Acquisitions should accelerate strategy, not define it.
Which capabilities, categories, brands, technologies, channels or markets would strengthen the growth agenda?
What should the company seek to own, and why would ownership create strategic advantage?
How should opportunities be prioritized consistently rather than evaluated opportunistically?
How would the asset create more value under new ownership than as a standalone target?
Start with the growth agenda and identify the gaps that matter.
Translate those gaps into explicit acquisition criteria.
Assess targets consistently across strategic and economic dimensions.
Make the post-acquisition strategic logic explicit before pursuing the deal.