Mergers & Acquisitions

DESCRIPTION

Mergers and acquisitions are among the most powerful and versatile growth tools employed by companies of all sizes and in all industries.

A well-timed purchase or a well-planned merger can boost both the immediate financial position and the long-term outlook for your organization.

Conversely, these transactions can quickly spell your company’s doom if they are not conceived and executed carefully, legally, and sensibly.

Whether you’re an M&A veteran or find yourself at the table for the first time, it’s crucial to have an authoritative, soup-to-nuts reference to guide you through the many complex steps involved in these major business strategies.

INTRODUCTION

Mergers and acquisitions (M&A) and corporate restructuring are a big part of the corporate finance world. Every day, Wall Street investment bankers arrange M&A transactions, which bring separate companies together to form larger ones. When they’re not creating big companies from smaller ones, corporate finance deals do the reverse and break up companies through spinoffs, carve-outs or tracking stocks.

Not surprisingly, these actions often make the news. Deals can be worth hundreds of millions, or even billions, of dollars. They can dictate the fortunes of the companies involved for years to come. For a CEO, leading an M&A can represent the highlight of a whole career. And it is no wonder we hear about so many of these transactions; they happen all the time. Next time you flip open the newspaper’s business section, odds are good that at least one headline will announce some kind of M&A transaction.

Sure, M&A deals grab headlines, but what does this all mean to investors? To answer this question, this tutorial discusses the forces that drive companies to buy or merge with others, or to split-off or sell parts of their own businesses. Once you know the different ways in which these deals are executed, you’ll have a better idea of whether you should cheer or weep when a company you own buys another company – or is bought by one. You will also be aware of the tax consequences for companies and for investors.

DEFINITION

The Main Idea

One plus one makes three: this equation is the special alchemy of a merger or an acquisition. The key principle behind buying a company is to create shareholder value over and above that of the sum of the two companies. Two companies together are more valuable than two separate companies – at least, that’s the reasoning behind M&A.

This rationale is particularly alluring to companies when times are tough. Strong companies will act to buy other companies to create a more competitive, cost-efficient company. The companies will come together hoping to gain a greater market share or to achieve greater efficiency. Because of these potential benefits, target companies will often agree to be purchased when they know they cannot survive alone. 

Distinction between Mergers and Acquisitions

Although they are often uttered in the same breath and used as though they were synonymous, the terms merger and acquisition mean slightly different things. 
When one company takes over another and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer "swallows" the business and the buyer’s stock continues to be traded. 
In the pure sense of the term, a merger happens when two firms, often of about the same size, agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals." Both companies’ stocks are surrendered and new company stock is issued in its place. For example, both Daimler-Benz and Chrysler ceased to exist when the two firms merged, and a new company, DaimlerChrysler, was created. 
In practice, however, actual mergers of equals don’t happen very often. Usually, one company will buy another and, as part of the deal’s terms, simply allow the acquired firm to proclaim that the action is a merger of equals, even if it’s technically an acquisition. Being bought out often carries negative connotations, therefore, by describing the deal as a merger, deal makers and top managers try to make the takeover more palatable. 
A purchase deal will also be called a merger when both CEOs agree that joining together is in the best interest of both of their companies. But when the deal is unfriendly – that is, when the target company does not want to be purchased – it is always regarded as an acquisition. 
Whether a purchase is considered a merger or an acquisition really depends on whether the purchase is friendly or hostile and how it is announced. In other words, the real difference lies in how the purchase is communicated to and received by the target company’s board of directors, employees and shareholders. 

Synergy

Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings. By merging, the companies hope to benefit from the following:

• Staff reductions – As every employee knows, mergers tend to mean job losses. Consider all the money saved from reducing the number of staff members from accounting, marketing and other departments. Job cuts will also include the former CEO, who typically leaves with a compensation package.
• Economies of scale – Yes, size matters. Whether it’s purchasing stationery or a new corporate IT system, a bigger company placing the orders can save more on costs. Mergers also translate into improved purchasing power to buy equipment or office supplies – when placing larger orders, companies have a greater ability to negotiate prices with their suppliers.
• Acquiring new technology – To stay competitive, companies need to stay on top of technological developments and their business applications. By buying a smaller company with unique technologies, a large company can maintain or develop a competitive edge.
• Improved market reach and industry visibility – Companies buy companies to reach new markets and grow revenues and earnings. A merge may expand two companies’ marketing and distribution, giving them new sales opportunities. A merger can also improve a company’s standing in the investment community: bigger firms often have an easier time raising capital than smaller ones.

That said, achieving synergy is easier said than done – it is not automatically realized once two companies merge. Sure, there ought to be economies of scale when two businesses are combined, but sometimes a merger does just the opposite. In many cases, one and one add up to less than two. 
Sadly, synergy opportunities may exist only in the minds of the corporate leaders and the deal makers. Where there is no value to be created, the CEO and investment bankers – who have much to gain from a successful M&A deal – will try to create an image of enhanced value. The market, however, eventually sees through this and penalizes the company by assigning it a discounted share price. We’ll talk more about why M&A may fail in a later section of this tutorial.

Varieties of Mergers

From the perspective of business structures, there is a whole host of different mergers. Here are a few types, distinguished by the relationship between the two companies that are merging:

• Horizontal merger – Two companies that are in direct competition and share the same product lines and markets.
• Vertical merger – A customer and company or a supplier and company. Think of a cone supplier merging with an ice cream maker.
• Market-extension merger - Two companies that sell the same products in different markets.
• Product-extension merger - Two companies selling different but related products in the same market.
• Conglomeration – Two companies that have no common business areas.
  There are two types of mergers that are distinguished by how the merger is financed. Each has certain implications for the companies involved and for investors:

· Purchase Mergers – As the name suggests, this kind of merger occurs when one company purchases another. The purchase is made with cash or through the issue of some kind of debt instrument; the sale is taxable.
Acquiring companies often prefer this type of merger because it can provide them with a tax benefit. Acquired assets can be written-up to the actual purchase price, and the difference between the book value and the purchase price of the assets can depreciate annually, reducing taxes payable by the acquiring company. We will discuss this further in part four of this tutorial.

· Consolidation Mergers – With this merger, a brand new company is formed and both companies are bought and combined under the new entity. The tax terms are the same as those of a purchase merger.

Acquisitions

As you can see, an acquisition may be only slightly different from a merger. In fact, it may be different in name only. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Unlike all mergers, all acquisitions involve one firm purchasing another – there is no exchange of stock or consolidation as a new company. Acquisitions are often congenial, and all parties feel satisfied with the deal. Other times, acquisitions are more hostile. 
In an acquisition, as in some of the merger deals we discuss above, a company can buy another company with cash, stock or a combination of the two. Another possibility, which is common in smaller deals, is for one company to acquire all the assets of another company. Company X buys all of Company Y’s assets for cash, which means that Company Y will have only cash (and debt, if they had debt before). Of course, Company Y becomes merely a shell and will eventually liquidate or enter another area of business. 
Another type of acquisition is a reverse merger, a deal that enables a private company to get publicly-listed in a relatively short time period. A reverse merger occurs when a private company that has strong prospects and is eager to raise financing buys a publicly-listed shell company, usually one with no business and limited assets. The private company reverse merges into the public company, and together they become an entirely new public corporation with tradable shares. 
Regardless of their category or structure, all mergers and acquisitions have one common goal: they are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts. The success of a merger or acquisition depends on whether this synergy is achieved.

Valuation Matters

Investors in a company that are aiming to take over another one must determine whether the purchase will be beneficial to them. In order to do so, they must ask themselves how much the company being acquired is really worth.

Naturally, both sides of an M&A deal will have different ideas about the worth of a target company: its seller will tend to value the company at as high of a price as possible, while the buyer will try to get the lowest price that he can. 
There are, however, many legitimate ways to value companies. The most common method is to look at comparable companies in an industry, but deal makers employ a variety of other methods and tools when assessing a target company. Here are just a few of them:

1. Comparative Ratios – The following are two examples of the many comparative metrics on which acquiring companies may base their offers:

· Price-Earnings Ratio (P/E Ratio) – With the use of this ratio, an acquiring company makes an offer that is a multiple of the earnings of the target company. Looking at the P/E for all the stocks within the same industry group will give the acquiring company good guidance for what the target’s P/E multiple should be.

· Enterprise-Value-to-Sales Ratio (EV/Sales) – With this ratio, the acquiring company makes an offer as a multiple of the revenues, again, while being aware of the price-to-sales ratio of other companies in the industry.

Replacement Cost – In a few cases, acquisitions are based on the cost of replacing the target company. For simplicity’s sake, suppose the value of a company is simply the sum of all its equipment and staffing costs. The acquiring company can literally order the target to sell at that price, or it will create a competitor for the same cost. Naturally, it takes a long time to assemble good management, acquire property and get the right equipment. This method of establishing a price certainly wouldn’t make much sense in a service industry where the key assets – people and ideas – are hard to value and develop.

Discounted Cash Flow (DCF) - A key valuation tool in M&A, discounted cash flow analysis determines a company’s current value according to its estimated future cash flows. Forecasted free cash flows (net income + depreciation/amortization – capital expenditures – change in working capital) are discounted to a present value using the company’s weighted average costs of capital (WACC). Admittedly, DCF is tricky to get right, but few tools can rival this valuation method.

