Drawing on four decades of experience architecting major transactions at McKinsey & Company and teaching leadership and strategy at Harvard Business School, David Fubini reveals why most M&A deals fail to realize their anticipated value. Amid tens of thousands of transactions generating trillions of dollars annually, hundreds of billions remain unrealized because leaders overlook the real determinant of success: post-merger integration. Fubini provides a systematic approach to capture the value and transformational potential of ambitious deals.
Post-Merger Integration challenges leaders to answer the fundamental question that many undervalue: Why are you doing the deal? This deal rationale, Fubini argues, must guide every element of the integration effort. Rather than offering rigid prescriptions, the book serves as an advisor and thought partner, highlighting major considerations and posing generative questions that guide leaders toward best-fit answers tailored to their specific transaction.
Fubini introduces the Integration Mindset by exposing the traps that derail most leaders and revealing the underlying truths that inform planning and execution. Drawing on insights from major deals―from staggering successes to disappointing failures―readers learn to cultivate the disciplined thinking that defines true M&A champions. The book transforms how leaders approach the complex human and organizational challenges that determine whether deals deliver on their promise.
Written for C-suite executives, VPs, directors, managers, and other leaders whose work and buy-in are essential to effective integration, this book provides the framework for transforming paper value into actual results. It also offers significant value to advisors and consultants who support integration efforts or seek to expand their expertise in this high-exposure line of advisory work.
PRAISE FOR POST-MERGER INTEGRATION
“Integration can be transformative not just for the organization, but for the people tasked with overseeing it. I certainly found that to be true, and my experience leading major integrations helped prepare me for the challenges of being CEO. In this book, David shares the many perspectives that we learned in collaboration together as consultant and client. From the big issues around people and culture to the finer details of synergy planning and tracking, he lights the way for leaders of all levels in this new go-to guide.”
―Robert Isom, Chief Executive Officer, American Airlines
“Post-Merger Integration underscores the ‘client first’ commitment that’s made David such a dedicated and insightful advisor, and it’s this commitment that makes the book so uniquely valuable. Rather than tell you what to do, he helps you make the decisions that best suit your circumstances while guiding you through the twists and turns. David has achieved a fresh approach to integration that will change how you think about attaining success.”
―Bob Gamgort, Chairman and former CEO, Keurig Dr Pepper
“As a professor at Harvard Business School and Harvard Law School who teaches about deals and M&A, I rarely encounter a book that tackles post-merger integration with the clarity, practicality, and insight that David brings to this one. He distills the messy realities of integration into guidance leaders can actually use, offering remarkable clarity and wisdom along the way. It’s an engaging, standout contribution that will elevate how executives and advisors approach integration.”
―Guhan Subramanian, Joseph H. Flom Professor of Law & Business, Harvard Law School; H. Douglas Weaver Professor of Business Law, Harvard Business School
“In M&A, valuation, deal structuring, negotiation, and due diligence receive so much attention, but as David masterfully illustrates, the hard work is only beginning when the investment bankers wrap up. Post-Merger Integration is essential reading for anyone serious about capturing deal value, not just announcing it.”
―Craig Oxman, Vice Chairman with over 42 years of bulge bracket M&A and Investment Banking experience
“Working on integrations across my years at McKinsey and later as Head of Integration for one of the largest UK-listed software companies taught me that value is won or lost in the execution. David saw this long before it was fashionable, and he helped me see it too when I started working with him. This book brings together that insight, offering leaders the mindset and practical guidance to navigate the choices and trade-offs that define successful integrations.”
―James McLetchie, President and CEO, The Massy Group
About the Author
DAVID FUBINI is a Senior Lecturer at the Harvard Business School in the Organizational Behavior Unit. He is the faculty chair of the Leading Professional Services Firm program and is a core faculty member of the Mergers & Acquisitions and Board of Directors programs for the school’s Executive Education efforts. He spent 34 years at McKinsey & Company, where he was a Senior Partner, Managing Director of the Boston office, and co-founder of its Merger Management Practice.
PATRICK SANGUINETI is a Research Associate at the Harvard Business School, where he has co-authored thirty business cases. His own research focuses on the history of religion and migration in modern Japan. He received a BA and MA from Harvard University and an MPhil from the University of Cambridge.
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