Before the lockdowns of the previous two years, we operated in a market for people’s time where their physical presence was usually required in expensive cities and/or difficult-to-reach places. Career roles were largely limited to the people who could be physically present and they paid local-equilibrium wages. The lockdowns were a shock to this balance in two vital ways
There is no getting around the fact that it takes a lot of effort to close an acquisition at attractive terms. Even when a good offer appears unsolicited, there is still an incredible amount of work required to get the deal closed, especially while avoiding a price dilution along the way.