Im starting to understand sell-side M&A deliverables and deal time lines but am struggling to grasp how it differs on the buy-side. Would someone mind sharing the deliverables expected at each step of the process as the deal progresses from start to closing
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Not sure if this is what you mean, but here's a stab:
You're amazing! Thank you!
Really helpful, thanks. When are building the detailed model, are you essentially recreating the sell side model or do you have full access to internal financials etc
Usually you have more fulsome internal financials (trended monthly 3-statements, expense detail, etc.).
Thanks, so the longer PE models with 1000+ rows and very detailed assumptions typically come post LOI and dataroom access or once your get exclusivity?
Not the first time I’ve heard this, but are people really putting together IC materials just to submit an IOI bid? Maybe it’s just a LMM focus, where there’s a smaller IC and everyone reviewing essentially the same pipeline of deals but damn. It just sounds like some serious LP cya and busy work. If you have to sprint post IOI and want to bring in front of IC, that’s one thing, but for every pursued deal is insane. No wonder so many associates complain of busy work.
Could you detail what’s required for buy side modelling once you receive a vendor model and what order you would do these? For example, is the first thing to focus on adding a valuation tab, capital structure / debt tab, add sensitivities?
Large cap firm. Ton of work pre IOI, incl 3rd party commercial work
Same for the MM that I’m at - we do way too much work before an ioi bid
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