The Stress Test Every Business Needs

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  • Format: Hardcover
  • Copyright: 2018-08-16
  • Publisher: John Wiley & Sons Inc

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Future-proof your business today for stronger performance tomorrow

The Stress Test Every Business Needs: A Capital Agenda for Confidently Facing Digital Disruption, Difficult Investors, Recessions and Geopolitical Threats provides a comprehensive approach to creating value and flexibility in an increasingly volatile business environment that presents both great risks and opportunities every day. The authors extend the banking “stress test” concept to a company’s Capital Agenda — how executives manage capital, execute transactions and apply corporate finance tools to strategic and operational decisions. Having a static Capital Agenda, however appropriate for your current market position, is not enough in today's uncertain world. Long-term success comes from building resilience into each element and in the way those elements interact.

The book uses a broader definition of business stress that includes traditional macroeconomic and geopolitical risks, as well as technological disruption, hostile takeovers and activist shareholders. Companies that make poor strategic decisions or underperform operationally will likely find themselves facing great stress. And that stress is symmetric; threats come from downside risks and from missed opportunities.

The chapters address the how and why of essential issues such as:

  • Formulating corporate strategy in a digital world
  • Pre-empting activist shareholders
  • Restoring distressed companies to operational and financial health
  • Ensuring effective collaboration among strategy, finance and operations
  • Getting the most out of your advisors
  • Proactively managing intrinsic value
  • Rigorously allocating capital across the enterprise
  • Acquiring and divesting for optimum value
  • Syncing financing decisions with business strategy and capital market conditions
  • Incorporating tax planning throughout the Capital Agenda
  • Liberating excess cash with leading working capital management practices
  • Aligning strategic goals and metrics to reach your company’s full potential
Companies that develop strategy and set operational priorities with a balanced Capital Agenda are best positioned to control their own destiny. The Stress Test Every Business Needs provides a roadmap to future-proof your business today for stronger performance tomorrow. 

Author Biography

Leader, Corporate Development Leadership Network

Jeff leads EY's Corporate Development Leadership Network—an invitation-only, permanent roundtable of the heads of M&A, strategy, and inorganic growth for 40 of the largest companies in North America. For more than three decades, Jeff has counseled senior executives on the corporate finance implications of their strategic and operating decisions. His previous roles include Global Vice Chair—Corporate Finance and Global Transactions Leader for Life Sciences.

EY Global Vice Chair, Transaction Advisory Services, EY Global Limited

Steve has more than 25 years of experience in M&A, advising corporate and private equity clients on multibillion-dollar, cross-border transactions. He chairs the TAS Global Executive and is a member of the EY global board. Steve is also the senior advisory partner for several global EY accounts. He serves clients across a wide-range of industries spanning consumer products, industrial products, life sciences, transportation, technology, and communications.

EY Global Deputy Vice Chair, Transaction Advisory Services, EY Global Limited

Julie leads global teams to help companies solve their most pressing business challenges, and better manage their capital across five connected solutions of strategy, corporate finance, buying and integrating, selling and separating, and reshaping results. She has advised clients across a broad range of industries, establishing a deep level of operational transactional understanding of organizations in Asia, Europe, and the Americas.

EY Asia-Pacific Managing Partner, Transaction Advisory Services

Harsha has more than 20 years of experience advising clients on complex cross-border transactions, as well as private and public sector capital decisions throughout the Asia-Pacific Region. His primary focus is in valuation, financial modeling, M&A, and restructuring. Harsha continues to be a practicing valuation professional and chairs the Council of the Institute of Valuers and Appraisers of Singapore.

EY Americas Vice Chair, Transaction Advisory Services

Bill has 35 years of experience advising on capital strategy, mergers and acquisitions, spinoffs, IPOs, and securities offerings. As EY's Americas TAS leader and in prior roles, he has overseen a doubling of the practice to nearly 5,000 professionals. Bill has led some of EY's largest client engagements for multinational corporations and leading private equity firms in the US and Latin America.

For more information, see ey.com/capitalagenda

Table of Contents

Chapter 1 How resilient is your Capital Agenda? 1
Jeffrey R. Greene

Chapter 2 Do you know the intrinsic value of your company and how to manage it? 17
Daniel Burkly

Chapter 3 Are you allocating capital across the enterprise to reduce C-suite stress? 33
Jeffrey R. Greene

Chapter 4 Are your portfolio reviews timely, objective, and thorough? 51
Jeffrey R. Greene and JeffWray

Chapter 5 Do your acquisitions consistently pay off for shareholders? 65
Brian Salsberg

Chapter 6 Are you planning and executing divestments for maximum value? 81
Paul Hammes and Subin Baral

Chapter 7 Do your financing choices support flexibility and efficiency? 101
K.C. Brechnitz

Chapter 8 How well does working capital management contribute to cash flow and earnings? 113
Sven Braun and Steve Payne

Chapter 9 Is tax a full partner in building resilience and driving value? 125
Bridget Walsh and Erica Lawee

Chapter 10 Are strategy, finance, and operations integrated for optimal value creation? 137
Sharath Sharma and Daniel Burkly

Chapter 11 How can you get the most out of your advisors? 151
Giri Varadarajan and Aayush Tulsyan

Chapter 12 Can your strategy thrive in a digital world? 169
Tony Qui and Glenn Engler

Chapter 13 How can you pre-empt activist shareholders? 185
Shyam Gidumal

Chapter 14 How should you restore a distressed company to health? 199
Andrew Wollaston and Donald Featherstone

Chapter 15 Will your strategic goals ensure your company reaches its full potential? 217
William Achtmeyer and John Trustman

Glossary 231

Contributor Biographies 237

About EY 249

Index 251

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