{"product_id":"the-stress-test-every-business-needs-isbn-9781119417941","title":"The Stress Test Every Business Needs","description":"\u003cp\u003e\u003cb\u003eFuture-proof your business today for stronger performance tomorrow\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Stress Test Every Business Needs\u003c\/i\u003e: \u003ci\u003eA Capital Agenda for Confidently Facing Digital Disruption, Difficult Investors, Recessions and Geopolitical Threats \u003c\/i\u003eprovides a comprehensive approach to creating value and flexibility in an increasingly volatile business environment that presents both great risks and opportunities every day. The authors extend the banking “stress test” concept to a company’s Capital Agenda — how executives manage capital, execute transactions and apply corporate finance tools to strategic and operational decisions. Having a static Capital Agenda, however appropriate for your current market position, is not enough in today's uncertain world. Long-term success comes from building resilience into each element \u003ci\u003eand \u003c\/i\u003ein the way those elements interact.\u003c\/p\u003e \u003cp\u003eThe book uses a broader definition of business stress that includes traditional macroeconomic and geopolitical risks, as well as technological disruption, hostile takeovers and activist shareholders. Companies that make poor strategic decisions or underperform operationally will likely find themselves facing great stress. And that stress is symmetric; threats come from downside risks \u003ci\u003eand \u003c\/i\u003efrom missed opportunities.\u003c\/p\u003e \u003cp\u003eThe chapters address the how and why of essential issues such as:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFormulating corporate strategy in a digital world\u003c\/li\u003e \u003cli\u003ePre-empting activist shareholders\u003c\/li\u003e \u003cli\u003eRestoring distressed companies to operational and financial health\u003c\/li\u003e \u003cli\u003eEnsuring effective collaboration among strategy, finance and operations\u003c\/li\u003e \u003cli\u003eGetting the most out of your advisors\u003c\/li\u003e \u003cli\u003eProactively managing intrinsic value\u003c\/li\u003e \u003cli\u003eRigorously allocating capital across the enterprise\u003c\/li\u003e \u003cli\u003eAcquiring and divesting for optimum value\u003c\/li\u003e \u003cli\u003eSyncing financing decisions with business strategy and capital market conditions\u003c\/li\u003e \u003cli\u003eIncorporating tax planning throughout the Capital Agenda\u003c\/li\u003e \u003cli\u003eLiberating excess cash with leading working capital management practices\u003c\/li\u003e \u003cli\u003eAligning strategic goals and metrics to reach your company’s full potential\u003c\/li\u003e \u003c\/ul\u003e Companies that develop strategy and set operational priorities with a balanced Capital Agenda are best positioned to control their own destiny. \u003ci\u003eThe Stress Test Every Business Needs \u003c\/i\u003eprovides a roadmap to future-proof your business today for stronger performance tomorrow.  \u003cp\u003eChapter 1 How resilient is your Capital Agenda? 1\u003cbr\u003e\u003ci\u003eJeffrey R. Greene\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 2 Do you know the intrinsic value of your company and how to manage it? 17\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eDaniel Burkly\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 3 Are you allocating capital across the enterprise to reduce C-suite stress? 33\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eJeffrey R. Greene\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 4 Are your portfolio reviews timely, objective, and thorough? 51\u003cbr\u003e\u003ci\u003eJeffrey R. Greene and JeffWray\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 Do your acquisitions consistently pay off for shareholders? 65\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBrian Salsberg\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 Are you planning and executing divestments for maximum value? 81\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003ePaul Hammes and Subin Baral\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Do your financing choices support flexibility and efficiency? 101\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eK.C. Brechnitz\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 8 How well does working capital management contribute to cash flow and earnings? 113\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eSven Braun and Steve Payne\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 9 Is tax a full partner in building resilience and driving value? 125\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBridget Walsh and Erica Lawee\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 10 Are strategy, finance, and operations integrated for optimal value creation? 137\u003ci\u003e\u003cbr\u003eSharath Sharma and Daniel Burkly\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 11 How can you get the most out of your advisors? 151\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eGiri Varadarajan and Aayush Tulsyan\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 12 Can your strategy thrive in a digital world? 169\u003ci\u003e\u003cbr\u003eTony Qui and Glenn Engler\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 13 How can you pre-empt activist shareholders? 