I learned my first big lesson about mergers and acquisitions when I was fresh out of college, sitting in on a deal that should have crashed and burned. The company I worked for was a mid-sized firm looking to absorb a smaller competitor. Our lead negotiator wasn’t the stereotypical whiz kid with an Ivy League MBA. In fact, he’d spent most of his twenties backpacking and figuring out what he wanted to do.
But he had a knack for reading people and staying calm when everyone else was losing their cool. Somehow, we closed that deal—and it taught me that effective M&A is about more than outsmarting everyone at the table. Here are a few of the insights I’ve collected over the years on how to succeed in M&A—even if you’re not the resident genius in the boardroom:
Ask Lots of Questions, Even the Basic Ones
It’s easy to feel intimidated if you’re around people who crunch numbers in their heads like calculators. But don’t let that keep you from speaking up. Sometimes asking straightforward questions—“Can you walk me through the rationale behind that valuation?”—can reveal overlooked details or remind everyone of the basics.
There’s no shame in wanting clarity, and often those “basic” questions unearth assumptions that can steer a deal off track if left unexamined.
Focus on the People Behind the Spreadsheets
An M&A deal might start with valuations and synergies, but it rarely ends there. Every acquisition affects real people—employees, customers, and sometimes entire communities. If you’re able to connect with stakeholders on a genuine level, you’ll usually spot issues or opportunities that pure numbers miss.
Is there a strong company culture that might resist change? Is there an unspoken fear about layoffs or restructuring? Trying to understand people’s concerns can prevent a rocky transition later.
Surround Yourself With Expert Allies
One of my mentors used to say, “Never be the smartest person in your own circle.” Take that to heart. In M&A, you need a team of trustworthy specialists—lawyers, accountants, tax gurus—who can handle the complex stuff. Your job is to orchestrate and keep everyone aligned. You don’t have to master all the financial or legal fine print; you just need to know how to direct the experts to focus on what really matters to the deal’s success.
Keep Communication Ridiculously Clear
You’d think in high-stakes negotiations, every party would prioritize clarity. Surprisingly, miscommunication creeps in more than you might expect. I once saw a deal delayed by two months because each side assumed the other was handling part of the due diligence, and it fell through the cracks.
Simple, consistent updates—whether through emails, calls, or short team huddles—can ward off avoidable slip-ups. You want to be the person who ensures all relevant details are on the table and everyone knows their next steps.
Don’t Fall in Love With the Deal
There’s a real temptation, especially if you’ve sunk time and money into due diligence, to push a deal forward against all odds. Sometimes the cleverest analysts get so wrapped up in “proving” the numbers that they miss red flags right under their noses.
Keep a level head. If something doesn’t feel right—maybe the cultures won’t mesh, or the fundamentals keep shifting—trust your gut. Walking away from a bad acquisition can save a lot more pain than forging ahead just to avoid admitting it’s not worth pursuing.
Learn Something New Each Time
No M&A transaction is identical to the one before. Even if you fail to close a deal or later regret the terms, each experience teaches you something about people, markets, or yourself. Maybe you discover you’re better at big-picture planning than you are at fine-tuning the details. Or maybe you realize that certain industries (or leadership styles) mesh better with your own.
Embrace these lessons—they give you the confidence to walk into the next deal with a sharper set of instincts. Ultimately, a successful M&A outcome isn’t just about being a savant with a spreadsheet. It’s about curiosity, empathy, attention to detail, flexibility, and the ability to rally smart people around a shared goal. And if you can do those things well, it won’t really matter who has the highest IQ in the room—you’ll still be the one guiding the deal to the finish line.
