Mergers and acquisitions can seem like tense, last-minute boardroom dramas. But most of the real work happens long before anyone shakes hands. Careful planning turns a messy, emotional guessing game into a clear, step-by-step process that can save millions and avoid years of regret. By the end of this chapter, you’ll see how buyers and sellers prepare in different ways, who you need on your team, and why the smartest deals are often the ones you choose not to pursue.