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.
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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
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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Integration strategy defines what must combine, what should not and in what order
The objective is to translate deal logic into choices about operating models, systems, people and governance after close.
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
What must be disentangled before the business can stand on its own?
The challenge is separating shared dependencies without disrupting operations or creating an unsustainable standalone cost structure.
Why should this business be owned rather than built, partnered with or ignored?
The challenge is proving that acquisition is the best strategic route, not simply the fastest route to a desired capability.
POV
A long target list usually means the acquisition thesis is still too loose
Good screening should eliminate most companies quickly; selectivity is a sign that strategy is doing its job.
Not everything should be integrated just because two companies now share an owner
Integration should follow the deal thesis; combining activities without strategic reason can destroy useful differentiation.
Strategic impact
Portfolio-led M&A makes acquisition priorities more selective and coherent
Clear strategic gaps and timing criteria help leadership pursue transactions that reinforce portfolio direction rather than distract from it.
Operational diligence exposes where business performance depends on fragile systems
Testing capacity, processes and dependencies helps buyers understand the investment required to sustain or improve performance.
What we observe
Target lists often become long because acquisition criteria remain vague
Broad screening creates activity but little discrimination when strategic fit is described in generic rather than testable terms.
Deal theses often become rationalizations after a target has already attracted attention
Strategic language can be retrofitted around momentum when the underlying reason to own the asset remains weak.