2017年-德勤全球_Is_it_time_for_a_break__40页_5mb

报告摘要

Deloitte: How to Maximise Divestment Success

Core Content

Deloitte's report explores the challenges and strategies involved in successful divestment activities within the context of a low-growth economy. It highlights that divestment is increasingly seen as a critical lever for delivering shareholder value and ensuring strategic alignment. The report is based on a survey of 123 global organisations and interviews with senior executives, providing insights into the current trends, motivations, and best practices for divesting non-core assets.

Main Drivers of Divestment

Strategic fit: Over half of survey respondents identified reshaping their portfolio to focus on the core business as the primary motivator for divestment. Non-synergistic products, poor operating performance, and weak market position are common reasons for designating a business as non-core.
Market changes: 44% of respondents cited market and competitive landscape changes as a key driver for divestment, a significant increase from 5% in 2012.
Shareholder activism: Increased pressure from shareholders to optimise portfolios is also a major motivator for divestment.
Regulatory and political uncertainty: This has made asset valuation more complex and increased the difficulty of completing deals.

Key Challenges in Divestment

Valuation complexity: Companies struggle with accurately valuing their assets due to the difficulty in assessing standalone performance and the uncertainty in the economic and policy environment.
Employee morale and communication: Poor communication with employees about future plans can lead to speculation and negative morale. Managing employee expectations is crucial.
Regulatory hurdles: With increased regulatory intervention, finding the right buyer who can secure regulatory approval is more challenging.
Execution pressure: Divestments often face tight deadlines and require a high level of coordination and execution.

Best Practices for Successful Divestment

Strategic and structured reviews: Regular portfolio reviews using a strategic lens help companies identify non-core assets more effectively.
Clear communication and leadership: A strong leadership structure with a defined process and clear playbook is essential for managing the divestment process and maintaining morale.
Dedicated separation team: Forming a dedicated team with operational knowledge and a structured plan ensures a smoother divestment process.
Auction over single-bidder deals: Sellers should consider auction processes to attract multiple bidders and increase the deal value, as exclusive deals can lead to lower prices.
Broadening the buyer base: Companies should explore a wider range of potential buyers, including cross-border and private equity firms, to maximise the chances of a successful transaction.
Data and analytics: Buyers now demand detailed data and analysis, including financial, operational, and customer data. Sellers must provide this to support their equity story and ensure transparency.

Smart Steps

Articulate strategy clearly: Communicate the rationale for retaining or divesting assets to shareholders.
Prioritise regular strategic reviews: Use profitability metrics and product fit to assess whether a business is core.
Use an "outside-in" approach: Evaluate the business from an external perspective and determine if it fits with strategic priorities.
Form a dedicated separation team: Ensure a robust, structured plan is in place to avoid impacting business-as-usual performance.
Prepare for due diligence: Conduct thorough preparation, including financial carve-out data, to avoid surprises and maintain credibility.
Consider auction processes: Attract multiple bidders to strengthen the seller's bargaining position and increase deal value.
Evaluate intra-industry and private equity buyers: These buyers can offer faster execution and higher prices, despite initial hesitations.
Provide detailed data: Use data to support the transaction narrative and ensure buyers have a clear understanding of the business's value and potential.
Focus on customer data: Buyers now look at the entire customer community, not just the top few customers.
Anticipate and manage risks: Understand the implications of the divestment on the broader portfolio and competitor dynamics.

Key Insights from the Survey

The number of divestments is rising, with 70% of organisations expecting to make at least one in the next two years.
Divestments are often more complex and time-consuming than anticipated.
There is a growing recognition that private equity and cross-border buyers can be more effective in completing transactions, despite traditional preferences for domestic and strategic buyers.
The use of data and analytics is becoming increasingly important in the divestment process, with buyers demanding more detailed insights.
Employee morale and communication are critical factors that can influence the success of a divestment.

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