As they face macroeconomic uncertainty in their industries, most business leaders acknowledge that it’s more vital than ever to develop and accelerate an alternative engine of growth for the future. We refer to these new businesses within existing companies that use the scale benefits of the core business to grow faster than an independent startup could as “Engine 2.” And downturns are the times when companies make the bold moves that enable them to emerge stronger than their competitors.

While it can be tempting to build a new business from the ground up, our new research strongly supports the case for buying. We looked at hundreds of Engine 2 businesses over the past 25 years, and of the 58 most successful, 40 used mergers and acquisitions (M&A) as a significant part of their scaling plans. It’s an important finding at a time when lower valuations and less competition for deals make it a buyer’s market.