August 2025

When it comes to M&A due diligence, the numbers always get first attention — and rightly so. But they don’t tell the whole story. The truth is that the real value (or risk) of a transaction often lives outside the spreadsheets.

Here’s some practical advice, illustrated through a fictional, but highly realistic, scenario based on patterns from both successful and failed transactions.

About the author

Judy Bodenhamer is the Founder & Managing Director of the Client Experience Group™ and shares here experiences in helping clients on a variety of business opportunities and challenges.