Interview masteryframework
M&A process and deal execution
Understand the sequence, documents, and judgment behind a live transaction.
12 min read · 3 question check
What you will be able to do
- Know what each deal document accomplishes.
- Price and certainty must be evaluated together.
- A good process creates leverage without losing control of information.
Sell-side
Preparation, buyer outreach, bids, management meetings, diligence, negotiation, and closing create competitive tension.
Buy-side
Strategy, target screening, valuation, approach, diligence, and financing support a client's acquisition decision.
Documents
The teaser, NDA, CIM, IOI, LOI, purchase agreement, and closing materials each move commitment forward.
Worked example
A seller receives four IOIs, invites two parties to management meetings, then grants exclusivity after a stronger LOI that also offers financing certainty.
Interview framework
- 1Prepare: establish objectives, valuation, materials, and the buyer universe.
- 2Market: contact buyers, control information, and compare bids on price and certainty.
- 3Diligence and close: manage confirmatory work, negotiate protections, and track conditions to closing.
Check yourself
What normally follows execution of an NDA?
An LOI is generally:
Why does a seller run an auction?
Key takeaways
- Know what each deal document accomplishes.
- Price and certainty must be evaluated together.
- A good process creates leverage without losing control of information.