If [the target's] average pay is half of the buyer's average pay, guess what—their payroll is going up 50%. All those things need to be allowed for within the projection model in which you value the business, which is all a function of the CFO.

You can ask some questions that might uncover it, but if you can't get to it, you can't get to it.

We believe this success is a direct consequence of companies' improved management of the M&A process, from target selection and pricing, to due diligence to implementation. In the future, this learning curve will certainly continue. So, while gaining competitive advantage through M&As is now a legitimate business strategy for growth, long-term success will depend on increasingly sophisticated M&A capability.

If [the target's] average pay is half of the buyer's average pay, guess what—their payroll is going up 50%. All those things need to be allowed for within the projection model in which you value the business, which is all a function of the CFO.

In some countries, it's easier to play games, or their liabilities are less transparent.

Melanie was on the payroll for the whole summer but the horse handlers wouldn't pay her more than 25 dollars a day for working out the horses. But she loves horses.