Everyone loves to quote the stat. Depending on the source, somewhere between 50% and 90% of acquisitions fail. It’s a wide range, which usually means we’re measuring different things, but the direction is consistent enough to be uncomfortable. Roughly half of acquisitions destroy value for the acquirer, and only about 30% to 50% fully deliver the synergies that justified the deal in the first place. None of this is new. We’ve known it for decades. What I find more interesting is not the statistic itself, but the fact that it hasn’t changed despite how much smarter we’ve become at everything […]