Synergy: The Premium for Potential Success

For the most part, acquiring companies nearly always pay a substantial premium on the stock market value of the companies they buy. The justification for doing so nearly always boils down to the notion of synergy; a merger benefits shareholders when a company’s post-merger share price increases by the value of potential synergy. 
Let’s face it, it would be highly unlikely for rational owners to sell if they would benefit more by not selling. That means buyers will need to pay a premium if they hope to acquire the company, regardless of what pre-merger valuation tells them. For sellers, that premium represents their company’s future prospects. For buyers, the premium represents part of the post-merger synergy they expect can be achieved. The following equation offers a good way to think about synergy and how to determine whether a deal makes sense. The equation solves for the minimum required synergy:

In other words, the success of a merger is measured by whether the value of the buyer is enhanced by the action. However, the practical constraints of mergers, which we discuss in part five, often prevent the expected benefits from being fully achieved. Alas, the synergy promised by deal makers might just fall short. 

What to Look For

It’s hard for investors to know when a deal is worthwhile. The burden of proof should fall on the acquiring company. To find mergers that have a chance of success, investors should start by looking for some of these simple criteria:

• A reasonable purchase price – A premium of, say, 10% above the market price seems within the bounds of level-headedness. A premium of 50%, on the other hand, requires synergy of stellar proportions for the deal to make sense. Stay away from companies that participate in such contests.
• Cash transactions – Companies that pay in cash tend to be more careful when calculating bids and valuations come closer to target. When stock is used as the currency for acquisition, discipline can go by the wayside.
• Sensible appetite – An acquiring company should be targeting a company that is smaller and in businesses that the acquiring company knows intimately. Synergy is hard to create from companies in disparate business areas. Sadly, companies have a bad habit of biting off more than they can chew in mergers.

Mergers are awfully hard to get right, so investors should look for acquiring companies with a healthy grasp of reality.

Doing The Deal
Start with an Offer

When the CEO and top managers of a company decide that they want to do a merger or acquisition, they start with atender offer. The process typically begins with the acquiring company carefully and discreetly buying up shares in the target company, or building a position. Once the acquiring company starts to purchase shares in the open market, it is restricted to buying 5% of the total outstanding shares before it must file with the SEC. In the filing, the company must formally declare how many shares it owns and whether it intends to buy the company or keep the shares purely as an investment.

Working with financial advisors and investment bankers, the acquiring company will arrive at an overall price that it’s willing to pay for its target in cash, shares or both. The tender offer is then frequently advertised in the business press, stating the offer price and the deadline by which the shareholders in the target company must accept (or reject) it. 
The Target’s Response
Once the tender offer has been made, the target company can do one of several things:

• Accept the Terms of the Offer – If the target firm’s top managers and shareholders are happy with the terms of the transaction, they will go ahead with the deal.
• Attempt to Negotiate – The tender offer price may not be high enough for the target company’s shareholders to accept, or the specific terms of the deal may not be attractive. In a merger, there may be much at stake for the management of the target – their jobs, in particular. If they’re not satisfied with the terms laid out in the tender offer, the target’s management may try to work out more agreeable terms that let them keep their jobs or, even better, send them off with a nice, big compensation package.
  Not surprisingly, highly sought-after target companies that are the object of several bidders will have greater latitude for negotiation. Furthermore, managers have more negotiating power if they can show that they are crucial to the merger’s future success.
• Execute a Poison Pill or Some Other Hostile Takeover Defense – A poison pill scheme can be triggered by a target company when a hostile suitor acquires a predetermined percentage of company stock. To execute its defense, the target company grants all shareholders – except the acquiring company – options to buy additional stock at a dramatic discount. This dilutes the acquiring company’s share and intercepts its control of the company.
• Find a White Knight – As an alternative, the target company’s management may seek out a friendlier potential acquiring company, or white knight. If a white knight is found, it will offer an equal or higher price for the shares than the hostile bidder.

Mergers and acquisitions can face scrutiny from regulatory bodies. For example, if the two biggest long-distance companies in the U.S., AT&T and Sprint, wanted to merge, the deal would require approval from the Federal Communications Commission (FCC). The FCC would probably regard a merger of the two giants as the creation of amonopoly or, at the very least, a threat to competition in the industry.

Closing the Deal

Finally, once the target company agrees to the tender offer and regulatory requirements are met, the merger deal will be executed by means of some transaction. In a merger in which one company buys another, the acquiring company will pay for the target company’s shares with cash, stock or both. 
A cash-for-stock transaction is fairly straightforward: target company shareholders receive a cash payment for each share purchased. This transaction is treated as a taxable sale of the shares of the target company. 
If the transaction is made with stock instead of cash, then it’s not taxable. There is simply an exchange of share certificates. The desire to steer clear of the tax man explains why so many M&A deals are carried out as stock-for-stock transactions. 
When a company is purchased with stock, new shares from the acquiring company’s stock are issued directly to the target company’s shareholders, or the new shares are sent to a broker who manages them for target company shareholders. The shareholders of the target company are only taxed when they sell their new shares. 
When the deal is closed, investors usually receive a new stock in their portfolios – the acquiring company’s expanded stock. Sometimes investors will get new stock identifying a new corporate entity that is created by the M&A deal.

Break Ups

As mergers capture the imagination of many investors and companies, the idea of getting smaller might seem counterintuitive. But corporate break-ups, or de-mergers, can be very attractive options for companies and their shareholders.

Advantages

The rationale behind a spinoff, tracking stock or carve-out is that "the parts are greater than the whole." These corporate restructuring techniques, which involve the separation of a business unit or subsidiary from the parent, can help a company raise additional equity funds. A break-up can also boost a company’s valuation by providing powerful incentives to the people who work in the separating unit, and help the parent’s management to focus on core operations.
Most importantly, shareholders get better information about the business unit because it issues separate financial statements. This is particularly useful when a company’s traditional line of business differs from the separated business unit. With separate financial disclosure, investors are better equipped to gauge the value of the parent corporation. The parent company might attract more investors and, ultimately, more capital.
Also, separating a subsidiary from its parent can reduce internal competition for corporate funds. For investors, that’s great news: it curbs the kind of negative internal wrangling that can compromise the unity and productivity of a company.
For employees of the new separate entity, there is a publicly traded stock to motivate and reward them. Stock optionsin the parent often provide little incentive to subsidiary managers, especially because their efforts are buried in the firm’s overall performance.

Disadvantages

That said, de-merged firms are likely to be substantially smaller than their parents, possibly making it harder to tap credit markets and costlier finance that may be affordable only for larger companies. And the smaller size of the firm may mean it has less representation on major indexes, making it more difficult to attract interest from institutional investors.
Meanwhile, there are the extra costs that the parts of the business face if separated. When a firm divides itself into smaller units, it may be losing the synergy that it had as a larger entity. For instance, the division of expenses such as marketing, administration and research and development (R&D) into different business units may cause redundant costs without increasing overall revenues.
Restructuring Methods
There are several restructuring methods: doing an outright sell-off, doing an equity carve-out, spinning off a unit to existing shareholders or issuing tracking stock. Each has advantages and disadvantages for companies and investors. All of these deals are quite complex.

Sell-Offs

A sell-off, also known as a divestiture, is the outright sale of a company subsidiary. Normally, sell-offs are done because the subsidiary doesn’t fit into the parent company’s core strategy. The market may be undervaluing the combined businesses due to a lack of synergy between the parent and subsidiary. As a result, management and the board decide that the subsidiary is better off under different ownership.
Besides getting rid of an unwanted subsidiary, sell-offs also raise cash, which can be used to pay off debt. In the late 1980s and early 1990s, corporate raiders would use debt to finance acquisitions. Then, after making a purchase they would sell-off its subsidiaries to raise cash to service the debt. The raiders’ method certainly makes sense if the sum of the parts is greater than the whole. When it isn’t, deals are unsuccessful.

Equity Carve-Outs

More and more companies are using equity carve-outs to boost shareholder value. A parent firm makes a subsidiary public through an initial public offering (IPO) of shares, amounting to a partial sell-off. A new publicly-listed company is created, but the parent keeps a controlling stake in the newly traded subsidiary.
A carve-out is a strategic avenue a parent firm may take when one of its subsidiaries is growing faster and carrying higher valuations than other businesses owned by the parent. A carve-out generates cash because shares in the subsidiary are sold to the public, but the issue also unlocks the value of the subsidiary unit and enhances the parent’s shareholder value.
The new legal entity of a carve-out has a separate board, but in most carve-outs, the parent retains some control. In these cases, some portion of the parent firm’s board of directors may be shared. Since the parent has a controlling stake, meaning both firms have common shareholders, the connection between the two will likely be strong.
That said, sometimes companies carve-out a subsidiary not because it’s doing well, but because it is a burden. Such an intention won’t lead to a successful result, especially if a carved-out subsidiary is too loaded with debt, or had trouble even when it was a part of the parent and is lacking an established track record for growing revenues and profits.
Carve-outs can also create unexpected friction between the parent and subsidiary. Problems can arise as managers of the carved-out company must be accountable to their public shareholders as well as the owners of the parent company. This can create divided loyalties.

Spinoffs

A spinoff occurs when a subsidiary becomes an independent entity. The parent firm distributes shares of the subsidiary to its shareholders through a stock dividend. Since this transaction is a dividend distribution, no cash is generated. Thus, spinoffs are unlikely to be used when a firm needs to finance growth or deals. Like the carve-out, the subsidiary becomes a separate legal entity with a distinct management and board.
Like carve-outs, spinoffs are usually about separating a healthy operation. In most cases, spinoffs unlock hidden shareholder value. For the parent company, it sharpens management focus. For the spinoff company, management doesn’t have to compete for the parent’s attention and capital. Once they are set free, managers can explore new opportunities.
Investors, however, should beware of throw-away subsidiaries the parent created to separate legal liability or to off-load debt. Once spinoff shares are issued to parent company shareholders, some shareholders may be tempted to quickly dump these shares on the market, depressing the share valuation.

