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- W1546824631 abstract "Grant Pederson, President of Nagre Metal Products (Nagre), having barely caught his breath from Nagre's first ever acquisition, was already evaluating potential new acquisitions. Grant was reviewing due diligence reports from two particularly interesting acquisition targets. But Grant didn't want to move forward without evaluating the results of the first acquisition. Grant wondered, the synergies was hoping really exist? Does 1 + 1 = 3? Did the acquisition provide increased shareholder value? Do really want to do something like this again? Can ask this of my employees and management team? Grant recalled the early days of the recent acquisition. Just a year ago the bank signed papers making Nagre the official owner of the majority of the equipment, accounts receivable, and work in process of Corporation. Nagre was in good financial shape and paid cash this acquisition. Due to ATP's worsening financial condition, Nagre purchased only ATP's assets, not taking on ATP's debts nor paying its liabilities. After the papers were signed, Grant and his key staff met immediately with employees who had gathered what they believed was a routine company meeting. employees listened in shock as Grant introduced himself as their new president and described their new company. Grant explained that while their jobs were safe for now, within three months the company would be relocated to Nagre's facility 40 miles away. Grant recalled, We didn't realize how little they knew about the acquisition. Their company, that used to be the acquirer, was now the one being acquired. As myself, had been planning and hoping this day several years and was thrilled to have this day finally come. couldn't wait to get started. Organic growth wasn't fast enough me. wanted the challenge of an acquisition and the opportunity to grow Nagre quickly. After Grant shared the news about the acquisition and highlighted financial information about both Nagre and ATP, the next person to speak was Sandy, Nagre's HR director. Sandy explained Nagre's payroll and benefits packages. She remembered that, ATP employees had a mixed reaction. Some were happy to be acquired because they had taken pay cuts and a reduction in work hours over the past several years. Some were very worried about losing their jobs, and others were upset about the long commute they would face in the future. Everyone had a lot of anxiety. Thinking back, a former employee noted, We just wanted to know, do we need to be looking a new job or do we really have one? And, who is to blame? Somebody at really screwed up. Natalie, Nagre's Administrative Manager, spoke last to the employees. She was responsible all acquisition administrative functions and was the point person the implementation of the acquisition on the administrative side. Natalie was the on-site manager at following the acquisition. Her job that first day was to make sure that Nagre had no future responsibility liabilities. By the close of business that day, all letterhead, purchase order forms, and marketing materials had to be destroyed. In addition, the name had to be removed from all e-mail addresses, websites, and voicemail. Natalie recalled, I gathered all of the administrative personnel to lay out the plan to get everything changed. This also gave me the opportunity to officially meet the administrative group to learn about their roles and responsibilities. had an electronic copy of Nagre's logo so we would be able to quickly transform all the business documentation from to Nagre. Still in a state of shock and disbelief, ATP's administrative staff began eliminating all traces of their former employer. Looking back, the days and weeks after the acquisition were a blur of chaos, bad news, and stress Grant, Sandy, Natalie, and the employees of both companies. Following the initial chaos were almost six months of 70-80 hour work weeks, countless challenges, and seemingly insurmountable problems. …" @default.
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- W1546824631 date "2012-12-22" @default.
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- W1546824631 title "Nagre Metal Products: Does 1+1=3?" @default.
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