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    Canons of Corporate Surgery
    Canons of Corporate Surgery
    Canons of Corporate Surgery
    Ebook53 pages32 minutes

    Canons of Corporate Surgery

    By Harish Kumar

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    About this ebook

    Corporate surgeries are tricky business. A simple error here and a minor lapse there could put your corporation miles away from its goals. The chronicle of corporate restructuring is replete with stories of heartening hits and mournful misses, and each one of them comes with a lesson for potential corporate rejiggers.

    Canons of Corporate Surgery takes you through 15 such sacrosanct lessons, all backed by live-wire cases from India Inc of the Nineties. But, remember, these canons are timeless and hold good wherever you are.

    Racily written in a corporate whodunit style, this handy work brings you the ground rules for successful corporate rejigs, relevant case studies and piercing peek into post-rejig performances. If you are toying with the idea of rejigging your corporation, begin with this must-read, must-refer and must-possess manual.

    LanguageEnglish
    PublisherHarish Kumar
    Release dateApr 22, 2020
    ISBN9781393191889
    Canons of Corporate Surgery

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      Book preview

      Canons of Corporate Surgery - Harish Kumar

      Canon 1

      Sell Restructuring Painlessly

      All restructuring corporations need not worry about the changes they are about to usher in. What they need to be concerned about is this: how they are going to manage the restructuring – the divestment, the downsizing that will follow and the inevitable upsizing thereafter.

      At best, managing restructuring is nightmarish. Generally, corporate surgeries conjure up visions of a lower turnover, a smaller asset base and a leaner workforce.

      So, be prepared to manage the music from all stakeholders – shareholders, creditors, employees, et al. That was what Glaxo India discovered in 1994.

      Luckily, the Glaxo India head honchos who were responsible for the surgery realised right at the start that the foremost job on their hands was not restructuring, but managing that restructuring.

      That is, first of all, they had to find painless ways to sell the unpleasant idea of surgery to all stakeholders and thus manage what was complex.

      So, well before corporate rejigs are set in motion, firms need to realise that once pre-restructuring pain is managed well, restructuring will happen easily, smoothly, and painlessly. That is half the battle won already!

      Consider now how Glaxo India went about handling its pre-rejig pains, which is a text-book case for all potential corporate re-shapers. 

      It was in 1994 that Glaxo India sold its food division to US giant H J Heinz Co for Rs 210 crore, despite the initial resistance from within.

      The decision to sell the non-core food division had placed Glaxo India’s managing director Venkatraman Thyagarajan and his joint managing director Homi Rustum Khusrokhan in a difficult situation. For, the decision to sell the food business angered all the stakeholders considerably.

      But, the idea was finally sold to the irate stakeholders. That too painlessly.

      What convinced the angry shareholders was this clinching argument: the sale was essential for growth in the corporation’s core and mainstay pharmaceutical business.

      Moreover, the winsome duo were able to gainfully persuade other stakeholders by making them see how the sale would help Glaxo India protect its turf and its marketshare, boost its bottomline and productivity, fine-tune its finances and systems, and above all, retain its valuable and cherished

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