You're considering an acquisition.

An acquisition is on the table. The numbers have been modelled and the strategic rationale is understood. What is less clear is whether the target's operation, people and systems will survive contact with the plan.

Most acquisitions do not fail on price. They fail on integration.

• Diligence covers financial and legal risk but not operating reality.
• Synergies are modelled without anyone owning delivery of them.
• Management capability in the target is assessed informally.
• Integration planning starts after completion.
• Cultural and operating-model differences are treated as soft issues.

• What is the commercial quality of the target's revenue: customers, channels, contracts, concentration?
• Can the operation, supply chain and systems support the combined plan?
• Which people actually matter, and will they stay?
• Where do the stated synergies come from, and who will deliver them?
• What would the first hundred days after completion have to achieve?

• Run commercial and operational diligence alongside financial diligence.
• Build an integration plan before signing, not after.
• Assess management and define the combined operating structure.
• Model the working capital and cash requirement of the combined business.
• Establish the post-completion cadence and owner for every synergy.