The service industry comprises professions that deliver services and intangible products, rather than goods. This sector accounts for a sizeable portion of the economy and employs a significant number of skilled workers and professionals. It is also knowledge intensive, with many services segments relying heavily on professional knowledge and expertise. The service industry has been growing consistently over the years as there will always be a demand for human intelligence and expertise.


Business owners seeking growth would normally consider a merger or acquisition (“M&A”) strategy as an option to expand faster. The intention, quite reasonably, is for the resulting combination of products, people and pipelines to take the business to new heights. This is more evident in the service industry where talent is the most critical asset of any service-related business. It is faster to buy over a company with many key talents than having to spend substantial time to train people from scratch.


That said, a majority of M&As intended to enable growth fail to achieve the original objective due to various reasons. The most common pitfalls are related to failure to focus on key deal issues and risk areas. Buyers are often overly enthusiastic and entering into definitive agreements too soon before doing any proper assessment.


Business assessment is a fundamental practice to assist in the early identification of potential problems in a business. It provides business owners, investors and advisors with reliable and credible information that can be used to establish the road map of the business.  There is no standard questionnaire to evaluate a business as each business/entity is unique on its own. When undertaking a business assessment, understanding how the business operates and its key drivers is critical, as this will support the development of a more structured and meaningful business strategy.


A business assessment in any M&A transaction should not be limited to only the financial and commercial aspects. While non-financial key drivers are less likely to have a major financial impact on an organisation’s operations, some, such as employee fraud and internal control lapses can be greatly detrimental to a business.


With so many potential issues to be considered, what are the critical elements that we need to assess in an acquisition scenario? What are the important areas to look out for before you commit to a deal?


Acquisition — Are you ready to buy?

In any typical acquisition, a potential acquirer would want to have insights into the underlying performance and sustainability of profits of the target’s business. It is also critical to be able to assess red flags and key risk areas beyond the financial aspects of the business. In doing so, the potential acquirer may refer to the Stone Forest Model for Growing Businesses below:

This model comprises 7 critical elements of the management framework, driven by 2 main objectives — Profits and Cash Flow.


It analyses the few key areas in an organisation and helps people to understand the current position and affairs of a business.


The approach in the model above is normally applied during the due diligence process in an M&A deal. If you are a buyer, ask yourself a question: Are you ready to Buy? A well structured due diligence process using this model can arm the buyer with detailed information on the target company and enable him to walk away from a transaction at a relatively early stage without incurring substantial costs. It also allows the buyer to avoid being placed in a post-completion position of discovering “holes” in the newly acquired business.


The typical key consideration areas in applying the model above are as follows:

  

Category   Key Consideration

Business Modelling

 
  • Identify value proposition of the business
  • Understand the industry in which the organisation operates and its business
  • Understand the competitors and competitive landscape
  • Perform a SWOT analysis
  • Identify market positioning
  • Evaluate competitive landscape faced by the current business model
 

Revenue Modelling

 
  • Identify where revenue comes from and the sales channels
  • Identify customer mix and the collection mode
  • Examine concentration and credit risks associated with key customers, risks associated with the revenue-earning process and the billing and collection process
 

Capacity Management

 
  • Examine current supply chain management
  • Identify the optimum capacity at which the business can operate based on its present facilities and infrastructure
  • Review utilisation of existing capacity
  • Evaluate capital expenditure budget
 

Funding Structure

 
  • Assess red flags that point towards liquidity and solvency risks
  • Review sufficiency of working capital and compliance with financial covenants
  • Identify capital expenditure needs
 

Management Structure

 
  • Evaluate risks associated with poor human resource management, lack of succession planning, and ineffective talent management
  • Identify the key man of the business and the need of retaining him to ensure business continuity
  • Examine the existing organisation chart and reporting functions. Identify any potential areas that may hinder or slow down the decision making process such as duplication of roles
 

Business Process
Re-engineering

 
  • Review the current standard operating procedures and highlight identifiable weaknesses so that any flaws in internal control are identified upfront and rectified early
 

Key Performance Indicators (KPIs)

 

Define the KPIs that are critical:

  • Assess quality of earnings and net assets
  • Identify underlying growth drivers and trends

Typically, one should focus on the following key risk areas, while applying the model above:


OPERATION RISK   FINANCIAL RISK
What are the critical operational issues and bottlenecks that can affect the immediate and medium-term performance of the business?
  • Review utilisation of existing production capacity
  • Review replacement capital expenditure
  • Highlight material weaknesses of the accounting system and human resource matters
  Are there immediate liquidity risks that will pose a danger to the working capital and going concern issues that will affect business viability in the future?
  • Conduct an independent review to ensure that the target company’s financials are representative of the existing business operations
  • Analyse key drivers of the business
  • Review sufficiency of working capital and compliance with financial covenants
  • Review for any potential deal-breaker issues
 
MARKET RISK   COMPLIANCE RISK
What are the industry trends, changes and risks that can affect the current business and its revenue model?
  • Review impact of regulatory changes on target company
  • Benchmark target company’s performance against industry’s
  • Review customer base and end users (including market segment) to ascertain potential risks the target company may be exposed to
  Are there compliance issues that will affect delivery of the business plans?
  • Assess possibility of non-compliance with current laws and regulations such as those relating to employees, health, safety and environmental matters

M&A can be defined as a type of “restructuring” that results in the “reorganisation” of an entity with the aim of achieving positive growth. Transactions have become increasingly complicated over the years and managing the complexity of the deal can be challenging for even the most experienced leaders and professionals. It is critical to ensure M&A deals are consistent with corporate strategy and able to achieve maximum value for the organisation.

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    [223] => D:\WEB\RSMSingapore\templates\rsm\html\layouts\joomla\system\message.php
    [224] => D:\WEB\RSMSingapore\libraries\legacy\response\response.php
    [225] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\helpers\helper.php
    [226] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\compat\compat3.php
    [227] => D:\WEB\RSMSingapore\administrator\components\com_acymailing\classes\cpanel.php
    [228] => D:\WEB\RSMSingapore\libraries\cms\html\select.php
)