Understanding the Impact of Mergers and Acquisitions

I've led 17 M&A integrations. Here are the 5 critical lessons I've learned: 1. 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐚𝐭 𝐭𝐡𝐞 𝐓𝐨𝐩 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐬 𝐚 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐌𝐢𝐧𝐝𝐬𝐞𝐭 Traditional leadership development fails during integration. Why? Because uncertainty demands a different kind of leader. Through these integrations, I learned to identify leaders who: • Thrive in ambiguity • Adapt their style instantly • Read situations before they escalate • Drive change without losing people 2. 𝐋𝐢𝐬𝐭𝐞𝐧 𝐚𝐧𝐝 𝐋𝐞𝐚𝐫𝐧 𝐁𝐞𝐲𝐨𝐧𝐝 𝐭𝐡𝐞 𝐍𝐮𝐦𝐛𝐞𝐫𝐬 The true value isn't just in products and revenue. Some of the best discoveries can come from understanding what made the acquired company exceptional in their: • Human resource strategies • Cultural dynamics • Inclusion practices These are often the hidden gems that should reshape the acquiring company, not just the other way around. 3. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞 𝐰𝐢𝐭𝐡 𝐇𝐞𝐚𝐫𝐭 𝐚𝐧𝐝 𝐌𝐢𝐧𝐝 Success isn't just about systems integration. It's about: • Seeing the faces behind the spreadsheets • Understanding transferable skills • Creating meaningful roles that honor expertise • Walking in their shoes through the transition 4. 𝐁𝐞 𝐚 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝐭𝐨 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 I've watched great managers crumble during integration. And seen unexpected leaders emerge from the chaos. Here’s what differentiates: • Challenge assumptions constructively with market intelligence • Balance short-term wins with long-term strategic goals • Support decision-making with clear risk/benefit analysis • Act as a bridge between acquired and acquiring leadership teams 5. 𝐋𝐢𝐦𝐢𝐭 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐃𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 While integration is complex, maintaining business momentum is critical. Focus on: • Preserving customer relationships • Maintaining operational excellence • Protecting revenue streams • Keeping top talent engaged Through these integrations, I've learned that success isn't written in manuals. It's carved out in moments of uncertainty. The best strategies emerge when we dare to look beyond traditional playbooks. And see the full picture: products, people, and possibilities. 👉 To my fellow Corporate Development and M&A experts: What crucial lessons would you add from your integration experiences? Share them below so we can keep learning from each other.

Everyone loves to talk about the strategy behind M&A deals. But the thing I’ve learned watching FMCG leaders up close? Deals don’t fail because of bad strategy. They fail because of people. It’s never the financial model that breaks first — it’s leadership misalignment. I see it happen all the time in FMCG — especially in Private Equity backed environments. The model looks perfect on paper: → Acquire a few fast-growing brands → Roll them into a global portfolio → Drive efficiencies, cost synergies, market expansion But then the integration starts — and suddenly things look very different. Because what the spreadsheet doesn’t tell you is: → The founder isn’t used to quarterly board meetings with EBITDA pressure → The CMO is still running a startup playbook in a scaled organization → The CEO doesn’t align with the go-to-market model in a new geography → The commercial leaders can’t navigate two different company cultures merging overnight And this happens more than most will admit. In fact — Bain & Company data shows 70% of M&A deals underperform expectations. And culture is one of the top 3 reasons. In the FMCG space — where brands carry legacy pride and deeply embedded ways of working — leadership integration is no longer “important.” It’s non-negotiable. Great M&A outcomes today don’t just come from smart strategy. They come from: → Leadership teams that trust each other faster than the market moves → Leaders who can flex between entrepreneurial scrappiness and corporate discipline → People who know when to protect brand identity — and when to evolve it And here’s what I tell my clients: If leadership alignment is not your #1 risk mitigation strategy in M&A — you’re not just betting on growth. You’re betting on luck. The smartest investors I work with in FMCG? They’ve learned this the hard way. They’re doing culture diligence as seriously as financial diligence. They’re assessing leadership “integration readiness” before the deal closes. They’re hiring talent not just for operational excellence — but for the ability to navigate ambiguity, pressure, and transformation. Because the future of FMCG M&A won’t be won by the best strategy. It will be won by the best people. Drop me a message — I’m always up for a conversation on building high performing teams. #FMCG #ExecutiveSearch #PrivateEquity #MergersAndAcquisitions #Leadership #CultureIntegration #ConsumerGoods #HiringStrategy

