Martine Story
Managing Director, Althéo
DBA from the Business Science Institute
In this interview, Martine Story, DBA from the Business Science Institute, co-founder and General Director of Altheo, a consulting firm specializing in business takeovers and mergers and acquisitions, discusses the critical factors for successful external growth strategies.
Martine Story highlights the importance of viewing such operations not merely as technical processes but as human endeavors, emphasizing the significance of integrating new acquisitions effectively and outlines three key points to avoid failure in acquisition strategies.
First, she stresses the danger of treating the process of external growth and integration as purely technical. Although financial, legal, tax, HR, and strategic considerations are vital, the human element remains paramount. The initial meeting between the buyer and the seller marks the beginning of a new chapter that requires blending cultures and teams harmoniously.
Second, Martine Story points out that the integration process cannot be seen in isolation from the steps preceding it. The reason behind the acquisition and the chosen target influences the integration approach. For instance, acquiring a direct competitor typically necessitates a rapid and rationalized integration to leverage synergies. Conversely, acquiring a company for its unique expertise requires a more respectful, long-term approach, focusing on preserving the acquired competencies.
Third, Martine Story advises against considering an integration strategy as fixed and unchangeable. Integration is a dynamic process, and strategies may evolve over time. Often, companies adopting their first acquisition prefer a preservation approach to understand the new entity’s processes and culture. Over time, as trust builds, they may introduce more rationalization, eventually leading to a symbiotic relationship where both the acquiring company and the target benefit mutually from shared expertise and resources.
Martine Story underscores that integration is a living, evolving process, highlighting the necessity of adaptability and the blending of strategies to ensure successful mergers and acquisitions. This perspective forms the basis of her collaborative work with Olivier Meier in their book "External Growth of Companies and Winning Integration Strategies."
Martine Story’s insights offer a comprehensive guide to face the complexity of business acquisitions, emphasizing the importance of human factors and the need for flexible, evolving strategies to achieve successful integration and long-term growth.
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