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Mergers and Acquisitions Strategy for Consolidations: Roll Up, Roll Out and Innovate for Superior Growth and Returns by Norman W. Hoffmann

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Chapter 13Transformative Innovation

“You are acquainted with the five stages of new ventures, aren’t you?” Landmark’s president, Dick Barry, asked Norman Hoffmann, his recently appointed director of specialty publications.

“No, I’m afraid I’m not,” Hoffmann said sheepishly, a little embarrassed by his ignorance.

“Well,” Barry continued, “you need to know them, considering that you’re taking point to find new specialty publications to acquire and develop for our community newspaper division.

“Stage 1 is wild-eyed enthusiasm for the prospects. That’s the stage we’re in now. The world is our oyster, and everything is possible.

“Stage 2 is dawning disillusionment. That’s when we realize that things aren’t going to work out quite like we thought. ...

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