Here’s the truth: Deals win or die by what happens after close. M&A isn’t just about numbers. It’s about envisioning the end state. I’ve seen too many deals get done for the wrong reasons—chasing revenue, ego, or momentum—without ever asking: What do we want this to look like after the dust settles? That’s why Buyer-Led M&A flips the script. We lead with clarity, not chaos. 🔹 Start by mapping the end state. Not just the financials—think operating model, customer experience, and decision-making structure. What does “success” actually look like? 🔹 Then dig into culture. Forget the surface-level values page. You need to understand how decisions get made, how people work, and how priorities shift under pressure. That’s the real culture. 🔹 Now you can start building a joint go-to-market plan. This is your integration thesis. What does the customer experience look like as a combined company? 🔹 Integration planning should run parallel to diligence. Same team. Shared information. Continuous learning. That’s how you get to Day 1 readiness—and avoid repeating diligence after you’ve already bought the company. 🔹 Finally: reverse diligence. Let the target get to know you. This is a two-way street. The more transparency, the more alignment, the more likely you’ll retain the people who actually make the deal work. M&A isn’t a race to term sheets. It’s a race to value creation—and that starts by leading the process, not just following it. This is how I define the Buyer-Led M&A™ mindset. What am I missing? Let me know in the comments. #MergersAndAcquisitions #BuyerLedMA #DealRoom

Mergers are like marriages of convenience. Necessary but not necessarily desired. Are you helping people grieve their losses? Mergers and acquisitions are typically treated as financial deals. Legal, accounting, and operations teams take the lead. Spreadsheets are reviewed. Synergies are projected. But where is the space for grief? As an Organizational Ombuds, I’ve seen this play out time and time again: people aren’t just adjusting to a new org chart—they’re mourning the loss of the company they knew. Their familiar language, inside jokes, unspoken rules, even who gets the last word in meetings—all of that changes overnight. Each organization is like a sovereign nation with its own customs. A merger isn’t just a deal—it’s a cultural collision. If integration teams aren’t equipped to address that, resistance builds, trust erodes, and your top talent quietly disengages. What if we did it differently? 🔍 What if M&A teams included an Ombuds from day one? Unlike consultants focused on systems or advisors focused on valuation, Ombuds serve as confidential thought partners—listening to fears, spotting friction early, and helping leaders communicate in ways that feel human, not corporate. 🧠 We help people process change before it becomes conflict. 🗣 We teach leaders how to listen, not just announce. 🤝 And we translate between cultures—so that both legacy teams feel respected and heard. Because behind every stalled integration or culture clash is a simple truth: no one was tasked with helping people feel safe enough to adapt. So, I’ll ask: ➡️ Who on your integration team is responsible for emotional fluency? ➡️ How are you equipping leaders to communicate with empathy? ➡️ Who’s listening when people feel lost, angry, or overlooked? The numbers matter—but the human experience is what determines whether your integration thrives or fractures. Let’s not treat grief like a risk to be managed. Let’s treat it like a truth to be honored.

M&A activity is accelerating in 2025 with deals like Aviva 's £3.7bn Direct Line takeover and the $22.5B ConocoPhillips Marathon Oil merger reshaping industries. But did you know that 33% of acquired employees leave post-acquisition, and culture misalignment is the #1 reason acquisitions fail? AI ALPI analyzed 75+ major acquisitions this quarter and found that HR involvement from day one of M&A discussions increases success rates by 40%. The most successful deals all shared one thing: CHROs were equal partners with CFOs during due diligence. Key insights for HR leaders: → Pre-merger involvement is crucial: It makes good business sense to involve HR earlier because we provide a different point of view and will ask different questions → Culture fit predicts success: Companies with high employee-engagement scores are 3x more likely to achieve post-merger synergies. Smart acquirers review Glassdoor scores before making offers ↳ 65% of 2025's healthcare M&A deals focus on therapeutic specialization rather than scale, requiring careful talent retention strategies → Speed matters: The integration timeline should be as short as possible. The quicker you integrate the two businesses the better While 59% of CEOs now prioritize acquisitions over organic growth (up from 42% in 2024), only 22% of companies use specialized M&A workflow software for people integration! 🔥 Want more breakdowns like this? Follow along for insights on: → Getting started with AI in HR teams → Scaling AI adoption across HR functions → Building AI competency in HR departments → Taking HR AI platforms to enterprise market → Developing HR AI products that solve real problems

