Building the business case for culture in M&A Findings from the Willis Towers Watson M&A Culture Group Table of contents Introduction ............................................................................................................2 Chapter 1 The deal life cycle and typical goals .............................................................3 Chapter 2 How these acquirers built their business case and the ROI question 4 Chapter 3 Eight key steps in building the business case ...........................................5 Chapter 4 Who uses the output of this work? ................................................................7 Summary ...............................................................................................................10 Authors Jim McKay, Managing Director, North American M&A Human Capital and Benefits Leader Steve Allan, M&A Global Leader, Human Capital and Benefits Building the business case for culture in M&A 1