October 24th, 2011 
Matt Craft Don’t let a rocky integration spoil the fruits of a partnership that has been primed for success. Let Capstone help you understand how to plan and prepare for a happy marriage of two companies!
David will speak for approximately one hour followed by a question-and-answer session.
You’ll learn how to:
-Explain the different levels of integration in order to decide how much to integrate after the deal is done
-Begin to develop a 100-Day Post-Closing Plan
-Explain effective communication strategies for integration success
-Define cultural differences in organizations and how to bridge them
-Utilize secondment to your advantage
CLick here to register:
https://www3.gotomeeting.com/register/803623286
Date: Thursday, October 27, 2011
Time: 1:00 PM ET/ Noon CT/ 11:00 AM MT/ 10:00 AM PT
No Prerequisites or Advanced Preparation needed!
Registration Fee: $79 earlybird if registered by Monday, October 24
After October 24, $99
IMPORTANT PAYMENT INFORMATION: Once you register, we will send you a request for payment via PayPal (may take up to 24 hours). Once payment is confirmed, your registration will be approved and you will receive the log-in information for the webinar.
CPE Credits – 1 CPE credit in Business Management and Organization will be given for those actively participating in this webinar
Program Level: Basic
Delivery Method: Group Internet-Based
Please forward this information on to anyone who might be interested in corporate growth strategies.
Refund policy: Requests for refunds must be received in writing by 1:00 PM ET Wednesday, October 26 and your registration will be refunded in full within 5 business days. After 1:00 PM ET on October 26, a credit will be given for a future webinar. In the event of a cancellation, you will be given the option of a full refund or applying your fee to a future webinar.
For questions or concerns, please contact Matt Craft at 703-854-1910 or mcraft@capstonestrategic.com
Capstone Strategic, Inc. is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education of the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org
VF agreed to acquire Timberland for $2 billion, which is a 43% premium on its recent stock price. VF says their focus will be on cost reductions as it tries to consolidate the footwear segment. Timberland operates on an operating margin under 10%, while VF’s is around 20% — double. I expect these cost savings focused acquisitions will continue for the remainder of 2011 as companies struggle with rising costs and waning consumer demand. If you can’t grow your top line organically then the opportunity for larger companies is to focus on consolidation and attempt to drive cost savings.
Last week nearly $20 billion of debt was sold in the form of corporate bonds, according to Dealogic, including Google who issued bonds for the first time ever. So companies continue to have a record amount of cash on their balance sheets, but are also raising MORE cash by issuing low-cost debt. There are only a few things CEOs can do with all this cash – give it back to shareholders in the form of dividends, buy back shares, spend money adding people, facilities, and technology, or they can invest in acquiring companies. In my opinion, the one most attractive to CEOs is M&A because it has potentially big strategic and financial payoffs and frankly has much more ego appeal than the others. I am sticking with my long-held prediction that the second half of this year we will see sharp increases in M&A activity. I think these burgeoning war chests are another sign that this will happen. Stay tuned.
