Seven Ways To Fail Big
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"The Synergy Mirage"
Quaker Oats bought beverage maker Snapple in 1994 for $1.7 billion to access its direct-store delivery system and network of independent distributors. Analysts had warned that the Chicago-based food conglomerate overpaid by $1 billion. Quaker never dug deep enough to understand Snapple's distributors, who fought efforts to push Gatorade and other Quaker products. Quaker conceded, and about three years later it sold Snapple to Triarc for $300 million. According to reports at the time of the sale, Quaker was taking a nearly $2 million hit each day it owned Snapple.
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