2025-01-28-科尔尼-how_organizations_create_value_from_divestitures_-_Kearney_9页_521kb

Divesting to Win: Report Summary

Key Findings

• Most divestitures fail to create value, with only 30% achieving it 12 months post-deal, while nearly 40% destroy value.
• Value creation is measured by market capitalization growth vs. S&P 500 and revenue growth vs. competitive set.
• Two main entities are evaluated: RemainCo (remaining organization) and SpinCo (divested entity).

Common Challenges

1. Missed Transformation Opportunity: Fails to leverage post-divestiture to implement organizational changes, leading to under-performance.
2. Core Business Disruption: Prolonged timelines distract from daily operations, hindering growth initiatives and customer retention.
3. Unsustainable Costs: NewCo entities often retain high overheads and costs, reducing competitiveness before the deal closes.
4. Stakeholder Uncertainty: Lack of clear communication creates FUD (fear, uncertainty, doubt), affecting employee morale, customer decisions, and investor confidence.

Recommendations for Value Creators

• Manage Divestiture as Transformation: Assign C-level accountability and focus on strategic changes to reset operations.
• Accelerate Timeline: Limit announce-to-close to 9 months or less to minimize disruption.
• Conduct Rigorous Cost Management: Eliminate stranded costs, plan for operational cutover early, and make long-term decisions.
• Ensure Transparent Communication: Involve stakeholders early and maintain open dialogue to build trust and alignment.