Cédric Meston, serial buyer who turned around five companies, presents his book “Reprise”, published on March 19, and reviews the main themes covered there.
JDN. Can you present “Reprise” in a few words?
Cedric Meston. The idea of this book is to democratize business takeovers. I share feedback from my various takeover adventures, including Tupperware France, to explain concretely how a takeover works. This book is above all a practical guide, which details the major projects and key stages of a business takeover project, in a simple and accessible manner.
Why did you write this book?
I wrote this book because business takeover remains a very opaque subject in France, even though there is a real need. Every year, many companies disappear due to lack of buyers. The goal is to make people want to get started on recovery. There are still many preconceived ideas: some see recovery as something old or less attractive than starting a business. However, it is a key issue for our economic fabric. With the grandpa boom, thousands of managers are now looking to pass on their business. Recovery is a path to excellence in the same way as creation. We must convince young people that a takeover project can be a formidable entrepreneurial project and that they are not obliged to create yet another start-up to Uberize a service.
What are the most important themes you discuss in the book?
The book covers all the major subjects linked to business takeover: how to find a company to take over, how to finance the operation, how to transform the company after the takeover, or even how to manage the first 100 days, which are often decisive. There are two themes that I consider particularly important. First, that of due diligence: how to analyze a company and determine whether to go ahead or not. Then there is the question of the first 100 days. Successfully completing this phase requires mastering a multitude of parameters, because a recovery remains a complex activity.
Do you need a specific profile to be a good buyer?
There is no real composite portrait of the right buyer. On the other hand, you must have strong human qualities and a great capacity to adapt. When an entrepreneur creates a business, he often shapes it in his own image. The buyer arrives in a structure with a history, teams and a culture already established. He can’t change everything overnight. Above all, he must understand and accept this corporate culture. At Tupperware, for example, I took over a very family business, with employees who have worked there longer than my age.
In the first chapter, entitled “The posture of the buyer”, you explain that it is necessary to respect the company culture while transforming it. How to find the right balance?
It is indeed a balancing act. It is possible to change the culture of a company, but gradually. Do not make a 90 degree turn. Change must happen in stages, gently and continuously. You still need to know if the company is ready for this, and this is why due diligence is essential.
Is there an ecosystem favorable to recovery in France?
There is the beginning of an ecosystem, but it remains insufficient. The government’s “Recovery Mission” (a system launched in 2025 dedicated to the transfer and takeover of businesses, editor’s note), for example, shows that there are some initiatives, but it is still very slight. After the start-up nation, we must create a “buyer nation”. This is an important issue for our economy. The last ten years have been focused on the creation of start-ups. The next ten should be devoted to recovery. It’s not just a wish, it’s a prognosis.
