It’s time to retire the myth that most M&A destroys value. Two decades ago, more mergers and acquisitions failed than succeeded. But in the intervening years, companies have done deals worth $56 trillion—the result of a lot of experience and several hard-won lessons. One clear takeaway is that companies that make frequent acquisitions have over double the odds of success. In addition, frequent acquirers earn more than double the returns of those on the M&A sidelines, an advantage that has only grown over time.
On the 20th anniversary of Bain’s seminal M&A book, Mastering the Merger, we’re examining M&A’s evolution and revisiting our 20 years of research to understand how some businesses got so good at dealmaking—and where they can still improve.
- We reveal what decision makers behind some of the most successful deals say are the critical M&A steps, including leaning into due diligence and establishing a dedicated team.
- Chris Koch, CEO of Carlisle Companies, offers a firsthand perspective on these insights. He spoke with Harvard Business Review about the steady ascent of M&A success.
