When a company that has never pursued any M&A (pure organic growth) decides to implement an inorganic growth strategy: how should the company prepare? I think the first step is to understand key success factors in M&A (from the buyer’s perspective) and critically check whether sufficient resources and skills are available in the company. Furthermore, opportunity cost should be analyzed in detail: what value can be created by executing other projects (non-M&A projects) with the same use of resources (time of best employees and money)? Only after this initial self-reflective analysis, companies should start with preparing the M&A project (i.e. defining purpose of M&A, search strategy, search criteria etc).