The M&A You Should Walk Away From (Growth)

Most acquisitions destroy value. Not because the target is bad — because the buyer bought a story instead of a fit.

Before you sign a letter of intent, three disqualifiers:

1. It doesn't strengthen a lever you already pull well

2. The synergies live in a spreadsheet, not in a customer

3. You'd need to fix the target's team before it earns its price

Discipline in M&A is mostly the discipline to say no to the deal that looks exciting and does nothing for your bridge.

What's the last deal you passed on — and are you still sure you were right?