Tracking Stock

A tracking stock is a special type of stock issued by a publicly held company to track the value of one segment of that company. The stock allows the different segments of the company to be valued differently by investors.
Let’s say a slow-growth company trading at a low price-earnings ratio (P/E ratio) happens to have a fast growing business unit. The company might issue a tracking stock so the market can value the new business separately from the old one and at a significantly higher P/E rating.
Why would a firm issue a tracking stock rather than spinning-off or carving-out its fast growth business for shareholders? The company retains control over the subsidiary; the two businesses can continue to enjoy synergies and share marketing, administrative support functions, a headquarters and so on. Finally, and most importantly, if the tracking stock climbs in value, the parent company can use the tracking stock it owns to make acquisitions.
Still, shareholders need to remember that tracking stocks are class B, meaning they don’t grant shareholders the same voting rights as those of the main stock. Each share of tracking stock may have only a half or a quarter of a vote. In rare cases, holders of tracking stock have no vote at all.

Why They Can Fail

It’s no secret that plenty of mergers don’t work. Those who advocate mergers will argue that the merger will cut costs or boost revenues by more than enough to justify the price premium. It can sound so simple: just combine computer systems, merge a few departments, use sheer size to force down the price of supplies and the merged giant should be more profitable than its parts. In theory, 1+1 = 3 sounds great, but in practice, things can go awry.

Historical trends show that roughly two thirds of big mergers will disappoint on their own terms, which means they will lose value on the stock market. The motivations that drive mergers can be flawed and efficiencies from economies of scale may prove elusive. In many cases, the problems associated with trying to make merged companies work are all too concrete.

Flawed Intentions

For starters, a booming stock market encourages mergers, which can spell trouble. Deals done with highly rated stock as currency are easy and cheap, but the strategic thinking behind them may be easy and cheap too. Also, mergers are often attempt to imitate: somebody else has done a big merger, which prompts other top executives to follow suit.
A merger may often have more to do with glory-seeking than business strategy. The executive ego, which is boosted by buying the competition, is a major force in M&A, especially when combined with the influences from the bankers, lawyers and other assorted advisers who can earn big fees from clients engaged in mergers. Most CEOs get to where they are because they want to be the biggest and the best, and many top executives get a big bonus for merger deals, no matter what happens to the share price later.
On the other side of the coin, mergers can be driven by generalized fear. Globalization, the arrival of new technological developments or a fast-changing economic landscape that makes the outlook uncertain are all factors that can create a strong incentive for defensive mergers. Sometimes the management team feels they have no choice and must acquire a rival before being acquired. The idea is that only big players will survive a more competitive world.
The Obstacles to Making it Work
Coping with a merger can make top managers spread their time too thinly and neglect their core business, spelling doom. Too often, potential difficulties seem trivial to managers caught up in the thrill of the big deal.
The chances for success are further hampered if the corporate cultures of the companies are very different. When a company is acquired, the decision is typically based on product or market synergies, but cultural differences are often ignored. It’s a mistake to assume that personnel issues are easily overcome. For example, employees at a target company might be accustomed to easy access to top management, flexible work schedules or even a relaxed dress code. These aspects of a working environment may not seem significant, but if new management removes them, the result can be resentment and shrinking productivity.
More insight into the failure of mergers is found in the highly acclaimed study from McKinsey, a global consultancy. The study concludes that companies often focus too intently on cutting costs following mergers, while revenues, and ultimately, profits, suffer. Merging companies can focus on integration and cost-cutting so much that they neglect day-to-day business, thereby prompting nervous customers to flee. This loss of revenue momentum is one reason so many mergers fail to create value for shareholders.
But remember, not all mergers fail. Size and global reach can be advantageous, and strong managers can often squeeze greater efficiency out of badly run rivals. Nevertheless, the promises made by deal makers demand the careful scrutiny of investors. The success of mergers depends on how realistic the deal makers are and how well they can integrate two companies while maintaining day-to-day operations.

Conclusion

One size doesn’t fit all. Many companies find that the best way to get ahead is to expand ownership boundaries through mergers and acquisitions. For others, separating the public ownership of a subsidiary or business segment offers more advantages. At least in theory, mergers create synergies and economies of scale, expanding operations and cutting costs. Investors can take comfort in the idea that a merger will deliver enhanced market power.

By contrast, de-merged companies often enjoy improved operating performance thanks to redesigned management incentives. Additional capital can fund growth organically or through acquisition. Meanwhile, investors benefit from the improved information flow from de-merged companies. 
M&A comes in all shapes and sizes, and investors need to consider the complex issues involved in M&A. The most beneficial form of equity structure involves a complete analysis of the costs and benefits associated with the deals. 
Let’s recap what we learned in this tutorial:

• A merger can happen when two companies decide to combine into one entity or when one company buys another. An acquisition always involves the purchase of one company by another.
• The functions of synergy allow for the enhanced cost efficiency of a new entity made from two smaller ones – synergy is the logic behind mergers and acquisitions.
• Acquiring companies use various methods to value their targets. Some of these methods are based on comparative ratios – such as the P/E and P/S ratios – replacement cost or discounted cash flow analysis.
• An M&A deal can be executed by means of a cash transaction, stock-for-stock transaction or a combination of both. A transaction struck with stock is not taxable.
• Break up or de-merger strategies can provide companies with opportunities to raise additional equity funds, unlock hidden shareholder value and sharpen management focus. De-mergers can occur by means of divestitures, carve-outs spinoffs or tracking stocks.
• Mergers can fail for many reasons including a lack of management foresight, the inability to overcome practical challenges and loss of revenue momentum from a neglect of day-to-day operations.

MERGERS AND ACQUISITIONS ARE REGULAR OPERATIONS IN BRAZIL

The Corporations Law (Federal Law # 6.404/76) and the Limited Liability Companies Regulation (Federal Law # 10.460/02) regulate the procedures for mergers, consolidations, spin-off, acquisitions and incorporations, among other issues.

PREVIOUS STEPS TO CLOSE AN M&A OPERATION IN BRAZIL

1.1 DUE DILIGENCE AND CONTRACTS

When participating in or undergoing through a M&A operation in Brazil, it is highly recommendable that a company seeks legal and auditing assistance to arrange for due diligence of the acquired or target company and drafting and negotiation of the letter of intentions and applicable contracts, in addition to observing several legal requirements.
Assessing the liabilities of the target company may severely affect the purchasing price in the transaction. Especially tax, labor and environmental legislations in Brazil are very complex and burdensome and lawsuits involving such matters in Brazil may produce a severe impact in the decision making process.
Brazilian companies are more than 80% family-owned and managed by their owners. In larger companies there are professional executives. Mainly in the South and Southeast region (States of Sao Paulo, Rio de Janeiro, Minas Gerais, Paraná, and Rio Grande do Sul).
Negotiations in Brazil never follow a standard pattern and normally vary on a case-by-case basis. In small and medium-sized companies, owners conduct negotiations, while many larger companies have people trained for that purpose. In significant business negotiations the chief executive officer or chairperson of the board of directors may become involved assisting the company’s negotiations team in solving significant issues. Lawyers usually assist in the operation.
Contracts in Brazil are on a less formal basis than the extensive, signed agreements used in the United States.

1.2 INCORPORATING IN BRAZIL

M&A operations often require that the acquiring party incorporate a new company to use in the operation due to commercial or tax planning reasons.
For this matter, Brazilian law sets forth that for the incorporation in Brazil, considering the existence of a foreign shareholder, the first step is the registration of such shareholder before the National Tax Payer Register, whether it is an individual or a legal entity.
Foreign companies or individual foreign shareholders of Brazilian companies must maintain a representative (attorney-in-fact) in Brazil with powers to receive service of process not only regarding Brazilian Courts, but also to represent before Brazilian Tax Authorities. The foreign company shall be required to present a Certificate of Incorporation of its country of origin or passport and a power of attorney. Note that any and all foreign documents to be valid in Brazil must be legalized by a Brazilian Consulate abroad and translated in Brazil by a sworn translator.
Therefore, the incorporation of a company in Brazil necessarily involves at least five phases: (i) the registration of the foreign shareholder before the Federal Tax Payer, (ii) the registration of the company’s Articles of Association or By-laws before the State Board of Trade or Public Notary, (iii) the enrolment and registration of the company before the Federal Tax Payer Register, (iv) the enrolment and registration of the company before the local municipality, and (v) the enrolment and registration of the company before the State Tax Payer Register (only for commercial companies).
Further registrations before other public agencies may also be required according to the company’s purposes and activities.
The most common types of corporate forms that companies are organized under are: Limited Liability Company (Sociedade Limitada) and Joint Stock Corporation (Sociedade Anônima)
Main requirements applicable to both types of companies:

• (i) shareholders (in principle, both of them can be non residents, provided that a Brazilian resident representative is appointed);
• (ii) there is no minimum capital (except for bank, insurance and others);
• (iii) officers must be Brazilian residents;
• (iv) directors may be non Brazilian residents;
• (v) mandatory annual shareholders? meeting;
• (vi) mandatory publication of some of its corporate acts;
• (vii) mandatory bookkeeping.

1.3 MERGERS, CONSOLIDATIONS AND SPIN-OFF OPERATIONS

Mergers, consolidations and spin-off operations in Brazil shall be submitted to a general meeting of the interested corporations, with a statement of reasons, which shall include:

• I. the economic, financial or social reasons for or the objectives of the operation, and the interest of the corporation in effecting it;
• II. the shares which the shareholders shall receive and, if any changes in their rights are provided, the reasons therefore;
• III. the equity structure after the operation, according to types and classes of shares, and the capital of the corporations issuing shares in substitution for those to be extinguished;
• IV. the refund value of the shares to which dissenting shareholders shall be entitled.

