Posted: February 26th, 2023
DEFM200 Week 2 DQR
Greetings Professor and classmates,
When talking about acquisitions, in my eyes this means when a company acquires another company shares to gain control of their asset and operations. To ensure that the acquisition process goes smoothly, a company have to make sure that contracting knowledge and competency is strong through out the company. Competency is an induvial knowledge, skills, abilities, and behaviors that contribute to ones performance to make a company better. Examples are Leadership, teamwork, critical thinking and good customer service. Having workers who exercise those core career competency will establish success for the company and also show good trust to other companies so they will want to keep working with them. Contract managers have to have good flexibility and critical thinking to know how to write up contracts terms and conditions to other companies to have a successful process of acquisition. Another important career competency is good communication and customer service. Having this good skill can have both companies on the same page and if any miscommunication arises, they can ensure that they figure out a solution to meet down the middle so both parties can be satisfied.
Anh Dac Nguyen
In my opinion, the acquisition is an act between two companies. When one company acquires another company, they will create a contract and list out what they want the seller and the buyer to expect. contracting knowledge areas and competencies are important to acquisition because acquisitions involve contracts between two companies. Those are two important factors in acquiring a company. It will ensure that the seller and the buyer gain mutual trust based on what they list in the contract. For example, when one party does not meet the requirements that it has given before, the other party can claim compensation or cancel the contract to find a better partner.
I think the first thing when you buy a new company is to establish a close relationship with everyone at work. It will make everyone feel like a second family. they will work with more motivation and help the company achieve higher performance. Collaboration in an important factor in the acquisition process of a company. It will show how the company will grow into the future based on the plans, knowledge and skills applied. Long-term cooperation can bring many benefits to the company. Monitoring is an integral part of contracts. It will help the buyer consider many factors of that company based on observations or data from that company. Monitoring can also help new investors recognize the company’s weaknesses and create new plan to improve the company’s future.
In my conclusion, those factors have an impact on the acquisition process. When it comes to contracts, it is very important for all parties are competent and has a clear understanding of the contract management procedures since the contract forms the foundation of any business.
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