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Harvard Case - Tim Harkness: Starting Over

"Tim Harkness: Starting Over" Harvard business case study is written by Robert E. Siegel, Jessica Morgan. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Aug 7, 2015

At Fern Fort University, we recommend that Tim Harkness pursue a strategic acquisition of a smaller, established financial services firm with a strong presence in the emerging markets. This acquisition will allow Tim to leverage his expertise in financial markets and investment management while benefiting from the acquired firm's existing infrastructure, client base, and market knowledge. This strategy will enable Tim to rapidly scale his operations, achieve profitability, and establish a strong foothold in the global financial landscape.

2. Background

Tim Harkness, a seasoned financial professional with extensive experience in investment management and fixed income securities, is seeking to launch his own firm. He has identified a significant opportunity in the emerging markets, where he believes his expertise can be highly valuable. However, he faces the challenge of establishing a new firm from scratch, which requires substantial capital investment and time to build a client base.

3. Analysis of the Case Study

This case study presents a classic entrepreneurial dilemma: balancing the desire for independence and control with the need for resources and market access. To analyze Tim?s options, we can apply the following frameworks:

Strategic Framework:

  • Porter?s Five Forces: The financial services industry is characterized by high competition, with established players like large banks and investment firms dominating the market. However, emerging markets present opportunities for niche players with specialized expertise, like Tim?s focus on fixed income securities.
  • Competitive Advantage: Tim?s expertise in fixed income securities and his understanding of emerging markets provide him with a potential competitive advantage. However, he needs to develop a strategy to leverage this advantage and build a sustainable business model.

Financial Framework:

  • Capital Budgeting: Tim needs to carefully analyze the costs and benefits of different investment options, including starting from scratch, acquiring an existing firm, or partnering with another entity.
  • Risk Assessment: Entering emerging markets involves inherent risks, including political instability, regulatory changes, and currency fluctuations. Tim needs to develop a comprehensive risk management strategy to mitigate these risks.

Operational Framework:

  • Activity-Based Costing: Tim needs to carefully analyze the costs associated with different business models, including the costs of building infrastructure, hiring staff, and marketing services.
  • Business Model Innovation: Tim needs to develop a unique and sustainable business model that caters to the specific needs of emerging market clients.

4. Recommendations

  • Acquire a Smaller, Established Firm: This strategy offers several advantages for Tim:
    • Immediate Market Access: Acquiring an existing firm provides Tim with an established client base, infrastructure, and market presence in the emerging markets.
    • Reduced Time to Profitability: This approach allows Tim to bypass the time-consuming process of building a firm from scratch, enabling him to achieve profitability faster.
    • Leveraged Expertise: Tim can leverage the acquired firm?s existing expertise in the local market, reducing the need for extensive hiring and training.
  • Focus on Fixed Income Securities: Tim?s expertise in fixed income securities provides him with a niche specialization that can differentiate him from competitors in the emerging markets.
  • Develop a Strong Risk Management Framework: Given the inherent risks associated with emerging markets, Tim needs to develop a comprehensive risk management strategy that includes:
    • Currency Hedging: To mitigate currency fluctuations, Tim should consider hedging strategies to protect his investments.
    • Political Risk Assessment: Tim should conduct thorough due diligence on the political and regulatory environment in the chosen emerging markets.
    • Diversification: Tim should diversify his portfolio across different emerging markets to reduce risk.

5. Basis of Recommendations

  • Core Competencies and Consistency with Mission: The acquisition strategy aligns with Tim?s core competencies in financial markets and investment management. It also supports his mission of providing high-quality financial services to clients in emerging markets.
  • External Customers and Internal Clients: The acquired firm?s existing client base and infrastructure will provide Tim with immediate access to external customers. The acquisition will also allow him to attract and retain talented professionals, creating a strong internal team.
  • Competitors: The acquisition strategy allows Tim to compete effectively with established players in the emerging markets by leveraging the acquired firm?s existing market share and infrastructure.
  • Attractiveness - Quantitative Measures: The acquisition strategy offers several quantitative advantages:
    • Reduced Capital Investment: Acquiring an existing firm requires less capital investment than starting from scratch.
    • Faster Time to Profitability: The acquisition strategy allows Tim to achieve profitability faster, generating a higher return on investment.
    • Increased Market Share: The acquisition strategy allows Tim to gain immediate market share, enhancing his competitive position.

6. Conclusion

By pursuing a strategic acquisition of a smaller, established financial services firm with a strong presence in the emerging markets, Tim Harkness can leverage his expertise and achieve rapid growth and profitability. This strategy offers a balanced approach to achieving his entrepreneurial goals while mitigating the risks associated with starting a new firm from scratch.

7. Discussion

Other alternatives not selected include:

  • Starting from Scratch: This option would require significant capital investment, time, and effort to build a client base and infrastructure. It would also expose Tim to higher risks, including competition from established players.
  • Partnership with an Existing Firm: This option could provide Tim with access to resources and market access, but it would require him to share control and profits with his partner.

Key assumptions of the recommended strategy include:

  • Availability of Suitable Acquisition Targets: The success of the acquisition strategy depends on the availability of suitable acquisition targets with a strong presence in the emerging markets.
  • Successful Integration of the Acquired Firm: Tim needs to ensure a smooth integration of the acquired firm?s operations, culture, and personnel.
  • Continued Growth in Emerging Markets: The success of the strategy depends on the continued growth and stability of the emerging markets.

8. Next Steps

  • Identify Potential Acquisition Targets: Tim should conduct thorough research to identify potential acquisition targets that meet his criteria.
  • Due Diligence: Tim should conduct thorough due diligence on potential acquisition targets, including financial analysis, risk assessment, and cultural fit.
  • Negotiation: Tim should negotiate favorable terms for the acquisition, including price, financing, and integration plans.
  • Integration: Tim should develop a comprehensive integration plan to ensure a smooth transition of the acquired firm?s operations, culture, and personnel.

By following these steps, Tim Harkness can successfully launch his own financial services firm and achieve his entrepreneurial goals in the emerging markets.

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Case Description

This case profiles the journey of protagonist Tim Harkness through his many entrepreneurial pursuits. It chronicles his early career and how a bout of serendipity landed him a job in the life sciences tools industry. From there, Harkness went on to lead another life sciences tools company, and transformed the company from an under-performing venture-backed start-up to a profitable multi-product firm. After four acquisitions, a failed sales process, and filing for IPO, Harkness eventually sold the firm for a record multiple for the industry. Shortly after the sale, the firm's new acquirers fired Harkness. This was devastating for Harkness, but before long he was already planning his next business venture. Harkness planned to have the new enterprise replicate the strategy he had employed successfully in the previous two companies he worked for. However, after one of his investors pulled out, he struggled to find replacements for the unique business concept. He began to question whether this was the right time to pursue this endeavor.

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