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Prozessmanagement bei
komplexen Großvorhaben



Schmalenbach-Tagung M&A 2012

Kai Lucks
                               Protection notice / Copyright notice
Komplexität ist…

                …Vielschichtigkeit (lexikalische Definition)


                …Einzigartigkeit


                …Eine neue Herausforderung


                …Für jedes Unternehmen anders gelagert




August 2012                      Prof. Dr.-Ing. Kai Lucks      2
Erfolgsquoten




                 77        50          66               53      31     % Fehlerquote



              McKinsey   Mercer   Booz-Allen         KPMG     KPMG
               (1987)    (1995)     (1998)           (1999)   (2001)


                 • M&A ist eine große Herausforderung
                 • Professionalisierung verspricht große Verbesserungen



August 2012                        Prof. Dr.-Ing. Kai Lucks                            3
Es gibt grundlegende Treiber von Komplexität:




              Restructuring Degree                               Simple Size

                  Relocations,                                  Sales Volumes,
                   Closings                                       Employees




                                 Complexity of Case

                                         Locations,
                                         Countries




August 2012                          Prof. Dr.-Ing. Kai Lucks                    4
Experience Management: Project Challenge Drivers
                                                        Sales Vol. own unit
                    Cultural                        1
                                                                          Sales Vol.
                    Change        12                                  2
                                  11                                      candidate


      Locations
                     11                                               Volume               Employees
     Reduction                                                                     3
                        11                                                                 own


                        Restructuring
Manufacturin
                                                                                             Employees
           g   10                                                                      4     candidate
               11
      heads
   reduction


      Improve-      9
        ment                                            Complexity
                                                                               5       Countries


                                  8
                                                                  6
                    Value Chain                     7                 Locations
                                           Businesses
                                       Prof. Dr.-Ing. Kai Lucks
Experience Management
Osram - Sylvania                       PG – Westinghouse                                 SV – Huntsville

Restructuring                 Volume   Restructuring                          Volume     Restructuring              Volume




                          Complexity                                        Complexity                            Complexity




   Lamp consumer products                     Power gen systems                              Automotive components

 Combined sales           1.5 b. €      Combined sales                  7 b. €            Combined sales          4.6 b. €
 Combined employees       27,900        Combined employees              18,500            Combined employees      21,700
 EBIT improvement goal    188 m. €      EBIT improvement goal           1.3 b. US$        EBIT improvement goal   140 m. €
 Factory transfer         8             Factory transfer                4                 Factory transfer        none




                1994...                                1999…                                             2004…
                                             Prof. Dr.-Ing. Kai Lucks
Westinghouse: Huge Efforts to Ensure Success
  300
  250
          Team
  200
          Capacity
  150     (Fulltime
  100     Heads)

   50
     0
(since 1992:)

Pre Analysis                                          Product         Post Closing Integration
                Internal Team „Washington“           Spectrum
                                                                              Teams
                             Joint Exploratory           Manu-
                                                       facturing    Change Management Teams

                                 Negotiations                        Implementation Support Team

                                                    Antitrust
                                                     Filing

        1995          1996            1997                   1998          1999             2000
                                      Signing 11/97 Closing 10/98

                                       Prof. Dr.-Ing. Kai Lucks
Die Komplexität ist je nach Projekt-Typ unterschiedlich




                                                                 Siemens Definition:
                                                                Interlocking 2 Projects
   Integrated
  Acquisition-
                                                               Acquisitio       Restructure
Reengineering
                                                               n
                            Ko
                  closing                  closing

                               m
                                pl
                                  ex                            Meiste Private Equity:
                                    itä
                                     t
                                                              Stand alone Reengineering
  Acquisition
        only
                                                                        Restructure
                 closing                  closing




                  Overlap:         Complementarity:
                 Cost Cutting        Technology



   August 2012                     Prof. Dr.-Ing. Kai Lucks                             8
Siemens hat für komplexe Projekte ein Referenzprojekt-
                                                      modell entwickelt, auf der Basis eines Prozess-
                                                      Ansatzes

                                  Strategy Check                                                                                              Strategy Review                  Strategic Controlling

                     Strategy        Cand. + Path Screening

                                                    Business Case        Business Plan
Core Processes




                                                      Exploration            Due Diligence          Antitrust Prep.       Antitrust Proced.   Due Diligence 2          Financial Acquisition Controlling
                     Deal-
                                                    Vendor Due Dil)                          Deal Structure.
                     making
                                                                                       Negotiation + Contracts            Closing preparat.    Post Closing Contract Mangement




                                                    Carve Out (1)             Integration Concept              Integration Preparation             Organization. + Processes
                     Structure                                                                                                 Levers                 Measures Program.
                     & Change
                                                                                                                                                       Change Program.

