·Read the article about management buyouts of companies．
·Choose the best sentence to fill each of the gaps．
·For each gap(9-14)，mark one letter(A-H)on your Answer Sheet．
·DO not use any Ietter more than once．
Management Buy-outs of Companies
Involving
staff in management buy-out(MBO)negotiations can help smoo．th the path for the
future．Employees are becoming increasingly familiar with the fluctuations and
instability that their working environments can present．It’s not just mergers
and acquisitions that can upset the situation．Internal MBOs can also be
particularly unsetting for employees．In some cases，the MBO takes place to save
an ailing company．In others，it is the result of senior management and board
disagreements，or is to prevent a hostile takeover bid． (9)
．This insecurity can be very damaging．One of the most important
factors，often not considered during the process of an MBO，is the reaction of the
workforce，yet it is those employees who more often than not can make or break
the future Success of any new management team． (10) ．By
maintaining channels of communication across the floor．new management teams
could find the rank and file a useful ally in the bid to take over． Showing
those employees that a buy-out could be to their advantage，creating new
opportunities for promotion or career development，will in the long-term be
advantageous to the entire company． The challenge for new
management should be to reinspire employees． (11) ． If the
new team doesn’t engage old employees in future plans or consider the
contribution they can make，the idea that the MBO was meant to save everyone is
lost．In this situation，long-term employees begin to see the new management team
and shareholders as the only beneficiaries in the buy-out and feel in the end
that the only people saved are those at the top of the corporate ladder．
(12) ．This will mean that the rescue will fail before it has
really started． It is depressingly common for new MBO teams not
to learn from the past． (13) ． If the new team can find
innovative ways to involve staff activelv in various aspects of the buy-out
process，the benefits are manifold． (14) ．A package with such
components can gain their support and be invaluable in building success for the
venture，and iS one that enlightened MBO teams tend to adopt．
A．Including them in any buy-out，discussions can improve the new company’s
future prospects． B．In such circumstances it is easy for the
new board to make the same mistakes as the old． C．Possibilities
for realising these include decision-making，setting goals，and offering the
chance of a future stake in the new company． D．Whatever its
origins，those lower down the corporate ranks can often be left out of the
equation，wondering what is to become of them． E．Nobody benefits
if the company fails to meet its objectives． F．Yet the new
start represents a golden opportunity． G．This requirement is
particularly relevant when a company has failed or when staff have lost faith in
the previous management． H．Internal MBOs can also be
particularly unsettling for employees．