The M&A market is, by its very nature, unpredictable. Much like a surfer riding a wave, M&A activity can rise and fall and turn on a dime. Success as a buyer or seller is predicated on staying focused and balanced. While ebb and flow in markets is normal, the pace at which we’ve seen markets change in recent years has often felt more like whiplash. For example, 2020 began with high hopes and promise, but the rapid onset of COVID-19 was like a pin popping a balloon. Deal making got back on track later in 2020, and 2021 turned out to be a record year for transaction activity. While activity moderated a bit last year, the market generally kept its footing. Current opinions vary widely in terms of where M&A will head this year. Grace Matthews has remained busy, however, and we believe market fundamentals are solid. In fact, we are cautiously optimistic about how deal activity will play out over the balance of 2023, and we see potential for volume to build over the back half of this year. In this edition of M&A Corner, we’ll take a look back at transaction activity over the past 16 months, discuss some of the key factors shaping the current M&A market, and offer our thoughts on the outlook.