With all the talk about mergers and acquisitions, it can be easy to overlook the many crucial steps required for a business to successfully pursue and complete an acquisition. The fact is, the success of an M&A process takes time and requires thoughtful planning, effective communication and thorough execution.

Begin with a plan. Many companies advance myriad reasons for pursuing an acquisition–purchasing international scale, filling portfolio gaps, building a third leg of the business–but the most successful acquirers have specific and well-articulated ideas about how their acquisitions will create value.

Create an organization. The M&A team should consist of members from the executive management and board of directors of both the target dataroomplace.blog/top-10-finance-bloggers/ and acquiring businesses, as well as external consultants who have experience in acquisitions. This group will collaborate to determine the goals of the sale, create the targets for potential candidates, and screen candidates.

Conduct an in-depth due diligence. Buyers typically request extensive documentation and may interview several people before settling on a deal. The buyer’s evaluation can take several months so sellers must be prepared to disclose information as soon as possible and to help facilitate the process. The seller should seek final board approval as soon as the due-diligence process is completed.

Create integration plans. It is essential for the buyer to have an executive team member who can dedicate a significant amount of time and energy to the integration of the acquired company. The person in charge must possess the required skills and experience, as well as the resources and commitment to ensure the smooth transition.