Integration Capacity Is the Binding Constraint

Why absorption, not execution, decides whether buy-and-build compounds or stalls

Most buy-and-build stories I’ve followed closely didn’t stall because the strategy was wrong or the deals were bad. They stalled because the organisation could not absorb what the strategy kept asking of it.

This is the gap I think most investment memos miss. The memo tells you what the platform will do: six acquisitions over four years, two operating pa…