Prerequisites of successful PMI
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In my opinion, there are certain prerequisites that must be met for a PMI to be successful. These include:
1. Clear rationale for acquiring the target (e.g. cost synergies vs. product expansion)
2. Clear PMI strategy derived from M&A rationale (point 1)
3. Humility and professionalism with regards to PMI approach: Be aware that PMIs are complex and difficult projects and approach the project professionally
4. Clear PMI method: define your PMI method and follow it thoroughly. The approach must cover all functional areas
5. Sufficient resources: Be ready to staff the PMI project with sufficient resources and make sure daily business is not forgotten at the same time
These prerequisites must be ready before you start with your PMI project.
What other prerequisites would you add?I agree to your points mentioned, I think in addition management buy in is very important (they need to support and hold the M&A rationale and its subsequent PMI strategy), plus the topic on cultural integration is very important (which is very often underestimated). I.e. perform a cultural DD or at least have a separate workstream on cultural integration
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