Sell-side M&A Bankers - How regularly do you have/conduct expert calls?

Sell-side M&A bankers do conduct expert calls, but not as frequently as buy-side professionals like those in private equity. Based on the most helpful WSO content, here are the key insights:

1. Reasons for Conducting Expert Calls:

   • Industry Insights: To gain a deeper understanding of the target company's industry, especially if it's a niche or complex sector.
   • Market Positioning: To better position the target company in the market and highlight its unique value proposition to potential buyers.
   • Strategic Advice: To refine the narrative or strategy for the sale process, ensuring it aligns with market trends and buyer expectations.

2. Frequency of Expert Calls:

   • Sell-side bankers typically conduct fewer expert calls compared to buy-side professionals. The number of calls depends on the complexity of the deal and the industry. For example:
     • In highly specialized industries (e.g., biotech or tech), there might be a higher reliance on expert calls.
     • For more straightforward industries, the need for expert calls diminishes.

3. Common Scenarios for Expert Calls:

   • When preparing marketing materials like the Confidential Information Memorandum (CIM).
   • During the due diligence phase to address specific buyer questions or concerns.
   • To validate assumptions in financial models or projections.

While sell-side bankers may not rely on expert calls as heavily as their buy-side counterparts, they are a valuable tool in certain situations to enhance the quality and credibility of the sale process.

Sources: Why Buy-Side M&A is So Important, What's happening during live deals?, As an M&A Investment Banker, What Value Do You Actually Add?, How to pick the right bank to run M&A sale process?, M&A consultant Q&A