The conditions of the mergers, consolidations and spin-off operations shall be set forth in a protocol, which shall be executed by the administrative bodies or partners of the interested corporations and which shall indicate:

• I. the number, type and class of new shares that shall be given in substitution for the old shares and the criteria used to determine the relations between such substituted shares;
• II. in the event of a division, the assets and liabilities which shall form the assets and liabilities of each part;
• III. the criteria for valuing the net value, the date at which the evaluation shall be made and the effect of subsequent variations in the assets and liabilities;
• IV. how shares or quotas of one corporation owned by another will be dealt with;
• V. the amount of the capital of any corporation being created or of the increase or decrease in the capital of the corporations participating in the operation;
• VI. a draft of the bylaws or amendments which shall be approved in order to effect the operation;
• VII. all further conditions to which the operation may be subject.Mergers, consolidations and spin-off operations may only be carried out under the approved conditions if appointed expert valuers determine that the total net value to be transferred to form capital is at least equal to the amount of capital to be paid up.

1.4 PURCHASE AND SALE OF ASSETS

The acquiring company may also purchase only the assets of a specific plant or company in Brazil.
The agreement for the purchase and sale of assets shall be registered with the local Board of Trade and published in the official gazette. Unless otherwise agreed in writing by the parties, the former owner of the assets sold may not compete with the acquiring company for a period of 5 years following the sale.
The acquiring company shall be liable for the accounted debts prior to the transfer and shall succeed in all rights and obligations, including contracts involving such assets, provided that the former owner shall remain liable for 1 year after the sale.

1.5 FOREIGN CAPITAL REGISTRATION

The foreign acquiring company may also directly purchase shares of the target company in Brazil, without having to incorporate a new company in Brazil.
For this matter, foreign capital shall be registered before the Central Bank of Brazil within 30 days of the execution of the exchange contract, subject to penalties and fines imposed by the Central Bank that may reach the amount of R$250,000 (two hundred and fifty thousand reais). Prior from sending any money transfer as investments or loans to a Brazilian company, the foreign Company must proceed with the previous registration before the Central Bank in order to have access to the Central Bank’s system – SISBACEN.
Brazil maintains a liberal posture towards foreign investment, with low restrictions to investments in most industries. Thus, most activities may be freely executed by companies belonging to foreign citizens or entities. Exceptions are expressly determined by Law, such as coastal shipping, domestic airlines, broadcasting, press, atomic energy production, ownership of lands, etc.
There is no difference in treatment of foreign companies, from a legal standpoint, in all matters relating to tax, labor rights, social security, or civil and commercial law. A company incorporated in Brazil is Brazilian regardless of the nationality of its shareholders.
Distribution and remittance of dividends (including to non-Brazilian shareholders) are not subject to taxation.

1.6 LIABILITIES

As a general rule, the acquiring company shall always succeed the acquired target company in all its rights, obligations and responsibilities.
In case of spin-off operations, in principle, the corporation absorbing a portion of the assets and liabilities of the divided corporation shall succeed to all unlisted assets and hidden liabilities and be jointly liable for all rights and obligation of the divided company prior to the spin-off.
The instrument of spin-off may provide that the corporations absorbing portions of the assets and liabilities of the divided corporation shall be liable only for those debts which are transferred to them, without joint liability subsisting between themselves or with the divided corporation; in the latter case, however, any existing creditor may oppose the provision with regard to his debt, provided he notifies the corporation within 90 (ninety) days from the date of publication of the instruments of division.
With regards to merger or consolidation operations, within 60 (sixty) days after the publication of the instruments relating to the merger or consolidation, any existing creditor aggrieved by it may bring proceedings to annul the operation. A creditor who fails to exercise this right during such a period shall forfeit such right.

III. ANTITRUST AND COMPETITION LAW

As the case may be the merger or acquisition operation shall have to be subject to the Brazilian Competition and Antitrust Agency that seeks to secure free and fair competition, following the existing constitutional principles. This requirement will only be needed when the operation involves more than 400 million reais (about US$135 million) or more 20% of the market share of its respective products.

IV. GOVERNING LAW AND JURISDICTION – A REAL ISSUE

Furthermore, it is important to emphasize that the jurisdiction and governing law for business transactions in Brazil are regulated by the Introductory Law to the Civil Code, the Civil Code and the Code of Civil Procedure, all of which are federal laws and applicable throughout the country.
The parties may elect the applicable law and jurisdiction. If the parties do not establish it, according to the introductory law to the Civil Code, for contracts executed in Brazil the applicable law is Brazilian law and for contracts made abroad the applicable law is the law of the jurisdiction where the agreement was executed. But the Code of Civil Procedure contains provisions setting forth Brazilian court jurisdiction on international matters when the defendant, of whatever nationality, resides in Brazil; when the accomplishment of the obligation would take place in Brazil; or when the dispute relates to facts that occurred or to acts committed in Brazil.
It is also common to encounter international contracts made in Brazil, in which at least one of the parties is a foreigner residing abroad, that contain provisions saying that the parties thereto consent to have the laws of another jurisdiction governing the agreement. It is also common for parties in some international agreements to consent to the jurisdiction of the courts of one or more jurisdictions. Although there are precedents in some Brazilian courts restricting these provisions, they are generally considered enforceable and acceptable according to the Brazilian law.

V. DISPUTE RESOLUTION MECHANISMS

The courts are the most used contractual dispute resolution mechanism in Brazil. Arbitration is recently introduced in Brazil and it is not an usual proceeding. However, the judiciary system is extremely lengthy and bureaucratic and new arbitration entities are being created and more accepted gradually.
There are state and federal courts whose jurisdictions are regulated by the federal Constitution and applicable laws. A dispute resolution is presented to a federal or a state court, depending on the matter involved in the dispute or the parties thereto. The parties in an agreement cannot consent to the jurisdiction of a federal or state court different from that required by the applicable law and the Constitution. In general, the parties can only make a choice of territorial jurisdiction in Brazil, but they are never allowed to choose a federal court, for example, instead of a state court. The Code of Civil Procedure is a federal law, used in both federal and state courts, and provides complete regulation covering the entire procedure.
Arbitration in Brazil as already mentioned is not an usual mechanism to resolve contractual disputes, the country is signatory of the Panama Convention of 1975, is in process of signature of the New York Convention but is not signatory of the UNCITRAL. Brazilian Federal Law 9.307/96 also regulates arbitration. With regard foreign arbitration award the Arbitration Law includes a specific provision that sets forth the recognition and enforceability of foreign arbitration award, and this provision has been frequently applied by the Supreme Court as mentioned in the following paragraph.
The Federal Constitution in Brazil, through an exequatur system, grants enforcement to any foreign judgment or foreign arbitration award that has been examined and confirmed by the Supreme Court of Brazil.

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INTRODUÇÃO

A Teoria das Restrições, também denominada de TOC (Theory of Constraints) é um desenvolvimento relativamente recente no aspecto prático da tomada de diversas decisões organizacionais nas quais existem restrições. A TOC foi inicialmente descrita pelo Dr. Eliyahu Goldratt em seu livro, A Meta.

Uma restrição é qualquer coisa numa empresa que a impede ou limita seu movimento em direção aos seus objetivos. É claro que a aplicação da TOC requer uma apropriada definição dos objetivos a serem atingidos. Para a maior parte das empresas, o objetivo principal é o lucro presente e sua sustentabilidade no futuro. Existem dois tipos básicos de restrições: físicas e não-físicas. As restrições físicas na maior parte das vezes estão relacionadas a recursos: máquinas, equipamentos, veículos, instalações, sistemas etc. As restrições não-físicas podem ser a demanda por um produto, um procedimento corporativo ou mesmo um paradigma mental no encaminhamento de um problema.

Numa empresa industrial, a TOC envolve três indicadores de desempenho que permitem avaliar se o conjunto das operações está se movendo em direção aos objetivos (lucro):

• Rentabilidade: é a taxa pela qual a empresa constrói seu lucro através da comercialização de seus produtos. Em essência, a rentabilidade de um produto poderia ser aproximada pela margem de contribuição (preço de venda – custo variável das matérias-primas). Os custos de mão de obra e outros custos fixos são considerados como parte das despesas operacionais.

• Despesas operacionais: todo o dinheiro gasto pela empresa na conversão de seus estoques em margem de contribuição.

• Estoques: todo o dinheiro imobilizado pela empresa em coisas que podem ou poderiam ser comercializadas. Os estoques incluem não apenas os itens convencionais (matérias-primas, produtos em processamento e produtos acabados), mas também edifícios, terras, veículos, equipamentos. Não é incluído nos estoques, portanto, o valor do trabalho adicionado aos estoques dos produtos em processamento.

Percebe-se que a TOC possui uma ligação bastante forte com a contabilidade gerencial, especificamente com a abordagem de custeio pela margem de contribuição. Está claro que a utilização dos princípios geralmente aceitos na contabilidade financeira ou para fins legais pode levar a decisões subótimas, basicamente pela necessidade de alocar e ratear todos os custos fixos aos centros de custo, os quais, eventualmente, podem ser restrições. Outros quatro indicadores de desempenho podem ser calculados a partir da Rentabilidade, das Despesas operacionais e dos Estoques:

• Margem líquida = rentabilidade – despesas operacionais
• Retorno Sobre o Investimento (RSI) = (rentabilidade – despesas operacionais) / estoque
• Produtividade = rentabilidade / despesas operacionais
• Giro = rentabilidade / estoques

Deve ser observada a ligeira diferença destes indicadores, especificamente o Giro e o RSI, quando feita a transposição dos princípios da contabilidade financeira para a gerencial. Por exemplo, na contabilidade financeira, o Giro é definido como vendas / estoques.

Aplicação e Implementação

A TOC tem sido aplicada em três diferentes níveis de tomada de decisão: gerência da produção, na resolução de problemas relacionados aos gargalos, à programação e à redução dos estoques; análise de rentabilidade, levando à mudança de decisões baseadas em custo para decisões baseadas na melhoria contínua das operações que afetam a rentabilidade; e, gestão de processos, na identificação de fatores organizacionais, que não são necessariamente recursos, que impedem as empresas de atingirem seus objetivos.

