CraftingCases

BIERCO

Should the market leader brewery Meister acquire the second player, Helles?

[Link] CraftingCases 10
BierCo case map CraftingCases

Appendix (p. 15-18)

Framework Performance Overall structure
Sample answer (p. 13) Specific issues
question checklist (p. 14) Follow-up questions
Hypothesis-driven structure

Appendix (p. 22)

Brainstorming Performance Overall structure
question Sample answer (p. 20)
checklist (p.21) Assumptions
Reality check

Chart Appendix (p. 26-27)

Performance
interpretation Sample answer (p. 24) Overall structure
checklist (p. 25) Insight
question (p. 21)

Performance Appendix (p. 31-32)

Analysis question Sample answer (p. 29) Overall structure
checklist (p.30) Insight

Recommendation Performance
Sample answer (p. 34)
question checklist (p. 35)

[Link] 11
 Case question / Framework question CraftingCases
Practice mode: 3 min
Recommended time to structure Follow-up Questions
Learning mode: 6 min To be asked after candidate presents their framework

1. Pick a data point the candidate has asked about with no explicit
reason

Your client is a brewery called Meister, the market leader

(in other
in Paraguay, with 45% of market share. The two next
players, Helles and Dunkelbrau, have 25% and 15%. 2. Pick a hypothesis (explicit or not) that the candidate has mentioned
with no explicit test
Meister executives are considering buying Helles and
have hired you to assist them with that decision. How
would you help them decide on this acquisition?
Suggested data points for Suggested hypotheses for
Follow-up Question 1: Follow-up Question 2:

Distribution channel mix Better bargaining power

with suppliers after merger

not be the right fit for the

merger

BierCo: Should Meister acquire Helles? [Link] 12

 Most relevant issues
Insightful issues
Underlying hypotheses

Framework: sample answer CraftingCases

Can we sell more liters of beer with the combined company than with All of these four drivers of synergies must be
both separate (improved marketing or distribution, for example)? mentioned. Giving specific examples (such as
Expected increase Can we find operational synergies in manufacturing or distribution to
in profits reduce costs?
(synergies) Will scale enable us to cut costs using better supplier negotiation? answer 2X stronger (more insightful)
Will our increased market power allow us to increase prices without
losing share?

How much must we pay to acquire Helles? Even if there are synergies, most of the value
Will the regulator allow this acquisition (which will created might be captured by Helles
Merger deal and
render a 70% market share)?
implementation
Can both companies work as one in terms of processes
and culture? Regulator is highly unlikely to allow such a large
market concentration
How is Dunkelbrau likely to react?
How are breweries from other countries likely to react?
Strategic issues They are likely to react by trying to stop the deal or
Why not buy Dunkelbrau instead? even after the deal, and their reaction will be strong
Can we explore new attractive markets through Helles? given their severe loss of market power

BierCo: Should Meister acquire Helles? [Link] 13

 Check insights / examples
A
from Appendix

Framework: feedback / self-evaluation checklist CraftingCases

Framework performance checklist

A good framework must contain all of these traits
Hypothesis-testing (follow-up questions)
Overall structure (Categories)
Could justify need of data with a hypothesis
Categories were MECE Candidate could answer Follow-up Question 1 with a reasonable
The structure was clear and thorough, with no gaps or overlaps
A
hypothesis that justified the need for a piece of data asked during
the presentation of the structure
Structure was insightful
It had important and unique aspects of the problem, and was not a mindless copy- Could test a hypothesis pragmatically
paste of a generic framework Candidate could answer Follow-up Question 2 by creating a A
pragmatic way to test a hypothesis raised during the presentation of
the structure
Issues / Hypotheses
Communication
The candidate mentioned at least 10 issues or hypotheses, and at least half
Categories first presentation
Candidate presented a structure telling what all the categories were before
a case in another industry, such as the toothbrush industry, for example)
explaining which issues were within each category
All five critical issues of the case were raised
A Communicated some hypotheses and/or examples
were not exactly the same as ones in Appendix but
At least some issues were communicated along with the underlying hypotheses
touched on same underlying hypothesis, the issues were good enough
and/or examples

At least three insightful issues that show strong business sense were Spoke using natural sentences
raised A
Issues not listed in Appendix can also be insightful (but it depends on your
judgment, so if in doubt, assume not)

