Hi all - pivoting from FDD into an IB M&A team. I have 3 months until I join and I want to prepare as much as possible and would love everyone's advice on what to do. I have done modelling prep, so it's more the other elements of the deal process (e.g. buyers lists, outreach, CIM, deal structuring etc).

Are there any courses / resources that cover the end-to-end process? Everything I find focuses 90% on modelling.

Thanks!

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Honest advice? Take a vacation, you’re going to need it

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Thanks and appreciate the advice. To be honest, coming from a DD background and having a 6 month probation at the new job, I just want to make sure I can hit the ground running and not be a liability (that will give me a better headspace than a holiday would)!

Just google M&A process to understand but my kids are watching bluey so… phases with your roles

BD: market research
Pitch: you’ll be doing tombstones, market research, buyer research, comps/precedents, positioning why your bank is the right advisor
Preparation:
Model: self-explanatory. Depending on what part of IB, you may have VDD/QoE for historical or may need to do it yourself
IM: likely where you’ll spend most of your time…
Buyers list: research, market outreach and strategic rationale for each buyer

Marketing: actual marketing calls will fall to more senior but you’ll support primarily with answering diligence keeping track of buyer correspondence, make notes on key focus areas for management presentations. Also will likely assist with reviewing NDAs and coordinating/liaising with counsel if there are excessively marked up NDAs

IOI/EOI (assuming multiphase): initial offers (typically range of value) based on review of IM, initial diligence, calls with banker, and sometimes fireside chats. Your role is to review offers and compare against others.
Take select parties through to next round for diligence

Diligence: should be familiar here since you lived it but also encapsulates operational, legal, HR, etc. Includes access to VDR, if you have competitive tension in your deal you can usually push parties to hire advisors at this stage, like FDD, legal. Phase also includes management presentations and tours (if applicable).

Term sheet/LOIs: Instead of a range it’s now select value that’s been diligenced. Select one party for exclusivity and 60-90 days to close. Your job will be to summarize bids and identify risks in the bids to go exclusive. Focus are: deal risk, price, strategic fit.

Exclusivity and closing: your role is to support through diligence, review definitive agreements and provide comments, assist with disclosure schedules, doing everything in your power to get the deal done.

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Thank you!

Become efficient in PPT. Assuming you're transitioning as an analyst you'd spend most your time turning comments. Know the PPT shortcuts and work on having attention to detail (check alignment, slide consistency, etc). Everything else you'll just learn on the job.

Just typed a pretty long response so check there.

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