Finding the right target is key to a successful M&A which creates synergies and enduring value. Establishing clarity upfront regarding strategic rationales and investment parameters lays the foundation for developing a target universe. With these foundations in place, targets should be developed using not just financial metrics but also strategic metrics including fit, leadership team, culture, and ease of integration. 

Navigating an M&A transaction from introduction can be a tumultuous process on either side. Parties should seek to build understanding and consensus as negotiations progress from term sheets to due diligence. Communication is key as both sides seek to find win-win scenarios as the organizations come together. With this principle in mind, the transaction process will lead to a fruitful partnership. 

Successful post-merger integrations are crucial to realizing desired benefits and synergies because of mergers and acquisitions hinging upon effectively bringing together people, processes, and systems. Integration efforts carried out decisively and promptly while covering all areas of relevance, regarding activity overlap and capability expansion, lead to optimal results.

Hidden value can be unlocked by selectively releasing or selling parts of a business to better focus time, effort, and resources on growing activities closer to the core business. Transition teams leading efforts to unravel portions of the business must conduct thorough due diligence and planning, followed up by a timely execution, to achieve maximum value.