As the end of 2002 approaches, we want to extend our warmest wishes to all of our friends, associates and clients for a happy and safe holidays. 2002 has been a challenging year for many and we look forward to new beginnings and opportunities in 2003. As always, we value your input in how we can improve the Monitor. Let us know your thoughts and suggestions.

In our first article in this series, we discussed why integration planning must start well before the deal is signed, ideally at the time of due diligence. Now we take a look at how you form and inform the team that will pull it off.

With a few exceptions, the prognosticators are still forecasting doom and gloom for the M&A market, especially for sellers. While many a tear may be shed, we believe that it is important to keep ones sense of humor through these troubled times. Accordingly, below is our top 10 list of some recent observations/anecdotes that we have found amusing through our M&A advisory work. The names have been omitted to protect the guilty.

Whether you are the CEO of a mature company or an emerging business, sound accounting practices are critical to effective decision making. In a large company the accounting department might be comprised of several bookkeepers handling the routine and clerical items, a controller to perform the analysis work and prepare the financial statements, budgets and cash flows and a chief financial officer who provides the financial advising and analysis of complex financial endeavors.

The dilemma for an emerging business is that it needs the support of all of the levels of an accounting department without the volume or financial resources to support such a department on a full time basis. How then does an emerging company resolve this dilemma?