BierCo: Should Meister acquire Helles? [Link] 14

 Useful but not necessary

Framework appendix: overall structure / categories CraftingCases

Recommended structure Alternative structure A structure driven by key decision makers
works in this case as long as you touch
Expected synergies Distribution synergies as an issue
Helles
/ profit increase look at the same problem from different angles Channels
Take care not to forget about the
Regulator and the Distribution Channel
Merger deal and Meister
buckets the first is important due to
Competition consolidation; the second, to enable
implementation
synergies
There are other ways to organize this, e.g.: putting
financials of the deal along with synergies; or Demand /
Strategic issues expected synergies and implementation of merger Regulator Channels within the Helles and Meister
customers
(short for actual synergies) together buckets

Advanced structure Common mistake

Meister should buy Helles to create BierCo if [To understand the reasoning on why using this framework is a
Conditional statements can be Customers
Other players used to create a structure that
There are large
is similar to the recommended The key of all M&A cases is to find a reason to merger the
expected above, but much stronger (due
harmful way to Company companies usually but not always, synergies
synergies to the if -> then logic, instead
this deal of mere categories) This framework is poor to find these reasons, for example: which
company are you talking about? Helles or Meister or BeerCo?
Merger can be Many people with a financial Competition
implemented Meister can pay a background will obsess over hard to fit key issues within this framework
and synergies fair price price paid to a consultant
looking at fundamental value Products Some candidates can and do recover when using it throughout the
can be captured creation is way more important case; your goal, however should be to ace it, not recover from it

BierCo: Should Meister acquire Helles? [Link] 15

 Issue raised (or similar)
Underlying hypotheses that the issue
touches (this is the important part)

Framework appendix: issues and hypotheses CraftingCases

Critical issues Insightful issues Common mistakes

To miss any of these is a critical mistake A structure with some of these shows strong Common issues that people raise that are
business sense (starred critical issues also count) not relevant to this case

What are the synergies after the merger Any specific synergies (count 1 for each) Cannibalization between businesses
It only makes sense to merge two companies if the There are many specific candidates a candidate can [By far the most common mistake; cannibalization
combined value of them is larger than when separate raise and they tend to be insightfuL only happens when you stop making money on a
more expensive product by selling a less expensive
-
How easy / likely to implement synergies able to reduce fixed costs by shutting down a couple sales up to Helles, so they lose nothing by acquiring
Maybe theoretical synergies exist but in practice they Helles]
might not happen due to differences in processes
and culture Unfocused questions about customers
Many other examples can be found in the answer to [Many candidates ask the usual list of questions
Regulator will agree with the merger question 2 (Brainstorming) about customers and have no idea why each question
The two companies combined will get a 70% market is relevant to the case! One example is when they ask
share, high enough for any regulator to consider what the customer segments are and have a hard
Breweries from other countries might react to time explaining why this information matters to the
intervention this acquisition merger. This case is especially prone to this mistake]
How the competitor (Dunkelbrau) might react market, this move can trigger other, unexpected
This deal has the potential to cause a lot of harm to M&A or Market Entry reactions from foreigners
them, so they might react in a harmful way
Too many financial metrics (e.g. Cost of Capital)
[Consulting firms are hired to find underlying value,
How will our exposure to new markets / not blindly do valuations (leave those to investment
channels / customers change? bankers); focusing the case on the financials of the
Will we be able to pay a fair price for Helles deal will leave the interviewer asking himself if you
Do we get new avenues / options for future growth
Even if value created, we need to know if could do the job when no numbers are available]
and better business opportunities by buying
be able to capture it
Helles?

BierCo: Should Meister acquire Helles? [Link] 16

 Framework appendix: follow-up questions CraftingCases

Follow-up Question 1 Follow-up Question 2

Sample answers Sample answers for

Data point Hypotheses

examples Strong answer example1 Weak answer example examples Strong answer example1 Weak answer example

If one company has a

Mix of sales by strong presence in one compare variable costs per
channel (say, supermarkets) really important to the liter of large players vs. small
distribution beer business, because Bargaining
and the other in another players in this business; but to
channel for both (say, bars), they will both be working closely with them power with much savings from
companies strong in those two channels helps you increase your suppliers will 3 numbers: how much our negotiations do average
after the merger, increasing increase due supplier will lower costs due to companies of this size
total volume sold to higher scale our higher scale, what share
of their sales will we represent
and what their current margins
sensitive to price when
choosing between beer price sensitive, then we
price brands, but not between will have an easier time
beer and other alcoholic to understand what their
sensitivity categories, we may be
raising prices; otherwise, cultures might working values, habits and
not be the companies worked
able to increase price per
looking for core issues that through other mergers in
liter after the merger right fit thus the past; if other mergers
harming the worked well, this one
hypothesis (e.g. one
capture of company promotes based
1 These are examples, but there are many good possible answers; as long as the synergies
hypothesis makes sense and the data can confirm or reject it,

