Environmental due diligence for industrial mergers and acquisitions has traditionally been viewed as ensuring that environmental liabilities associated with on-site contamination and regulatory compliance issues are fully accounted for in the transaction. However, this focus fails to obtain information on a number of potential strategic risk issues, nor does it provide for the type of proactive business planning that can add tremendous value to the overall due diligence process for industrial mergers and acquisitions. To eliminate these critical shortcomings, strategic environmental management (SEM) concepts need to be incorporated into the environmental due diligence process. This paper provides guidance on the incorporation and implementation of SEM reviews in these types of projects. This guidance includes examples of the types of objectives that SEM reviews can encompass to better ensure the integration of environmental issues with overall business planning efforts conducted during the due diligence process, in order to obtain a competitive advantage.