Mergers and Acquisitions—Live-Online

PROGRAM FORMAT: Live-Online

This interdisciplinary program gives executives the analytical frameworks and tools necessary to successfully execute mergers, acquisitions, and corporate restructuring. 

The forces of globalization and technological change have created a highly competitive and dynamic business world where mergers and acquisitions are increasingly used to seek competitive advantage and maximize value for shareholders.

Engaging in M&A activity is not a low-risk endeavor, so it is imperative that executives know how to navigate this landscape. At Chicago Booth, you will learn not only from M&A successes but also from M&A failures to better evaluate risk and put frameworks and tools to practice in a risk-free environment.

During this program, you will:

  • Develop a strategic plan for M&A activity.
  • Analyze strategic alternatives to M&A.
  • Understand the M&A due diligence process and develop your due diligence skills.
  • Understand business valuation techniques.
  • Implement a strategy for integration and restructuring.
  • Structure the deal to minimize tax consequences.
  • Learn how to best protect shareholder value during M&A.
  • Understand the use of M&A by large public corporations, privately held middle-market firms, and private equity firms.
  • Learn a playbook of M&A best practices.

Format and Location

Live-online cohorts: Our live-online programs are delivered in a synchronous format where you'll engage with faculty, industry leaders, and a global set of peers in an interactive, high-impact virtual environment. The benefit to this format is that you'll receive Booth's rigorous content in short, digestible sessions held multiple times weekly. For more details, view our M&A live-online program schedule.

FORMAT

Our live-online programs are delivered in a synchronous format where you’ll engage with faculty and peers in an interactive, high-impact virtual environment. The benefit of this format is that you’ll receive valuable content in short, digestible sessions to help you absorb the program materials in-between sessions.

SCHEDULE

This program features live sessions held Mondays, Tuesdays, Thursdays, and Fridays starting at 8:30am CT over a two-week period.

Lectures will be recorded and available to participants any time during the program and for three weeks thereafter. Discussion groups will not be recorded.

View the full program schedule here.

This program is designed for senior and upper-middle level executives who are now or will be involved in M&A activity. CFOs, CEOs, and general counsel considering or currently involved in M&A activity will find this program immensely valuable.

Titles include: C-suite, general manager, vice president, director of business development, director of finance, strategic planner, business unit manager, general counsel, and analyst.

Merle Erickson

Professor of Accounting

Merle Erickson studies the effect of taxes on the pricing and structuring of mergers, acquisitions, and divestitures; and the use of accounting information in valuation and contracting. He also studies, among other things, various aspects of accounting fraud. He teaches “Taxes and Business Strategy” at Booth and his course has been a staple of the Booth MBA curriculum for more than two decades.

In addition to numerous articles published in a variety of top academic journals, Erickson is a coauthor of the widely used Taxes and Business Strategy textbook (currently in its 6th edition) and is the author/editor of the casebook, Cases in Tax Strategy. From 2005-2011, he served as a co-editor of the Journal of Accounting Research.

Over the course of his career, Erickson has consulted on complex GAAP and tax accounting issues (e.g., debt versus equity, FIN 48 and ASC 740 related issues, intercompany accounting and consolidation, employee stock option accounting, accounting for acquisitions and divestitures, restated financial statements, etc.) in a variety of contexts (e.g., bankruptcy, mergers, acquisitions and divestitures, inversions, structured finance, investment planning, cross border and intercompany financing, partnership arrangements, tax sharing agreements, and various types of tax advantaged transactions). His clients have included, among others, the U.S. Department of Justice, the Internal Revenue Service, Fortune 500 companies in various industries, international financial institutions, law firms, accounting firms, and individual taxpayers. He has also assisted corporations with SEC, IRS and whistleblower investigations. Erickson brings these real world experiences to his “Taxes Business Strategy” and executive education courses at Booth.

He has been given several awards from the American Taxation Association for his research and teaching. He has received the Outstanding Manuscript Award (twice) as well as an award for teaching innovation. In addition to teaching graduate students at Chicago Booth, Erickson has taught courses to Morgan Stanley, Merrill Lynch, General Electric Capital Corporation, Baker McKenzie, Andersen Consulting, Accenture, CareerBuilder, and the IMCA (Investment Management Consultants Association) among others. He also has been named one of BusinessWeek's Outstanding Faculty at the University of Chicago.

Erickson earned a bachelor's degree in accounting from Rockhurst College in 1987, an MBA in 1989 from Arizona State University, and a PhD in accounting from the University of Arizona in 1996. He joined the Chicago Booth faculty in 1996.

In addition to his scholarly activities, Erickson is an avid fisherman. He received the Angler Award from the Billfish Foundation in 2003 for releasing the most striped marlin worldwide that year. His angling pursuits have taken him from the pristine lakes of northern Canada to some of the remotest stretches of the Great Barrier Reef.

Gregory D. Bunch

Adjunct Professor of Entrepreneurship

Greg Bunch draws on a wealth of experience as an entrepreneur, manager, consultant, alderman, and teacher. He is the founder of Masterplan International Corporation, a strategy consulting firm. He was also a partner at Brandtrust, a brand strategy consultancy. Greg co-founded a healthcare software start-up in the Bay Area. He has served on corporate boards for financial services, healthcare, retail, franchising and marketing firms.

He works with Fortune 50 companies, family businesses and start-ups in the areas of innovation and strategy. He has worked with a broad array of companies including Abbott Labs, American Express, Danaher, Dover, ETS, Harley-Davidson, Hewlett-Packard, Kimberly-Clark, McDonalds, PepsiCo, State Farm and Yum! Brands.

