random things i've learned about m&a:
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- corp dev is 80% intelligence gathering and 20% being interested in doing a deal: you can't easily tell which one you are dealing with
- ask them to hop on a plane and meet; that's how you know they are serious
- if you don't get to speak to the decision maker after the initial intro, don't bother
- do not share your numbers with a random corp dev saying they are interested
- go to every damn conference for years before you sell, be well-known by everyone in your industry
- you are not selling to a company, you are selling to a person
- LOI doesn't mean anything
- LOI means everything: stuff that is on LOI rarely gets renegotiated
- everything is renegotiable
- don't let lawyers hijack the negotiation with their bs
- your price, my terms
- "we close every LOI we issue" is a bs marketing line
- there is a surprising number of publicly listed shitcos out there that are not able to finance transactions
- if there are any delays after accepting the LOI and the buyer asks to extend exclusivity: walk away, they are not going to close
- keep focusing on your business even during the DD
- do not take stock unless you are dealing with a $1B publicly listed company
- cash is king
- hire a banker but do not expect them to do all the work
- bankers are lazy bastards who get 5% of your company for 4 months of work
- take the offer that is most likely going to close: life is a ladder and it helps to have your foot on the first step
- birds fly, fish swim.....
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.....and deals fall through