"Brazilian private-equity firm 3G Capital is learning this the hard way with its Kraft Heinz investment. Flush with its apparent success in consolidating the global brewing industry with Anheuser-Busch InBev (ABI), 3G successively gained control of Heinz in 2013 and Kraft in 2015 and then engineered a merger of the two food companies. It saw the resulting food conglomerate as bloated and riddled with slack that could be taken out with 3G’s zero-based budgeting (ZBB) approach.Recordar:
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Between 2015 and 2018, ZBB was able to drive sales, general, and administrative (SG&A) costs at the merged company from 10 percent of sales to 8 percent of sales—an impressive 20 percent improvement in overhead-cost efficiency, consistent with an all-out attack on the enemy: slack.
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However, it appears in hindsight that some of those costs weren’t entirely wasteful slack. During that same period (2015–2018), the gross margin at Kraft Heinz—i.e., revenues less the cost of goods sold as a percentage of sales—fell by 3.5 percentage points, from 39.5 percent of sales to 36 percent of sales. The 2-percentage-point reduction in SG&A costs helped lead to a 3.5-percentage-point reduction in profit margin—a net detriment to the business of 1.5 percentage points. This substantial decay in its business prospects forced Kraft Heinz to announce a massive $15.4 billion write-down in its assets in February 2019, one of the ten largest corporate write-downs in the decade."
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Trechos retirados de “When More Is Not Better” de Roger Martin.
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