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Getting a deal done is a lot easier than making it work.
So said Marshall Warwaruck, regional director at Corum Group, in his "The Buy-Side Process" presentation at the Strategic Mergers & Acquisitions for Software, Internet and Other Information Technology Firms Conference held in San Jose, Calif., two weeks ago. The presentation was aimed at helping overeager buyers avoid some of the pitfalls of hasty West Coast M&A.
During his executive tenure at Sterling Software Inc., Warwaruk said his M&A team would always ask prospective bidders: If someone were to give me this company for nothing, would I take it?
Warwaruck stressed several times the importance of fit. A target is often so profitable that the merger will pay for itself, or the buyer is so eager to expand that...