The Spreadsheet Promised Synergies. Reality Delivered Chaos. The acquisition looked perfect on paper. A $200M manufacturing holdco had just purchased a smaller, nimble competitor, promising its Board a clear path to $15M in "operational synergies" within 18 months. The investment thesis was sound: expand market share, cross-sell products, consolidate back-office functions. But 9 months post-close, the story was very different. Costs had increased. Revenue growth had flatlin