BierCo: Should Meister acquire Helles? [Link] 17

 Framework appendix: sample hypothesis-driven
answer (advanced) CraftingCases
Conditions and sub-conditions for Meister to buy Helles
Volume synergies
Revenue synergies
There are large Price synergies
expected Variable cost reductions
synergies Cost synergies
Fixed cost reductions

Regulator will let merger happen

Merger can be implemented
Merger can be Both companies executives and employees would be open to go through the pains
implemented and of merging
synergies can be
captured There is fit between the processes that need to be integrated among the two breweries
Synergies can be captured
There is cultural fit between the two breweries

Other players Dunkelbrau has no means, incentives or historical behaviour to react in a harmful way
(Same for) Foreign breweries
harmful way to
this deal (Same for) Other market players

Meister can pay a Helles major shareholders want to sell the company
fair price for There are no other potential buyers competing for the deal
Helles
Overall market conditions are pricing stocks fairly

BierCo: Should Meister acquire Helles? [Link] 18

 Brainstorming question CraftingCases
Practice mode: 2 min
Recommended time to structure
Learning mode: 4-5min

Your team is trying to assess a fair price to offer for shares. The
main driver for this are the synergies. What are the potential synergies
in this merger?

When the candidate runs out of ideas, push for more (by
at least a few times
specific and actionable synergies ideas (i.e. they have to pass the Toothbrush Test).

BierCo: Should Meister acquire Helles? [Link] 19

 Brainstorming: sample answer CraftingCases
Margin pressure over retailers: we could increase how much we charge them without letting them
Price pass on increases to consumers
synergies Complete price portfolio: we could have more brands at different price points
Revenue POS lock-in (see bellow)
synergies
POS lock-in: we would have better influence over Points-of-Sales to be their exclusive beer-seller
Volume More POS per brand: we can utilize the whole distribution network of both brands to sell more
synergies brands per POS

Synergies Procurement Better negotiation power with key suppliers (malting barley and bottling, for example)

Direct Production Factory consolidation (e.g. closing 1 factory is there are 4 @ 75% utilization in
costs total)
Best practices (losses, maintenance)

Logistics Warehouse consolidation

More efficient Point-of-Sale distribution
Reduced km/liter due to spreading out products across warehouses from both
Cost companies
synergies Indirect Reducing salespeople (same salesperson selling both brands
Sales and Marketing
costs Sales best practices applied to whole company
Reduced marketing wars / advertising competition
G&A
Better bargaining power with media providers
BierCo: Should Meister acquire Helles? [Link] 20
 Check insights / examples
A
from Appendix

Brainstorming: feedback / self-evaluation checklist CraftingCases

Brainstorming performance checklist

A good brainstorming answer must contain all of these traits Ideas / Hypotheses
At least eight relevant ideas or hypotheses
Structure The candidate presented at least eight ideas or hypotheses, and was able to
generate more if asked by the interviewer
Candidate had a structure to work with before listing ideas
All questions must be answered with a structure, including brainstorming questions All three critical issues of the case were raised
A
Structure was MECE touched on same underlying hypothesis, they were good enough
The structure was clear and thorough, with no gaps or overlaps

At least three synergy ideas contained insightful issues (they

Prioritization could come from one or more insightful issues, however [e.g.
A
three ideas related to bottlers])
Issues not listed in the Appendix can also be insightful (but it depends
Most time was spent in the most important parts of the problem on your judgment, so if in doubt, assume not)
Candidate spent most of the time in the ideas / hypotheses that (i) had a large
impact, (ii) had a large probability of happening, and (iii) which the client had a high
degree of control over
Communication
Structure first presentation
Skilled handling of push for more and more ideas Candidate presented structure telling what were all the categories before explaining
Candidate was able to understand that interviewer was looking for as many ideas which ideas and hypotheses were within each category
as possible by his/her behavior and reacted accordingly by giving more and more
NEW ideas as time went by Ideas / hypotheses were specific and actionable

bars to carry only our brands by giving them an incentive and thus increase our

BierCo: Should Meister acquire Helles? [Link] 21

 Brainstorming appendix: structures and key issues CraftingCases
Examples of alternative structures to breweries synergies Key issues to mention
Critical issues
Revenues Price
Improved bargaining power: with suppliers, distribution channels, etc
Volume
Synergies
Optimization of productive assets: e.g.: closing down factories and
Variable costs spreading production to excess capacity of others
Cost
Fixed costs Improved sales due to improved distribution: both companies brands
will be able to use the distribution footprint from both companies

