A new book from the Distribution Research and Education Foundation of the National Assn. of Wholesaler-Distributors, The Acquisitive Distributor: Four Keys to Success when Buying a Wholesale Distribution Business, takes the first close look at distributor mergers and acquisitions in the United States.

According to a NAW statement, wholesale distribution has been at or near the top of merger and acquisition activity throughout U.S. industry for the past 10 years, and there are indications that a high level of M&A will continue for the foreseeable future.

The book seeks to analyze that trend, and asks and answers three questions: What is so unusual about buying a distribution business? What are some of the special considerations when buying an owner-managed business? Why do so many acquisitions of distributors fail to meet the buyers' expectations? A special chapter also discusses how the seller of a wholesale distribution business can help ensure a beneficial deal.

Brent R. Grover, the book's author, interviewed more than 50 acquisitive distributors, as well as advisors and other M&A experts. Research also includes a study of hundreds of acquisitions by distributors by hundreds of acquirers. Grover had two basic objectives: to find the best practices behind deals that work; and to unveil the bad practices behind acquisitions that don't succeed.

Grover focuses on four deal-making phases used by all acquirers: strategy, negotiation, due diligence, and integration. He isolates the processes used in each of the four phases and pinpoints specific steps that predict success or failure for buyer and seller when an owner-managed distribution business is a candidate for acquisition.

Visit www.nawpubs.org for more information.