Any organisation considering growing by acquisition needs to carefully assess how it will get to the right deal and be very clear about all the assumptions it is making about that deal. It needs to determine a fair value for the target business and to understand and validate the key financial, commercial, operational and strategic aspects of the target. It makes sense to use past trading experience to assist in forming a view of the future and a thorough due diligence exercise is important to confirm that there are no 'black holes'. Once satisfied in these areas, the organisation is likely to need help to implement a bid strategy, structure the deal to minimise risk and to maximise funding and tax efficiency.