Insightful issues
Purchasing Production Distribution Pricing Other Bottlers: these are a key step of the beer value chain, candidates
Synergies Synergies synergies synergies synergies who can anticipate what happens here get a great impression of
business sense (at a basic level, costs are cut due to negotiation
improvements, but it can go much deeper)

Warehouses: There are many logistics synergies due to all products

having access to all warehouses, and closing down some; most
Market /
Labor Capital Improved candidates forget about this part of the value chain
negotiation Other
productivity productivity distribution
power synergies Pricing negotiations with distribution channels: how will the merge
synergies synergies synergies
synergies affect how price and margin is negotiated with bars, restaurants,
supermakets and so on? As with others, there are many layers to
this answer

BierCo: Should Meister acquire Helles? [Link] 22

 Chart Interpretation question CraftingCases
Practice mode: 1 min
Recommended time to structure
Learning mode: 2-3 min

What insights do you take from this table? Follow-up Question

To be asked after candidate presents their final answer

Meister Helles # of bars and restaurants

productive than
# of salespeople 570 500 Total in country 100,000

Cost per salesperson

$31,500 $30,000 Sell Meister 80,000
per year (US dollars)
Salesforce efficiency
(bars & restaurant per 140 120 Sell Helles 60,000
salesperson) Sell Meister &
40,000
Helles

BierCo: Should Meister acquire Helles? [Link] 23

 Chart Interpretation: sample answer CraftingCases

volume and cutting sales costs in the bars and restaurants

channel in case we merge the two companies, for three main
Meister Helles # of bars and restaurants reasons:

# of salespeople 570 500 Total in country 100,000 1. We could sell Meister in 20k more bars and restaurants and
Helles in 40k more by combining our distribution footprints
Cost per salesperson
$31,500 $30,000 Sell Meister 80,000 2. We would need less salespeople with the combined
per year (US dollars) company to cover the 40k bars that carry both brands
Salesforce efficiency
(bars & restaurant per 140 120 Sell Helles 60,000 3. Helles
salesperson) Sell Meister & salaries by ~5% by incorporating best practices
40,000
Helles
The next step would be to size these synergies and see how

BierCo: Should Meister acquire Helles? [Link] 24

 Check insights / examples
A
from Appendix

Chart Interpretation: Feedback / Self-evaluation

checklist CraftingCases

Chart Interpretation performance checklist

A good chart interpretation answer must contain all of these traits

Synthesis and Next Steps

Clarification -
This is usually a master- A
objective and that you can get to by combining the direct insights from
The whole chart was well understood by the candidate, either automatically or by
the chart
asking clarification questions
The logical next steps to the case were enumerated
Next steps were created using both hypotheses that derive from the
A
Interpretation
Two or three main insights from the chart were well described
The candidate enumerated two or three main insights from the chart that A Brainstorming (follow-up question)
were accurate and relevant to the case
Had a MECE structure
Candidate reacted to the follow-up question using a structure that was
Insights were connected to case objective and quantified whenever
MECE (vs. throwing ideas with no structure or using a poor structure)
possible
The candidate touched most major issues with the question A
roughly quantified when numbers were available
Check some possibilities in Appendix

BierCo: Should Meister acquire Helles? [Link] 25

 Chart Interpretation appendix: insights and next
steps CraftingCases

Meister Helles Key insights to mention Next steps that could be

Critical insights
mentioned
# of salespeople 570 500
Salary difference: salaries are ~5% Estimate total decrease in salesforce;
Cost per salesperson
$31,500 $30,000 lower salesforce costs by 5%. Estimate potential volume synergies if we can
per year (US dollars) figure out increase in sales per new bar
Salesforce efficiency covered;
(bars & restaurant per 140 120 salespeople ~15% more efficient could mean
~15% less salespeople. Estimate potential price synergies given higher
salesperson)
Overlap of 40K bars and restaurants means
# of bars and restaurants BierCo could lay off at least 330 salespeople. Analyze whether POS lock-in is feasible.

