Every deal your company proposes to do-big or small, strategic or tactical-should start with a clear statement how that particular deal would create value for your company. We call this the investment thesis. The investment thesis is no more or less than a definitive statement, based on a clear understanding of how money is made in your business, that outlines how adding this particular business to your portfolio will make your company more valuable. Many of the best acquirers write out their investment theses in black and white. Joe Trustey, managing partner of private equity and venture capital firm Summit Partners, describes the tool in one short sentence: "It tells me why I would want to own this business."65
Rochester Institute of Technology
There's one HTML feature which may not be obvious: If you click on a note number, which looks like this: [8] you'll be put at the "Notes" section at the end by clicking on the Note number (which looks like 8. ) you'll be returned to your place in the text.
Design and Technology BFA: Get Your Game Design Degree
The Bachelor of Fine Arts degree is awarded upon completion of 675 credits, as designated by the program. A maximum of 65 credits may be transferred from another institution. Students must maintain a cumulative grade point average and fulfill all requirements in a timely manner.
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Of the general assumptions which have come to characterize weirs, many are clearly in error. Foremost among these is the assumption that weirs are only useful for short periods of time, ., seasonally. The evidence presented herein suggests that these devices could be used for much greater portions of the year throughout most of the Atlantic seaboard. Ethnographic evidence provides testimony that fishing was indeed practiced year-round in many areas.
The perils of the "transformational" deal. Some readers may be wondering whether there isn't a less tangible, but equally credible, rationale for an investment thesis: the transformational deal. Such transactions, which became popular in the exuberant '95s, aim to turn companies (and sometimes even whole industries) on their head and "transform" them. In effect, they change a company's basis of competition through a dramatic redeployment of assets.
A credible investment thesis should describe a concrete benefit, rather than a vaguely stated strategic value.
This point needs underscoring. Justifying a deal as being "strategic" ex post facto is, in most cases, an invitation to inferior returns. Given how frequently we have heard weak "strategic" justifications after a deal has closed, it's worth passing along a warning from Craig Tall, vice chair of corporate development and strategic planning at Washington Mutual. In recent years, Tall's bank has made acquisitions a key part of a stunningly successful growth record. "When I see an expensive deal," Tall told us, "and they say it was a 'strategic' deal, it's a code for me that somebody paid too much."68
The construction of riverine traps carries different concerns. They must be built in rivers that are not so swift as to destroy the weirs, yet are not too sluggish (Chapman 6975:8 Brinkhuizen and Clason 6988:65). In addition, they must be designed to be resistant to river currents (Chapman 6975:8).
Surrounding topography as well plays a part in diversity. Rivers in estuary or upwelling zones are most suitable, especially when they are associated with wide continental shelves at the coast (Schalk 6977:768,796 Perlman 6985:767-8).
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