Notes in the Margin
Why most M&As Fail to Deliver Shareholder Value and what Successful Deals do Differently
Only 20% of mergers and acquisitions successfully deliver shareholder value. I learned this while tutoring on the Oxford Programme for Negotiation at Executive Education at Saïd Business School.
The two main reasons for this staggeringly low success rate stems from; the ‘winner takes all' mentality of many acquirers, and particularly relevant to target companies, is how difficult it can be to walk away from a deal once we're psychologically committed, even when it doesn't make sense.
While it can be tempting for the acquirer to claim as much value as possible during the negotiation process, the cost of doing so on the relationship with the acquired company can lead to a total breakdown of trust.
The hidden cost lies in damaged relationships and cultural integration failures. Knowledge sharing, stakeholder trust, and collaborative culture are difficult to quantify but directly impact post-merger performance. When deals focus solely on extracting maximum value upfront, they often destroy the very relationships needed for successful integration.
This is why it's important to not just focus solely on extracting as much value as possible but to also create value for the other party. Preparing for the negotiation by knowing first what is important as the acquirer and thinking about what could be important to the target company, with the goal of creating win-win outcomes. For the target company, it is essential to fully prepare and know your reservation value, the point at which you walk away, as well as your BATNA, best alternative to negotiated agreement.
With M&A failure rates ranging from 70-90% depending on the source reference, the numbers tell us that just because a deal is signed does not guarantee a return on investment or value delivered to shareholders.
Key takeaways:
Preparation is key for all parties
Value the relationships before, during and after the negotiation
Win-win over winner-takes-all
Know your reservation value and BATNA
If you're navigating M&A negotiations, whether as acquirer or target, targeted coaching and thought partnership with True North can help you prepare strategically and protect value throughout the deal and integration process.
Beyond AI
Why human coaching still matters in the age of AI and what can a human coach offer that technology cannot?
AI can provide frameworks, ask structured questions, offer 24/7 availability, and suggest evidence-based strategies. It's good for tactical problem-solving and accessing vast amounts of research instantly. But…
Everything AI offers, the uniquely human elements that create transformational rather than just transactional change. Let’s compare:
Real-Time Pattern Recognition. While AI responds to what you say, experienced coaches sense what you're not saying… the hesitation before an answer, the subenergy shift when certain topics arise, the unconscious patterns that even you can't see yet.
Systems thinking in action. AI analyses your individual responses. Human coaches see how your leadership patterns ripple through your teams…. your organisation, and your stakeholders - then work with the whole system, not just isolated behaviors.
Adaptive Intelligence. While AI follows algorithms, experienced coaches in full presence, adapt their approach moment by moment based on what's emerging in the conversation. They know when to challenge, when to support, when to go deeper, and when to step back.
Sustainable Change. AI can help you understand what to change.
Human coaching helps you understand why change has been difficult and works with the deeper patterns that create lasting transformation rather than temporary improvements.
Integration Beyond Logic. The most effective leaders don't just think their way to better performance. They integrate and learn to embody emotional intelligence, intuitive wisdom, and authentic presence. This kind of whole-person development requires human wisdom and experience.
Whole brain coaching. AI is purely analytical and is restrictedby working with the left side of the human brain. I work whole brain with coaching rather than left brain to left brain coaching.
Presence That Transforms. Research from the HeartMath Institute shows that human electromagnetic fields extend beyond our bodies and influence those around us. An experienced coach creates a field of presence that enables deeper insights and breakthroughs than any digital interaction can provide.
Beyond AI
Why human coaching still matters in the age of AI and what can a human coach offer that technology cannot?
AI can provide frameworks, ask structured questions, offer 24/7 availability, and suggest evidence-based strategies. It's good for tactical problem-solving and accessing vast amounts of research instantly. But…
Everything AI offers, the uniquely human elements that create transformational rather than just transactional change. Let’s compare:
Real-Time Pattern Recognition. While AI responds to what you say, experienced coaches sense what you're not saying… the hesitation before an answer, the subenergy shift when certain topics arise, the unconscious patterns that even you can't see yet.
Systems thinking in action. AI analyses your individual responses. Human coaches see how your leadership patterns ripple through your teams…. your organisation, and your stakeholders - then work with the whole system, not just isolated behaviors.
Adaptive Intelligence. While AI follows algorithms, experienced coaches in full presence, adapt their approach moment by moment based on what's emerging in the conversation. They know when to challenge, when to support, when to go deeper, and when to step back.
Sustainable Change. AI can help you understand what to change.
Human coaching helps you understand why change has been difficult and works with the deeper patterns that create lasting transformation rather than temporary improvements.
Integration Beyond Logic. The most effective leaders don't just think their way to better performance. They integrate and learn to embody emotional intelligence, intuitive wisdom, and authentic presence. This kind of whole-person development requires human wisdom and experience.
Whole brain coaching. AI is purely analytical and is restrictedby working with the left side of the human brain. I work whole brain with coaching rather than left brain to left brain coaching.
Presence That Transforms. Research from the HeartMath Institute shows that human electromagnetic fields extend beyond our bodies and influence those around us. An experienced coach creates a field of presence that enables deeper insights and breakthroughs than any digital interaction can provide.
But even more than these, human coaching delivers Somatic integration and emotional processing
Sometimes we work with more than just your mind. Leaders often carry years of unprocessed stress, decisions made from pressure rather than presence, and emotional patterns that limit their effectiveness. Through somatic awareness and guided emotional processing, we work with what your body and nervous system are holding, not just what your mind is thinking.
This isn't therapy - it's leadership development that includes the wisdom of your whole being. When leaders learn to sense and release what's stored in their bodies, they make clearer decisions, communicate with more presence, and create safer environments for their teams.
Many executives discover that what they thought was a strategic challenge was actually an unprocessed emotional pattern affecting their leadership presence. This work helps you access the calm, grounded authority that comes from inner alignment rather than force.
The beauty is that most leaders have never been offered this kind of integrated approach - they've been trying to lead from their heads alone while their bodies hold all the stress and much hidden wisdom.
The Bottom Line
This is why AI can't replace what experienced, skilled and fully present coaches do. I work with the full human being, not just the thinking mind. Use AI for information and frameworks. Choose human coaching when you're ready for transformation that lasts.
When choosing a coach to work with we recommend always checking that they are an accredited coach with either the International Coaching Federation (ICF), European Mentoring & Coaching Council (EMCC) or equivalent.