M&A Nuggets: March Madness and M&A
March Madness is upon us, and with it, the perennial upsets of top seeded teams, such as Loyola Chicago’s defeat of number one seed Illinois on Sunday. Should we be surprised? Not really. The outcomes in March Madness, as in mergers and acquisitions, are determined not by happenstance, but rather by the four Ps – preparation, preeminence, performance and perseverance.
- Preparation – as with the road to the Final Four, the road to the closing on the purchase and sale of a business starts with preparation well before the time that a buyer or seller goes to market. From a seller’s standpoint, having the best personnel in place to help to grow the company, instituting appropriate policies and procedures to guard against risk and dotting the i’s and crossing the t’s all lead to being prepared to go to market.
- Preeminence – excellence in not only the products or services a business provides but also in a business’s team of advisors is crucial to achieve the end goal of closing on the sale of a business.
- Performance – preparation and preeminence lead to execution, getting the job done when it counts. However, even high levels of preparation and performance may not result in victory without the presence of the fourth P,
- Perseverance – the NCAA basketball tournament is a two week grueling process from beginning to end, and the M&A process can be as challenging over a much longer period. The last P needed to cross the finish line is the mental toughness to see the process to its conclusion.
There will be more highs, lows and upsets during the remainder of March Madness, as there are with the long merger process. But by adhering to the four Ps, the buyer and seller of a business will rebound from the lows, experience the highs and celebrate at the end.
If you have any questions about this or any other M&A issue,
please contact Glenn Solomon at firstname.lastname@example.org or 443-738-1522.
ABOUT GLENN D. SOLOMON
email@example.com | 443-738-1522
Glenn D. Solomon is a principal at Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years. He has extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress.
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