Nearly 50% of financial advisors who sold or merged their RIA were dissatisfied with the outcome. How can that be? The M&A market for RIAs is booming, but it comes with a sobering reality: many of the deals leave the sellers unhappy, according to recent research by Jerry D. Prince and Russ Alan Prince. The reasons? Personal conflict. Lack of promised support and resources. And disappointment in the level of total financial payout. Fortunately, much is this post deal angst is preventable if you do the right work pre-deal. In my latest Barron's Advisor Podcast, I spoke with Nikolee Turner, MEd, MBA, head of Schwab Advisor Services’ business consulting team, about how advisors can increase the odds of satisfaction in M&A transactions. Here are some actionable strategies: ✅ Set Clear Expectations: Whether selling to exit or to grow, you must critically evaluate promises of support, resources, and culture alignment from potential acquirers. Get it in writing. Promises are cheap when you’re a prospect—and dear when a client. ✅ Follow the Envision, Prepare, Connect Framework: Nikolee emphasized Schwab’s approach to ensure advisors know their "why" for M&A, prepare their firms for maximum value, and find the right partner to achieve long-term goals. ✅ Prioritize Communication and Culture: Cultural misalignment can also drive dissatisfaction. Nikolee shared how successful firms define and align cultures early, while also communicating transparently with employees to mitigate fears and build trust. 🔑 Key Takeaway: Both buyers and sellers must focus on clarity, alignment, and preparation during the M&A process to ensure long-term satisfaction and success. 🎧 See comments for the link to listen to the full episode. What’s been your experience with M&A in the RIA space? If you’ve been part of a transaction, what were the keys to making it a success—or the causes of regret? Let’s discuss in the comments! #MergersAndAcquisitions #RIA #FinancialAdvisors #BusinessGrowth #Leadership #CultureAlignment

International M&A is a high-stakes puzzle—that's why many firms avoid it entirely. After hundreds of international transactions across 6 continents & 80+ countries, here are four key lessons. 1. Tax Implications  Regional tax differences can significantly impact the final payout in a transaction, potentially costing founders millions.  Sweden has a capital gains tax of up to 30% on long-term investments.  Hong Kong generally does not tax capital gains.  In the US, stock-for-stock transactions can qualify as tax-free.  In Germany, the same structure has capital gains taxes up to 26.375%. You must factor in:  - Location of the company  - Stock vs. asset deals  - Deferred or structured payouts To get the best possible outcome for both buyers and sellers, you need to play into structuring your deal. 2. Cultural Differences  A French company might shut down in August, while a U.S. founder may crunch 12-hour days and never take a vacation.   Understanding the personalities of dealmakers and the corporate culture is key – on an individual & corporate level. A remote buyer in another time zone might not mesh with a close-knit company in the office five days a week with a Friday potluck dinner.  Without awareness of cultural nuances, negotiations can fall apart. The best deals happen when both buyer and seller are culturally aligned and compatible. 3. Logistical Complexity  Imagine: a buyer in Australia, a seller in London, and an investment bank in NYC. Hopping on a quick call isn’t simple. You need: - Top-notch project management  - An international team (across time zones)  - Clear written communication & expectations  - Flexibility for a late-night or early-morning call 4. Regulatory Complexity  Around 30% of major global acquisitions experience delays due to regulatory reviews (with an average stall of six months).  This is for the largest, most complex international companies – but for smaller companies, it still rings true. These deals often require proactively looping in local legal experts who can minimize delays and clear up any regulatory hurdles.    International transactions are becoming more prevalent—and more complex. There’s nothing more rewarding than working on global deals with our international clients and team, which is why "international" is proudly part of our name. #acquisitions #internationaldeals

Every M&A is unique, and is dependent on the context and circumstances of the deal. Nevertheless, certain factors consistently make or break deals and mergers. Here are three takeaways from my experience: 1. Strategic Alignment & Execution: Clarity on "why" you’re doing the deal is everything. It should guide decisions at every stage. In one transaction, misalignment between us and the sellers led to a tough integration process—and the departure of key team members. That lesson stuck. In the next deal, we made the “why” central to every discussion, aligning everyone around a shared goal. The result was a smoother process, strong team retention, and long-term success. 2. De-risking deal roadblocks: Every deal comes with risks—but they aren’t one-size-fits-all. Evaluating risks in the specific context of the buyer, seller, and market is critical. Use data to dig deep into culture, product, financials, and go-to-market risks, and create actionable plans to mitigate them early. 3. Process & Integration: Closing the deal is just the start. A clear integration plan that ties back to the why we did this deal with well defined milestones can expedite ROI. At the same time, flexibility is key. Start with a well defined plan but stay agile and ready to change as the integration progresses. 

