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

Purpose – 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). Design/methodology/approach – 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? Findings – The practice of program management provides a means for managing strategically oriented initiatives such as small‐scale acquisitions. Research limitations/implications – 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. Practical implications – 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. Originality/value – 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.