M&A activity is waking up, but many companies are reluctant to leap into the fray. Daniel Friedman, BCG’s global leader of transactions and integrations, explains why bold moves now could pay off. Waiting may feel safe, but the cost could be forfeiting once-in-a-decade opportunities.

Learn More:

Daniel Friedman: https://on.bcg.com/4mWHyGW

Mid-2025 M&A Insights: https://on.bcg.com/3V6ENGF

BCG’s Latest Thinking on M&A: https://on.bcg.com/4ndP9QU

BCG’s M&A Sentiment Index: https://on.bcg.com/3VEdBzb

00:00-02:56 Intro/Daniel’s ‘So What’

02:57-04:34 What is different now vs. the beginning of the year?

04:35-06:13 How quickly will the market recover?

06:14-08:20 What regions and sectors are particularly active?

08:21-09:01What are risks that could impede recovery?

09:02-10:26 What is wrong with waiting on the sidelines?

10:27-12:00 Do downturn deals tend to deliver more value than boom time deals?

12:01-13:25 What can a company to do ensure that it finds the right deal?

13:26-17:02 How has M&A changed in a more uncertain world?

17:03-18:03 How will AI evolve?

18:04-19:45 What are the winners doing right in this new environment?

19:46-21:16 The ‘Now What’

21:17-21:33 Outro

Transformation isn’t a gamble—it’s science. Kristy Ellmer, a leader with BCG Transform, unpacks the research behind what really makes change work: involving employees in the journey, preparing for the “messy middle,” and building emotional and practical support into the process. Successful efforts focus equally on shifting behaviors and mindsets, not just strategy and structure.

Learn More:

Kristy Ellmer: https://www.bcg.com/about/people/experts/kristy-ellmer

Preorder Kristy's Book: https://www.amazon.com/How-Change-Really-Works-Science-Based/dp/B0FHBXYSLZ

BCG’s Latest Thinking on Business Transformation: https://www.bcg.com/capabilities/business-transformation/insights

To Keep Transformations on Track, Incentives Are Crucial: https://www.bcg.com/publications/2025/incentives-are-crucial-for-transformation-success

The Transformation Paradox: How to Grow When the Growing Gets Tough: https://www.bcg.com/publications/2025/transformation-paradox-how-grow-when-growing-gets-tough

What happens when people live decades longer than before—but not necessarily healthier? Iana Kouris, customer experience leader at BCG X, explores how companies can help people live longer healthier. Businesses can jumpstart the longevity economy by leveraging CX, behavioral design and change management to develop new products for prevention and customized for the growing elderly population, as well as supporting their employees on this journey.

Learn More:

Iana Kouris: https://on.bcg.com/4fvFrXv

BCGX: https://on.bcg.com/4ltCU1A

How Digital and AI Will Reshape Health Care in 2025: https://on.bcg.com/4mEGBCu