{"id":2426,"date":"2020-12-07T15:46:27","date_gmt":"2020-12-07T14:46:27","guid":{"rendered":"https:\/\/www.stefan-gros.de\/strategic-framework-for-emerging-from-the-covid-19-crisis-through-ma\/"},"modified":"2024-07-25T20:11:54","modified_gmt":"2024-07-25T18:11:54","slug":"strategic-framework-for-emerging-from-the-covid-19-crisis-through-ma","status":"publish","type":"post","link":"https:\/\/www.stefan-gros.de\/en\/strategic-framework-for-emerging-from-the-covid-19-crisis-through-ma\/","title":{"rendered":"Strategic framework for emerging from the Covid-19 crisis through M&A"},"content":{"rendered":"\t\t
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Strategic framework for emerging from the Covid-19 crisis through M&A<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Strategic framework for emerging from the Covid-19 crisis through M&A <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A crisis such as this exceptional situation caused by COVID-19 can be divided into three time units.
\nStarting with the phase of reacting to an unforeseen event (“Respond”) with the aim of maintaining continuity, followed by the phase of recovery, in which a company learns and tries to gain strength, and the final phase of thriving, which is characterized by companies preparing for the new normal after the crisis and trying to help shape it.
\nM&A will play a key role in defining how companies emerge from the crisis and what added value they can develop. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The crisis as an opportunity for M&A <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The new reality will develop very asymmetrically between sectors and regions, and various forms of offensive and defensive M&A as well as other forms of inorganic growth will be important for securing core markets, accelerating transformation, forming alliances and repositioning.
\nIn this way, the crisis can become an opportunity and the foundations for future success can be laid today.
\nIf we take a look back at the past financial crisis and the period between 2009 and 2013, we can see the unique opportunities offered by M&A in such a phase: Transactions from this period were able to achieve three times the “shareholder return” compared to transactions in the subsequent upward phase.
\nThis is partly due to the fact that in such difficult phases the lower P\/E multiples make previously unattainable companies more attractive and there is less competition from other bidders. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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New framework conditions and rules<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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But what is different now compared to the last major crisis?
\nWith a record $3.8 trillion in cash reserves among the S&P 1200 companies, the necessary financial strength is now available to seize these opportunities.
\nSocial and environmental responsibilities as well as employee health and safety concerns and the responsible use of data will be new influencing factors in how transactions are contested in the future.
\nAll of these will become factors influencing successful M&A transactions.
\nHowever, the focus will now mainly be on intra-regional and domestic transactions, especially to minimize integration risks in these uncertain times. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Action guidelines for a successful recovery<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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However, it is difficult to define a universal blueprint due to the varying degrees to which companies have been affected by the crisis: But what guidelines for action can be derived for different companies?\nIt is worth categorizing M&A into four different types: <\/p>\n

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  1. M&A to preserve value (defensive M&A)<\/li>\n
  2. M&A to hedge markets and maintain competitive parity (defensive M&A)<\/li>\n
  3. M&A to transform the business model (offensive M&A)<\/li>\n
  4. M&A to change the game in the markets (offensive M&A)<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Fig.\n1: M&A strategy framework <\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    “Impact” of Covid-19:<\/strong> Factors such as the general economic recovery, supply and demand dynamics on the market, the impact on employees and customers and the general competitive environment should be taken into account when assessing the extent to which your own company is affected by Covid-19.<\/p>\n