In M&A, buyers are underwriting 𝙧𝙞𝙨𝙠 — and the more confidence they have in the fundamentals, the more they’re willing to pay. This means the 𝘲𝘶𝘢𝘭𝘪𝘵𝘺 of the earnings and the 𝘴𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 of the business are key. Here’s a snapshot of what can drive premium valuations: ➡️ 𝗛𝗶𝗴𝗵 𝗿𝗲𝗰𝘂𝗿𝗿𝗶𝗻𝗴 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 = predictable cash flow ➡️ 𝗟𝗼𝘄 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗰𝗼𝗻𝗰𝗲𝗻𝗿𝗲𝗮𝗿𝗶𝗼𝗻 = diversified risk ➡️ 𝗔 𝘀𝘁𝗿𝗼𝗻𝗴 𝘀𝗲𝗰𝗼𝗻𝗱 𝗹𝗮𝘆𝗲𝗿 𝗼𝗳 𝗹𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 = operational continuity ➡️ 𝗦𝘁𝗲𝗮𝗱𝘆, 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 = consistency over time ➡️ 𝗦𝗰𝗮𝗹𝗮𝗯𝗹𝗲 𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝗮𝗻𝗱 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗲𝗱 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀 = growth readiness ➡️ 𝗖𝗹𝗲𝗮𝗻, 𝗮𝗰𝗰𝘂𝗿𝗮𝘁𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀 (𝗶𝗱𝗲𝗮𝗹𝗹𝘆 𝗮𝘂𝗱𝗶𝘁𝗲𝗱) = trust ➡️ 𝗔 𝘁𝗵𝗼𝗿𝗼𝘂𝗴𝗵 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗼𝗳 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗿𝗲𝗽𝗼𝗿𝘁 = credible numbers These elements don’t just reduce perceived risk, they change how buyers 𝘧𝘳𝘢𝘮𝘦 the opportunity. Sellers focused solely on top-line growth, or even EBITDA, often leave money on the table. Two businesses can post similar financials, but command very different valuations. Why? Because buyers don’t just price performance. They price 𝘤𝘰𝘯𝘧𝘪𝘥𝘦𝘯𝘤𝘦 in the numbers, in the team, in the systems, and in the path forward. It’s why the so-called “country club” valuation rarely holds up. Just because two companies operate in the same industry with comparable revenue or EBITDA doesn’t mean they’re viewed the same by buyers. The difference is in the details, and the sellers who understand that are the ones who maximize value. #mergersandacquisitions #Investmentbanking #exitplanning

The Rise of Rise of Vertical Acquisitions: What You Need to Know Since the Pandemic M&A isn’t just about scale. Given the supply chain disruptions that many businesses faced following the COVID lockdowns, companies focused on what they needed to insure control, efficiency, and market resilience. That’s why vertical acquisitions (vertical mergers) are becoming an increasingly powerful strategy for companies looking to solidify their supply chains, improve margins, and enhance customer experience. Unlike traditional horizontal deals, which focus on acquiring competitors, vertical acquisitions allow businesses to integrate key suppliers, distributors, or complementary service providers. Having worked on numerous vertical acquisitions in the last five years I have come to recognize that they can unlock significant strategic advantages: • Cost Efficiency – Reducing dependency on third-party vendors can improve margins and pricing stability. • Supply Chain Resilience – Owning critical supply chain components mitigates disruptions and strengthens operational continuity. • Customer Experience & Differentiation – A more seamless end-to-end offering can elevate brand positioning and customer loyalty. • Regulatory Considerations – While regulatory scrutiny is increasing, well-structured vertical deals often face fewer antitrust hurdles than horizontal consolidations. That said, vertical integration isn’t a one-size-fits-all solution. Boards and C-Suite executives must carefully assess whether ownership outweighs the flexibility of partnerships, how to manage cultural integration, and the capital intensity required to make these moves successful. #MergersAndAcquisitions #Strategy #BusinessGrowth #SupplyChain #VerticalMergers #BigLaw