185\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eShyam Gidumal\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 14 How should you restore a distressed company to health? 199\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eAndrew Wollaston and Donald Featherstone\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 15 Will your strategic goals ensure your company reaches its full potential? 217\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eWilliam Achtmeyer and John Trustman\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eGlossary 231\u003c\/p\u003e \u003cp\u003eContributor Biographies 237\u003c\/p\u003e \u003cp\u003eAbout EY 249\u003c\/p\u003e \u003cp\u003eIndex 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eJEFFREY R. GREENE Leader, Corporate Development Leadership Network\u003c\/b\u003e\u003cbr\u003eJeff leads EY’s Corporate Development Leadership Network—an invitation-only, permanent roundtable of the heads of M\u0026amp;A, strategy, and inorganic growth for 40 of the largest companies in North America. For more than three decades, Jeff has counseled senior executives on the corporate finance implications of their strategic and operating decisions. His previous roles include Global Vice Chair—Corporate Finance and Global Transactions Leader for Life Sciences. \u003c\/p\u003e \u003cp\u003e\u003cb\u003eSTEVE KROUSKOS EY Global Vice Chair, Transaction Advisory Services, EY Global Limited\u003c\/b\u003e\u003cbr\u003eSteve has more than 25 years of experience in M\u0026amp;A, advising corporate and private equity clients on multibillion-dollar, cross-border transactions. He chairs the TAS Global Executive and is a member of the EY global board. Steve is also the senior advisory partner for several global EY accounts. He serves clients across a wide-range of industries spanning consumer products, industrial products, life sciences, transportation, technology, and communications.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJULIE HOOD EY Global Deputy Vice Chair, Transaction Advisory Services, EY Global Limited\u003c\/b\u003e\u003cbr\u003eJulie leads global teams to help companies solve their most pressing business challenges, and better manage their capital across five connected solutions of strategy, corporate finance, buying and integrating, selling and separating, and reshaping results. She has advised clients across a broad range of industries, establishing a deep level of operational transactional understanding of organizations in Asia, Europe, and the Americas.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eHARSHA BASNAYAKE EY Asia-Pacific Managing Partner, Transaction Advisory Services\u003c\/b\u003e\u003cbr\u003eHarsha has more than 20 years of experience advising clients on complex cross-border transactions, as well as private and public sector capital decisions throughout the Asia-Pacific Region. His primary focus is in valuation, financial modeling, M\u0026amp;A, and restructuring. Harsha continues to be a practicing valuation professional and chairs the Council of the Institute of Valuers and Appraisers of Singapore.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eWILLIAM CASEY EY Americas Vice Chair, Transaction Advisory Services\u003c\/b\u003e\u003cbr\u003eBill has 35 years of experience advising on capital strategy, mergers and acquisitions, spinoffs, IPOs, and securities offerings. As EY’s Americas TAS leader and in prior roles, he has overseen a doubling of the practice to nearly 5,000 professionals. Bill has led some of EY’s largest client engagements for multinational corporations and leading private equity firms in the US and Latin America.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Stress Test Every Business Needs: A Capital Agenda for confidently facing digital disruption, difficult investors, recessions and geopolitical threats\u003c\/i\u003e is a comprehensive approach to creating value and flexibility in an increasingly volatile business environment that presents both great risks and opportunities every day. The authors extend the banking stress test concept to a company’s “Capital Agenda”—how executives manage capital, execute transactions, and apply corporate finance tools to strategic and operational decisions. Long-term success comes from building resilience into each element and in the way those elements interact. \u003c\/p\u003e \u003cp\u003eThe book considers traditional macroeconomic, sovereign-risk, and commodity-related shocks as well as how to deal with technological disruption, hostile takeovers, and activist shareholders. Companies that make poor strategic decisions or underperform operationally—even in a benign economic and geopolitical climate—will likely find themselves facing great stresses, not only from downside risks but from missed opportunities as well.  \u003c\/p\u003e\u003cp\u003eDrawing upon the experience of an international group of EY Transaction Advisory Services colleagues, the book challenges readers to think differently about many of the issues facing company executives today, including:  \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eSetting corporate strategy in a digital world \u003c\/li\u003e \u003cli\u003ePre-empting activist shareholders \u003c\/li\u003e \u003cli\u003eUsing advisors wisely \u003c\/li\u003e \u003cli\u003eProactively managing intrinsic value \u003c\/li\u003e \u003cli\u003eAllocating capital across the enterprise  \u003c\/li\u003e \u003cli\u003eAcquiring and divesting for optimum value\u003c\/li\u003e \u003cli\u003eLiberating excess cash \u003c\/li\u003e \u003cli\u003eIntegrating strategy, finance and operations to realize a company’s full potential\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eTime and time again, EY’s Capital Agenda framework has proven to be a valuable tool to help boards and management teams make better, more informed decisions in today’s ever-changing markets.