SMEs often consider undertaking acquisitions to accelerate their domestic and international growth, but then renounce to engage in such complex operations. In this paper, we investigate the motivations and obstacles that are perceived by SME managers to engage in acquisitions. The empirical study is based on 23 open interviews and a survey conducted with 501 French SMEs. We identify individual and organizational motivations and obstacles, and test their influence on SME acquisition decisions. Our findings show that individual motivations and obstacles largely determine SME acquisition decisions and thus highlight the central role played by SME managers. We provide novel insights into the motivations and obstacles faced by SME managers who aim to undertake acquisitions.