2025 Volume 22 Pages 291-307
Previous research has revealed the existence of companies that acquire “M&A competence”, an organizational capability that enables them to successfully carry out M&A. However, it is not clear whether this concept can also be applied to small and medium-sized enterprises.
For this study, through a questionnaire survey we apply the concept of M&A competence proposed by Nakamura (2003) to explore the characteristics of small and medium-sized enterprises that have carried out M&A. As a result, we have identified the following five points.
First, many of the small and medium-sized enterprises that have carried out M&A have formulated strategic goals, and chosen M&A as a means of achieving those goals.
Second, it is the leader of the company who is taking the initiative in M&A.
Third, the M&A implementation structure and M&A process are not sufficiently systematized in many smaller companies.
Fourth, while the leader is aware of the importance of M&A to achieving the strategic goals, in many companies this awareness is not shared among all.
Fifth, while there are not many companies that gain competitive advantage by being able to implement M&A, many more have the ability required for post-M&A (integration of management after merger or acquisition).
