This is probably a dumb question but I’m interested in exploring M&A strategy at my firm and was just wondering: What role do consultants v. investment bankers v. corporate M&A attorneys play in an M&A deal?

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Easiest way to think about it

Consultants - strategy - why should we do the deal how does It make sense from a commercial standpoint (this is just one simple example)

Bankers - run the entire m&a process - find buyers, create investor materials, forecast financials and advise throughout entire process

Lawyers - structure Share Purchase agreement and protect shareholders against inherent risks in the deal and advise in legal capacity

There is alot more to all of these but I think this is a simple example of each of these three advisors in a deal

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Hi ED1,

Shouldn’t it be done by both ?
Post-deal aspects are critical to mergers.
Culture is one of the many aspects you are implying.

BR

A generalized analogy would be buying a house:

CorpStrategy, CorpDev, PE, etc. -- Looking for a home

Investment Bankers -- real estate agents (that can also finance the home purchase)

Consultants -- home inspectors

Lawyers -- write and review all the paperwork

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A lot of different roles in consulting on how to assist the deal. You can focus on pre close, sign to close, or how to execute the transaction.

I love the last one, have done the other areas as well, and have been doing pure M&A for about 10 years and involved in some massive deals. It can be very interesting work but one deal I was working 70-80 hours a week for a year. Great for the partner, not so much for the rest of us.

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Hi,

I performed a few buy-side IT due diligence outside of carve-in and carve-outs which are specific to M&A operations.
It’s another kind of due diligence, and definitely a good experience to prepare to M&A IT due diligences in the frame of a carve-in or carve-out.

BR

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And why would someone choose one of those career paths over another?

My point was that ib will almost always make more then consultants AND they will work more hours.

Obviously the more hours you work isn’t always indicative of how much you make. But agreed base salaries may be similar but ib bonuses put them way over

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Check out a book called The Private Equity Playbook. It’s a quick read and gives a lot of insight into who all the different players are in M&A transactions and what their roles are

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