Falcon has worked on literally hundreds of transactions, and has been involved in all elements of the deal value chain, from screening through integration.
From this experience we have learned that a disciplined approach to the acquisition process is vital to ensure success. Stated boldly, the disciplines seem a bit obvious. Yet they so often are ignored. And when they are, the cost is enormous to shareholders and other stakeholders of firms involved. The disciplines are:
Invest with a thesis - Acquisitions are growth strategies. Successful deals have an investment thesis that is founded on a firm's portfolio needs and basis of competition.
Ask the big questions - Focus on the few, big questions in due diligence that test the investment thesis.
Integrate where it matters - Prioritize getting at the key sources of value. Gain more by integrating less.
Plan for contingencies - Know what you can and cannot do and prepare for things to go wrong. They will.
