Förvärvsprocessen : Hos förvärvare utan tidigare erfarenhet

Sammanfattning: In this study, we try to understand how the strategic rationale and financial reports are created and developed by an acquirer with no previous experience, during acquisitions. We also investigate how the acquisitional capability of an organization is built up and competence established in a company without a dedicated M&A function and internal expertise. To accomplish this, we have conducted a case study, which analyses the processes of two completed acquisitions at an unlisted Swedish company with no previous acquisition experience. The study shows that for smaller, unlisted companies, internal acquisition experience and competence are not crucial to acquisition success. The corporate group in our study compensates for the lack of experience, a dedicated M&A function and internal expertise, by employing external experts. For smaller, owner-led companies, the ability to create rapport – a feeling of mutual understanding and affinity – appears to be more important in the acquisition process than acquisition expertise. You need to have a business mindset – you don't have to be an expert in financial analysis or law – but you must have the ability to surround yourself with the right people, connect with others, create rapport and dare to take risks.