Mergers and acquisitions remain a popular growth tactic as they can provide an instant boost to revenues, headcount and skills, provide access to new markets and sectors, plug gaps in products or services, achieve economies of scale or reduce competition.

They can even revitalise a business which has plateaued due to external factors, such as market size, or internal factors, such as the ability to recruit.

And having worked with many clients over the years as they expanded their operations this way, we stepped into their shoes this May when our practice acquired Ingalls of Kendal.

Although we’re keenly familiar with the process, it’s a different ball game doing it yourself: we’ve more than doubled our workforce and made our first official move into Cumbria.

But while no deal is entirely without risk, we feel we have been able to reduce our exposure through proper planning and putting protections in place.

We now have a much better insight into the process and the potential pitfalls.

In fact, M&As can allow you to spread your risk by diversifying products or services, helping sustainability in the long term.

Having a clear strategy, good due diligence and a post-acquisition integration plan will ensure greater success.

Your acquisition strategy should tie into your overall business plan and long-term goals, and you should be clear on how an acquisition will support these.

Once a target company has been identified and approached, agreeing on heads of term ensures all parties are clear on the outline of the deal.

The next vital step is to undertake a detailed investigation of the business, referred to as due diligence. This can include areas such as corporate structure, financial, contracts, assets, intellectual property, employment, computer systems, health and safety.

Once the deal is progressing towards completion, you need to think about your integration plan in more detail. Break down your plan into smaller projects and get your team to lead on these. The “Managing Complex Change” model is an effective framework that can be used in any organisation to help with change and ensure success.

So while an acquisition, or a merger, can be a momentous decision with the potential to redefine your business, with the appropriate preparation, it doesn’t have to be a gamble.