Podcast (E5): How much work is the deal going to take?

We are often asked what makes a deal successful? We decided to share our thoughts and experiences to help buyers and sellers have a more successful deal making process.

This blog is for informational purposes only. This blog is not legal advice, and no attorney – client relationship is intended or formed by this blog.  For more information or to contact an attorney at Foreman Law, please email info@goforemanlaw.com.

How much work is the deal going to take?

  • A Deal is Like a Second Job – No matter how big or small your deal is, it is a lot of work. The deal process is like having a second job. You need to plan dedicated time to work on the deal so that you can make the deal process work as hard for you as it needs to.

Preparing to Buy or Sell

  • Get your financials in order early. Make sure your financial performance is high enough and that you’ve unloaded debt.
  • If you’re the buyer, take time to maximize your bankability and the investability of the deal. Having financials in order and easy to understand can really help this process move along more quickly. Think about the purchase of the business like you are going to sell it in the future – think about what your future buyer will care about.

Finding a Buyer or Seller

  • The initial step may be working with investment banker, a broker, or through networking, to find a buyer or seller. Get started early, finding the right buyer or seller can sometimes take years.

Deal Terms

  • Make sure everyone is on the same page from the beginning with a good letter of intent, term sheet or other summary of the key terms.

Due Diligence

  1. On the buyer side, take the time to roll up your sleeves and really learn about the business you are buying and how to manage risks and transition the value. On the seller side, take the time to provide full disclosure to protect yourself from key risks.


  1. There can be anywhere from 10-50+ transaction documents depending on the deal. Each can go through multiple versions and rounds of edits, and most are interconnected.

Third Party Coordination

  1. Communication is the name of the game, and frequently there are third parties such as lenders, investors or co-owners, and key third parties that must approve or consent to the transaction, especially as it changes throughout the process.


  1. This part of the process is usually straightforward, but can take quite a bit of work to prepare for and execute.


  1. The deal doesn’t end at closing, often that’s where the real work begins to make sure that the value is transitioned to the buyer.

Tips to Managing the Work

  • Clear space in your schedule before the process starts.
  • Delegate everything and then delegate some more.
  • Understand deal team schedules and plan accordingly.
  • Set good expectations with your family and team.
  • Plan vacation for after closing. You’ll need a break so you can recharge.
  • Plan margin in your schedule for the important and the unexpected.
  • Set really good boundaries on your availability.
  • Be crazy organized and require the same from your team.
  • Set clear expectations with your team.
  • Plan time for self-care. It will improve decision-making and your health.

Top Take Aways

  • Sam — Be crazy organized! It will help things run more smoothly and allows you to take time for yourself.
  • Jacob — Take time for self-care! Trust the process and plan for self-care throughout.

Wellness Tip! Deals are stressful. Take the time to take care of yourself!


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