Are You Buying Growth — or Buying Complexity?

Are You Buying Growth — or Buying Complexity?

Why acquisitions fail—and why the operating model matters more than the deal model. An acquisition can make your business bigger without making it better. Revenue increases. EBITDA grows. New customers arrive. Geographic coverage expands. The investment case looks...
Doing More Deals Doesn’t Make You a Better Acquirer

Doing More Deals Doesn’t Make You a Better Acquirer

Why the post-mortem may be the most undervalued stage of the acquisition process. The company has completed its tenth acquisition. Congratulations. But is it actually any better at acquiring businesses than it was after its first? It’s a question that...
Earn-Outs: You Haven’t Earned It Yet

Earn-Outs: You Haven’t Earned It Yet

The psychology, structure, and negotiation of a successful earn-out. Earn-outs are a familiar feature of acquisition negotiations. Too often, they are presented as a convenient way to bridge the gap between what a seller wants and what a buyer is prepared to pay. But...
The Implications of the Latest M&A Integration Research

The Implications of the Latest M&A Integration Research

Stress-Test Your Acquisition Playbook Every acquisition begins with a convincing story about the future. The Investment Thesis sets out the strategic ambition: new customers, additional capabilities, reduced costs, or accelerated growth. The search identifies...
How AI Is Transforming the Acquisition Process

How AI Is Transforming the Acquisition Process

I’ll be writing on the LInkedIn platform going forward on a weekly basis so please sign up for my newsletter over there!   AI isn’t going to make you a successful acquirer. But it can make a successful acquirer significantly better. The best...