Brad Jacobs

You're not going to make a lot of money on it.

And then the quadrant in the bottom right are small, unhairy deals.

Straightforward, easy, no problem deals.

But they're small.

So it's not going to work.

Which leaves you...

with the most important quadrant up in the upper right-hand one, which are large, hairy deals.

And that's where you make the big money.

You make the money on large deals that certainly they have issues, but they're issues that you've thought through, you've analyzed, and you have figured out how you're going to solve them, how you're going to address them.

And if you can shave off the hair on those big, hairy deals, that's how you make a lot of money in M&A.

There certainly is a strategy and a plan

and a vision of where you're going.

But you have to be opportunistic.

You have to be agile.

You have to be flexible.

You have to be open-minded.

You can't be rigid on this.

You have to take deals that come to you and say, yeah, that's interesting.

Wasn't in my original plan.

Actually, this makes sense.