It's very clear that the best MDs doing sell-side M&A at boutiques and EBs are great at origination and winning new clients. I'm curious to see if anyone has some insights into the strategies rainmaker MDs use to get new clients.
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For the point MD, relationships relationships relationships. Other things like sector / situational experience, ability to execute etc. also matter, but the defining and differentiating factor is strength and quality of relationships.
CEOs get comfort knowing you have relationships at their board level to get buy in, feedback and ultimately push the strategy or transaction
Clients, both management and boards, want to know you have good relationships within their verticals, whether strategics, sponsors or other people who write checks etc.
The path to winning a mandate is always easier if they know you, have a history with you, and have seen you deliver value before.
Just my 2 cents.
Ideas. Ideas and knowledge.
Coming up with good, unique ideas is something which clients, particularly PE but corporates too, appreciate enormously. And this is not at all limited to sellsides (there are plenty of smaller volume shops which do nothing but sellside, which is a very different business to masterminding a high profile take-private).
Ideas which are truly differential are not easy. This is an incredibly commoditised business and, whatever you might think of your colleagues, it's filled with smart people all trying to do the same thing.
How do ideas get born? Usually by a wicked smart MD, one who has a huge amount of knowledge (e.g. knows about some technology which exists in a subsidiary of a PE's portco which might be relatively forgettable for most of the market, but which is exactly what his or her client is looking for). The knowleage also enables them to identify the relevant competitors, pitfalls, etc. That knowledge comes from experience and just speaking with people and picking up nuggets of information that others won't have (and asking the right questions to find those nuggets itself requires knowledge).
You can be a very successful MD by churning out volume sellsides on the back of a balance sheet, ok / good relationships with the bidders in your sector, decent brand, and a pile of creds. But those iconic /top 3 in their sector MDs who are behind blockbuster deals bring a truly rare prize, ideas.
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