Hello All -
1st year associate here in LMM and was curious about how other junior folks go about conducting commercial diligence on a target (competitive position, value chain, industry analysis) in an industry where you have no prior experience in. Our enterprise values are low so we typically in-source our commercial diligence. I've been able to get by with my own approach, but coming from industry-specific M&A I have found it difficult to put together a repeatable method across deals for the less financial / data parts of diligence.
Has anyone else experienced a similar aspect and have you put together frameworks or processes to start a competitive analysis? Obviously this is key to any investment so trying to see if there are ways I can improve my approach and make it more efficient.