M&A topic guide
Synergies
Turn synergy claims into risk-adjusted cash benefits, separate buyer-created value, and assign the operating work required to deliver it.
The decision to make
What incremental cash can this buyer create, what will delivery cost, and how much of that value should be shared with the seller?
Start from a standalone baseline
Use the Synergy Underwriting & Value Bridge to identify incremental cash the combination could create. For each benefit, state the operating change, timing, investment, recurring cost, risk, and person responsible for delivery.
Keep the bridge honest
Exclude improvements already included in the standalone forecast. Separate revenue benefits from cost savings and account for customer losses, disruption, and dis-synergies. Phase the cash flows to reflect when the work can actually happen.
Keep the buyer’s net value separate from the amount shared with the seller. A plausible operating opportunity can still be a poor acquisition benefit after delivery costs, delay, risk, and purchase price.
Track delivery against the approved case
Carry the underwritten baseline into After the Deal: Keep the Business Working. Review realized cash, costs, and milestones against the original approval. Update the forecast when evidence changes, while retaining the original baseline for accountability.
The M&A Investment Committee Memo: From Analysis to Approval captures the approved case; Capital Allocation & Deal Affordability Tool tests whether the combined downside remains fundable.
Transaction stages · All ten topics · Downloads
By Mike Ye · Updated September 10, 2026