2019 has been a banner year for mergers and acquisitions. On the heels of a record-breaking 2018, strategic buyers and private equity firms with cash in their pockets continued a robust spending spree. In the first three quarters of this year, in North America, approximately 8,000 deals have closed with a value of nearly $1.6 trillion, according to Pitchbook.

Enjoy it now, because the 2020 outlook is hazy. If we see economic shocks, market downturns or dramatic policy changes, dealmakers could go on the defensive in a heartbeat.

There are three levers that dramatically move M&A activity: stock market multiples and volatility, global economic conditions, and elections and resulting policy changes. All these factors will be in play next year and will shape the M&A landscape for midmarket companies.

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