                                                                                                                          Readiness Plan      100-D-Implem.          1-Year-Implem.        Cont. Improvem.
Support Processes




                                                                                                                Information


                                                                                                                Communication


                                                                                                                      Valuation


                                                                                                                   Controlling




                                            Start                   Negot.                   Invest.              Signing                Closing              100 Days                1 Year
                                                                    Appl.                     Appl.



                    August 2012                                                          Prof. Dr.-Ing. Kai Lucks                                                                                      9
Die Wissens-Elemente für M&A-Projektführung hat
              Siemens auf dem Intranet hinterlegt




August 2012              Prof. Dr.-Ing. Kai Lucks               10
M&A-Wissensmanagement wird bei Siemens durch
                                       einen geschlossenen Lern-Kreislauf betrieben




                                    Preparatory                      Transaction                      Implementation
                          Project                 Approval     Approval     Sign-       Clos-            90         1




                                                                                                                               Business Management
                           Start                     1            2          ing         ing            Days       Year
   Strategic Planning




                        Business Case

                                                                 Deal                           Contract Management

                                                       Integration Preparation                  Implementation & Controlling




                                             Know-How Transfer (CoC M&A Integration)




                        Erfahrungsmanagement ist der Schlüssel für den Erfolg


August 2012                                                  Prof. Dr.-Ing. Kai Lucks                                                                11
Bei hoch-komplexen M&A-Projekten wird das Design
                       weitgehend durch die spezielle Aufgabe bestimmt
     Beispiel Projekt Alstom Industriekraftwerke: 4 Stufen, 2 Sorten von Teams
                         Phase I                                                    Phase II

Step 1:                   Step 2:                          Step 3:                   Step 4:
From strategic logic      From clear integration           From intelligent mea-     From prerequisites
to clear integration      targets to intelligent           sures to implementa-      to implementation
targets                   measures                         tion prerequisites




         "Goals"            "Potentials"                    "Commitments"             "Achievements"



 Functional teams                  Transition depending on
                                   • Team tasks
                                   • Team scope
                                   • Cross-functional
                                      coordination requirements                    Subdivisional teams




 August 2012                             Prof. Dr.-Ing. Kai Lucks                                      12
Beispiel: Matrix-Aufbau beim Projekt Siemens Alstom
                           Industriekraftwerke

                                         Steering committee
                                 (Voges, Kley, Lucks, Stieler, Behrens)
  Closing team
                                                                                       Integration Office
 (Bopp, Brückner)                     Integration management                               ...
      ...                                      (Balling)                                   CD S2 - Alex
                                 PGI management team (= Sponsors)



                     Team       Team        Team           Team           Team           Team
                     Steam       Gas        Com-            Oil &         Power         Service
                    Turbines   Turbines    pressors         Gas           Plants
Sponsor Team Supply Management                                                              Hartwig

Sponsor Team Manufacturing                                                                     Butz

Sponsor Team International Sales Network                                           Ehrenberg / Stahl

Sponsor Team Service Network                                                             Tiefenbach

Sponsor Team R&D/Technology                                                                 Southall

Sponsor Team Accounting/Controlling                                                       Biendarra

Sponsor Team IT                                                                           Reinecke
                                                                                                            Functional
Sponsor Team HR                                                                                             teams
                                                                                      Peyton-Jones
                                                                                                            Subdivisional
Sponsor Team Communications                                                                  Schütz         (GZ-)teams


  August 2012                                  Prof. Dr.-Ing. Kai Lucks                                             13
Die Komplexität nimmt mit fortschreitendem Prozess
                                               grundsätzlich zu
       Steering                   Project
                                  Owner                                                      Project                                                             Project
       Committee                                          Steering Committee                 Owner                           Steering Committee                  Owner

                   Project
                   Manager                                                                                                                Integration
                                                                       Team-Leader
                                                                                                                                           Manager

  Strat /Struct   Exploration   Legal, Tax &
     Team           Team          Antitrust           Strat / Struct                      Due Diligence                           Strat /Struct   Post Closing    Human
                                                                        Tax Team                               Project Office
                                                          Team                               Team                                    Team          Contracts     Resources

