The Three Capacities

Buyers have capital and appetite, but they're being rigorous about quality and valuation. Deals are getting done, but only when the fundamentals are strong and the price reflects current market reality.

Companies build business cases in conference rooms and launch at scale. The successful entries validate assumptions with real customers first.

Most integrations fail because acquirers avoid the difficult decisions real integration requires. The result is two separate businesses and evaporating synergies.