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MBA INSIDER: A DAY IN THE LIFE

A Corner-Office View at Philips

A manager in charge of advising on acquisitions and divestments needs a working knowledge of all areas of business. That's where an MBA proves essential


Edo Pfennings
Manager Corporate Mergers & Acquisitions
Philips Electronics NV
MBA Class of 2004,
Instituto de Empresa


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I'm a manager in the global Corporate Mergers & Acquisitions Dept. of Philips Electronics (PHG ), an Amsterdam (The Netherlands)-based NYSE and Euronext listed company that's worth about $40 billion. My job is to advise Philips' business managers and board of management about divesting and acquiring other companies or operations.


After finishing my International MBA at Insitituto de Empresa in Madrid in 2004, I joined Philips, which was a client of mine back when I was still an investment banker. My job at Philips has taken me all over the world, including a recent four-month stint in San Francisco, because we search the global playing field for acquisitions.

My job is dynamic and demanding. I get to work with top management (up to the CEO), the best advisers, and have the chance to see deals I've worked on announced in high-profile media.

Below is a timeline of a typical day in the Amsterdam office.

8:30 a.m. -- I go to work by bike. It's Amsterdam after all.

8:45 a.m. -- Grab a coffee and check my e-mail. I'm working on the acquisition of a NASDAQ listed company, and the lawyers from New York have sent me the new acquisition documents to check. I review the documents, which typically are a challenge to get through.

10:00 a.m. -- Meet with Corporate Strategy to discuss a presentation for the board of management which will occur within three weeks. They have asked me for input on valuation of the different exit scenarios they have created for a business unit.

11:00 a.m. -- Look at my agenda and, remembering what I learned about delegating responsibility, rush into the room of one of our junior team members. I explain, as quickly as possible, some issues on valuation, and we discuss the scenarios for the board. I'm really happy he can support me on this one, as my plate fills up quickly.

Noon -- Drive to one of our plants for a meeting to discuss the sale of a part of the factory, which will be a relatively small transaction. Still, it remains challenging to find a buyer for this 180-person operation.

1:30 p.m. -- Meet with the manager of the operation and a strategic consultant who helps us screen the market. We talk about the project timing, potential value, and possible buyers of the business. The manager and the adviser are eager to sell -- a bit too eager, in my opinion. I decide to slow down the agenda to give us the time to thoroughly calculate what this operation is worth to us, which is a challenge.

2:46 p.m. -- My lovely secretary calls me to say that a conference call in the afternoon has been canceled. This gives me the opportunity to…

2:50 p.m. -- …visit the factory and actually get to see the asset we intend to sell. I love to walk through these massive factories where we produce light bulbs, shavers, TVs, medical equipment, and semiconductors for the whole world. I'm truly impressed.

4:30 p.m. -- I drive back to Amsterdam and call some of my friends, who I haven't spoken to since I returned from San Francisco.

6:00 p.m. -- Return to the office. My roommate is abroad for business, so I have the view of Amsterdam from the 17th floor all to myself. Who says it's difficult to get into the corner office? With my roommate gone, I can dance around my speakerphone while I discuss the documents from this morning with a colleague and lawyers in the U.S.

6:30 p.m. -- I clean out my e-mailbox of notes that arrived during the day. Then, I finish off my to-do list with a first go at a valuation model for the sale of the factory I visited today.

8:00 p.m. -- I didn't make it to the Philips' gym today, even though I really need to work off those kilos I gained in the U.S. At least I take my bicycle to meet two friends for dinner.

My job touches upon all fields of business because an acquisition or a divestment affects the finance, HR, legal, operations, and tax departments. That's one of the reasons why an MBA education, which touches on all of these areas, comes in handy in these discussions.

The degree will carry me into the future, too. Because this department is seen as a bridge to a high-level management position, I will draw upon what I learned at school for years to come. Also, completing an international graduate business program shows that you're committed to your career, work hard, and know how to work well with people from different backgrounds.





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