Which advisory firms do the best job within the carve-out / divestiture space? Running PMO, negotiating TSA’s, evaluating cost structure, etc. Assume the Big Four is pretty solid - any specific firm that shines? Firms outside the Big Four?

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I’ve been around the big 4 and I can confidently say PwC is the leader in M&A advisory. The sheer talent and volume is unmatched in this space.

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Analysts don’t know jack about commercial diligence. Why? Because you haven’t been employed long enough to learn an industry or speak credibly to management. Any analysis you do is driven by the direction of your manager or client (which would make you more staff aug) because no one is going to listen to an analyst about their POV on any commercial diligence related decisions. On another note, you are not involved in any selling of work at your level and lack the awareness to know what other firms are capable of.

This is gen Z my friends.

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EY is the clear leader and has lead almost every major spin and divestment over the last three years.

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If you want it done right, let us know.

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Charge you tons.

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I think Deloitte and PwC. When I was at PwC, I remember we took work from McKinsey on multiple projects because they just did not do a good job and client preferred to have PwC continue the job ( SMO, negotiating and managing execution of TSA, planning TSA exits, stranded cost, etc.). I recall this for 4 projects and all were big divestitures.

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This is true. Strategy firms typically don’t play well in execution and B4 has the experience and also functional/domain expertise to GSD. Now if you need growth models and op models, call MBB

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Big4 is the mcdonald of consulting and advisory

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guys, it's fine, you don't need to convince yourself you're not in staff aug. you're free to believe what you wish

All of B4 is the same. It's Wendy's, McDonalds, Burger King and Jack in the Box

McDonalds might have better fries, Burger King has better sandwiches but they're more similar than different

Anyone who thinks one is differentiated to another are lying to themselves

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Agreed except KPMG is whichever burger is the worst of 4 with lower quality fries as well

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Biggest and best is Deloitte

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Look at your margins on those…

I am surprised that EYP was not mentioned here. EYP is the clear leader in the sell and separate space

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Yeah…. Especially project Everest

I do integration & separation in Europe (mainly carve out dd, post deal integration, integration pmo, tsa support etc. I feel like K is pretty solid in this stream but I guess depends on the country

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What are some of the “day to day” project activities? Is it a project management role within M&A or is it a bit more hands on and thought provoking in terms of strategic planning on how to integrate / separate the businesses and work on synergy work etc etc?

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In the U.K. at least, we like to think we’re market leading in this space. We’ve done tons of massive carve-outs with names everyone would recognise, and it’s really built-up knowledge within a firm about how to run these sorts of programmes properly that gives you the edge.

That being said I think we’re weaker outside of the U.K. - our overall deals team does the most deals worldwide but they tend to be more mid-market.

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Isn’t this A&M / AP’s bag

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We do a lot of this work lol

Between Deloitte and PwC in my view. Then EY then KPMG. Have worked at a couple of them

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All big 4s offer same commodity in different colours. They only differ slightly in client segments / specialties such as HR M&A

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