Executives can’t get where they want to go in M&A if they don’t know where they are
headed. Yet, very few give sufficient thought to articulating—or devote the resources
needed for developing—their desired postcombination culture. After months of plotting
a deal, identifying candidates, selecting a target, negotiating the terms, and waiting for legal approval, senior executives are more inclined to look ahead to their next big deal than carefully lead and manage the current combination. As one senior manufacturing executive told us, “Acquiring is fun, integrating is hell.