At a dinner party with a second-generation owner in his 40s, I asked what the company’s goal is for the second half of the year. It was sort of an icebreaker question to warm up the party atmosphere.

What I expected was a routine response, such as 'we will be building growth engines by investing in R&D or facilities', ‘we will promptly develop new products into blockbusters’, 'We will maximize profitability by reducing costs', or 'We will increase efficiency in management through the integration of the organization and personnel relocation.’ But the response he gave was completely unexpected.

“We plan to prepare for an M&A.”

The simple response indicated how the ind