New to corporate M&A, any advice?
Hi guys, what do you think the most sought-after skills are in corporate M&A? Would love to hear different voices and share my opinions as well.
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If you're on the execution side of things, the keys to success are project management (i.e. getting the relevant experts within your organization involved in the valuation of M&A target) and negotiation skills.
If you're on the opportunity assessment/ filtering side of things (which I'm suspecting you might be since your company is exploring opportunities at this stage), it's important to have access to good data about your potential M&A targets, as well as access to equity analyst reports so that you can get a feel for the strengths and weaknesses of these companies. Another important thing is starting to network, so that you know who to contact when a real opportunity arises, and they know and trust you enough to be open with you about what they're looking for.
Networking, networking and networking.
Can't source any deals if you don't know ppl in the industry
I think it depends on what level you're at if we're talking about things besides the general "be likable, network".
For an analyst, knowing the modeling, asking relevant questions, and being able to learn quickly are invaluable. But as you move up other skills become more important. Yeah, know the modeling as a manager, but you're not relying on that day to day. Being able to sell an idea to a Board or your boss becomes more valuable. Discerning on a high level whether an opportunity fits into the overall strategy of the company so you don't waste your time in the details later is something that becomes more relevant.
Project management is going to be a part of your job at any level, but it truly does become herding cats once you're leading the group or giving sign off approval. Legal, HR, and Accounting have to be involved on the back end of the deal through integration. If you're in charge of the group, it's your job to keep them on track; so you don't have to make up an excuse to the Board why the January numbers for the company you just acquired haven't been reported.
Finally, have an opinion. As an analyst you may not have one the first 6 months, but this is where the learn quickly part comes in. If you can't give valid reasons why you should or should not buy a company, nobody's going to trust your judgment and it's hard to change that impression after the first few months. Having a well thought out opinion demonstrates understanding as an analyst; decisiveness as a manager; and leadership as a VP/Director/whatever the title who has responsibility for the group.
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