São cinco os passos para aplicação da TOC.

1. Identificar a restrição do sistema. Numa empresa industrial, a restrição pode ser o tempo disponível ou a capacidade de uma máquina, de um departamento ou de uma estação de trabalho. Para empresas de serviços ou de alta tecnologia, a restrição pode ser o tempo disponível dos funcionários mais capacitados.
2. Calcular a rentabilidade por unidade de recurso consumida na restrição. Este valor é obtido pela divisão da rentabilidade ou margem de contribuição unitária pelo consumo de recursos da restrição para produzir um produto. A chave para maximizar o lucro é concentrar na produção e na comercialização de produtos com a maior rentabilidade por unidade de recurso consumida na restrição.
3. Subordinar o sistema à restrição. Os recursos e estoques devem ser gerenciados de modo a prover exatamente o necessário para atingir os objetivos definidos para a restrição. Este passo pode implicar na ociosidade de recursos que não são restrições. Normalmente o sistema é subordinado a restrição através de um método de programação e controle da produção chamado de Tambor-Pumão-Corda (Drum-Buffer-Rope ou DBR).
4. Romper ou elevar a restrição do sistema. Através da melhoria contínua das operações, da aquisição de capacidade ou de flutuações na demanda, por exemplo, a restrição do sistema pode ser rompida ou elevada, de modo que a esta restrição deixe de sê-lo. Uma nova restrição física ou não física, interna ou externa, assumirá o papel da restrição anterior.
5. Identificar a nova restrição do sistema caso a restrição seja rompida.

Deve ser observado, no entanto, que a implementação da TOC pode exigir uma mudança substancial na maneira com que a empresa opera. Por exemplo, suponha que, numa empresa, produzir e comercializar o produto de menor preço unitário e maior demanda maximize o lucro (objetivo). Se a empresa remunera sua força de vendas com base em comissões como um percentual da receita, pode existir um incentivo implícito para vender os produtos mais caros. Este cenário demandaria uma nova política de remuneração da força de vendas.

Tambor-Pumão-Corda (DBR)

O DBR é o método de programação e controle da produção que permite subordinar o sistema à restrição. Seu objetivo é assegurar a máxima utilização da restrição para atender à demanda. O Tambor (Drum) é a programação detalhada da restrição, com os itens a ser produzidos, suas quantidades, os horários de início e de término. A demanda é o ponto de partida para a determinação do Tambor.

Os recursos que não são restrição devem seguir o ritmo da restrição. É por isto que a programação da restrição é chamada de Tambor, por “determinar o ritmo de toda a tropa”. Os recursos que não são restrição devem ser gerenciados de modo a não faltarem itens na restrição, caso contrário, o objetivo será ameaçado. Como os recursos que não são restrição possuem maior capacidade que a demanda, não é necessário programá-los. O método DBR sinaliza para a liberação dos itens necessários para a alimentação do Tambor e para que os recursos que não são restrição processem esta quantidade o mais rápido possível.

Em função das incertezas, uma proteção deve ser criada para a liberação dos itens algum tempo antes de seu processamento na restrição. Esta proteção é chamada de Pulmão (Buffer), e na TOC, o Pulmão é medido em unidades de tempo, e não quantidades de itens. A duração do Pulmão é influenciada pela velocidade dos outros recursos que não são restrições e pela variância do tempo de resposta das operações. Maior a variância, maior a duração do Pulmão. Maior a velocidade dos outros recursos, menor o Pulmão.

Em linhas gerais o Pulmão é criado para proteger a programação. É uma antecipação do instante de liberação dos itens de modo a garantir o cumprimento do programa de produção. Na TOC pode haver três tipos de pulmão:

1. Pulmão da Restrição (Constraint Buffer) – objetiva proteger o Tambor com a liberação antecipada dos itens para a restrição.
2. Pulmão do Carregamento (Shipping Buffer) – a restrição não é o único elemento com programas a serem observados. O carregamento dos produtos acabados também deve ser protegido com um pulmão, de modo a ser assegurada a confiabilidade dos prazos para os clientes.
3. Pulmão da Montagem (Assembly Buffer) – quando os itens que foram processados pela restrição devem ser montados com itens que não passaram pela restrição, é necessário criar outra proteção. Neste caso, todas as partes que passaram pela restrição devem ser utilizadas para formar o produto acabado e desta forma, nenhum item “não-restrição” deve estar faltando.

Nem todas as empresas industriais necessitam dos três tipos de pulmão. Esta decisão depende do tipo de processo e da localização da restrição. Se existe uma restrição física, associada a um recurso, haverá pelo menos 2 pulmões, o da restrição e o do carregamento. O Pulmão da Montagem será necessário se houver uma operação que conjuga itens que foram com outros que não foram processados por restrições. Todos os itens se enquadram em duas alternativas:

• Os itens que são processados pela restrição terão em seu fluxo dois pulmões: da Restrição e do Embarque.
• Os itens que são montados com outros itens que são processados pela restrição terão em seu fluxo dois pulmões: da Montagem e do Embarque.

Tomando o Tambor como o ponto de partida e subtraindo o Pulmão da Restrição é possível determinar o instante da liberação dos itens. A Corda assegura que será liberada a quantidade exata de itens que será processada pela restrição. Em outras palavras, através da Corda é assegurado que todos os recursos operarão no mesmo ritmo que a restrição, sem elevação nos níveis de estoque em processamento.

A aplicação do método DBR para subordinação do sistema à restrição, deve observar outros passos adicionais, além dos cinco passos comentados na seção anterior:

• Representar num gráfico de Gantt o Tambor, ou seja, a programação detalhada da restrição ao longo do tempo;
• Decidir o tamanho adequado dos pulmões de Restrição, de Montagem e de Carregamento para cada produto;
• Subtrair o Pulmão da Restrição do início da operação da correspondente restrição, representada no gráfico de Gantt, para determinar o instante de liberação dos itens de modo a apoiar o Tambor.
• Subtrair o Pulmão da Montagem do final da operação da correspondente restrição para determinar a liberação dos itens de modo a apoiar a montagem de itens que não foram processados pela restrição com itens que foram processados pela restrição.
• Adicionar o Pulmão do Carregamento ao final da operação da correspondente restrição para determinar a data de carregamento do produto, se a produção for para estoque. Se a produção for contra-pedido, o Pulmão do Carregamento deve ser subtraído da data de entrega para determinação do instante de liberação dos itens.
• Desenvolver uma programação para a produção de itens em pontos divergentes, ou seja, uma operação onde dois ou mais produtos podem ser fabricados a partir do mesmo item em comum com base nas programações da restrição, do carregamento e da montagem.

Na seção seguinte é exemplificada a adoção dos passos da TOC e do método DBR numa empresa fictícia que fabrica dois produtos.

Aplicação Prática

Uma empresa fabrica dois produtos, Y e Z que são processados em quatro departamentos, A, B, C e D. O produto Y requer três tipos de materiais: M1, M2 e M4. O produto Z requer dois tipos de materiais, M2 e M3. Na Figura 1 são representadas as lógicas das estruturas dos produtos (logical product structures). A combinação da lista de materiais ou itens (bill of materials) de um produto com o roteiro das operações (ou das estações de trabalho, ou dos departamentos) percorrido pelos itens que compõem este produto (part routings) forma a lógica da estrutura dos produtos.

Figura 1 – Lógicas das estruturas dos produtos

OBS.: As coordenadas, definidas pelas letras gregas e pelos numerais arábicos definem uma operação dentro da lógica da estrutura de produtos. Por exemplo, α é a operação realizada no departamento A para processar a matéria-prima M1. Posteriormente o item processado é enviado para o departamento C realizar a operação β1.

Os requisitos de fabricação para cada produto são resumidos na Tabela 1:

Recurso

• Quantidade necessária por unidade do produto Y
• Quantidade necessária por unidade do produto Z

M1
$ 100
-

M2
$ 100
$ 100

M3
-
$ 100

M4
$ 15
-

Depto A
15 minutos
10 minutos

Depto B
15 minutos
30 minutos

Depto C
15 minutos
5 minutos

Depto D
15 minutos
5 minutos

Tabela 1 – Consumo de recursos e de capacidade por produto

Cada departamento tem 2400 minutos de capacidade disponível por semana. As despesas operacionais desta empresa hipotética são de $ 30000 por semana. Com base na demanda corrente, a empresa consegue vender 100 unidades do produto Y e 50 unidades do produto Z por semana. Os preços de venda são $ 450 para o produto Y e $ 500 para o produto Z. Todos os quatro materiais são disponíveis em quantidades suficientes. A mão de obra necessária também está disponível.

A abordagem que é apresentada a seguir é particularmente útil quando são apenas dois produtos e existe apenas uma restrição ativa além da demanda. Todavia, a abordagem por programação linear torna-se necessária em situações mais complexas, com múltiplos produtos e diversas restrições ativas além da demanda.

O primeiro passo consiste na determinação da restrição do sistema. Para isto, as necessidades totais de tempo de cada departamento para se atender a demanda semanal corrente de Y e de Z devem ser calculadas, conforme é indicado na Tabela 2, e confrontadas com a capacidade disponível.

Departamento

Produto Y

Tempo Total Necessário por Semana

A
(15 min)(100 unidades)
(10 min)(50 unidades)
2000 minutos

B
(15 min)(100 unidades)
(30 min)(50 unidades)
3000 minutos

C
(15 min)(100 unidades)
(5 min)(50 unidades)
1750 minutos

D
(15 min)(100 unidades)
(5 min)(50 unidades)
1750 minutos

Tabela 2 – Consumo da capacidade pela demanda semanal

Como cada departamento possui capacidade disponível de 2400 minutos por semana, o departamento B é a restrição por não possuir capacidade suficiente para atender semanalmente às 100 unidades de Y e às 50 unidades de Z.

