Understanding mergers and acquisitions (M&As) from a program management perspective

The purpose of this paper is to demonstrate how the practice of program management can be used to manage strategically-oriented initiatives such as mergers and acquisitions (M&As). The methodology applied is high-level reflective retrospective qualitative field research conducted by a practitioner-scholar in response to the research question: How does the program management approach applied to a small-scale acquisition compare to the current joint bodies of program management and M&A theory and practice? The practice of program management provides a means for managing strategically oriented initiatives such as small-scale acquisitions. Research This paper is constrained by a high-level literature review of English language publications only, and high-level reflective retrospective qualitative field research conducted by a single practitioner-scholar upon a single relatively small-scale acquisition, which cannot necessarily be scaled up to be representative of a larger-scale acquisition, nor given the differences between M&As be used as a direct template for other M&As. Also, as a purely qualitative field research study into an area of intermediate maturity, the response to the research question lacks statistical support. M&As are increasing in frequency and yet continue to have relatively high-failure rates. Based on the findings of this paper, the practice of program management provides a means of managing strategic initiatives such as acquisitions. This paper adds to the bodies of program management and M&A literature, from the dual perspectives of practice and research, particularly with reference to small acquisitions and acquisitions in the small and medium enterprise sector.