In the corporate world, bigger is often better. When it comes to legendary, industry-changing companies (think Microsoft), the more grandiose plans win out. We tend to think the same way with mergers and acquisitions. Some mergers are successful, so successful, in fact, that we can’t remember a time when the two companies were distinct. Where would Disney be without Pixar, or J.P. Morgan without Chase?

However, many mergers fall flat on their faces and fail. The newly created company goes bankrupt, executives are fired, and in some cases, the merged companies disband in a sort of corporate divorce. For whatever the reason, there doesn’t seem to be a magic trick to corporate mergers. Mergers are inherently risky, and without the proper strategy,...