was so great that “a number” of new executives were not vetted or approved by the board, Protiviti said. The report attributed the board’s inactivity to a lack by some directors of “sufficient understanding of the company’s business” and excessive deference to Balsillie and Lazaridis. “For these and other reasons, there has been some hesitancy for directors to question or challenge management,” the report concluded.

8. Scaling. You’ve got one product selling twenty-five units a day. You’ve proven you can get a product up and selling in the marketplace. Now it’s time to launch products two, three, four, and five and watch the snowball build into a million-dollar revenue stream by the end of twelve months. 9. Marketing. Sure, if you’re friends with a ton of celebrities who will post about your brand on their Instagrams, you’re all set with marketing. But what if you’re starting from scratch, with no contacts and no marketing experience? Here’s how you can build the right kind of marketing through relationships, influencers, and audiences, bringing your business to the level of a respected brand. 10. Acquisition. What does it look like to sell your business? There are many buyers out there hungry for what you’re building. Here’s where you’ll learn how to navigate the process, lock in your payday, and decide what to do afterward.

A business that thinks beyond 'profit making' and 'profit maximization' by incorporating corporate ethics and contributes to the society at large, through its well defined corporate social responsibilty policy, is the one that will withstand the test of time and meet sustainable growth in the market. I believe its curve will never grow flat for a good number of years and may only meet merger or acquisitions but rarely a winding up.

The acquisition is only really successful if you’re a better owner of the business than either the previous owner or the company as an independent company. That usually gets down to your capabilities, in our case, your consumer capabilities, your branding capabilities, your R&D capabilities, your go-to-market capabilities, your global infrastructure, your back office.

Unfortunately, the Bull that gilded Renaissance New York did little for most Americans. Eighties Wall Street was about institutional money released by deregulation, mergers and acquisitions, and, most of all, the debt that made it all possible. As John Kenneth Galbraith points out, financial euphoria always starts with new ways to borrow money; this time it was triggered by the Savings & Loan crisis. Volcker’s rocketing interest rates had forced S&Ls to offer double digits to new depositors while only getting back single digits on the old thirty-year mortgages on their books. S&Ls were going under, and getting a mortgage was nearly impossible, so in March 1980, with the banking system and the housing market on the brink, Carter had signed a law to allow them to issue credit cards, invest in commercial real estate, and offer checking accounts in order to stay in business. Reagan then took it a step further with a change that encouraged S&Ls to sell their mortgages in search of higher returns, freeing up a $1 trillion that needed to be invested in something. Which takes us back to Salomon Brothers, where in 1978 one Lew Ranieri had repackaged an old investment product the government had clamped down on during the Depression: A group of home mortgages all backed by government insurance would be bundled together, then sliced into bonds, thus converting the debt some people owed on their homes into an asset for others. Ranieri had been a bit ahead of the curve then—the same high interest rates that killed the S&Ls also made his bonds unattractive—but now deregulation let Salomon buy up the S&Ls’ mortgages at a deep discount, bundle them into bonds, and sell them back to the S&Ls who believed they’d diversified into the bond market when in fact they’d just bought ground meat made out of their own steaks. In June 1983, Salomon Brothers and Freddie Mac together issued the first collateralized mortgage obligation bonds (CMOs), which bundled up debt and cut it into tranches based on the amount of risk: you could choose between ground chuck and ground sirloin. It would be years before technology would allow doing this on a huge scale, but the immediate impact was that all kinds of debt, not just mortgages, were bundled, cut into bonds, and sold: credit card debt, car loans, you name it. Between 1983 and 1988, some $60 billion of CMOs were sold; GM’s financing arm became more profitable than its cars. America began to make debt instead of things. The

