I used to think M&A was only for big companies. My plan was straightforward: build the best service, grow organically, and let results speak for themselves. Acquisitions appeared to be corporate shortcuts taken by companies that could not build quickly enough on their own.
Then Easy Rental Services came along, and everything changed.
It was 2017, just one year into GuestReady’s journey. Easy Rental Services was a small property management company with about 100 properties and a capable local team. The deal was not massive, but it provided us with immediate portfolio growth, experienced personnel, and operational insights that we had not previously considered.
That first acquisition worked well. It showed me that M&A is not about buying your way out of problems or replacing organic growth. When approached carefully, it can accelerate what you are already building and help reduce duplication in competitive markets.
Since then, we have looked at dozens of potential deals and completed ten acquisitions. We have gone from me cleaning apartments myself to managing over 3,500 units across seven countries. Around 80 per cent of our growth has been organic, but the remaining 20 per cent from acquisitions has made a significant impact.
Using M&A as an accelerator
Startups often fall into two camps with M&A. Some see it as a magic fix, others as a distraction. In my experience, it is neither. M&A is a tool, and its impact depends on how and when you use it.
An acquisition rarely means just gaining assets or revenues. It can also mean gaining people, expertise, and technology that reshape the business. For example, François, now our CTO, joined through an acquisition and today leads the development of RentalReady. Early technology acquired at the same time later evolved into what became the foundation of our company. Other acquisitions also brought in colleagues who stepped into key leadership roles and helped strengthen the company’s capabilities.
These were portfolio acquisitions, and they were also people and technology acquisitions. The combination of talent, systems, and market presence created value far beyond the sum of individual parts. Looking back, the acquisitions that worked best were the ones where we bought more than revenues. They brought customers, people, and new capabilities together in a way that fit naturally with our existing business.
Creating opportunities without losing focus
We learned early that we couldn’t just wait for opportunities to appear. Deals require us to be active in our ecosystem. This means showing up at conferences, maintaining relationships with competitors, and being visible enough that when someone is thinking about selling, they know we are a potential acquirer.
At the same time, not every opportunity is worth pursuing. For every good fit, there will be many that are not. We passed on most of the companies we evaluated. The ability to decline quickly was as important as recognising the right ones.
Smaller deals often take nearly the same time and energy as larger ones, which makes opportunity cost very real. We had to be disciplined and focus on situations that could genuinely move the needle. This lesson was reinforced after some of the smaller deals we made did not yield the expected results.
Another factor is motivation. In founder-led businesses, price is rarely the only consideration. We have seen cases where others offered more money, but the sellers chose us because they trusted we would take care of their teams and share a long-term vision. Cultural fit often tips the balance.
People first, systems later
One pattern became very clear to us. Integrations usually fail when companies focus on systems before people.
It is tempting to begin with migrating databases or aligning workflows. But none of that matters if the people who built the acquired company feel unsure about their place in the future. We learned to reverse the process. First, make sure the people are aligned and motivated. The systems can follow.
This thinking starts during due diligence. We try to understand not only who owns shares or holds a title, but also who carries real influence inside the company. Deals can fall apart if you are not speaking with the true decision makers.
After the deal is done, clarity is what matters most. People want to know their role, their responsibilities, and what their career path looks like inside the bigger organisation. Once that is in place, the system integration tends to run more smoothly because everyone is working towards the same outcome.
This approach influenced how we developed RentalReady. As we integrated teams with different operational practices, our development group worked directly with new colleagues to understand their workflows. Many of those practices were then incorporated into the platform itself. In that way, each acquisition contributed not only properties and people but also ideas that shaped RentalReady into a platform now used by property managers across Europe.
Avoiding distraction
The real danger with M&A is the distraction that deals can create. It’s easy to get wrapped up in negotiations and take the eye off organic growth, product development, and team building.
For us, it was important to know when to walk away. If a deal did not clearly strengthen what we were already doing, if cultural fit felt wrong, or if the integration looked heavier than our team could handle at the time, we stepped back. Every deal needs to make one plus one equal three or more. If one plus one equals two and a half or less, the margin for error is too low.
Acquisitions are also a poor way to cover up weaknesses. If economics are broken, buying more units will not solve it. If product-market fit is shaky, acquiring customers will not repair it. For us, M&A worked best when it amplified strengths that were already proven.
When acquisitions make sense
Not every startup should be thinking about M&A, but where markets are fragmented, acquisitions can sometimes be the most efficient way to scale.
A few signs that indicated we were ready: our core economics were strong, our processes could be replicated, our leadership team had the capacity to manage an integration, and we operated in a market where consolidation brought advantages. In short, we had a strong platform that allowed for solid integration of acquired companies.
The best targets are usually companies doing something similar in another geography or those with complementary strengths. The riskiest are companies that push you into new business models you do not fully understand.
A final reflection
Acquisitions take more effort than you may expect. Due diligence is slow and expensive. Integration needs resources. Cultural gaps can undo everything.
But when it works, it can change your trajectory. You gain colleagues who have solved problems you are only starting to face. You add customers who might have taken years to win. You reduce competitive friction.
For us, M&A has never been about shortcuts. It has been about speeding up what we were already building, while keeping our focus on organic growth. In the fragmented European market, that combination has proven powerful.