Sell-side M&A Process
Apologies if these questions are rudimentary, but I'm an IB hopeful trying to get some visibility on the M&A process.
Say your MD pitches to a software company and your group wins the mandate as a sell-side advisor. At this point, I'm assuming there is a due diligence stage where management coordinates with the advisor and marketing materials/offering memorandums are written in preparation for contacting buyers.
However, how exactly do you come up with the buyers list and write the CIM? What about creating the management presentation and updating the buyer log? Is the buyer log updated by the analyst only as the MD starts making buyer calls? How much coordination is there between the management team and the analyst/junior person preparing the materials? How involved is the analyst in the due diligence process?
Do sell-side engagements often fall through and never price/never reach the LOI stage? What obstacles prevent the deal from closing? How long does the deal take to close?