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The case for preparation in mergers and acquisitions sounds self-evident until a deal collapses in diligence.
What complicates the intuition is a harder requirement: the courage to create a real, competitive market for what you have spent years building, rather than accepting the first credible offer that arrives and treating the outcome as a price discovery process.
Preparation, discipline, transparency, and that courage to run an open process are what successful deals are built on. They are not independent qualities. Each tends to be load-bearing for the next.
A seller can arrive at the table fully prepared and still let discipline slip the moment a buyer applies pressure on valuation.
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