O segundo passo depende inicialmente da determinação da rentabilidade ou da margem de contribuição unitária para cada produto. Isto é necessário para determinar como gerenciar a restrição de modo a maximizar o lucro. A rentabilidade unitária é dada na Tabela 3.

Produto

• Preço – Custo Variável
• Margem de Contribuição

Y
$ 450 – 215
$ 235

Z
$ 500 – 200
$ 300

Tabela 3 – Cálculo da margem de contribuição unitária por produto

Na Tabela 3 são fornecidos os elementos necessários para completar o segundo passo e determinar a rentabilidade por unidade de recurso consumida na restrição para fabricar o produto. Este cálculo é indicado na Tabela 4.

Produto

Rentabilidade Unitária / Minutos Necessários em B

Y
$ 235 / 15
$ 15,67 por minuto

Z
$ 300 / 30
$ 10,00 por minuto

Tabela 4 – Rentabilidade unitária por unidade de recurso consumida

O terceiro passo consiste na subordinação do sistema à restrição. Nesta aplicação prática, a maximização do lucro passa pela fabricação do maior número possível de unidades com maior rentabilidade por unidade de recurso consumida na restrição. Para atender a demanda, a empresa deveria produzir 100 unidades de Y. Isto consumiria (100 unidades)(15 minutos) = 1500 minutos da capacidade disponível de B e deixaria 2400 – 1500 = 900 minutos semanais para a fabricação de 30 unidades de Z, ou seja, 900 minutos / 30 minutos por unidade = 30 unidades.

Na Figura 2 é ilustrada graficamente a abordagem adotada para determinação dos tamanhos de lote de produção. Para construir este gráfico, devem ser determinadas inicialmente as restrições que delimitam o espaço das soluções viáveis. Nesta empresa, as restrições são a demanda corrente pelos dois produtos (Y = 100 e Z = 50) e o trade-off do consumo de recursos do departamento B por unidade produzida (15Y + 30Z = 2400). Observando-se este trade-off e ignorando-se as demandas correntes, o departamento B poderia produzir 160 unidades de Y (2400/15) e nenhuma unidade de Z ou 80 unidades de Z (2400/30) e nenhuma de Y ou qualquer combinação de Y e Z que totalize 2400 minutos semanais. Esta combinação é representada pela linha que liga estes pontos na Figura 2.

Figura 2 – Representação gráfica das restrições

A solução que maximiza a margem de contribuição deve ser encontrada nos vértices que delimitam o espaço das soluções viáveis.A margem de contribuição é dada pela equação 235Y + 300Z. Na Tabela 5 são apresentados os resultados para a equação da margem de contribuição em função destes vértices.

Vértice

• Margem de Contribuição

100 Y e zero Z
(100)(235) = $ 23500

100 Y e 30 Z
(100)(235) + (30)(300) = $ 32500

60 Y e 50 Z
(60)(235) + (50)(300) =$ 29100

Zero Y e 50 Z
0 + (50)(300) = $ 15000

Tabela 5 – Teste dos vértices do espaço de soluções viáveis

Finalmente, o lucro semanal pode ser calculado ao serem incorporadas as despesas operacionais. Lucro semanal = $ 32500 – 30000 = $ 2500. Uma vez que a restrição foi identificada e o mix de produção definido, um gráfico de Gantt detalhando o Tambor (programação da restrição, ou seja, do departamento B) deve ser construído. Diversas programações são viáveis e, para efeito de simplificação, supõe-se que não há incertezas no sistema e que o cliente não estabeleceu prazos para recebimento, de forma que todos os pulmões (restrição, montagem e carregamento) são iguais a zero. Também supondo os tempos de set up iguais a zero no departamento B, lotes iguais à demanda diária podem ser produzidos sem a criação de uma nova restrição. Neste caso, seriam 20 unidades de Y (100/5) e 6 unidades de Z (30/5) para turnos de 480 minutos (2400/5). O gráfico de Gantt para o Tambor é apresentado na Figura 3, além dos instantes para liberação e recebimento dos itens nas operações realizadas em cada departamento. Percebe-se que a taxa de utilização da restrição é de 100%, ao passo que a utilização nos outros departamentos é inferior ao limite máximo, sendo alternados períodos de ociosidade com ocupação.

Figura 3 – Possível programa de produção para um turno do Tambor

CONCLUSÃO

A TOC é uma filosofia para o planejamento da produção, ancorada em técnicas de programação linear, na qual as restrições determinariam o desempenho (lucratividade) do sistema. A operacionalização do planejamento pela TOC em um programa de produção ocorre através do método DBR. Pelo DBR, todo o sistema é subordinado à programação da restrição (Tambor), os diferentes pulmões são incorporados para proteger o tambor das incertezas do sistema e as cordas asseguram a liberação das quantidades exatas.

O objeto de análise pela TOC e pelo DBR é a lógica da estrutura dos produtos, ou seja, a combinação da lista de materiais com o roteiro das operações (ou das estações de trabalho) percorridas pelos itens que compõem estes produtos. No MRP (Materials Requirements Planning), ao contrário, o objeto de análise para formulação do planejamento e da programação da produção é a lista de materiais e sua defasagem no tempo, de modo a assegurar a execução do MPS (Programa Mestre de Produção) a partir de uma previsão de vendas.

Dado que não é possível afirmar, a priori, a superioridade da TOC sobre o MRP ou qualquer outra política para o planejamento e a programação da produção, a escolha de uma determinada política depende substancialmente de quão fácil e direta é a associação entre matérias-primas, itens em processamento e necessidades líquidas com a programação de produtos acabados. Silver, Pike e Peterson defendem que existe uma conexão direta entre a posição na matriz produto-processo e a facilidade desta associação. Neste caso, conforme ilustra a Figura 4, a TOC seria, por exemplo, mais adequada para situações job shop (oficina) com diversos produtos principais.

Figura 4 – O impacto da matriz produto-processo na escolha da política de planejamento e programação da produção

Legenda:

• TOC – Theory of Constraints
• MRP – Materials Requirements Planning
• JIT – Just in Time
• PFS – Process Flow Scheduling

    

Balanced Scorecard Basics

The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more ‘balanced’ view of organizational performance.  While the phrase balanced scorecard was coined in the early 1990s, the roots of the this type of approach are deep, and include the pioneering work of General Electric on performance measurement reporting in the 1950’s and the work of French process engineers (who created the Tableau de Bord – literally, a "dashboard" of performance measures) in the early part of the 20th century.

The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The “new” balanced scorecard transforms an organization’s strategic plan from an attractive but passive document into the "marching orders" for the organization on a daily basis. It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies.

This new approach to strategic management was first detailed in a series of articles and books by Drs. Kaplan and Norton. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to ‘balance’ the financial perspective. The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.

Kaplan and Norton describe the innovation of the balanced scorecard as follows:

"The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."

Perspectives

The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:

The Learning & Growth Perspective
This perspective includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement. In a knowledge-worker organization, people — the only repository of knowledge — are the main resource. In the current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a continuous learning mode. Metrics can be put into place to guide managers in focusing training funds where they can help the most. In any case, learning and growth constitute the essential foundation for success of any knowledge-worker organization.

Kaplan and Norton emphasize that ‘learning’ is more than ‘training’; it also includes things like mentors and tutors within the organization, as well as that ease of communication among workers that allows them to readily get help on a problem when it is needed. It also includes technological tools; what the Baldrige criteria call "high performance work systems."

The Business Process Perspective
This perspective refers to internal business processes. Metrics based on this perspective allow the managers to know how well their business is running, and whether its products and services conform to customer requirements (the mission). These metrics have to be carefully designed by those who know these processes most intimately; with our unique missions these are not something that can be developed by outside consultants.

The Customer Perspective
Recent management philosophy has shown an increasing realization of the importance of customer focus and customer satisfaction in any business. These are leading indicators: if customers are not satisfied, they will eventually find other suppliers that will meet their needs. Poor performance from this perspective is thus a leading indicator of future decline, even though the current financial picture may look good.

In developing metrics for satisfaction, customers should be analyzed in terms of kinds of customers and the kinds of processes for which we are providing a product or service to those customer groups.

The Financial Perspective
Kaplan and Norton do not disregard the traditional need for financial data. Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it. In fact, often there is more than enough handling and processing of financial data. With the implementation of a corporate database, it is hoped that more of the processing can be centralized and automated. But the point is that the current emphasis on financials leads to the "unbalanced" situation with regard to other perspectives.  There is perhaps a need to include additional financial-related data, such as risk assessment and cost-benefit data, in this category.

Strategy Mapping

Strategy maps are communication tools used to tell a story of how value is created for the organization.  They show a logical, step-by-step connection between strategic objectives (shown as ovals on the map) in the form of a cause-and-effect chain.  Generally speaking, improving performance in the objectives found in the Learning & Growth perspective (the bottom row) enables the organization to improve its Internal Process perspective Objectives (the next row up), which in turn enables the organization to create desirable results in the Customer and Financial perspectives (the top two rows).

Building & Implementing a Balanced Scorecard:
Nine Steps to Success^TM

Nine Steps to Success^TM, is a disciplined, practical approach to developing a strategic planning and management system based on the balanced scorecard. Training is an integral part of the framework, as is coaching, change management, and problem solving. Emphasis is placed on “teaching clients to fish, not handing them a fish”, so the scorecard system can be sustained.

A key benefit of using a disciplined framework is that it gives organizations a way to ‘connect the dots’ between the various components of strategic planning and management, meaning that there will be a visible connection between the projects and programs that people are working on, the measurements being used to track success, the strategic objectives the organization is trying to accomplish and the mission, vision and strategy of the organization.

