CEO/Deal sponsor, Corporate Development, Diligence Team, Banker, Consultants
Team collaboration, Honesty, Patience, Visual Aids
As long as it takes
When your organization is about to do a deal, or there is a particular target that the business leaders are starting to get interested in, identify the key individuals that would be involved in the potential deal.
This usually involves:
After identifying the key people in the potential deal, arrange a meeting with all of them where everyone will be available. Also, pick a venue that is accessible to everyone.
Preferably an empty room with no distraction, and a door with a lock. Also, prepare visual aids if you need to. Sometimes, business leaders will remember better if they can attach a visual aide to the topic.
Now that you have all the key people inside a room. Take away their laptops and cellphones to ensure focus. Start asking the hard questions. The goal is to get everyone on the same page as to what the M&A strategy of the organization is. What are the plans for the upcoming deal, how to integrate, who’s going to be the diligence team, who will be the integration leader etc.
Prepare a simple exam to ensure everyone is on the same page. It could be Q&A, or a written exam.
The work done at this session must not be allowed to be forgotten/dropped. Quickly document the findings and views and set out clear actionable next steps (market research, developing a financial model, building a target pipeline, further socialization in the organization, etc). Send that back out to participants and get their active agreement and support. And identify WHO (outside the CD team) needs to be engaged in the next steps and get their leaders to assign/commit them.