Dealmaking, in this economy? Certainly.

Sponsored by

Putting it all on the table: Pulley helps you cook up five-star cap table management. Say goodbye to costly mistakes with workflows, recordkeeping, and controls that ensure your compliance requirements are completed correctly and on time—with the transparency needed to be fully defensible. Try it here.

Companies have contended with a whole lot of uncertainty this year. One recent survey of finance leaders found that more than 60% said macroeconomic trends significantly impacted their planning in the first six months of 2025.

A consequence of all this volatility is that it may become more difficult to execute on transactions.

EY noted in a September M&A report that “slowing US growth, elevated interest rates and continued policy uncertainty” are putting pressure on dealmaking. These macro factors will “continue to contribute to a more cautious investment environment.” PwC noted in a midyear report that after a strong start, the IPO market cooled off this spring “amid macro headwinds.”

Fear not. It is still possible to execute that acquisition or capital raise amid volatility; it just requires an organization to think ahead and be ready to execute when the right moment arrives, according to experts.

“As someone who spends a lot of time in the IPO market, windows open quickly [and] they close quickly,” Mike Bellin, US IPO leader at PwC, said at Workiva’s Amplify conference in September. “And if you’re not ready here, you’re going to miss that window, or you’re going to lose a lot on the valuation side of the house.”

Getting strategic Volatility has shifted dealmaking strategies this year, according to Bellin, who said he’s seen more earnouts—when buyers pay part of the purchase price after the acquired company meets certain performance expectations—and more “joint ventures being considered rather than full M&A, just to de-risk a process a little bit.”

Healthcare company McKesson has focused on optimizing its portfolio recently, Sarah Ahmad Ali, its chief counsel of securities and corporate finance, explained to Amplify attendees. The company sees the biggest growth opportunities in its oncology and biopharma segments, and has looked to invest further there by spinning off its medical-surgical business.

“The timeline for a spin-off, especially in this market and healthcare, has been down recently,” she said. “We don’t have great visibility into when the IPO market will be ready, but on our side it’s a matter of getting that business ready to be independent, to be spin-off ready, on our own timeline, so whenever the market does open up, we can have it at that point.”

Construction firm Limbach Holdings has remained busy doing deals through this turbulent economy. In July, Limbach announced the $66.1 million acquisition of Pioneer Power, which it financed through cash and a “recently expanded revolving credit facility,” according to a news release.

Limbach CFO Jayme Brooks told CFO Brew that, by design, it works in “critical markets” such as healthcare and life sciences. This shields Limbach a bit from macroeconomic volatility because “there’s a critical need for [clients’] systems to be working.” Limbach looks for a similar client base in the companies it’s targeting for acquisition.

“We’ve got a big pipeline of possibilities; it’s just vetting through that,” she said. “We really need to find the right cultural fit, that right mix of customers, the right mix of industry.”

Snack company Mondelēz International, for its part, has been divesting parts of its company that don’t fit with its core products—think “chocolate, cookies, and crackers,” Mark Dunham said during the Amplify panel. At the time, he was the company’s director and senior counsel of corporate governance and compliance, though he recently announced on LinkedIn that he’s now senior director and senior counsel of securities and governance at Shoals Technologies Group.

Ready at a moment’s notice: Because windows to execute a deal are sometimes short, everyone involved in making deals happen needs to be on the same page, Dunham told Amplify attendees.

“What I find the biggest challenge is that no one is ready when treasury is ready, and then treasury gets upset, and then they talk to the CFO who’s waiting on the money,” he said. “And then, of course, you don’t want the CFO to come downstairs…and say, ‘where’s the money?’”

Dunham said he avoided this scenario by bringing together all functions that participate in deals—including “treasury, tax, accounting, compliance, outside counsel,” and others—to lay out expectations of what things need to happen by certain points along a deal timeline.

“For me, it’s really been about getting everybody in a state of rapid readiness,” he said. “When we’re ready to go, we’re ready to go.”