You can ask some questions that might uncover it, but if you can't get to it, you can't get to it.

If [the target's] average pay is half of the buyer's average pay, guess what—their payroll is going up 50%. All those things need to be allowed for within the projection model in which you value the business, which is all a function of the CFO.

We believe this success is a direct consequence of companies' improved management of the M&A process, from target selection and pricing, to due diligence to implementation. In the future, this learning curve will certainly continue. So, while gaining competitive advantage through M&As is now a legitimate business strategy for growth, long-term success will depend on increasingly sophisticated M&A capability.

If [the target's] average pay is half of the buyer's average pay, guess what—their payroll is going up 50%. All those things need to be allowed for within the projection model in which you value the business, which is all a function of the CFO.

In some countries, it's easier to play games, or their liabilities are less transparent.

They're going to ask those questions.