First Call Advisors
Synergies: The Art and Science of Making 2+2=5 by Bill Pursche


Synergies are perhaps the most used – and misused – rationale for mergers and acquisitions.  The term
is applied to everything from actual headcount reductions to vague promises of 'strategic value.'  Yet
many studies warn that most deals fail to create shareholder value – and point to overestimated or
uncaptured synergies as the cause.

Even if these studies are accurate, this conclusion isn't entirely helpful to an executive or manager in the
middle of a deal.  What you need is information not on whether deals fail, but advice on how to make
them successful.  And successful deals require a pragmatic means of understanding and dealing with
synergies – how to identify them, how to value them, how much to pay for them, how to capture them,
and how to track them.  

Synergies: The Art and Science of Making 2+2=5 addresses these questions and more.  This is not an
academic treatise or textbook, but rather a realistic approach to understanding synergies and how they
affect your deal.  Filled with best practices derived from successful deals, this book covers:

-   What really are synergies?
-   What are the best ways to uncover possible synergies before the deal?
-   How should synergies be valued?
-   How much should you pay for potential synergies?
-   What are the best ways to capture synergies as part of the merger integration process?
-   What pitfalls should be avoided?

About the author:  Bill Pursche is a widely recognized expert in the field of M&A and synergies, with
experience in over 400 M&A events, including extensive work in synergy identification, valuation, and
capture.   Bill's articles on M&A and synergies have been widely published.  He is the former lead partner
of McKinsey & Company's M&A group, and is now Managing Director of First Call Advisors.



Synergies: The Art and Science of Making 2+2=5 will be published shortly.  If you would like to
receive notice of when the book is published, as well as information on how to received
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