M&A strategy. With M&A themes and criteria well value. Integration planning can begin early, with defined and understood by all, companies can a focus on realizing the strategic intent of the deal not only be more proactive but also more opportu- rather than just stabilizing companies, people, nistic. The top team will be aligned on strategy and processes in the wake of change. Most impor- and focused on deal must-haves prior to reaching tant, the M&A blueprint can help executives tell out to potential targets. Negotiations with a compel ling story (inside and outside the company) potential targets can be grounded in the business about its deal-making strategy and its vision case. Diligence processes can be accelerated for the future. and focused only on the most critical sources of Sophie Clarke is a consultant in McKinsey’s New Jersey office, where Liz Wol is an associate partner; Robert Uhlaner is a senior partner in the San Francisco office. The authors wish to thank Anthony Chui, Jack Gordon, Steve Santulli, and Lexi Wang for their contributions to this article. Copyright © 2020 McKinsey & Company. All rights reserved. 64 What now? Ten actions to emerge stronger in the next normal September 2020