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Attitude Changes

  • The General Recovery

    • Companies have cash, but after 1991-2004, don’t want to share with employees

    • Two years ago spent profits on plant and R&D

    • Last year on IT infrastructure and M&A

    • This year and next M&A expected to pick up

    • Distressed sales opportunities are basically finished

  • Normalization of Selling

    • M&A becoming common news in media, so owners feel less negative

      • But most desirable deals are with larger Japanese firms

      • Concerned about being “sell-outs” and betraying the “family” of employees

  • Factors

    • Maslow’s hierarchy of needs tells us that people normally sell companies when they have nothing left to gain, or to survive

      • Broken companies, being sold by banks and funds

    • Among healthy firms

      • Self esteem sales – young dot.com CEOs cashing out

      • Older CEOs from 1960’s and 1970’s want to retire, but no kids to take over

      • Industry pressure causes CEO to have to align with major partner

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