It is necessary to use M&A and strategic techniques in the process in which we expand an enterprise. There is no present day major pharmacy company which does not have the management of M&A. An example of a remarkable type of industry contraction in a medical-related industry would be the medicine wholesale for medical doctors which at one time stood at around 2000 companies. It has mostly been reduced to 4 major companies now. This is one result of the M&A process. M&A is performed in general with the following processes.

(1) Decision of an M&A strategy
(2) Decide target buyers or seller
(3) Confidential data indication
(4) Disclosure of confidential data
(5) Management Interviews
(6) Financial due-diligence by the use of a trading-conditions agreement
(7) Disclose intention manifestation document (LOI)
(6) Due diligence by buyer
(8) The condition details determination
(9) Contract a Final Agreement

Our company evaluates EV by EBITDA multiple method, in which we consider a pharmacy and medical institution not in isolation or only with the accounts technique. The multiple method and DCF reductionism do not evaluate a corporate value accurately. We will advise on negotiation so that all contents, such as the owner's intensity, a doctor's age, and location, can be reflected in a EV, in short “price”.