                                                                                                                                    Value
                                                       Negotiation       Valuation                              Information                  Communication         Change
                                                                                          Legal Team                              Management
                                                         Team             Team                                     Team                         Team                Team
                                                                                                                                    Team

                                                        Antitrust       Intellectual          Tax               Business 1         Business 2      Business 3    Business 4
                                                         Team             Property           Team


                                                                         Human                                                                     Information     Real
                                                      Compliance                                                 Reporting         Cotrolling
                                                                        Resources                                                                  Technology      Estate

                                                      Integration
                                                                        Information                                                                 Marketing
                                                      Preparation                         Manufacturing         Purchasing        Manufacturing                    Service
                                                                        Technology                                                                   & Sales
                                                         Team


                                                                                                                Location 1          Location 2      Country A     Country B




Capa-
cities


                        Start
                                                                                                                                                                           Time
                                        Negot.Appl.        Invest.Appl.                Signing            Closing               100 Days                1 Year


    August 2012                                                        Prof. Dr.-Ing. Kai Lucks                                                                       14
Komplexe Projekte werden bei Siemens durch ein
                                umfangreicheres Projektbüro gesteuert


                        Das Project Office am Beispiel VA Tech wurde schon vor dem Closing
                                                     aufgesetzt
                                                Overall Integration Office

                  Project              Change                 Readiness for             Base lining,              Integration
Modules 1      steering and     2 management and        3                        4     target setting,    5
                                                                Day One                                             in RCs
              administration      communication                                      impact controlling
            E.g.:                E.g.:                      E.g.:                    E.g.:                    E.g.:
            • Monitoring of      • Communication            • Checklists and         • Request                • Methodology
             project progress      time schedule             framework for            coordination             support for RCs
            • Coordination of    • Regular sound             readiness issues        • Target setting         • Support of
Tasks        meetings              checks                   • Consolidated            methodology              selected RCs
            • Preparation of     • …                         readiness cockpit       •…                       •…
             Steering                                       •…
             Committees
            •…




   August 2012                                     Prof. Dr.-Ing. Kai Lucks                                                  15
Auch kleinere Projekte können komplexe
                      Herausforderungen darstellen:
Beispiel: Hybridmodell bestehend aus Projektstufen und durchgängigen Prozessen

                                   Due
 Strategy    Path      Explo-                    Busin.        Con-     Integr   100     One
                                   Dili-
 Check       Screen    ration                    Case          tracts   Prep.    Days.   Year
                                   gence


    1                                    Legal Process


    2                                 Information Process


    3                              Measures Planning Process


    4                                   Valuation Process


    5                           Communication & Change Process


    6                                 Controlling Process



                          Negotiation                                   Readiness at
                          Permission                                      Closing

                                         Prof. Dr.-Ing. Kai Lucks
Summary – Zusammenfassung


1. Structure follows Strategy: jedes Unternehmen muss das für
seine spezielle Situation zugeschnittene M&A-Führungssystem
entwickeln
2. Je höher die M&A-Frequenz desto stärker wirken sich
Erfahrungseffekte bei Projekten aus
3. Kleinere Projekte haben tendenziell ein höheres
Standardisierungspotenzial
4. Auf der Ebene der Einzelprozesse ist das
Standardisierungspotenzial groß – deshalb lohnt es sich, Prozesse
zu definieren und zu standardisieren



                          Prof. Dr.-Ing. Kai Lucks
Complex M&A Projects Can Become Successful
– Even in Heavy Weathers




                       Prof. Dr.-Ing. Kai Lucks

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Prozessmanagement bei komplexen Großvorhaben