Just like a city, parts of the Archives teemed with activity. The Scriptorium held rows of desks where scrivs toiled over translations or copied faded texts into new books with fresh, dark ink. The Sorting Hall buzzed with activity as scrivs sifted and reshelved books. The Buggery was not at all what I expected, thank goodness. Instead, it proved to be the place where new books were decontaminated before being added to the collection. Apparently all manner of creatures love books, some devouring parchment and leather, others with a taste for paper or glue. Bookworms were the least of them, and after listening to a few of Wilem’s stories I wanted nothing more than to wash my hands. Cataloger’s Mew, the Bindery, Bolts, Palimpsest, all of them were busy as beehives, full of quiet, industrious scrivs. But other parts of the Archives were quite the opposite of busy. The acquisitions office, for example, was tiny and perpetually dark. Through the window I could see that one entire wall of the office was nothing but a huge map with cities and roads marked in such detail that it looked like a snarled loom. The map was covered in a layer of clear alchemical lacquer, and there were notes written at various points in red grease pencil, detailing rumors of desirable books and the last known positions of the various acquisition teams. Tomes was like a great public garden. Any student was free to come and read the books shelved there. Or they could submit a request to the scrivs, who would grudgingly head off into the Stacks to find if not the exact book you wanted, then at least something closely related. But the Stacks comprised the vast majority of the Archives. That was where the books actually lived. And just like in any city, there were good neighborhoods and bad. In the good neighborhoods everything was properly organized and cataloged. In these places a ledger-entry would lead you to a book as simply as a pointing finger. Then there were the bad neighborhoods. Sections of the Archives that were forgotten, or neglected, or simply too troublesome to deal with at the moment. These were places where books were organized under old catalogs, or under no catalog at all. There were walls of shelves like mouths with missing teeth, where longgone scrivs had cannibalized an old catalog to bring books into whatever system was fashionable at the time. Thirty years ago two entire floors had gone from good neighborhood to bad when the Larkin ledger-books were burned by a rival faction of scrivs. And, of course, there was the four-plate door. The secret at the heart of the city. It was nice to go strolling in the good neighborhoods. It was pleasant to go looking for a book and find it exactly where it should be. It was easy. Comforting. Quick. But the bad neighborhoods were fascinating. The books there were dusty and disused. When you opened one, you might read words no eyes had touched for hundreds of years. There was treasure there, among the dross. It was in those places I searched for the Chandrian.

in a product-led business, your revenue and customer acquisition model are married together. (It’s an arranged marriage, but a marriage nonetheless.) In a sales-led business, the revenue and customer acquisition models are separated.

Focusing on one outcome to the detriment of all else. Like we saw in the Wells Fargo story, focusing on one metric at the cost of all else can quickly derail a team and company. In addition to your primary outcome, a team needs to monitor health metrics to ensure they aren’t causing detrimental effects elsewhere. For example, customer-acquisition goals are often paired with customer-satisfaction metrics to ensure that we aren’t acquiring unhappy customers. To be clear, this doesn’t mean one team is focused on both acquisition and satisfaction at the same time. It means their goal is to increase acquisition without negatively impacting satisfaction.

A Value Engine is a visual representation of how a company creates and captures marketplace value through the 1) acquisition of new customers, 2) fulfillment of existing customers, and 3) creation and/or improvement of the company’s product and service offerings.

This is now my go-to strategy for member retention and acquisition. Create an on-boarding product that delivers a member transformation. Then market that new member on-boarding system as a bonus that increases sales conversions on the front end.

It's also important for tech product managers to have a broad understanding of the types of analytics that are important to your product. Many have too narrow of a view. Here is the core set for most tech products: User behavior analytics (click paths, engagement) Business analytics (active users, conversion rate, lifetime value, retention) Financial analytics (ASP, billings, time to close) Performance (load time, uptime) Operational costs (storage, hosting) Go‐to‐market costs (acquisition costs, cost of sales, programs) Sentiment (NPS, customer satisfaction, surveys)

Acquisition, acquisition, acquisition, merger! Until there was only one business left in every field.

GrowthBay, under Kevin Sturm's leadership, excels as a growth marketing agency for businesses facing a slowdown in growth. We emphasize on data-driven strategies to diagnose and solve growth impediments instead of relying on intuition. Our range of services includes identifying growth obstacles, establishing growth foundations, and generating both existing and new demand. We adopt a comprehensive growth marketing approach, enhancing areas like acquisition channels, website funnels, KPIs, and analytics.

