M&A is a strategy with a process that greatly revolves around achieving an approved merger, and subsequently being ready to act upon an approval. The strategy’s focuses are on the preparation and the analysis of the merger. A firm that is consistently up-to-date on the information available and on the status of the market, can prosper when opportunities reveal themselves. This paper studies business strategies from the point of view of what might bring growth to firms, based on theory and empirical evidence. Moreover, a case study is used of the firm Smile Tandvård, who actively uses M&A. The study is consisting of a research of the theoretical background, to enable links from several of these theories into the case study, as well as into the analysis. Additionally, was an interview conducted with the accounting manager of Smile Tandvård to get a clear insightinto the firm’s processes. The qualitative part showed the theories, the empirical evidence and the case study aligning in their characteristics, where I could pinpoint certain aspects of Smile Tandvård to the choices a firm has on a market, according to the theories. Moreover, showed the research there being plentiful ways in which you could examine the success of a merger or an acquisition. The direct result or direct returns not being the sole aim when deciding on M&A, and there were competitive advantages to gain. The quantitative test showed there being a correlation between business cycles and the amount of mergers and acquisitions. / Fusioner & Förvärv som strategi, har en process som till stor del handlar om att få förvärvet godkänt, och sedermera kunna agera vid godkännandet. Strategins fokus är på förberedelsen och analysen inför förvärvet. Ett företag som är konsekvent uppdaterat på den tillgängliga informationen och statusen på marknaden, kan uppnå framgångar genom detta när möjligheter uppstår. Denna studie undersöker företagsstrategier från perspektivet av vad som kan ge företag tillväxt, via en bas av teori och empiri. Utöver det, används en fallstudie av Smile Tandvård, som aktivt använder sig av strategin av fusioner & förvärv. Studien består av en research av befintligt teori, för att möjliggöra flera kopplingar till fallstudien, såväl som till analysen. Adderat till det, utfördes en intervju med redovisningschefen hos Smile Tandvård, för att kunna få en klar inblick i företagets processer. Den kvalitativa studien visade att teori, empiri och fallstudien följer och knyter an till varandra i sina kännetecknande drag, vilket möjliggjorde att jag kunde precisera aspekter hos Smile Tandvård som följer de val ett företag ställs inför på en marknad, enligt teorin. Därtill, visade undersökningen att det finns åtskilliga sätt att tolka och granska fusionen eller förvärvets framgång. Med det direkta resultatet eller den direkta avkastningen icke varande det enda ett företag siktar mot vad gällande fusioner och förvärv, det fanns även konkurrensfördelar att vinna. Det kvantitativa testet visade att det fanns en korrelation emellan konjunkturcykler och antalet fusioner & förvärv.

The microbrewery industry is the fastest growing industry in Sweden. In seven years, the industry has grown by 832 percent. The dramatic increase of microbreweries has led to a highly competitive business environment for these entrepreneurs. This calls for microbreweries to develop strategies for how to stand out in this increasingly competitive environment, i.e., create competitive advantages. However, previous studies have shown that craft entrepreneurs do not strive to achieve traditional economic objectives as the competitive strategy research field suggest that companies have. Hence, traditional competitive strategies may not be applicable for these entrepreneurs. The purpose of this study was therefore to develop an understanding how motivational factors affect craft entrepreneurs’ competitive strategy. To fulfill the purpose, we conducted a case study on microbrewers within the northern region of Sweden. We used a qualitative research methodology where we conducted semi-structured interviews. Seven microbreweries participated in the study. We found that craft entrepreneurs’ motivations for why they started and maintained their microbreweries were mainly because of their passion and interest for the craft and therefore this was their primary objective. However, they perceived profit as a necessity that would enable them to achieve their primary objective. Therefore, we found that these entrepreneurs have dual objectives. We also found that entrepreneurs’ motivations affected their competitive strategies. These entrepreneur’s dual objectives caused some dilemmas when the two objectives contrasted each other. We saw tendencies that this created tension among these entrepreneurs when they had to balance the two objectives of generating profit and achieving objectives related to their passion and interest for the craft. Further, we found that these tensions caused implications on the entrepreneurs’ perception of competitive strategy.  Their perception of competitive strategy differed from traditional theory in three areas. Firstly, they had a resistance to grow their businesses. Secondly, they had a resistance for product/market development. And lastly, they experienced a low level of ambiguity when competing and cooperating simultaneously. In this study, we have been able to deepen the knowledge of craft entrepreneurs and how their motivations affect their competitive strategy. This is a first step in developing an understanding of how additional objectives to profit can cause implications for competitiveness.