What does an actual sell-side pitch presentation sound like? (Not the actual PPT slides)
Everyone knows that pitching is one of the most important things when it comes to winning business in IB M&A. You have to be able to show your company/team is qualified and experienced while also crafting a story and valuation about the company you’re pitching. I understand what slides are involved in a pitch, but what does the audio of a pitch sound like?
When the MDs are talking to clients, what are they saying and how are they selling themselves without flaunting? Is it like “Hello my name is Tom at Goldman Sachs and today I will be showing you why GS is the right advisor for you… Your company is a highly attractive asset for many reasons… Here is what we are valuing your company at” Is it just a one-way presentation for 30 straight slides where by the end, the company executives are just overwhelmed and tired from listening to an hour long lecture?
OP - from my experience, it varies by project. Most of these firms have already established dialogue with the target Company. The way you phrased it implies that there was little or no dialogue pre-pitch. I'm sure there are instances where some groups are cold-pitching in which I think you've nailed it for the most part.
Thanks for the response. This is helpful. I figured some companies have long-term relationships, but I am more curious about the ones that are cold pitches or semi-cold.
from the pitches I've sat in on, these are never formal presentations. winning a pitch typically requires months to years of prior relationships, and they typically end up being a back and forth discussion about the slides with Q&A rather than a straightforward presentation
Makes sense. How are these long-term relationships formed? Just career overlap or prior deals with the company or its executives?
Here's a typical scenario:
a PE fund might have a portfolio company they want to sell in 3 years. They'll start asking around for advice on potential add-on ideas, state of the market, macroeconomic trends, capital market trends, etc. PE VP might be like "hey, I know this guy from my banking days who might be helpful!". He hits that person up and that person puts together a deck / presentation
over next 18 months, they have one of these update decks every 6 months. eventually, PE fund decides to sell and starts a pitch process with the said bank at the top of the short list due to their involvement and knowledge of the situation
Thanks for the insight here. Clears up a lot
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