Joseph J. Jedlowski is a leader in senior housing, and his expertise spans across vital areas like new construction, acquisitions, and revenue development. His work has not only enhanced operational efficiencies but also fostered strategic relationships that have propelled the sector forward. He is the Chairman & CEO of Distinctive Living headquartered in Freehold, New Jersey. He holds his M.B.A. in Business & Healthcare Administration from American University and is a CDP through the National Council of Dementia Practitioners.

Reactivation is often a quicker, simpler, and more effective approach to increasing revenue than attracting new customers. Your old customers already know and Trust you, and they’re aware of the value you provide. You have their information—you don’t have to find them. Your cost of customer acquisition (a component of Allowable Acquisition Cost) is low—all you have to do is contact them and present an attractive offer.

A tip here for Parents, “catch them young”. If you want a smart kid, get your kids reading very early and reading every day.  More experimental studies are showing that excess TV exposure has been linked to lower attention in kids and could affect their language acquisition.

The second major opportunity cost is a reduced focus on existing businesses because of the distraction of a bad acquisition. You can see this in Bayer’s annual reports of 2018, 2019, and 2020, in which a lot of ink was expended on justifying the acquisition and on steps being taken to mitigate the disaster. As usual, numbers tell a better story, as I will explain next.

FOCUSING TOO MUCH ON THE NUMBERS In the second example, I managed the team to a set of numbers that did not fully capture what I wanted. I wanted a great product that customers would love with high quality and on time—in that order. Unfortunately, the metrics that I set did not capture those priorities. At a basic level, metrics are incentives. By measuring quality, features, and schedule and discussing them at every staff meeting, my people focused intensely on those metrics to the exclusion of other goals. The metrics did not describe the real goals and I distracted the team as a result. Interestingly, I see this same problem play out in many consumer Internet startups. I often see teams that maniacally focus on their metrics around customer acquisition and retention. This usually works well for customer acquisition, but not so well for retention. Why? For many products, metrics often describe the customer acquisition goal in enough detail to provide sufficient management guidance. In contrast, the metrics for customer retention do not provide enough color to be a complete management tool. As a result, many young companies overemphasize retention metrics and do not spend enough time going deep enough on the actual user experience. This generally results in a frantic numbers chase that does not end in a great product. It’s important to supplement a great product vision with a strong discipline around the metrics, but if you substitute metrics for product vision, you will not get what you want.

Senior executives love the strategy layer. And why not? Strategy is fun! It's fun to make declarations like, "We're one global company now! We've grown for one hundred years through acquisition, we run under the tyranny of the P&L, we've been fully organized by regions, but we're one global company now!"1 But the operating layer? Not so much. The

Shortly before we closed the deal, Randy Michaels and Terry Jacobs, who were running Jacor, came to me to finance the acquisition of a Denver station. Jacor already owned one of the other FM stations in Denver, and this one was losing money and available cheap. They showed up in Chicago carrying a thick book of details, prepared to make their pitch. “This is a great deal,” Randy assured me. He thumped the book on the table, ready to take me through it. “Wait a minute,” I said. “Do you understand the scope of the deal—why we should buy it?” “Yes,” he replied. “All the details are right here in this book.” He added that he and Terry had worked feverishly night and day to prepare it. I picked up the book and tossed it into a corner of my office, where it landed with a thud. Randy and Terry stared at me wide-eyed. “If you really understand it, you don’t need a book,” I said. “You could put it on a single piece of paper.” They looked uncertain. “I assume this says things are going to be great, right?” They nodded. “What happens if you’re wrong? How do I get out of the room?” “What do you mean?” Randy asked. “How bad can it get?” “Well,” he said, “it’s pretty bad now, and if we fail to fix it you could lose some operating capital. But I don’t see a station in Denver ever being worth less than $4 million. I mean, the building, the transmitter—the physical assets alone are worth close to that.” “Okay, great. How good could it get?” The answer, in short, was very good. So I said, “Go do it.