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Partnering for Performance: Unleashing the Power of Finance in the 21st-Century Organization

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PARTNERING FOR PERFORMANCE: Unleashing the Power of Finance in the 21st Century Organization, Martin G. Mand and William Whipple III, AMACOM, 2000.

As an attorney practicing corporate law in Delaware, I have been involved in many acquisitions, mergers, divestitures, etc., and have an understanding of the imperative for all companies and businesses to increase shareholder value. "Partnering for Performance" is the first book that I can recall reading which provides a lucid explanation of how a company can do so. The discussion is enlivened by numerous real world examples, as well as by an engaging dialog between the CEO and CFO of a hypothetical company.

The book goes on to sketch the wide range of activities that are conducted under the Finance umbrella, and offer suggestions as to how the value of these activities can be enhanced. There are two key thrusts the author recommends, which in many companies will require a significant culture change:

* Finance people must rethink their roles, and make the transition from functioning as analysts and controllers to "Shareholder Value Enabling."

* The business people and finance people in a company must work together as equal partners, otherwise known as "Partnering for Performance."

Drawing on their considerable experience as financial practitioners, the authors do not merely advocate such changes in principle. They also explain the obstacles to implementation, and offer solid suggestions for achieving the desired changes. The suggested game plan includes new roles and responsibilities for business people and finance people alike, demonstration projects such as overhauling the budget process, the integration of talented finance people into business teams, incentives for change, communications and training, and sample diagnostic tools (such as a corporate troubleshooting guide).

In sum, "Partnering for Performance" offers valuable insights about a low cost, low risk approach to increasing shareholder value. The book should be of considerable interest and value to a broad audience.

Mand and Whipple do an excellent job describing how finance, business centers and top management can work together more effectively for optimum performance. The concept is powerful, and the examples from actual events are very stimulating. Best of all, they use a dialog method to make the message really come alive. "Listening" to the CEO and CFO discuss partnering makes the reader realize that the concept is not just another management theory, but can be readily applied to his or her situation as well.

A very thorough and easy to read book. The experience of the authors is clearly evident. Highly recommend to anyone working in finance or corporations!

A very concise and well-written book which appeals to the financial executive and the MBA student. The CFO's role is clearly delineated with the support of actual cases and experiences as noted by the authors. I found this book to be interesting and a "quick-read" and was an excellent summation of the role of the CFO in the 21st corporations.