Building a great deal team is an important part of having a successful deal. We’ve found the following factors are helpful in picking your team. These are the factors we look for when we make referrals to other attorneys and advisors.
- Client Focused: The best advisors have a clear focus on your priorities, and prioritize delivering their services based on what matters most to you. Avoid one-size-fits-all approaches.
- Great with Relationships: A great relationship makes everything work better. Make sure you have a good relational fit with the provider. Look for providers that are great with building and managing relationships. Taking care of relationships can make everything work better during the deal.
- Good Communicators: Look for clear, complete, and timely communication. Look out for heavy jargon, lack of attention to detail, and lack of timeliness.
- Timely and Organized: Look for advisors that have a good track record of being on time, and bring an organized approach. Being on time alone can save tens of thousands of dollars or more in direct and indirect costs. Ask about how they stay on time, and ask for examples of recent experiences on similar deals.
- Experienced: Look for advisors that bring enough of the right experience to the table to help you confidently make decisions and have a great overall process. Look at factors such as their overall activity, relevant industry experience, and experience with similar deal sizes and structures. Experienced providers tend to provide more accurate and realistic estimates on budget and timing.
- Responsiveness/Attentiveness: Make sure you are a high enough priority for the relationship. The rest of the factors don’t matter much if you don’t receive that value consistently throughout the relationship.
Who Should Be on Your Deal Team.
Most Buyer deal teams should include:
- M&A attorney
- Tax advisor/CPA
- Banker
- Subject matter expert (if the client is not the subject matter expert)
- Key/significant co-owners
- Other advisors and key employees as needed
Most Seller deal teams should include:
- M&A attorney
- Tax advisor/CPA
- Investment Banker/Broker
- Key/significant co-owners
- Other advisors and key employees as needed
Click here for suggestions on when to get your deal team involved.
These resources are provided for informational purposes only, and are not legal advice. No attorney-client relationship is formed through this page. Please contact us if you’d like to inquire about our services.