In the right conditions, buy-and-build can be a powerful route to accelerated growth. Secure funding. Hire a Head of M&A. Start acquiring.
But in our experience working with acquisitive businesses, success rarely comes down to deal thesis alone. It also comes down to whether the operating engine behind the strategy is built early enough, and deliberately enough.
Buy-and-build is an execution discipline. And timing matters.
Across our client base, three entry points consistently stand out as moments where institutionalising the M&A engine can make the biggest difference.
1. When early acquisitions begin to test the operating model
The first few deals often rely on energy and leadership bandwidth. But as integration complexity increases, gaps start to show: limited pipeline visibility, inconsistent evaluation criteria, growing board scrutiny on returns. They signal that growth is starting to outpace infrastructure.
2. When a new Head of M&A comes in
The first 6–12 months set the tone. The most effective leaders aren’t typically those building trackers from scratch; they’re those able to focus immediately on judgement, relationships, and capital allocation. Having structure in place accelerates their impact and shortens the “settling in” period significantly.
3. When there’s a trigger event for growth
Private equity investment. Refinancing. A step-change in ambition. These moments raise expectations around cadence, governance, and visibility. Building process discipline at this stage creates confidence - internally and at board level - that capital deployment will be systematic.
What we’ve seen repeatedly is this: buy-and-build works best when repeatability is embedded early. Screening, evaluation and governance become structured and consistent. Deals are benchmarked consistently, institutional knowledge compounds, and materials for boards and investment committees are produced seamlessly.
Decision-making sharpens. Reporting becomes clearer, and structured review makes prioritisation and course correction easier.
The most successful buy-and-build platforms aren’t necessarily the most aggressive. They’re the most organised.
And the earlier the engine is built, the more powerful the compounding effect.
Photo: Vino Li
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