M&A strategy when the obvious targets are gone
How companies can build a stronger acquisition radar by connecting portfolio logic, target intelligence and strategic fit before competition intensifies.
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M&A strategy
Shape M&A strategy from portfolio rationale and target priorities through diligence, value creation and integration.
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Articles
Due diligence for assets that are changing underneath the deal
Why commercial, operational and technology diligence must increasingly test future scenarios rather than validate historical performance.
Read articleFocus
Target screening should begin with acquisition criteria, not company databases
A useful radar translates strategic priorities into observable characteristics that distinguish relevant targets from merely available ones.
Deal failure usually begins in assumptions made before signing
Strategic overreach, weak diligence, unrealistic synergies and integration constraints often become visible only after commitment is irreversible.
Strategic challenges
Which assumptions could cause the deal thesis to fail?
The challenge is identifying where downside comes from before valuation, momentum and confirmation bias narrow the decision.
Which targets genuinely fit the acquisition thesis?
The challenge is narrowing a broad universe using criteria tied to strategy, economics, capability and transaction feasibility.
POV
Technical debt becomes deal debt when the buyer inherits it without pricing it
Technology quality should be reflected in valuation and integration assumptions, not discovered as an unavoidable cost after close.
Historical growth is evidence, not proof of a durable business model
The relevant question is whether the economic mechanisms behind performance remain credible after the deal closes.
Strategic impact
Portfolio reconfiguration reallocates capital toward stronger strategic uses
A disciplined ownership review helps leadership identify where divestiture, partnership or restructuring may improve portfolio coherence.
A clear transition roadmap links integration priorities with deal value drivers
Sequenced decisions on organization, systems and operations help management protect continuity while building the intended combined model.
What we observe
Commercial diligence often validates forecasts without challenging the mechanisms behind them
A model can appear reasonable while customer retention, pricing power or market-share assumptions remain weakly evidenced.
Target assessment often relies too heavily on seller-defined information
Formal materials naturally emphasize strengths, while structural weaknesses, dependencies and strategic constraints may sit outside the process.