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR THE STRESS TEST EVERY BUSINESS NEEDS\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“The authors have distilled decades of specialized experience into compelling recommendations for executives striving to create value in a volatile world. One reason why I’ve worked with EY over the years is the depth of its bench, and I see a similar depth in the practical advice covered in this book.”\u003cbr\u003e\u003cb\u003e—Robert Nardelli,\u003c\/b\u003e Founder, XLR-8, LLC, Former Chairman and CEO of The Home Depot and Chrysler  \u003c\/p\u003e\u003cp\u003e“The book’s clarity and comprehensive coverage make it an excellent practitioner’s guide to strategic capital management, especially for CEOs and CFOs who usually have to learn these lessons ‘on the job’.”\u003cbr\u003e\u003cb\u003e —Richard S. Ruback,\u003c\/b\u003e Willard Prescott Smith Professor of Corporate Finance, Harvard Business School  \u003c\/p\u003e\u003cp\u003e“The authors expertly and succinctly detail how companies need to work, think and act differently to align their capital agenda to ensure profitable, sustainable growth—both organic and inorganic.”\u003cbr\u003e\u003cb\u003e —Nicholas Fanandakis,\u003c\/b\u003e Executive Vice President, DowDuPont; Executive Vice President and Chief Financial Officer, DuPont  \u003c\/p\u003e\u003cp\u003e“This insightful book deserves to be read by a wide audience. For C-suite executives it is a salutary reminder and checklist to analyse and adapt to the dynamic ways investors and competitors argue for and deliver shareholder value. Conversely, this is a substantial resource for finance professionals seeking to understand the common disparities between market and internal views. Highly recommended.”\u003cbr\u003e\u003cb\u003e—Andrew Baum,\u003c\/b\u003e Managing Director and Global Head of Healthcare Research, Citigroup, Inc.  \u003c\/p\u003e\u003cp\u003e“Strategic capital allocation is the key to long-term value creation and this book provides actionable insights into how to drive returns from high priority activities like complex acquisition integration and synergy capture.”\u003cbr\u003e\u003cb\u003e—Mark Long,\u003c\/b\u003e Chief Strategy Officer and Chief Financial Officer, Western Digital Corporation  \u003c\/p\u003e\u003cp\u003e“This collaboration has the potential to be the rarest of books—an instant classic. The authors have produced what I consider to be a significant contribution to the discussion of all matters capital. In a world of transformative surprises a resilient Capital Agenda must be the goal of every C-suite. ”\u003cbr\u003e\u003cb\u003e—Professor Tasadduq Shervani,\u003c\/b\u003e Cox School of Business, Southern Methodist University \u003c\/p\u003e\u003cp\u003eThis vital resource synthesizes lessons from thousands of client engagements by EY’s Transaction Advisory Services. Companies that formulate strategy and set operational priorities with a balanced Capital Agenda are best positioned to control their own destiny. \u003ci\u003eThe Stress Test Every Business Needs\u003c\/i\u003e provides a roadmap to future-proof a business today for stronger performance tomorrow. \u003c\/p\u003e\u003cp\u003eFor more information, see \u003cb\u003eey.com\/capitalagenda\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThis collection of writings has the potential to be the rarest of all books - an instant classic.  EY’s team of partner-authors has produced what I consider to the first comprehensive book on all matters capital. In a world of transformative surprises a resilient capital agenda must be the goal of every C-Suite. Chapter by chapter the EY team addresses the various opportunities and threats a firm faces – from digital disruption to activist shareholders, acquisitions that must pay off, divestitures to release value from the business portfolio, and so many other topics of critical importance. \u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eProfessor Tasadduq Shervani\u003cbr\u003eCox School of Business\u003cbr\u003eSouthern Methodist University \u003c\/p\u003e \u003cp\u003e\u003ci\u003eStrategic capital allocation is the key to long term value creation and this book provides actionable insights into how to drive returns from high priority activities like complex acquisition integration and synergy capture. \u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMark Long\u003cbr\u003eChief Strategy Officer and Chief Financial Officer \u003cbr\u003eWestern Digital Corporation\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990348316901,"sku":"NP9781119417941","price":40.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119417941.jpg?v=1761787457","url":"https:\/\/k12savings.com\/products\/the-stress-test-every-business-needs-isbn-9781119417941","provider":"K12savings","version":"1.0","type":"link"}