I’ve had the privilege of working on both human due diligence before acquisitions and post-merger integration projects. Here’s what I’ve learned along the way—headlines only, because each is a world unto itself:

• Set reasonable expectations for integration.. At best, acquisitions (aka mergers) are akin to a bad case in indigestion.

• During due diligence, you learn less than 30% of what you’re actually acquiring.

• Every company has a reason it’s being sold—and you might not know it until after the deal closes.

• Talk to executives who have left the target company; they often tell a very different  story than those who are still in the target company.

• Financial and marketing analysis alone? Not enough.

• Let’s call it what it is: an acquisition, not a merger.

• Weak links in your own company will haunt you later—a weak IT department becomes a post-acquisition nightmare.

• Decide fast. Poor decisions can be reversed; dithering is deadly.

• Trust and transparency are non-negotiable for success.

• Expect some lying during due diligence—and forgive once the deal is done.

• Face-to-face communication trumps Zoom every time. Get to know each other in person over the first 2–3 years.

• Post acquisition integration is often severely hampered by the middle management of the acquiring company bullying the acquired company’s middle management. Establish ground rules to prevent this.

• When purchasing a “client base” of a company, you’d better retain those people who manage the relationships with this client base.

Acquisitions are messy, human, and unpredictable. But the more you focus on people, speed, and trust, the smoother the journey becomes..