Total in country 100,000

Nice-to- Common mistakes
Together both breweries cover all bars in the Describing the data on the chart but not taking
Sell Meister 80,000 country: large potential gains in volume any conclusions;
synergy, with Meister in 20K new bars and
Helles in 40K.
Sell Helles 60,000 Mentioning some insights, but with no clear
next steps or guidance towards action;
40K bars that sell both represent potential price
Sell Meister &
40,000 synergies (margin pressure) or volume Mentioning interesting further analysis, but with
Helles synergies (POS lock-in: give discounts or no clear path towards solving the case
merchandise to get them to sell only question.
brands).

BierCo: Should Meister acquire Helles? [Link] 26

 Chart interpretation appendix: follow-up question CraftingCases

Follow-up Question
Sample answers for Why do you think salespeople are more productive than

Alternative structures

More experienced Reasons related to External (market)

Reasons Recruitment of the best professionals Compensation costs
scale differences factors
related to
A lot is spent in training OR OR
higher cost per
salesperson Higher variable component of
compensation Reasons not related to Other salesperson- Internal (company)
scale differences related costs factors
Differente in More direct support staff makes them
salesforce more costly
productivity

Other example of hypotheses to raise

Meister has a simplified product portfolio,
Reasons making it easier for each salesperson to The geographical market both companies serve might have structural differences
unrelated to serve more bars in salary or productivity
higher cost per
sales person
and restaurants) is worse Helles might serve larger bars and restaurants, that require more salesperson time

better
Helles might be expanding its distribution and salespeople spend a lot of time
prospecting new customers

share in areas with high bar and restaurant density

BierCo: Should Meister acquire Helles? [Link] 27

 Analysis question CraftingCases
Practice mode: 3 min
Recommended time to structure Data to give as requested
Learning mode: 5-6 min
The new company will be able to choose a pair of salary
What is the potential salesforce cost reduction after the merger? (meaning
they can either pay $31,500 and have efficiency of 140 or
Meister Helles # of bars and restaurants pay $30,000 and have efficiency of 120)
# of salespeople 570 500 Total in country 100,000

Cost per salesperson Sales model: each POS is assigned to a salesperson who
$31,500 $30,000 Sell Meister 80,000
per year (US dollars) represents the whole company, negotiating discounts,
Salesforce efficiency deliveries and other issues each salesperson deals with
(bars & restaurant per 140 120 Sell Helles 60,000
several POS
salesperson) Sell Meister &
40,000
Helles
Follow-up Question
To be asked after candidate presents their final answer

BierCo: Should Meister acquire Helles? [Link] 28

 Analysis: sample answer CraftingCases

How many salespeople we Meister salesforce + Helles salesforce = 1070

have right now Insight / so-what (Follow-up
Finding out how salespeople
question):
many
Step 1 salespeople will How many salespeople will # of bars served / salesforce efficiency = 100k / reducing salesforce
we be able to be needed 140 = 715 salespeople costs by one third, which is
lay-off definitely relevant. To have a
better idea of whether this
Lay-offs 1070 - 715 = 355 salespeople alone justifies the merger, I
would need to know our
current profits to how much
Savings from firing 355 # of people fired (Step 1) * Cost per person = would this increase our profits
Helles salespeople 355 * $30,000 = $10.7 million by.
Finding out how
much money will Salary increase for Remaining Helles salespeople * Cost increase
Step 2 remaining Helles merger alone, this is only one
we save from per peson = (500 355) * ($31,500 - $30,000) =
salespeople of the many potential
those lay-offs 145 * $1,500 = $0.2 million
synergies, so there might still
be a lot of potential
$10.7 million - $0.2 million = $10.5 million
Salesforce cost synergies

Assumption (as confirmed with interviewer): salespeople will cost $31,500 and be capable of serving 140 bars and restaurants each

BierCo: Should Meister acquire Helles? [Link] 29

 Check insights / examples
A
from Appendix

Analysis: feedback / self-evaluation checklist CraftingCases

Analysis performance checklist

A good analysis must contain all of these traits

Structuring Insight generating

A mathematical structure with no relevant issues missing An action-oriented, case-related insight after the calculation is done
The structure was completely mathematical, and its elements resulted A The insight that came out of the analysis implicitly or explicitly lead the case
in the final number with the correct units towards new action, which could have been new analyses or hypotheses of
concrete actions
Correct data request
The candidate asked for all necessary pieces of data Proactive insight generation
The candidate has the initiative to come up with a conclusion related to the case
based on the analysis made

Calculating
Correct calculations
Up to one or two calculation mistakes is fine, as long as the candidate was the one
to catch them, not the interviewer

loud math
The candidate guided the interviewer through their calculations while doing them

