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Managing Growth through Acquisition: Time – Tested Techniques for the Entrepreneur

The Case Study section of the International Journal of Entrepreneurship and Innovation serves two purposes. First, the case studies presented are concerned with problematical issues that are pertinent to students of entrepreneurship. Thus they constitute appropriate teaching and learning vehicles on a variety of postgraduate and undergraduate programmes. Each case study is accompanied by a set of guidelines for the use of tutors. Second, it is envisaged that those engaged in entrepreneurial activities will find the cases both interesting and useful. The case in this issue illustrates the importance of ‘up-front planning’ in searching for and screening potential acquisition candidates; strategies for initiating contact; the intricate dynamics of the deal structuring process; the importance of identifying sources and destroyers of value; events common to the closing process; and the challenges of integration. Dialogue between fictional characters is used to identify and resolve real issues within the context of a growth-oriented entrepreneurial business. The case study focuses on an actual business, whose name has been changed, which chooses to pursue growth through acquisition after examining a range of reasonable options. Deal structuring is portrayed as a highly interactive process consisting of a series of concurrent phases including negotiation, the validation of assumptions through due diligence, securing financing, and the refinement of the initial offer price. A series of discussion questions and proposed solutions are presented at the end of the case. The content of this case represents a synthesis of the elements common to the author’s experiences in managing 30 significant and diverse transactions from initial contact through to closing. These transactions include acquisitions, divestitures, joint ventures, minority investments, licensing and supply agreements.