What M&A Has Taught Us About People

Reflections from 25 years of dealmaking—biases, surprises, and moments that made it all worthwhile.

More Than Just Numbers

In mergers and acquisitions (M&A), it’s easy to focus solely on the numbers—valuations, EBITDA multiples, and term sheets. But based on insights from our Managing Partner, Wiljadi Tan, who has advised on deals for over 25 years, what truly determines the success or failure of a transaction often comes down to people. Deals don’t close just because the math works—they close because people align. And that alignment can be the hardest part.

Everyone Wants to Close the Deal—Just Not the Same Way

One pattern Wiljadi has observed over the years is that while everyone claims to want the deal done—the buyer, the seller, their advisors—what they really want is to feel seen. Each party, particularly advisors, often wants to be recognized for making the key contribution.

In one particular transaction, all commercial terms had been finalized, yet progress stalled as the legal, tax, and financial teams began pushing in different directions. The result wasn’t a negotiation, but a subtle turf war.

The role of advisor quickly shifted into mediator, reminding all parties that if the deal didn’t close, nobody would win.

Lesson: A successful deal requires everyone rowing in the same direction.

Founders Don’t Just Sign—They Say Goodbye

In one emotionally charged moment, a founder broke down in tears just before signing the CSPA. Despite months of preparation and alignment, it was only at the signing table that the weight of letting go truly sank in.

The business wasn’t just an asset—it was a product of a lifetime of grit, risk, and belief.

He eventually signed. But the moment served as a powerful reminder.

Lesson: For founders, selling a business is not just a financial decision. It’s deeply personal.

Trust Means More Than the Highest Offer

In another deal, Wiljadi’s team helped a seller navigate multiple acquisition offers. The top bidder offered the best financial terms, but another bidder offered alignment on purpose and values.

The seller chose the latter—prioritizing the future of the company’s people and culture over the purchase price.

Lesson: Legacy and shared vision often outweigh financial gain.

People Are the Wild Cards

He said, "You can plan for due diligence. You can model synergies. But people—with their fears, ambitions, and emotions—are the one thing you can’t control".

Wiljadi has witnessed deals fall apart due to pride, then saved by empathy, and transformed by a single honest conversation. 

Lesson: Behind every model and milestone, there’s a human story playing out.

One Last Thought

Over the years, Wiljadi has helped close many transactions. But the ones that leave a lasting impression aren’t always the biggest or most technical. They’re the ones where his team helped someone move on, let go, or begin again.

Because in the end, M&A isn’t just about companies changing hands. It’s about people moving forward.

***

This article was first published in the July 2025 edition of GGI Insider – General Articles, a publication by Geneva Group International (GGI) featuring insights from professionals across the globe.

Protemus Capital is proud to share the reflections of our Managing Partner, Wiljadi Tan, drawn from 25 years of experience in M&A. Through this piece, he offers a personal look into the human dynamics behind dealmaking—beyond the numbers and into the relationships, emotions, and stories that truly define successful transactions.