Target screening should begin with acquisition criteria, not company databases

Turn strategy into observable target criteria

A company database can produce thousands of names without identifying which assets advance strategy. Screening should begin with an acquisition thesis translated into observable characteristics. Otherwise size, availability and familiarity dominate while strategic fit remains a narrative added later.

Criteria should cover customer position, capability, geography, business model, economics, ownership and risk. Some are mandatory, others weighted and a few are explicit disqualifiers. Each needs a practical indicator: �digital capability� becomes product architecture, data assets, technical talent or demonstrated adoption.

The radar should include private, public, carved-out and nontraditional assets, along with build and partnership alternatives. Sources are triangulated and confidence recorded. Missing data narrows priority for further work rather than being replaced by optimistic assumptions.

Scoring supports comparison but should not automate judgment. Strategic interactions, regulatory feasibility, cultural compatibility and ownership advantage require review. A smaller set of high-priority targets receives deeper intelligence, relationship planning and preliminary value hypotheses.

Criteria should evolve from evidence, not deal fashion. Post-deal outcomes reveal which indicators predicted value and integration difficulty. A disciplined screen creates a proactive pipeline tied to portfolio choices and reduces the risk that the market's available inventory defines the enterprise's M&A strategy.