Steve Morrissetteâ??s career includes large corporate experience in mergers & acquisitions and banking as well as entrepreneurial projects as an investor and founding CEO of several start-up businesses. In addition to 25 years of practitioner expertise, his academic career includes 12 years of full-time teaching and extensive scholarship on entrepreneurial finance including a comprehensive study of angel investors published in the Journal of Private Equity, numerous articles on the banking industry, as well as presentations and journal articles on M&A including a recent presentation on M&A at McKinseyâ??s Corporate Finance Conference.
Most of his banking career focused on transformation projects, especially through mergers and acquisitions. His M&A experience includes over a dozen projects ranging from small deals with $10 million in sales to a full-time role on the First Chicago-BankOne executive merger integration team, one of the largest financial services mergers at that time. In his various CFO roles (BankOne Commercial Bank, American National Bank of Chicago, First Chicago Regional Bank), he was responsible for M&A and post-merger integration. When Jamie Dimon became CEO, he was asked to serve as head of Strategy & Planning for BankOne Commercial Banking. His M&A experience also includes selling business units, taking his firm public and eventually selling his first company 4 years after going public for a 450% return to investors.
Morrissette has extensive entrepreneurial experience â?? he has been an angel investor actively involved in the formation of several firms in industries ranging from technology to plumbing parts. He was also the founding CEO of First Community Financial Partners, a bank group with 4 start-up banks having grown from zero to $1 billion in assets in just 7 years. At First Community, he led 5 stock offerings raising over $100 million in equity. As a consultant, his work includes business plan development, strategic planning, performance improvement, turn-around management, management buyouts, and various types of M&A projects.
His academic credentials include a MBA with honors in Finance and Strategy from the University of Chicago and a PhD in Entrepreneurial Finance from Union University. In addition to Booth, he is an Associate Professor at the University of St. Francis in Joliet, IL and has guest lectured at the Northwestern Kellogg School of Management. His current research includes decision models for mergers and acquisitions including â??A Framework for Validating and M&A Deal Thesisâ? published in the Journal of Accountancy and Finance. He also recently published â??An Investorâ??s Guide to Search Fundsâ? in the Journal of Private Equity; the article was co-authored with a Booth student.
2015 - 2016 Course Schedule
||Merger & Acquisition Strategy
||Merger & Acquisition Strategy
Decision models used by firms to develop merger and acquisition strategies; new venture funding with a focus on angel investors and family office investors; small business funding with a focus on bank lending including impact of industry structure and regulation on small business lending; new venture formation/creation.
“An Investor’s Guide to Search Funds”, co-authored with Shamus Hines, Journal of Private Equity, Summer 2015, Vol. 18, No. 3: pp. 21–40.
Profiles and Investment Motivations of De Novo Bank Founding Investors. 2014. Berlin, Germany: Scholars Press. ISBN 978-639-71104-2.
“Parallels between Consolidation of the Commercial Banking and Hospital Industries”, International Journal of Business and Social Science, 5 (9), August 2014.
“A Framework for Validating an M&A Deal Investment Thesis”, Transaction Advisors, 2 (3), May 2014. Named as “Top 10 Most Read” articles by Transaction Advisors in 2014.
“The Trustee’s Journey: A board chair reflects on the rewards and responsibilities of hospital governance”, American Hospital Association Trustee Magazine, May 2014.
“Lessons from Commercial Banking Consolidation for the Hospital Industry”, American Hospital Association Trustee Magazine, October 2013.
“A Framework for Validating an M&A Deal Investment Thesis”, Journal of Accountancy and Finance, 13 (2), Summer 2013.
“Consolidation in the Commercial Banking and Hospital Industries: Parallels and Contradictions”, co-author with James Burdorfer and Jordan Shields, BoardRoom Press, Volume 23, No. 3, June 2013.
“Governance Issues in the Transition to Accountable Care”, Hospital Topics, 90 (4), December 2012.
“Silver Cross Responds to ACO Wake-Up Call”, American Hospital Association Trustee Magazine, April 2012. Named one of “Trustee’s Most Popular Articles” for 2012 (5 articles were named).
“The Honeymoon is Over: Managing the Board and CEO Relationship During Times of Stress”, Banking Law Journal, Vol. 129, January 2012.
“A Profile of Angel Investors”, Journal of Private Equity, June 2007. (In November 2009, this article was included in the list of “Most Cited Global Investment & Finance Articles” by Institutional Investor Journals.)
“The Characteristics and Motivations of Bank Angel Investors”, presented at Midwest Business Administration Association International Conference, March 28, 2007.
“Summary Profile of Bank Angel Investors”, Frontiers of Entrepreneurship Research 2006.
“Summary Profile of Angel Investors,” Proceedings of the Academy of Finance 2006 Annual Conference, April 2006.