Even the most experienced buyers face new friction as they grow.
There’s a common assumption in M&A: the more deals a firm does, the easier it gets. Playbooks get tighter, processes more refined, and confidence higher.
But in reality, that’s not what we see on the ground.
The Moving Target: Why Experience Doesn’t Guarantee Ease
It took me a while to see it clearly, but serial acquisition is a moving target.
What worked two or three years ago—or even last year—might not work now. That’s not because anyone’s doing anything wrong, but because both the acquirer and their governance continue to evolve.
As a buyer’s firm matures, so does its internal control, compliance, and risk posture. And as governance tightens, so does the tolerance for deviation or improvisation during integrations.
A Real-World Case: Eight Years, One Disruption
Last year we saw this in action. We were supporting a long-standing customer—one we’ve worked with for eight years—on yet another integration.
Historically, our tooling worked seamlessly across environments. But suddenly, it stopped. We no longer had the high-level admin rights we’d been using for years. New access policies meant we had to operate within the constraints of Just Enough Administration (JEA). We get it, M&A brings in new unique cyber challenges, so the best we can do to secure our firms the better.
In principle, this isn’t a problem. But in practice, it increases delivery time, coordination, and reliance on the buyer’s tech team. We lose automation, we lose some out-of-hours flexibility that helped us stay ahead, and, crucially, we lose speed.
The Hidden Cost: Shifting Teams and M&A Fatigue
To make matters more complex, serial acquirers often redeploy staff from acquired firms into the M&A process. Over time, the core team we’ve worked side-by-side evolves.
The new team members might be capable—but they haven’t been through the pain of integrations. They don’t carry the “war wounds” that build resilience and a tolerance for the grey areas. As a result, friction increases. Communication becomes more cautious. Risk appetite narrows.
The Puzzle Only Gets Bigger
Every integration is a fresh puzzle—sometimes familiar, sometimes entirely new. And as the buyer’s organisation grows more structured, the puzzle’s parameters change:
- New governance
- Different people
- Stricter controls
- Reduced flexibility
Experience helps, but only if you’re willing to adapt with every move.
At Beyond M&A, we don’t rely on old playbooks. We re-evaluate each time. That’s how we continue to deliver—even when the rules of the game keep shifting.
1. Have you noticed increasing friction in recent integrations—especially where governance has matured?
2. Are your M&A teams rotating or losing hard-earned experience to internal moves?
3. What’s your tolerance for slower integrations if it means higher security and compliance?
