If you cannot get the terms you know make sense, then walk away. This is one occasion when you have the right to overrule senior management in your company, if you feel strongly enough. Listen hard. But if you are not convinced, insist they walk away. -How to get rich, p.280 Continue reading No deal is a total make-or-break deal. Not one.
Real money rarely comes from horsing around running an asset-laden business if you are an entrepreneur. You are not a manager, remember? You are trying to get rich. Whenever the chance comes to sell an asset at the top of its value, do so. Things do not keep increasing in value for ever. Get out while the going is good and move on to the next venture. More money is usually lost holding to an asset than is made waiting for the zenith of its value. I should know – it’s my own biggest defect. -How to get rich, p.214 Continue reading Sell early
Looking back at the acquisitions of Pixar, Marvel and Lucasfilm, the personal component of each of these deals was going to make or break them, and authenticity was crucial. Steve had to believe my promise that we would respect the essence of Pixar. Ike needed to know that the Marvel team would be valued and given the chance to thrive in their new company. And George had to trust that his legacy, his “baby”, would be in good hands at Disney. The Ride of Lifetime, p.188 Continue reading Each deal depends on building trust with a single controlling entity.
You can’t just force assimilation. Even if it isn’t purposeful, the buyer often destroys the culture of the company it’s buying, and that destroys value. In most cases, you are acquiring the people (they are the ones who made this business successful), not so much the physical assets, manufacturing assets or IP. -The Ride of a Lifetime, p.142 Continue reading Even in the best circumstances, the merger process is delicate.
Roadmap to Billions 