More Information: Send comments below

The need for good managers is not going away. It is intensifying. With ‘flatter’ organizations and self-directed teams becoming common; with personal computers and networks making information available to more people more quickly; the raw number of managers needed is decreasing. However, the need for good managers, people who can manage themselves and others in a high stress environment, is increasing.

I believe anyone can be a good manager. It is as much trainable skill as it is inherent ability; as much science as art. Here are some things that make you a better manager:

As a person:

• You have confidence in yourself and your abilities. You are happy with who you are, but you are still learning and getting better.
• You are something of an extrovert. You don’t have to be the life of the party, but you can’t be a wallflower. Management is a people skill – it’s not the job for someone who doesn’t enjoy people.
• You are honest and straight forward. Your success depends heavily on the trust of others.
• You are an includer not an excluder. You bring others into what you do. You don’t exclude other because they lack certain attributes.
• You have a ‘presence’. Managers must lead. Effective leaders have a quality about them that makes people notice when they enter a room.

On the job:

• You are consistent, but not rigid; dependable, but can change your mind. You make decisions, but easily accept input from others.
• You are a little bit crazy. You think out-of-the box. You try new things and if they fail, you admit the mistake, but don’t apologize for having tried.
• You are not afraid to “do the math”. You make plans and schedules and work toward them.
• You are nimble and can change plans quickly, but you are not flighty.
• You see information as a tool to be used, not as power to be hoarded.

Take a look at yourself against this list. Find the places where you can improve.

Ten Things To Do Today To Be A Better Manager

Listed below are ten things you can do to become a better manager. Pick one. Do it today. Pick another one for tomorrow. In two weeks you will be a better manager.

1. Select the best people

As a manager, you are only as good as the people on your team. Give yourself a better chance to succeed by picking the best people from the start.

Read Job Interview Questions to Ask to learn to be better at selecting the best candidate for the job.

2. Be a motivator

Human beings do things because we want to. Sometimes we want to because the consequences of not wanting to do something are unpleasant. However, most of the time we want to do things because of what we get out of it.

It’s no different at work, people do good work for the pay, or the prestige, or the recognition. They do bad work because they want to take it easy and still get paid. They work really hard because they want to impress someone. To motivate your people better, figure out what they want and how you can give that to them for doing what you want them to do.

Employee motivation is such an important part of what we do as managers. It is hard for me to believe sometimes how difficult some company cultures make that task.

3. Build Your Team

It is not enough that people are motivated to succeed at work. They have to work together as a team to accomplish the group’s objective. After all, if we just want them to all "do their own thing" we don’t need you as a manager to mold them into a team, do we?

There Is No "I" In Team

Team Building

It won’t work unless people see the benefit of team building

It is not enough to get your group together off site and have a few icebreaker games. If you want team building to work, you have to show the members of the team that it benefits them personally.

There is very little "team" in teamwork without a lot of motivation. We live in a society that seems fascinated with individual accomplishment and almost oblivious to teams. Even in team settings like sports, we single out the All-Stars and the MVP (Most Valuable Player) of each game. That is the environment you have to overcome in order to build your group at work into a team.

Get Started Team Building

Do you think of your group as a team? They won’t think of themselves as a team if you don’t. Do you reward team performance, or only individual achievements? You won’t have much success in team building if you don’t reward team performance. Let your group know that they are a team, that you expect them to perform as a team, and that you will reward their successes as a team. That’s the first step toward team building.

Remember that team building must be an everyday activity. It is not something you can just do quarterly at some off-site function.

Motivate Team Building

If you want team building to work, it’s not enough to tell them that they are a team and must perform as one. You also have to show the members of the team that it benefits them personally.

Most of us are selfish individualists. We watch out, first and foremost, for ourselves and do what benefits us most. We have to be motivated to include anyone else. Fortunately, it is pretty easy for us to see the benefits of including others, so most of us do that readily. Love is a strong motivator. Parents, for instance, watch out for their children. Money is another strong motivator. It is one you can use as an employer. However, the strongest motivator available to a manager (since it is unlikely your employees will fall in love with you) is self esteem. The more the individual sees a benefit to his or her self esteem from supporting the team, the more successful your team building efforts will be.

First of all, your people have to acknowledge that they are part of a team. You can reinforce this by holding team meetings, posting team news on the bulletin board or your intranet page, and tracking team performance against team goals.

Secondly, they have to believe that the team is capable of producing more than the sum of its members. Lance Armstrong is a great bicycle racer, but he could not have won the Tour de France without the support and assistance of his team members. You may have a great customer service rep on your team, but without the cooperation of the other members of the team he or she would not be able to handle as many calls. You have to make this readily apparent to them and clearly delineate the increased rewards they can achieve through teamwork.

Reinforce Team Building Efforts

Making up t-shirts, etc. with a team logo or motto can help reinforce the sense of team identity, but it’s not required. You should know your team well enough to know whether or not something like that would be positive reinforcement for them.

4. Be a Leader, Not Only a Manager

You have built the best team from the best employee available. You motivated them to peak performance. What is missing? Motivating a team is worthless unless you provide direction; unless you turn that motivation toward a goal and lead the team to it. It is the ability to lead others that truly sets a manager apart from their peers. Remember that leaders are found at all levels of the organization, so be one.

5. Improve as a Communicator

Communication may be the single most important skill of a manager. After all, all the others depend on it. You can’t be a leader if you can’t communicate your vision. You can’t motivate people if they can’t understand what you want. Communication skills can be improved through practice.

6. Get Better At Managing Money

To stay in business, a company has to make money. That means bringing money in the door and it means spending less than you bring in. Depending on your function in the organization, you may have more influence on one area or the other, but you need to understand both. You can help your company, your employees, and yourself be getting better at managing the company’s money.

Don’t be put off by the numbers, or by the fact that "it’s math". Start learning more about money management.

7. Get Better at Managing Time

The one thing you will probably have less of at work than money is time. The better you get at managing time, yours and others, the more effective you will be as a manager.

8. Improve Yourself

Don’t focus so hard on your people that you forget about yourself. Identify the areas in which you are weak and improve them. The fact that you are reading this article shows you understand the concept. You need to put it into practice.

9. Practice Ethical Management

Enron-like scandals have really driven home the point about how important ethics is in business. If you want to avoid similar mistakes.

10. Take a Break

You are less effective as a manager if you are over-stressed. You are less tolerant. You snap at people more. No one wants to be anywhere near you. Take a break. Give yourself a chance to relax and recharge your batteries. Your increased productivity when you return will more than make up for the time you take off. Have a good laugh or go lie on a beach somewhere.

REMARK

Management is a skill that can be learned. You can improve as a manager by working every day to get better. Bookmark this page and come back every day for the next two weeks. If you pick one subject each day, and work on improving in that area, you will be a better manager before you know it. And others will notice it too.

Exclusive business networking for the digital age

Ecademy is a membership organisation for entrepreneurs and business owners who belong to a community that connects, supports and transacts with one another.

Ecademy allows you to attract professional people you would like to meet 24 hours a day from your office or home.

Make new contacts & find work

Ecademy provides networking opportunities:

• Have an online profile – tell others about yourself and what you do
• Join Groups – these are business networking groups based around expertise and topics
• Online networking – exchange messages and testimonials with other members
• Ask for introductions through “friends of friends”
• Search for old friends and former colleagues
• Add your CV so people can find out more about your skills and experience

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Curitiba – Pr. – Brasil

Cel.: 41 91845552

Email: claudioantonelli.moro@gmail.com

OBJETIVO: TERCEIRO SETOR

• AREAS DE ATUAÇÃO: ADMINISTRAÇÃO GERAL – DESENVOLVIMENTO ORGANIZACIONAL / CAPTAÇÃO DE RECURSOS / PROJETOS

SINTESE DE QUALIFICAÇÕES

• Mais de 20 anos de experiência na área de desenvolvimento organizacional;
• 8 anos de experiência na Criação, Desenvolvimento e Execução de Projetos Sociais Sustentaveis para o Terceiro Setor no Brasil e no Exterior;
• Profunda experiência no desenvolvimento de planejamentos econômicos e estratégicos;
• Ampla experiência na Captação de Recursos Financeiros Nacionais e Internacionais;
• Conhecimento e experiência na Implantação de Projetos e na Administração de Gestão por Competência
• Vivência no desenvolvimento de parcerias públicas e privadas
• Experiência em realizar Palestras, Treinamentos e Apresentações para grupos, convenções e conselhos de administração;

HABILIDADES

• Espírito empreendedor aberto a novos desafios
• Estilo de gestão participativa “Hands-on”;
• Capacidade de vender idéias e conceitos de gestão;
• Habilidade para liderar pelo exemplo;
• Potencial desenvolvedor de equipes;
• Facilidade de comunicação e de transmissão de conhecimentos;
• Criativo e com iniciativa;
• Mediador e com poder de adaptação a novas idéias, ambiente;
• Bom ouvinte.

EXPERIENCIA INTERNACIONAL

• 12 anos de vivência no exterior ocupando cargos na alta direção em indústrias e empresas de médio e grande porte; Representando várias empresas do Brasil no exterior, pesquisando novos mercados consumidores, estudando adaptabilidade dos novos produtos, consolidando vendas e contribuindo para o aumento de suas exportações em cenários distintos de negócios.

GRADUAÇÃO

• Graduado em Administração de Empresas, Comércio Exterior, Educação Física e MBA em Gestão Empresarial em fase de conclusão; 
• Fluente nas línguas Inglesa e Espanhola.

EXPERIÊNCIA PROFISSIONAL

I CIDE – Centro Integrado de Desenvolvimento Empresarial Ltda.

