Why this 60 year old book should be your bible on all things M&A
Phil Fisher’s highly regarded “Common Stocks and Uncommon Profits”, published in 1960 is almost 60 years old. Yet the timeless M&A advice in the book needs to be revisited. We seem to have lost a lot of the wisdom we once had.
He warns about the three M&A dangers:
– the struggle for top positions in the combined firms
– that top management will get involved with so many problems in fields with which they were not previously familiar with that they will find themselves unable to carry on with their former efficiency.
– the seller nearly always knows more abo