There is no single methodology and no “golden rule” for how to deliver M&A
Researching mergers and acquisitions, you will find plenty of textbooks, courses and management consultants promoting a standard, predictable process to follow. If not, it will be a set of “golden rules” for integration success.
The reality? Every deal is different.
Why a Contingent Approach Is the Key to Success
The oft-quoted statistic that “70% of deals fail” is misleading. ‘Failure’ is not a singular concept; deals are done for various reasons. It might not be operating profit improvements in the following year, but rather risk mitigation or longer-term innovation. There is no single definition of success and no single rule for M&A best practice.
Cost synergies might be delivered, but revenue growth could lag. Cultural alignment might succeed while systems integration remains unfinished.
The key lesson? There is no one-size-fits-all approach to M&A integration. Instead, successful acquirers adapt and treat each deal as a unique challenge. They shape their integration strategies according to the target of the acquisition and their intended outcomes.
M&A Transactions Are Not All the Same
To understand why a rigid approach does not work, consider the diversity of types of M&A transactions:
Bolt-on acquisitions: Companies buying a smaller competitor to expand market share.
Capability expansions: Acquisitions designed to gain new skills, technology, or intellectual property.
Transformational deals: Large-scale mergers aiming to create a fundamentally new business model.
Financial transactions: Private equity deals that focus on financial engineering & restructuring.
Each of these requires a different integration approach, making a standardised process ineffective.
Why “Golden Rules” Don’t Apply in M&A
So often, consulting firms or experts present golden rules for M&A integration:
“Always integrate quickly.”
“Cultural alignment is the key to success.”
“Synergies should always be the priority.”
Each of these might be true in some cases, but dangerous in others. Consider:
Quick integration can be catastrophic if the acquired business relies on a different operational model.
Culture is critical, but what if the acquired leadership isn’t meant to stay?
Synergies may not always be the goal—sometimes, revenue growth or innovation matters more than cost savings.
Successful M&A leaders don’t follow rules blindly. They ask the right questions and make decisions based on the specific dynamics of any given deal.
The Contingent Approach: Adapting to Reality
Instead of following a universal framework, experienced acquirers use a contingent approach —a “book of plays” with different strategies that adapt based on deal specifics.
Key Questions to Define the Right Approach:
What does success look like? Is it cost reduction, capability expansion, long-term growth, or something else?
Do we actually need to integrate? Some acquisitions deliver value by remaining separate.
What type of leadership retention is required? Is the goal to absorb the team or phase them out?
How should we handle systems and processes? Is quick integration necessary, or does a phased approach make more sense?
By considering these factors before integration begins, businesses can avoid applying the wrong strategy and sabotaging their own deal.
The Role of Experience in Successful Acquisitions
Studies from Cornell University and Bain & Co. reveal a compelling insight: frequent acquirers outperform their peers. Why? Because M&A is not just a strategic decision… It’s a skill that improves with experience.
Bain & Co.’s research shows that:
New acquirers often stumble after initial success, mistakenly generalising lessons from their first few deals.
The most successful M&A teams learn to adapt, avoiding rigid templates and embracing flexibility.
Real-world experience shows us that companies that repeatedly and successfully acquire and integrate businesses do so by refining their approach over time.
Redefining Success: Beyond Cost Synergies
One of the biggest flaws in traditional M&A thinking is the over-prioritisation of cost synergies. While cost-cutting is often measurable and tangible, it is not the only driver of success.
Instead, successful M&A integration balances three pillars:
Cost Synergies – Streamlining operations to eliminate inefficiencies.
Revenue Synergies – Expanding into new markets or leveraging cross-selling opportunities.
Cultural Alignment – Ensuring that people, leadership, and decision-making styles fit the long-term vision.
Companies that only focus on cost-cutting often miss out on revenue opportunities or even destroy cultural strengths in the process.
How to Approach M&A the Right Way
Ditch the rigid methodology. Each deal is different—start by defining what success means.
Use a flexible playbook. Instead of following the golden rules, choose the right approach for the situation.
Prioritise external value creation. Don’t just cut costs—focus on customer retention and revenue growth.
Learn from experience. M&A is a skill that improves over time—mistakes from early deals should shape future strategies.[2]
The best M&A practitioners don’t follow a standard template. The successful acquirer adapts, iterates, and refines their approach based on the realities of the deal. They are informed by their experience but do not fall into the trap of rigid rules.
About the Author
David Boyd is a seasoned M&A professional with over 25 years of experience guiding complex integration, carve-out, and transformation projects for organisations with global reach. His expertise spans diverse industries—including software, pharmaceuticals, artificial intelligence, financial services, and media—working with clients ranging from venture capital-backed start-ups to large private equity portfolio companies and blue-chip corporations.
In his recent book, The M&A Playbook, David shares his insights and practical strategies for M&A integration, offering a playbook of adaptable approaches designed to create lasting value from mergers and acquisitions.
