合并和收购会计师事务所.doc

本科毕业论文(设计)
外文翻译
题目会计师事务所核心竞争力探究
专业会计学
外文题目 Mergers & Acquisitions of CPA Firms
外文出处 Issue21, p13-16,1/2p/Journalof Accountancy March 2009
外文作者泰伦斯普尼
原文:
Mergers & Acquisitions of CPA Firms
Despite the best intentions of all involved parties, some CPA firm mergers and acquisitions are not as essful as originally planned; indeed, some end as failures. When viewed in perfect hindsight, it often seems that mon sense, or lack thereof, was the reason for the ess or failure of a deal. Unfortunately, there is no specific formula for structuring a perfect deal, but. a good understanding of the potential hazards relating to the variables involved and planning for the unexpected can help your firm prepare a better deal structure and business plan. This article highlights some of the major reasons deals fail to meet the original strategic, financial, and professional objectives of bining firms. panion article in the April issue of the Jo/A will take a closer look and offer guidance for client and staff retention in mergers. The minutiae of certain details have purposely been eliminated as it is rarely the numbers (such as the size of revenue) or a merger's financial terms that cause the failure. The lessons apply to firms of all sizes, whether a small one to two partner firm or a national firm.
why some deal fail
Affiliating for the wrong reasons.
A merger or an acquisition has a major impact on the partners, staff and clients of both firms. The potential M&A transaction should ideally result in significant upside or solution to a major
problem. Merging to merely reduce overhead in one or both firms (for instance, to fill empty office space, spread technology costs, or utilize excess staff) is a reason for many mergers, but is often a poor foundation for an affiliation. It would be much less traumatic to just shed the excess costs or to set up a space sharing arrangement between the firms.
Sometimes, the misconception that "bigger is better" can lead to a deal