  • 1. Prozessmanagement bei komplexen Großvorhaben Schmalenbach-Tagung M&A 2012 Kai Lucks Protection notice / Copyright notice
  • 2. Komplexität ist… …Vielschichtigkeit (lexikalische Definition) …Einzigartigkeit …Eine neue Herausforderung …Für jedes Unternehmen anders gelagert August 2012 Prof. Dr.-Ing. Kai Lucks 2
  • 3. Erfolgsquoten 77 50 66 53 31 % Fehlerquote McKinsey Mercer Booz-Allen KPMG KPMG (1987) (1995) (1998) (1999) (2001) • M&A ist eine große Herausforderung • Professionalisierung verspricht große Verbesserungen August 2012 Prof. Dr.-Ing. Kai Lucks 3
  • 4. Es gibt grundlegende Treiber von Komplexität: Restructuring Degree Simple Size Relocations, Sales Volumes, Closings Employees Complexity of Case Locations, Countries August 2012 Prof. Dr.-Ing. Kai Lucks 4
  • 5. Experience Management: Project Challenge Drivers Sales Vol. own unit Cultural 1 Sales Vol. Change 12 2 11 candidate Locations 11 Volume Employees Reduction 3 11 own Restructuring Manufacturin Employees g 10 4 candidate 11 heads reduction Improve- 9 ment Complexity 5 Countries 8 6 Value Chain 7 Locations Businesses Prof. Dr.-Ing. Kai Lucks
  • 6. Experience Management Osram - Sylvania PG – Westinghouse SV – Huntsville Restructuring Volume Restructuring Volume Restructuring Volume Complexity Complexity Complexity Lamp consumer products Power gen systems Automotive components Combined sales 1.5 b. € Combined sales 7 b. € Combined sales 4.6 b. € Combined employees 27,900 Combined employees 18,500 Combined employees 21,700 EBIT improvement goal 188 m. € EBIT improvement goal 1.3 b. US$ EBIT improvement goal 140 m. € Factory transfer 8 Factory transfer 4 Factory transfer none 1994... 1999… 2004… Prof. Dr.-Ing. Kai Lucks
  • 7. Westinghouse: Huge Efforts to Ensure Success 300 250 Team 200 Capacity 150 (Fulltime 100 Heads) 50 0 (since 1992:) Pre Analysis Product Post Closing Integration Internal Team „Washington“ Spectrum Teams Joint Exploratory Manu- facturing Change Management Teams Negotiations Implementation Support Team Antitrust Filing 1995 1996 1997 1998 1999 2000 Signing 11/97 Closing 10/98 Prof. Dr.-Ing. Kai Lucks
  • 8. Die Komplexität ist je nach Projekt-Typ unterschiedlich Siemens Definition: Interlocking 2 Projects Integrated Acquisition- Acquisitio Restructure Reengineering n Ko closing closing m pl ex Meiste Private Equity: itä t Stand alone Reengineering Acquisition only Restructure closing closing Overlap: Complementarity: Cost Cutting Technology August 2012 Prof. Dr.-Ing. Kai Lucks 8
  • 9. Siemens hat für komplexe Projekte ein Referenzprojekt- modell entwickelt, auf der Basis eines Prozess- Ansatzes Strategy Check Strategy Review Strategic Controlling Strategy Cand. + Path Screening Business Case Business Plan Core Processes Exploration Due Diligence Antitrust Prep. Antitrust Proced. Due Diligence 2 Financial Acquisition Controlling Deal- Vendor Due Dil) Deal Structure. making Negotiation + Contracts Closing preparat. Post Closing Contract Mangement Carve Out (1) Integration Concept Integration Preparation Organization. + Processes Structure Levers Measures Program. & Change Change Program. Readiness Plan 100-D-Implem. 1-Year-Implem. Cont. Improvem. Support Processes Information Communication Valuation Controlling Start Negot. Invest. Signing Closing 100 Days 1 Year Appl. Appl. August 2012 Prof. Dr.-Ing. Kai Lucks 9
  • 10. Die Wissens-Elemente für M&A-Projektführung hat Siemens auf dem Intranet hinterlegt August 2012 Prof. Dr.-Ing. Kai Lucks 10
  • 11. M&A-Wissensmanagement wird bei Siemens durch einen geschlossenen Lern-Kreislauf betrieben Preparatory Transaction Implementation Project Approval Approval Sign- Clos- 90 1 Business Management Start 1 2 ing ing Days Year Strategic Planning Business Case Deal Contract Management Integration Preparation Implementation & Controlling Know-How Transfer (CoC M&A Integration) Erfahrungsmanagement ist der Schlüssel für den Erfolg August 2012 Prof. Dr.-Ing. Kai Lucks 11