BierCo: Should Meister acquire Helles? [Link] 30

 Analysis appendix: alternative structures CraftingCases
Cost per
Recommended structure # salespeople salesperson Alternative structure
Step 1 Step 2 Step 3
Total salesforce
cost before salesforce costs What will the
How many bars
merger What are the efficiency and
and restaurants
current costs? salary of the
Salesforce cost
will we supply?
saesforce costs salesforce be?
reduction
# of bars and
# of salespeople restaurants Step 4 Step 5 Step 6
Total salesforce reached
cost after merger How many What is the total
What will the post-
salespeople will post-merger cost
Cost per Salesforce merger salesforce
BierCo have? reduction?
salesperson efficiency costs be?
(Step 2 / Step 3) (Step 1 Step 5)

Advanced alternative structure Common mistakes

Difference in dollars
per bar & restaurant
Cost reduction Not understanding the situation or data before starting to structure:
due to efficiency
# of bars and
$/B&R That each salesperson serve a specific group of bars and
increase restaurants;
restaurants served
Salesforce cost
by less efficient How salary and efficiency are correlated;
salespeople salary per
reduction
salesperson
Starting to calculate without finishing the structure first.
Cost reduction $/B&R
due to salesforce
dispensing efficiency
overlaps # of overlapping
bars & restaurants

BierCo: Should Meister acquire Helles? [Link] 31

 Analysis appendix: confusing parts CraftingCases

MEISTER
# of bars and restaurants

Confusing part 1 Total in country 100,000 40K

80K 40,000 have Helles
Sell Meister 80,000 have not; out of Helles
How to get to the # of 40K 100K
bars served after the Sell Helles 60,000 60K
merger? 20K together cover 100,000 points of sale, in other
Sell Meister & words, all existing in the country.
40,000
Helles
HELLES

Meister vs. Helles

Be aware the candidate has to ask if they
Confusing part 2 Helles Cost per salesperson per $31,500 $30,000
both cost per salesperson and efficiency year (US dollars) + 5%
15% more efficient and
How to choose which only 5% more expensive,
pair of salary vs. Interviewer should make it explicitly that so it pays out to pay more
they can choose wither pair (either both Salesforce efficiency
to them
efficiency to use? figures from Meister or both from Helles)
(bars & restaurant per 140 120
salesperson) + 16%

BierCo: Should Meister acquire Helles? [Link] 32

 Analysis appendix: insight / so-what CraftingCases

Insight
Sample answers

Strong answer example Strong answer example Weak answer example

Common mistakes
costs by one third, which is significant, a reduction of Insight does not point
definitely relevant. To have a saving about $100 dollars per $10M in total costs of such a toward action;
better idea of whether this giant brewery, with 70% of
alone justifies the merger, I market share does not seem Insight does not compare
would need to know our relevant at all value to something in order
current profits to how much revenue per bar, but even to get meaning out of it;
would this increase our profits
by. Conclusion does not match
like much on a first look. I compared data.
Weak answer example
merger alone, this is only one opportunities on revenue
of the many potential synergies, so my next step
synergies, so there might still to be relevant
be a lot of potential

BierCo: Should Meister acquire Helles? [Link] 33

 Recommendation question CraftingCases
Practice mode: none
Recommended time to structure
Learning mode: 2-3 min

last analysis, and she wants a quick idea on what to tell the board
members on her next meeting regarding this acquisition. What would
you tell her?

BierCo: Should Meister acquire Helles? [Link] 34

 Recommendation CraftingCases

Sample answer Performance checklist

Substance

Helles, although we cannot say for A clear direction was given

The synthesis of the case pointed the client to a clear direction
(e.g. to acquire or not), and was not just a bunch of facts with
no cohesion
1. The most decisive conclusion possible, given the facts
beer business, which could lead to higher profits combining these The recommendation was as strong as the facts allow, but not
companies
why and the next steps needed to state the recommendation)

2. Specifically on distribution to bars and restaurants, there seems to be a Key insights backing the conclusion
ton of synergies On top of the conclusion, a few key facts and insights that
supported it were mentioned
optimization alone, and there might be much more on increased volume
and price pressure Communication
A structured, enumerated answer
The key insights and facts backing up the conclusion were
first estimate the other big synergies in production and distribution, and two, to orderly enumerated
make a risk assessment of the regulatory and competitive environments
Clear, concise and precise wording
The wording of the answer used as few words as possible and
conveyed a clear and precise message, suited for a high-level
executive audience

BierCo: Should Meister acquire Helles? [Link] 35