Find the right path to optimise your business portfolio
Laurence Capron
Programme Director
Professor of Strategy
The Paul Desmarais Chaired Professor of Partnership and Active Ownership
Developing and managing a successful portfolio of businesses requires taking the right path to acquire, redeploy or divest resources and capabilities. Whether that means a merger, an acquisition, an alliance, a licensing contract, a divestment or internal development, it is imperative to understand the pros and cons of each path and to learn which is most appropriate for a successful corporate strategy.
The curriculum of the new INSEAD executive education programme, M&As and Corporate Strategy, has been designed by INSEAD faculty based on their most recent research and teaching innovations. It uses case studies developed at INSEAD specifically for this new programme that feature real-world examples of portfolio growth and restructuring, as well as value-creating and value-destroying, M&As and divestitures. These are sourced from a range of industries that include financial services, telecommunications, packaging, chemicals and manufacturing.
Key Benefits
Define your optimal portfolio of businesses through rigorous capability- and market-based analyses
Take the right corporate development path by selecting the appropriate mix of internal and external corporate development tools
Enhance your M&A corporate capabilities by developing a disciplined and holistic process for acquiring and redeploying resources and capabilities
Develop the corporate discipline of active ownership and timely divestitures
Think before you swoop (The Sunday Times - 20 January 2013)
Companies chasing growth tend to follow a standard template: start with organic expansion and then, when they feel they have wasted enough time on that endeavour, look for an acquisition to shortcut the process.
Click here to read the article.
Business Management: China's M&A deals (South China Morning Post - 5 January 2013)
China's mergers and acquisitions record scores low compared with other countries. How can its buyers avoid losing face?
Click here to read the article.
How can companies balance multiple growth strategies? (Published by Business Digest, a leadership and business observatory- December 2012)
Companies that diversify their growth strategies are 46% more likely to survive the next five years than those that focus on one single approach, say Laurence Capron and Will Mitchell. How can companies juggle internal development, resource partnerships, and M&A?
Click here to read the article.
This unique programme has been built upon the thought leadership developed at INSEAD in corporate strategy, business portfolio strategy and M&As. Through lectures, interactive case studies, small-group projects and experience-sharing workshops you will be equipped with a set of frameworks, practical tools and world-class peer contacts that will make you better prepared to tackle the critical corporate-level issues of your organisation. Specifically, you will be coached to:
Assess strategically your business portfolio options
Understand what drives companies to grow or restructure their business portfolio
Evaluate your business portfolio and determine the appropriate businesses to acquire, restructure or divest through a disciplined decision-making process
Develop a corporate parenting advantage by adding greater value to an individual business unit through discipline and cross-business linkages
Select the right mix of internal and external corporate development tools
Understand the opportunities and weigh the risks associated with the use of each corporate development tool: build, acquire, ally, license or divest
Select the optimal mix of corporate development tools to grow and restructure your business portfolio
Decide when and how to use less integrative modes of resource acquisition than M&As, such as alliances and joint ventures
Select, value and successfully integrate M&As
Counter the social and psychological pressure of industry-wide waves of M&As with a rigorous due diligence process
Evaluate valuation proposals by understanding and quantifying synergy drivers in M&As and learn how to capture value from your M&A deals
Integrate M&As into your corporation whilst retaining the value of the target capabilities and people, especially with small entrepreneurial structures
Foster active ownership and implement timely divestitures
Recognise when resources or businesses should be divested and select the right divestiture tool
Handle takeover offers from private equity firms and compare them with those of strategic buyers and with internal restructuring options
Identify and capture opportunities from selling entrepreneurial firms
The programme is designed for general managers responsible for designing and/or implementing corporate strategy and developing the business portfolio through mergers, acquisitions, joint ventures and alliances, licensing, or divestments.
Participants typically hold titles such as:
Head of Operating Business Unit or group of units
Corporate Development Officer
Business Development Executive
Director of M&As, Alliances, Licensing, Strategic Planning
CFO, CEO
HR leader or integration executive
Executives recently promoted to the above positions
The programme is also designed to benefit company advisors such as corporate lawyers, investment bankers, or private equity executives who seek to go beyond the transactional aspects of M&A deals and to develop a more comprehensive perspective on different modes of corporate strategy.
The programme does not require previous experience in a financial function. However, it does require a fluent knowledge of accountancy and finance, i.e., familiarity with balance sheets, income and cash flow statements and valuation. A refresher on these topics is offered on the Monday before the 3,5-day programme. This optional finance immersion day will cover topics such as firm valuation, net present value, discounted cash flow, continuing value, and economic value added. More advanced finance workshops will be offered during the core programme.
Laurence Capron
Programme Director
Professor of Strategy The Paul Desmarais Chaired Professor of Partnership and Active Ownership
"Professor Capron shares her knowledge about taking the right path to acquire, redeploy or divest resources and capabilities."
“For the past fifteen years, I have been studying how firms develop their business portfolio by acquiring, redeploying and divesting their resources. I share my knowledge with INSEAD MBA, EMBA and Executive Education participants in courses which integrate strategic, financial, organisational, and human aspects of M&A processes. M&A is often the most expensive, complex and disruptive tool and should only be used when it is justified. Before jumping to M&As, executives should assess the strategic fit of the acquisition with the company’s business portfolio and select the right mix of internal and external corporate development tools. I encourage participants to see M&As as a tool and not a substitute for strategy.”
Laurence Capron
Professor of Strategy
The Paul Desmarais Chaired Professor of Partnership and Active Ownership
Executive Education Progamme Director, M&As and Corporate Strategy
"The M&As and Corporate Strategy course allowed me to develop a holistic view on M&As by integrating the financial, strategic and organizational aspects of the M&As process. The unique element for me was the balance between the qualitative and quantitative approach. I learned not to quickly adopting an M&A approach but evaluate the full spectrum of corporate development strategies".
CEO
ING Investment Management Poland
“Our contracting company has been steadily growing during the last four decades and today is considered to be a leader in its market. Having taken the M&As and Corporate Strategy Executive MBA elective, I have decided to do a corporate development study on our company and provide my recommendations to our Board for the expansion of our activities in the future using the tools learned during the course. The course has a very well defined road map which presents one with various available options and their respective trade-offs for corporate strategy development. Various corporate development tools are presented in very structured and easy to understand formats.”
Vice Chairman
Jahanpars
Great minds don’t think alike
INSEAD’s professors represent many cultures, disciplines, and perspectives. Led by acknowledged world experts in their own particular fields, programme faculty remain intimately close to business and most are engaged in cross-disciplinary research.*
Professor of Strategy
The Paul Desmarais Chaired Professor of Partnership and Active Ownership
Laurence Capron is Professor of Strategy at INSEAD. She joined INSEAD in 1997 after earning her PhD in Strategy from HEC Paris. She was Visiting Associate Professor of Strategy at Wharton (2005-06) and Visiting Scholar at Kellogg (2004-05) and Michigan (1993-94). For her course on Mergers, Acquisitions, Alliances and Corporate Strategy (MAACS), taught at INSEAD and Wharton School, she received the INSEAD Best Teacher Award in 2007. Read more...
This programme is eligible for the INSEAD Executive Certificate in Global Management.
Please click here for more information about the terms and conditions.
For full details on how to apply, accommodation, and cancellation conditions please visit the Practical Information page
* Fee subject to change. For programmes delivered in France, VAT (19.6%) to be added for companies based in France, or for European companies where no VAT number is supplied. For programmes delivered in Singapore, GST (7%) to be added for Singapore-registered companies.
