During the 1990s M&A fell out of favor, when books like Barbarians at the Gate by Brian Burrough and John Helyar, which chronicled the RJR-Nabisco merger, were hitting the best-seller lists. Things have certainly changed since those days. "This is a great time to be in M&A," says Punit Renjen, leader of Deloitte Consulting's Merger & Acquisitions Integration Services (MAIS) and Global Leader, Strategy & Operations. Last year, his unit was involved in six of the 15 major mergers and is 80 percent ahead for this year. A key difference now is "the number of countries that are participating. You've got China and India involved in a big way," Renjen says. In addition, valuations are more reasonable, "not the irrational exuberance Alan Greenspan once referred to," he says.
As Deloitte's MAIS leader, Renjen helped Deloitte build an M&A practice that focuses on strategy and execution, leaving the screening and finance to the investment bankers. The practice, at the same time, has proven to be an ideal compliment to Deloitte's S&O business, which he also leads. "M&A involves our strategy, technology practice, and HR practice," Renjen says.
Today Renjen worries most about retaining top talent. Deloitte has suffered higher turnover than he would like, but he is determined to make the company a positive lifetime association for consultants. Although an enthusiastic evangelist for the consulting industry: "There is no other profession like this anywhere. You get to work on complex problems that change every year," he is quick point out one major challenge: "The frequent travel can be grueling. My least favorite part of consulting is being away from my family," he says.
For example, on the day of our interview, he was leaving the West Coast to be in New York for a meeting the next morning only to return home to the West Coast that night.
Still, "there is no silver bullet for striking a balance between business and personal life. At the least you need an exceptionally understanding spouse," says Renjen. He also makes a point to speak with his 3-year-old son frequently, even reading bedtime stories over the phone.
The grandfather of Renjen's wife died recently at the age of 93. Shortly before his death he expressed regret that he hadn't been as good a parent as well as astonishment that those 93 years had passed so fast. Says Renjen: "That has made me think about how I bring up my son and also about what I do with the time I spend at work."
If he is going to spend all that time on the clock, Renjen aims to create something worthwhile.
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