Culture: The Hidden Driver of M&A Success – Key Insights from ACG New England 2025

In early September 2025, dealmakers, investors, and business leaders from across New England gathered at the Newport Harbor Island Resort for the ACG New England Conference—a leading event dedicated to the complexities and opportunities of the lower middle-market. The conference, hosted by ACG Boston and ACG Connecticut, is known for bringing together private equity professionals, boutique investment bankers, advisors, and executives for strategic insights, in-depth discussions, and one-of-a-kind networking on the seacoast of Newport, RI.

As part of the event’s curated content, Clark Waterfall, Managing Director of Talent Sequencing Inc. (and BSG), was invited to participate in a high-profile panel session titled “Aligning Culture in M&A.” Moderated by Ben Armour (Partner, Sullivan & Worcester), the session also featured Rena Clark (Principal, AlignPath Advisory) and Michael Duffy (Vice Principal, Fort Point Capital). Together, these leaders explored how cultural alignment, leadership fit, and board dynamics play a pivotal role in driving value—and sometimes determining success or failure—in M&A transactions within the lower middle market.

Key Takeaways: Why Culture Matters in M&A

When it comes to M&A, financials may close the deal, but culture determines long-term results. At the recent ACG New England conference, Clark Waterfall of Talent Sequencing and fellow panelists emphasized:

• Culture drives value: Deals that assess cultural fit deliver superior shareholder returns.
• It’s mostly invisible: The real determinants of success lie beneath the surface—values, not just behaviors.
• Alignment is critical: From the management team to PE-PortCo fit, mismatched cultures drive costly turnover and can stall growth.
• Change takes time and intention: Effective cultural transformation is possible, but requires clear focus, especially in the first 100 days post-close.

Want the detailed recap and concrete strategies? Visit Talent Sequencing for the full blog post.