Empresa Prestadora de Serviços na área de Consultoria, Assessoria e Auditoria especializada em Gestão Organizacional por Competência.

Reporte ao Presidente do Conselho Societário

Cargo: Diretor Geral – 2001 – ATUAL

Responsabilidades:

• Interagir com os clientes desenvolvendo soluções ideais para uma administração eficaz, agregando diferencial competitivo ao seu negócio, através das melhores soluções em gestão.
• Desenvolvimento de ações alinhadas com os objetivos corporativos para o aumento da receita (Ações focadas nos clientes);
• Criar, desenvolver, treinar e implantar projetos na área de sustentabilidade social
• Desenvolver parcerias públicas e privadas para projetos sociais
• Captar recursos financeiros Internacionais para projetos sociais
• Planejamento, gestão e organização das atividades nas seguintes áreas: Administração, Finanças, Comercial, Suprimentos, Logística e Comércio Exterior; Desenvolvimento e aperfeiçoamento de sistemas, procedimentos e métodos administrativos para uso geral, tendo em vista uniformizar, simplificar e aumentar a eficiência das atividades funcionais.
• Em Comércio Exterior: preparar empresas para o processo de internacionalização com a organização de departamentos de importação e exportação; desde a implantação da cultura de comercialização internacional aos aspectos técnicos
• Desenvolvimento e Aplicação de Treinamentos Operacionais e Gerenciais;
• Concretização de Planos de Negócios agregando diferencial competitivo;
• Redução de custos e riscos com a otimização de processos focando a performance, qualidade e a rentabilidade;
• Implantação de estratégia de marketing; lançamento de novos produtos/serviços, acompanhamento mercadológico, Análise da Concorrência, Posicionamento do Produto e Definições na política de preços;
• Vendas – Desenvolvimento de redes de Distribuidores e Representantes;

NOTA:  SOMENTE TRABALHOS DESENVOLVIDOS NO 3º SEROR

CONTRATO DE PRESTAÇÃO DE SERVIÇO COM A “ AND – Agência Nacional de Desenvolvimento – Ong/ Oscip – Brasil”

SERVIÇOS PRESTADOS: CRIAÇÃO, ADMINISTRAÇÃO, PLANEJAMENTO E EXECUÇÃO DOS SEGUINTES PROJETOS:

• 1 – Projeto Comunitário de produção de Artesanatos
• 2 – Banco de Talentos para jovens – Capacitação e Treinamento para empregabilidade
• 3 – Reciclagem de Papel – Projeto Comunitário dos catadores de papel
• 4 – Agricultura Orgânica – Células produtivas comunitárias
• 5 – Cursos rápidos e profissionalizantes para parcerias privadas como: HSE / RH / PCP/INFORMATICA/SECRETARIADO/SERVIÇO DE ATENÇÃO AO CLIENTE / VENDAS
• 6 – Preparação de deficientes para o mercado de trabalho
• 7 – Projeto: Arquitetura Sustentável em curso

RESULTADOS OBTIDOS

• 7 projetos desenvolvidos, sendo:
• 1.241 jovens envolvidos – 81% participaram dos nossos treinamentos e 76%  estão empregados
• 132 deficientes – 73% participaram de nossos treinamentos de capacitação e 64% estão empregados
• 414 catadores de papel – 91%  estão com melhoria de renda em 30%
• 232 famílias – 88%  ficaram com uma reda extra
• Foram Investidos R$1.3 M
• Foram articuladas campanhas nacionais e internacionais
• Recebemos 92% de ajuda Internacional
• Recebemos doações nacionais de material didático e ativos para educação

2. FACULDADES OPET – (Curitiba – PR)

Organização Educacional

Cargo: Professor da Faculdade de Tecnologia (2008 – 2009) – (período noturno)

Curso: Comércio Exterior

Responsabilidades:

3 DISCIPLINAS : “COMÉRCIO EXTERIOR” “LOGÍSTICA INTERNACIONAL” “OPERAÇÕES FINANCEIRAS EM COMÉRCIO EXTERIOR”

3. COMEXPORT – Consultores Empresariales S.R. L – (Bolívia)

Subsidiária da “CIDE – Cento Integrado de Desenvolvimento Empresarial LTDA.”

Cargo: Sócio/Diretor (1995 – 2001)

Responsabilidades:

• Representar Legalmente a empresa em solo estrangeiro;
• Ampliar os negócios da empresa;
• Contratar, Capacitar e Treinar a mão de obra local e vinda do exterior (Venezuela, Equador e Colômbia);
• Investigar as necessidades mercadológicas para introduzir produtos brasileiros no mercado boliviano;
• Prestar serviços de Consultoria, Assessoria e Auditoria á empresas locais para Exportar, Importar, Representar, Participar e Organizar feiras de mostras comerciais;
• Organizar rodas de negócios e conceder assistência técnica á produtos brasileiros no mercado por nós exportado do Brasil.

Serviços executados:

• 1º Contrato da COMEXPORT: Assessorar á empresa boliviana LIDERCO na área de prestação de serviços de gás e petróleo com foco inicial no Desenvolvimento Organizacional e posteriormente no treinamento de mão de obra para prospecção Sísmica e Drilling;
• Execução: Contratação de Mão de Obra Técnica Estrangeira para Topografia e Geologia.
• Montagem de acampamentos;
• Administrando a área de suprimentos e logística;
• Demarcações topográficas, desobstrução de caminhos;
• Montagem de Restaurantes moveis para 3.500 trabalhadores
• Realização de treinamentos de HSE – Saúde, Segurança e Meio ambiente para 9.000 trabalhadores.

• 2º Contrato solidificou nossa permanência no território Boliviano; foi com o Governo de Santa Cruz de La Sierra que nos solicitou a criação de projetos comunitários para geração de emprego, renda e aumento da receita do município;
• Criamos, desenvolvemos e implantamos um projeto de “CLUSTERS” baseado no modelo de Alfred Marshall de Distritos Industriais adaptado para a realidade boliviana e modernizado para as necessidades da atualidade com a inclusão da sustentabilidade social: Renda, Alimentação, Moradia e Educação.
  

  Resultado:

  Este projeto teve o apoio de oito Câmaras departamentais, Ajuda Econômica do governo Japonês, Assessoria Técnica do Governo Alemão e da USAID. A empregabilidade gerou 170.000 empregos diretos e indiretos beneficiando mais de 400.000 famílias em 39 comunidades e se auto-sustenta pelo IX ano.

CURSOS COMPLEMENTARES

CURSOS	INSTITUIÇÕES	CONCLUSÃO	LOCAIS
BPM – Business Performance Management	CORPORATE REVIEW	2008	NY- U.S.A
ERP – Enterprise Resources Planning	GLOBAL KNOW-HOW	2006	W. DC – U.S. A
BSC – Balance Scorecard	CORPORATE REVIEW	2006	NY- U.S.A
Corporate Diplomacy	CORPORATE REVIEW	2005	NY- USA
Logística Internacional	PDVSA – Refinería de Petróleo	2005	CAR. – VEN.

EXPERIÊNCIA RELEVANTE

ARTIGOS PUBLICADOS, RESUMOS E COMENTARIOS

ARTIGOS	MIDIA	PUBLICAÇÃO
“GESTÃO POR COMPETÊNCIA”	SHVOONG – Centro Mundial de Artigos de ISRAEL	2010
“EXCELLENCE IS MAINLY A QUESTION OF TALENT”	SHVOONG – Centro Mundial de Artigos de ISRAEL	2010
“SUSTENTABILIDADE”	Resumo do Artigo Científico Autor: Claudio Antonelli (62 Avaliações) (Visitas: 13000) (Palavras: 900) http://migre.me/1I9yv	2009
“BUSINESS AND LEADERSHIP: SURVIVAL CONDITIONS”	SHVOONG – Centro Mundial de Artigos de ISRAEL	2009
“HEALTH CARE REFORM IN USA” (resume)	SHVOONG – Centro Mundial de Artigos de ISRAEL	2009
“SUSTENTABILIDADE SOCIAL”	SHVOONG – Centro Mundial de Resumos de ISRAEL	2009
“A CORRETA POSIÇÃO DE SUA SANTIDADE O PAPA BENTO XVI (comentário)	SHVOONG – Centro Mundial de Artigos de ISRAEL	2009
“O BRASIL SERA O PRIMEIRO PAIS A SAIR DA CRISE” (comentário)	SHVOONG – Centro Mundial de Resumos de ISRAEL	2009
“O BRASIL COMO UMA GRANDE INDÚSTRIA”	REVISTA “OPET & MERCADO”	2005
“EXPORTAÇÃO PASSO A PASSO”	REVISTA “OPET & MERCADO”	2005

EXPERIÊNCIA COMO PALESTRANTE

TEMAS	LOCAIS	ANO	PAÍSES
“ACORDOS INTERNACIONAIS”	OPET- Centro Tecnológico das Faculdades	2008	BRASIL
“GLOBALIZAÇÃO”	OPET- Centro Tecnológico das Faculdades	2006	BRASIL
“PROCEDIMENTOS PASSO A PASSO PARA EXPORTAÇÃO”	OPET- Centro Tecnológico das Faculdades	2005	BRASIL
“OPERAÇÕES COM COMMODITIES”	UAGRAM – (Faculdade Agrícola Div. de Grãos)	2001	BOLIVIA
“REINFOREST”	CONTACT – Rochester Riverside Convention	2000	U.S.A
“SOCIAL SUSTAINABILITY”	WOSA – Marriot – Portland – OR.	1999	U.S.A
“CLUSTERS”	AND – Bourbon – Curitiba – PR.	1993	BRASIL
“A BUROCRACIA NO COMÉRCIO EXTERIOR BRASILEIRO”	FAE – Teatro Guairá – Curitiba – PR.	1992	BRASIL

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