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Every day we bring you a new technical question, see below for today’s.
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Question
Walk me through an M&A process
Answer
This is probably the most relevant one out of all the questions in this section. See below for an outline of the process:
Collaborate with client company to create a financial model, one-page Teaser (or Executive Summary) and Confidential Information Memorandum (CIM).
Send teaser to potential buyers / investors to gauge interest. Since this document is anonymous, it does not require an NDA.
Execute an NDA with interested buyers / investors and provide them with the CIM and other supplementary materials such as the financial model.
Answer any diligence requests that buyers / investors have regarding the company.
Set an IOI bid deadline and receive IOIs from buyers / investors. An IOI is a non-binding document that provides a valuation range and high-level details on how they’re thinking about the transaction.
Select which IOIs are attractive and advance them to the next round.
Continue responding to diligence requests and set up meetings between buyers / investors and the company’s management.
Set another bid deadline and select a final winner.
Negotiate terms of the Purchase Agreement with the winner and close the deal.
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That’s all for today, see you guys tomorrow.