Orthopedics' largest players have focused much of their merger & acquisition (M&A) energy in recent years on commercialization-stage companies that boost their enabling technologies or expand market share in current or adjacent markets. Business development executives from Stryker (SYK), Smith+Nephew (SNN) and Medtronic (MDT) reiterated these paths during a panel discussion at the virtual Musculoskeletal New Ventures Conference (MNVC) in late November. The three noted that while M&A isn't black and white, tuck-in acquisitions will be favored over large integrations or pre-revenue companies in the future. Here, we recap advice that the panel offered to smaller companies that seek to be acquired as well as their own perspective on their strategies.