Curious for the bankers at LMM shops (and maybe slightly larger), what % of deals that you take on end up closing roughly? Are you signing up everything that comes in the door and hoping something works, or are you more selective with new clients?
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My shop ~75%+. Our MDs do not want to waste time on deals that have low probability of closing just to look busy/like they are bringing in revenue. Waste of everyone’s time and the overarching leadership/decision makers know it. Best to spend time finding the next deal that’ll actually close.
Definitely 80%+, 100% on sellsides so far. Buysides are tricky so I’m not really counting them since you never know if you will beat the other <15> bidders. I would say my MDs only take on high quality stuff and definitely have turned down opportunities, but again, high quality in M&A doesn’t mean much, it’s as simple as is there reasonably a universe of buyers that we know that would buy this asset?
The caveat is sometimes these deals take much longer to close than expected, and some people might consider my firm a little bigger than LMM (200-400 million equity value range on average).
Curious what the average time to close is for you guys? And what total & MD headcount are?
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