Mergers and Acquisitions Playbook: Lessons from the Middle-Market Trenches (Wiley Professional Advisory Services)

Jim Collins, in Good to Great, searched for those qualities that differentiated the average company from the true standouts. While the long-term performance results of the best companies are available to all, the means by which those ends were achieved were far more subtle. And so it is with Playbook. Although billed as a how-to manual, on a subtle but powerful level it is an unintentional autobiographical account of how the author achieved greatness as a mergers and acquisitions specialist. Those who have watched Mark perform his magic over the years have witnessed those traits for which greatness was the unanticipated byproduct. Beyond his intellectual brilliance, Mark possesses two relatively uncommon virtues, particularly when they appear in tandem. First, his tenacity is legendary. It becomes doubly powerful when one's overarching motivation is to further the interests of his client. Playbook in its own right is a powerful tool; executed by anyone with Mark's intellect and temperament it is dynamite.

This is a pretty pricey book, but it's the best end-to-end commentary on M&A that I've ever read. It really covers the gambit of transaction scenarios and stages, including deal structure, bid strategy, stakeholder management, and a lot more. It leaves you with plenty to think and talk about. It is also a very accessible read, for someone who hasn't spent a lot of time in that business, it's written as a door-opener. Filippell adds a lot of flavor with his first hand stories and I really liked how he discussed the human side of these business transactions.

I was looking for a book to get an introductory view of M&A and this book served its purpose in providing a broad overview of the process and some general tips. It was not a technical guide and was very enjoyable to read. This book probably would not be great for someone who is already in the M&A field or has a few transactions under their belt, but it is a great starting point. Thanks.

This was a great book to read on M&A's and I keep going back to it as a great guide. The material provides wide coverage with sufficient examples and templates to get you started.

A great overview of the M &A Process Recommend for anyone considering selling their business. It’s worth the time to avoid finding out errors after it is too late.

I really liked this book, and it really gives the reality about everything having pros, cons, exceptions--usually no easy answers. For example, a seller might have offers where payment could be in cash or stock. The author was definitely on top of this issue in pointing out that when John Rockefeller bought up oil refiners in Cleveland in the beginning, they were offered Standard Oil stock--but most demanded cash (they would have made fortunes by taking the stock). But I liked this on p. 213: " . . . could be worth its weight in worthless Enron stock certificates." If the author does a new edition or another book, I recommend avoiding footnotes, and if some are absolutely needed, then putting them on the bottoms of the pages (not at the end of each chapter and after any appendices--which was very irritating). Also almost all of the sayings that were in quotes did not need to be in quotes. This author reflects a local practical Cleveland mentality, and the book is very honest and down-to-earth. But then I had a negative reaction when I saw on the back of the book a review by a former Managing Partner of a big international law firm (which included the obligatory touting of the author's "Michigan Law School roots"). I immediately wondered if that big firm is used on many of the author's deals. I would never use that firm on a deal, and if I was a seller, and the buyer was using that firm, I would reject that buyer or demand a much higher price, and if I was the bidding buyer and the seller was using that firm, I would drop out of the bidding or offer a much lower price.

I recently completed a partial sale of my company to a private equity firm. A friend of mine recommended this book when I was just starting the process, and the book proved to be invaluable. Mark Filippell takes you through the entire process from start to finish: identifying why you want to sell, clarifying your goals and desired outcome, putting together your deal team, determining valuation, etc. As Mark promised, the whole process took close to a year. At each phase I was able to use the book as a reference on what to expect and how to position myself for the best outcome. As a "big reader" I read at least ten books on the sales process, valuation, how private equity works, angel investors, etc. This book was hands down the best of the bunch. Mark covers the material in the appropriate level of depth, while still keeping it highly readable. Highly recommended!

As someone who is pursuing investment banking and has a little experience, I think it is a perfect book for any summer interns before they start their gigs. You see how the deal process is like from an MD's perspective--his thought process, how to be street smart, and so much more.