Recordo de Novembro passado:
"A Efacec é um exemplo típico de uma empresa que destrói valor. Só assim se explica que a empresa valha mais separada e vendida aos bocados do que como um todo."
Isto a propósito de um livro que consultei recentemente, "Divestitures: Creating Value Through Strategy, Structure, and Implementation" de Emilie R. Feldman.
"Pruning a tree is the arboricultural equivalent of corporate divestitures, transactions in which a company sells one of its businesses to another entity, spins it off into an independent company, or removes it from the company’s portfolio through some other structure.
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Pruning a tree eliminates lower-quality branches and allows its remaining limbs to flourish. The tree will no longer waste its energy fueling the growth of marginalia; instead, it will focus that energy on its more productive branches. Divestitures, too, remove underperforming or even unsuccessful businesses, and allow executives to redirect such critical resources as money, time, and attention to the company’s remaining operations.
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Conversely, the arborist has the ability to shape the tree so that it becomes an object of admiration, and the corporate executive can configure the company so that it is both understandable and attractive to the investment community."
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