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O P I N I O N
F irms close deals every day without engaging an M&A consultant to help them, but does that mean that you’re prepared to manage on your own? It’s not you, it’s me The M&A process is like the dating game: There’s plenty of fish in the sea, but hauling in the big catch isn’t easy.
to dating is more clear than ever at this point in the M&A process. You met someone interesting, felt a connection, and then – suddenly – they vanish. Is it me? Is it them? Are they seeing someone else? Were they just leading me on? Maybe they lost my number? Maybe they really are just busy with their own stuff right now? How do I remind them that I’m still available and desirable without sounding, well, desperate? This exact scenario is reason enough to “outsource” the M&A process to a consultant, and this is just step one of the process. All of that anguish – and all of those hours – and we are just talking about the stress of identifying the target firm in the first place and keeping them interested while you reach out to dozens of other potential matches. We have not touched on what happens next – evaluating firms for fit, analyzing
Consider this scenario that applies to both buyers and sellers: You identify a list of 60 or so firms that you think would be a good fit for your company. You research them to get a bit more information, and to figure out who the right contact person is at each firm. You reach out to the top 10 or 15 firms on your list – whatever you have time for, you still have to run your own business and do all of the other things that keep you at the office late – and you strike up a conversation. The person on the other end of the phone is subject to every single pressure that you’re under as a business owner or decision- maker. After an initial conversation, maybe an email or two that makes you think that this could be “the one,” they drop off the face of the earth. They don’t reply to your last email. You wait a week, then you call them to check in. You leave a voicemail. Now what? First, it should be pointed out that the comparison
Jamie Claire Kiser
See JAMIE CLAIRE KISER, page 10
THE ZWEIG LETTER June 27, 2016, ISSUE 1158
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