  • 12. Bei hoch-komplexen M&A-Projekten wird das Design weitgehend durch die spezielle Aufgabe bestimmt Beispiel Projekt Alstom Industriekraftwerke: 4 Stufen, 2 Sorten von Teams Phase I Phase II Step 1: Step 2: Step 3: Step 4: From strategic logic From clear integration From intelligent mea- From prerequisites to clear integration targets to intelligent sures to implementa- to implementation targets measures tion prerequisites "Goals" "Potentials" "Commitments" "Achievements" Functional teams Transition depending on • Team tasks • Team scope • Cross-functional coordination requirements Subdivisional teams August 2012 Prof. Dr.-Ing. Kai Lucks 12
  • 13. Beispiel: Matrix-Aufbau beim Projekt Siemens Alstom Industriekraftwerke Steering committee (Voges, Kley, Lucks, Stieler, Behrens) Closing team Integration Office (Bopp, Brückner) Integration management ... ... (Balling) CD S2 - Alex PGI management team (= Sponsors) Team Team Team Team Team Team Steam Gas Com- Oil & Power Service Turbines Turbines pressors Gas Plants Sponsor Team Supply Management Hartwig Sponsor Team Manufacturing Butz Sponsor Team International Sales Network Ehrenberg / Stahl Sponsor Team Service Network Tiefenbach Sponsor Team R&D/Technology Southall Sponsor Team Accounting/Controlling Biendarra Sponsor Team IT Reinecke Functional Sponsor Team HR teams Peyton-Jones Subdivisional Sponsor Team Communications Schütz (GZ-)teams August 2012 Prof. Dr.-Ing. Kai Lucks 13
  • 14. Die Komplexität nimmt mit fortschreitendem Prozess grundsätzlich zu Steering Project Owner Project Project Committee Steering Committee Owner Steering Committee Owner Project Manager Integration Team-Leader Manager Strat /Struct Exploration Legal, Tax & Team Team Antitrust Strat / Struct Due Diligence Strat /Struct Post Closing Human Tax Team Project Office Team Team Team Contracts Resources Value Negotiation Valuation Information Communication Change Legal Team Management Team Team Team Team Team Team Antitrust Intellectual Tax Business 1 Business 2 Business 3 Business 4 Team Property Team Human Information Real Compliance Reporting Cotrolling Resources Technology Estate Integration Information Marketing Preparation Manufacturing Purchasing Manufacturing Service Technology & Sales Team Location 1 Location 2 Country A Country B Capa- cities Start Time Negot.Appl. Invest.Appl. Signing Closing 100 Days 1 Year August 2012 Prof. Dr.-Ing. Kai Lucks 14
  • 15. Komplexe Projekte werden bei Siemens durch ein umfangreicheres Projektbüro gesteuert Das Project Office am Beispiel VA Tech wurde schon vor dem Closing aufgesetzt Overall Integration Office Project Change Readiness for Base lining, Integration Modules 1 steering and 2 management and 3 4 target setting, 5 Day One in RCs administration communication impact controlling E.g.: E.g.: E.g.: E.g.: E.g.: • Monitoring of • Communication • Checklists and • Request • Methodology project progress time schedule framework for coordination support for RCs • Coordination of • Regular sound readiness issues • Target setting • Support of Tasks meetings checks • Consolidated methodology selected RCs • Preparation of • … readiness cockpit •… •… Steering •… Committees •… August 2012 Prof. Dr.-Ing. Kai Lucks 15
  • 16. Auch kleinere Projekte können komplexe Herausforderungen darstellen: Beispiel: Hybridmodell bestehend aus Projektstufen und durchgängigen Prozessen Due Strategy Path Explo- Busin. Con- Integr 100 One Dili- Check Screen ration Case tracts Prep. Days. Year gence 1 Legal Process 2 Information Process 3 Measures Planning Process 4 Valuation Process 5 Communication & Change Process 6 Controlling Process Negotiation Readiness at Permission Closing Prof. Dr.-Ing. Kai Lucks
  • 17. Summary – Zusammenfassung 1. Structure follows Strategy: jedes Unternehmen muss das für seine spezielle Situation zugeschnittene M&A-Führungssystem entwickeln 2. Je höher die M&A-Frequenz desto stärker wirken sich Erfahrungseffekte bei Projekten aus 3. Kleinere Projekte haben tendenziell ein höheres Standardisierungspotenzial 4. Auf der Ebene der Einzelprozesse ist das Standardisierungspotenzial groß – deshalb lohnt es sich, Prozesse zu definieren und zu standardisieren Prof. Dr.-Ing. Kai Lucks
  • 18. Complex M&A Projects Can Become Successful – Even in Heavy Weathers Prof. Dr.-Ing. Kai Lucks

Hinweis der Redaktion

  1. Siemens is executing in average in the last 5 years about 1-3 large and up to 40 smaller acquisitions per year with an average volume of 4“