    Ability to act:<\/strong> To assess the company’s ability to act, its own liquidity position, the strengths and weaknesses of its balance sheet and its ability to raise capital on the financial markets must be compared with the resilience of its own business model. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    1. M&A to preserve value (defensive M&A)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Number 1 helps companies that have been hit hard by the crisis and are in a vulnerable financial position to simply survive.
    \nPortfolio optimization and divestment play a central role here.
    \nLoss-making and strategically unsuitable non-core divisions should be sold off.
    \nIt is important to bear in mind that fewer buyers can be found in these times, so sellers should do everything they can to increase the attractiveness of assets for sale to potential buyers.
    \nThis divestment strategy ensures increased shareholder value on both the buyer and seller side, as the business focus becomes clearer for shareholders. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    2. M&A to hedge markets and maintain competitive parity (defensive M&A)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Moving on to the two forms of offensive M&A that can be useful in these challenging times, number 3 is aimed at companies with strong financials and a healthy balance sheet, but which are expecting major structural disruption.
    \nIn this case, it can be important to prepare in good time for the restart after the crisis and the new “normal”.
    \nKey points in the supply chain should be put to the test and, for example, acquisitions of various domestic supply chain links should be explored as protection against an anti-globalization trend.
    \nThe technological disruption affecting almost all sectors should be responded to by integrating digital elements into the business model.
    \nTo this end, it is worth constantly scanning the market to identify start-ups with high potential growth or competitors below their potential and thus close gaps in your own portfolio. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    3. M&A to transform the business model (offensive M&A)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Moving on to the two forms of offensive M&A that can be useful in these challenging times, number 3 is aimed at companies with strong financials and a healthy balance sheet, but which are expecting major structural disruption.
    \nIn this case, it can be important to prepare in good time for the restart after the crisis and the new “normal”.
    \nKey points in the supply chain should be put to the test and, for example, acquisitions of various domestic supply chain links should be explored as protection against an anti-globalization trend.
    \nThe technological disruption affecting almost all sectors should be responded to by integrating digital elements into the business model.
    \nTo this end, it is worth constantly scanning the market to identify start-ups with high potential growth or competitors below their potential and thus close gaps in your own portfolio. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    4. M&A to change the game in the markets (offensive M&A)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    For a few companies with little impact from the crisis and a strong ability to act, number 4 offers the opportunity to achieve unassailable market leadership through well-utilized M&A opportunities and to define the new order of tomorrow.
    \nThe change in customer behavior brought about by the crisis creates immense opportunities to benefit from this new behavior, for example through intersectoral alliances and partnerships.
    \nThis means that new intersections are emerging as a result of sector convergence: One example is a flood of investments in digital start-ups in the healthcare sector, including by a telecommunications company which can now offer telemedicine services to its customers.
    \nUp-and-coming tech start-ups should be acquired in good time in order to benefit from the accelerated use of innovative technologies with the company’s own core business as a result of the crisis and to build up a sound understanding in good time. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Conclusion<\/strong><\/p>\n

    Those who strategically seize opportunities during the crisis and take well thought-out, courageous steps can lay the foundation for sustainable competitive advantages and unassailable market leadership. <\/strong>The execution of suitable transactions should be preceded by an analysis of the company’s own situation.\nThe short and medium-term impact of Covid-19 on the business model must be analyzed very carefully.\nThis results in the appropriate M&A strategy by determining the degree of impact that Covid-19 has had on the company and then comparing it with the company’s own ability to act.\nA bottleneck will be suitable managers who can work at the intersection of strategy, M&A, restructuring, corporate finance and operations. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    \n\t\t\t\t\t\t\tDr. Stefan Gros | CFO\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
    \n\t\t\t\t\t\tDr. Stefan Gros ist Chief Financial Officer und Transformation Officer ad interim. Mit seiner mehr als 25-j\u00e4hrigen Berufs- und F\u00fchrungserfahrung z\u00e4hlt er zu den Top-Executives in Deutschland f\u00fcr Unternehmen mit spezifischen Herausforderungen und komplexen Situationen.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Strategic framework for emerging from the Covid-19 crisis through M&A A crisis such as this exceptional situation caused by COVID-19 can be divided into three time units. Starting with the phase of reacting to an unforeseen event (“Respond”) with the aim of maintaining continuity, followed by the phase of recovery, in which a company learns […]<\/p>\n","protected":false},"author":3,"featured_media":2325,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"disabled","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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