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Everyone talks about technical debt, but almost no one talks about integration debt. Which is interesting, because if you have been through a few deals, you have definitely paid for it. Just not when you expected to. Integration debt is what you carry into Day 1 because you did not resolve it before close. It shows up as unvalidated assumptions, dependencies that were “understood” but never fully mapped, technology decisions that got pushed, and people risks that felt just uncomfortable enough to avoid. None of it feels critical in the moment. The deal is moving, the model holds, and nobody […]

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I’ve been living in two worlds lately. The first is research. Clean, structured, logical. It tells me exactly what organizations should be doing in integration. The second is operators. People who’ve done 30, 50, 150+ deals. Here’s the interesting part: They agree. Start integration early they say, align leadership, build the playbooks and don’t forget to capture lessons learned. Make sure to treat integration like a capability. So naturally, you’d expect consistent success, but no. Most integrations still underdeliver. Not dramatically, just quietly. Missed synergies, slow execution, talent walking out the door. So, what’s going on? We start too late… […]

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I’ve been living in two worlds lately. The first is research. Clean, structured, logical. It tells me exactly what organizations should be doing in integration. The second is operators. People who’ve done 30, 50, 150+ deals. Here’s the interesting part: They agree. Start integration early they say, align leadership, build the playbooks and don’t forget to capture lessons learned. Make sure to treat integration like a capability. So naturally, you’d expect consistent success, but no. Most integrations still underdeliver. Not dramatically, just quietly. Missed synergies, slow execution, talent walking out the door. So, what’s going on? We start too late… […]

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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 […]

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There’s a quiet structural flaw in how most M&A deals are done. It doesn’t show up in the model; it doesn’t sit in the risk register; and yet it’s one of the most reliable ways to lose value. The people who shape the deal are not the ones responsible for delivering it. By the time the operators arrive, the assumptions are already locked in, the commitments are already made, and the clock has already started. Take Cadbury. The narrative most people remember is emotional: a beloved brand, a hostile bidder, a defence mounted with conviction. The reality is far more […]

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