Greg was an alderman in the City of West Chicago, serving on the infrastructure, public safety and development committees.

Greg has lectured nationally and internationally on topics related to strategy, creating customers, and innovation. He earned a bachelor's degree from Wheaton College in philosophy and an MDiv from Harvard University.

Stephen Morrissette

Visiting Professor of Business Administration

Steve Morrissette's career includes large corporate experience in mergers & acquisitions, commercial banking, as well as entrepreneurial projects as an investor and founding CEO of several start-up businesses. In addition to 30 years of practitioner expertise, his academic career includes 15 years of full-time teaching and extensive scholarship on entrepreneurial finance including a comprehensive study of angel investors published in the Journal of Private Equity, many articles on the banking industry, and many presentations and journal articles.

His expertise includes: Strategic Planning, M&A, and Capital Planning. He works with publicly-held firms, privately-owned firms with a special emphasis on planning for large family-owned businesses.

Recent consulting projects include developing a strategic plan including M&A Plan ($700 mil firm in SE USA), developing ownership exit strategies/succession plans for 4 family/founder held business ranging in size from $10 to $50 million in EBITDA, strategic plan for an $75 million international internet based business, and an international strategic plan ($2 bil firm based in Saudi Arabia).

Formerly he was the founding CEO of First Community Financial Partners, a 4 bank holding company which grew to $1.2 billion in assets in 10 years which he took public and later sold. At First Community, he led 5 stock offerings raising over $100 million in equity.

He has made 11 angel investments, 4 search fund investments and has advised numerous start-up firms including mentoring Booth New Venture Challenge teams.

He serves on several corporate and non-profit boards.

His academic credentials include an MBA with honors in Finance and Strategy from the University of Chicago and a PhD in Entrepreneurial Finance from Union University. In addition to Booth, he is a Professor at the University of St. Francis in Joliet, IL and has guest lectured at the Northwestern Kellogg School of Management. His current research includes decision models for mergers and acquisitions including "A Framework for Validating and MA Deal Thesis" published in the Journal of Accountancy and Finance. He also recently published "An Investor's Guide to Search Funds" in the Journal of Private Equity; the article was co-authored with a Booth student.

John Hand

Visiting Professor of Accounting

John R. M. Hand is a visiting faculty member from UNC Kenan-Flagler where he is the Robert March & Mildred Borden Hanes Distinguished Professor of Accounting. At Booth, Dr. Hand teaches Financial Statement Analysis. At his home institution of UNC Kenan-Flagler, Dr. Hand teaches in the MBA, Masters of Accounting (MAC), Undergraduate, and Executive Development Programs. In 2019 he received the UNC Kenan-Flagler Distinguished Research Award, and in 2013 and 2008 the UNC Kenan-Flagler Weatherspoon Awards for his MAC and MBA Teaching, respectively. Dr. Hand served as associate dean of UNC Kenan-Flagler’s top-ranked MAC Program from 2007-2011. He has 20 years of financial experience in the not-for-profit world as Treasurer of the Chapel Hill Bible Church (1996-2005) and Treasurer of Trinity School of Durham & Chapel Hill (2006-2016). Over the past 20 years he has also served as a key business plan and valuation advisor to, and/or on the Board of Directors of, six NC-based startups, primarily in the medical device area.

Dr. Hand he earned his 1st Class B.Sc. in Accounting at Bristol University, England, his MBA and PhD degrees from the University of Chicago Booth School of Business (formerly GSB), and taught at Booth (GSB) from 1988-1993. With research interests in accounting, finance and entrepreneurship, Dr. Hand’s studies equity analysts’ valuation models, financial statement forecasts, and cost of capital estimates.

Optional Accounting / Finance Refresher Online

Prior to the program, participants gain access to a web-based, learner-driven program to help them refresh important accounting and finance concepts. Each module features self-tests, allowing participants to tailor their learning and focus their time on the concepts least familiar to them. This multi-media tool is used as a way to establish a baseline of knowledge to make the time in the classroom as productive as possible.
 

Strategy Formulation

  • Create competitive advantage through acquisition, merger, divestiture, or alliance
  • Determine attractiveness and fit of a candidate
  • Analyze the alternatives to M&A such as strategic alliances or joint ventures

Investment Decisions and Financing

  • Understand valuation methods in evaluating M&A prospects
  • Consider capital structure and financing choices and understand/compute pro forma metrics
  • Review an LBO transaction and financing structure
  • Understand market reaction to transactions

Tax Implications

  • Understand tax implications of various tax structures for both the buyer and seller
  • Structure transactions to maximize the seller's after-tax wealth and to minimize the buyer’s after-tax cost
  • Become familiar with various valuation implications of tax planning for mergers, acquisitions and divestitures

M&A Strategy and Target Identification, Deal Phase, and Due Diligence

  • Develop an end-to-end process view of corporate development and M&A
  • Obtain tools to identify and prioritize acquisition targets
  • Test and validate a potential deal thesis
  • Learn due diligence activities necessary to test an investment thesis
  • Develop synergy estimates
  • Identify key risk issues to be investigated in due diligence
  • Develop a due diligence plan

Postdeal Integration

  • Develop a strategy for successful integration
  • Manage post-merger integration with focus on shareholder value
  • Understand the decisions and processes that impact the new organization's strategy, structure, and culture


UPCOMING PROGRAM DATES

Check back soon for 2022 dates.