To create value, mergers need top-line gains: More sales to more customers, expansion into new territories or market adjacencies, new products and services to sell to existing customers. But compared to other areas of post-merger activity, the commercial engine starts late, operates uncertainly, and often runs out of gas before reaching its goals.
Time and again, mergers fail to achieve their potential because management moved too slowly to realize the deal’s top-line growth potential. Acquirers are often slow — shockingly slow — to integrate their sales, marketing, customer experience, and other commercial functions.is a partner and managing director at AlixPartners, where he is the co-lead of the Americas Private Equity and Investors practice.