Read lots about lifestyle being drastically different on/off deal.
1) What does being ‘on-deal’ actually mean? I’m assuming it’s the process of buying/selling a business, not business development.
2) How long and frequent are these periods?
3) Why does it take longer?
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Yes on deal is the process of buying/selling the business. This period can take anywhere from a few weeks to a few months. It includes preparing/recieving the targets financial information, building your own models with assumptions based on the recieved infos, dilligence calls, and the various investment comitees to validate the investment. It takes a long time because it is constant tweaking and negotiating with the target on their valuation vs what you predict it is (Mostly arguing because your analysis is much lower than what the portco is trying to sell). Every single line on balance sheets/income statements/DCF/LBO must be looked over and rechecked and argued for their validity. You can easily make min 50 versions of these same docs. When on deal you are every day in contact with the portco target, the various consultants who made the financial/strategic/and legal dilligence and aswell the middle and front office of your own firm on the feasibility of the deal as it evolves via the IB/Bank that is financing the LBO. This is from a PE analysts POV, higher ups are just on constant calls with either the seller or the portco targets management - and signal whenever a metric feels off to their associates so you have to redo all the models.
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