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Deal Notes®

Our Experience

An insightful commentary each Tuesday about lessons learned by our team of industry experts over the past 24+ years, selling middle market aerospace and defense companies.

Deal Notes - Registered Logo
January 20, 2026
DN203
How the 80/20 Rule Applies to the M&A Process
Focus on the 20%
January 13, 2026
DN202
Why the Best Offer Is Not Always the Highest Offer
The Quiet Value of Lower Bids
January 6, 2026
DN201
The CIM is a Disclosure Document
“The truth, the whole truth, and nothing but the truth”
July 2, 2024
DN126
Regulators Don’t Move Fast
Transferring Regulatory Approvals is Complicated
April 9, 2024
DN114
The IRS Always Shows Up
M&A Tax Strategies
October 24, 2023
DN090
Don't let TINA Disrupt your Exit
The Truth in Negotiations Act
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January 20, 2026
DN203
How the 80/20 Rule Applies to the M&A Process
Focus on the 20%
January 13, 2026
DN202
Why the Best Offer Is Not Always the Highest Offer
The Quiet Value of Lower Bids
January 6, 2026
DN201
The CIM is a Disclosure Document
“The truth, the whole truth, and nothing but the truth”
December 16, 2025
DN200
Our 200th Deal Note
Where Have We Been?
December 9, 2025
DN199
Change of control clause in your lease
Control Your Leases
December 2, 2025
DN198
Asking Questions is Critical to an Optimal Sale
Ask a lot of Questions
November 25, 2025
DN197
Non-Cash Consideration
Rolling Equity (the Dice)
November 18, 2025
DN196
Think Like a Buyer
Bird Food
November 11, 2025
DN195
Post-Transaction Transition Planning
What’s Next?
November 4, 2025
DN194
Gross Margin Visibility by Product or Service
Seeing the Margins
October 28, 2025
DN193
Predictable Recurring Revenue is Attractive
You Can Predict the Future
October 21, 2025
DN192
The Value of Company Culture
Culture Club
October 14, 2025
DN191
Cybersecurity
CMMC – Time’s Up!
October 7, 2025
DN190
How Buyers Value Companies
They Paid How Much!?
September 30, 2025
DN189
Complete deal team sign off before going to market
The Final Review
September 23, 2025
DN188
What Really Happens After LOI
Hold Your Horses
September 16, 2025
DN187
Who Owns the IP?
Yours or Ours?
September 9, 2025
DN186
Practices for Building Potential Buyer Lists
Art of the Targeted Outreach
September 2, 2025
DN185
Explaining the Closing/Proceeds Waterfall
From Purchase Price to your Wire Transfer
August 26, 2025
DN184
Growth in the Financial Projections
Hockey Sticks Off the Ice
August 19, 2025
DN183
Gross Margin Management
Profit Today, Premium Tomorrow
August 12, 2025
DN182
Advisory Boards Are Helpful
Practice Makes Perfect
August 5, 2025
DN181
What to Address Before Buyers Visit
Invest When it Counts
July 29, 2025
DN180
I Shouldn’t Have Done That
Common Mistakes Sellers Make
July 22, 2025
DN179
Family Succession Planning
Heir Not Apparent
July 15, 2025
DN178
Planning for Retirement
Summer Reading
July 8, 2025
DN177
A Seller’s Responsiveness to Due Diligence
Practice Makes Perfect
July 1, 2025
DN176
Building the Perfect Set of Projections
The Three Bears
June 24, 2025
DN175
Dependence on You Has Negative Implications
You Work Too Hard
June 17, 2025
DN174
Keeping up with A&D Current Events
How’s it Going?
June 10, 2025
DN173
Avoid Major Changes Right Before a Sale
Don’t Change Configuration During the Takeoff Roll
June 3, 2025
DN172
Multiples and Scale
Headlines Can be Misleading
May 27, 2025
DN171
Be Polite to Potential Buyers
Don’t Burn Bridges
May 20, 2025
DN170
Platform vs Bolt-on
Bolts Without Nuts
May 13, 2025
DN169
Different Types of Due Diligence
Buyer Due Diligence vs Preparation Due Diligence
May 6, 2025
DN168
Adjusted EBITDA
“My Dog Ate My Homework”
April 29, 2025
DN167
Seller Paper
Cellar Paper
April 22, 2025
DN166
Change of Control Provisions
Change is Good, Unless You Need Approval
April 15, 2025
DN165
Confidentiality
Loose Lips Sink Ships (and Deals)
April 8, 2025
DN164
Buyer Tactics
Know to Say No
April 1, 2025
DN163
Managing Your Professionals
They Work for You
March 25, 2025
DN162
Industry Specialists
Call the Doctor!
March 18, 2025
DN161
What to Say When Buyers Visit
Who is Visiting Today
March 11, 2025
DN160
It is Hard to Predict the Best Buyer
You Can’t Predict the Best Buyer
March 4, 2025
DN159
Tax Planning, Before selling, is critical
Taxes… as Certain as Death
February 25, 2025
DN158
Hire an attorney with M&A experience
Why an M&A Attorney?
February 18, 2025
DN157
First Impressions matter
More than just a Teaser
February 11, 2025
DN156
Decoding M&A Terminology: Part 2
It’s  all Jargon
February 4, 2025
DN155
Strategies for maximizing value, before selling
Buying Before Selling
January 28, 2025
DN154
When to Tell Your Employees You Are Selling
To Share or Not
January 21, 2025
DN153
Key Person Life Insurance
Who is Key to Your Business
January 14, 2025
DN152
History of Sell-Side QoE
Quality of Earnings
January 7, 2025
DN151
Defense Department Cybersecurity Guidelines
Cybersecurity 2025
December 17, 2024
DN150
Post-LOI Due Diligence Visits
Preparing for Visitors
December 10, 2024
DN149
Preparing for Buyer Due Diligence on Your Health Benefits
Are Benefits a Benefit
December 3, 2024
DN148
Post Closing Liabilities
Closed But Not Done
November 26, 2024
DN147
Choice of Law in Non-Disclosure Agreements
Venue Menu
November 19, 2024
DN146
Best Practices for Preparing for a Sale
Seller Preparation 2024
November 12, 2024
DN145
Negotiating Strategies
Signals Intelligence
November 5, 2024
DN144
Tax Planning, Before Selling, is Critical
Taxes… as Certain as Death
October 29, 2024
DN143
Hire an Attorney with M&A Experience
Why an M&A Attorney?
October 22, 2024
DN142
Common Issues that Can Derail Deals
When to Worry
October 15, 2024
DN141
Utilizing a Sell-Side Quality of Earnings
Value in a Quality of Earnings
October 8, 2024
DN140
Timing the Market
The Best Time to Sell
October 1, 2024
DN139
Why the Size of a Business Impacts its Value
Size Matters
September 24, 2024
DN138
What Kind of Buyer Are You Looking For?
Who Are The Best Buyers
September 17, 2024
DN137
Passing Your Business to Your Children
Keeping it in The Family
September 10, 2024
DN136
How Does Debt Impact Value
Debt and Value
September 3, 2024
DN135
Credibility of Your Financial Projections
Assumptions of Fact Sets
August 27, 2024
DN134
Building Your Internal M&A Deal Team
Who and Where
August 20, 2024
DN133
First Impressions Count
The Teaser
August 13, 2024
DN132
Talking Is Selling
Management Presentations, Part 2
August 6, 2024
DN131
Accuracy of Information gives a Buyer Confidence
Confidence is King
July 30, 2024
DN130
Signals Matter
Indications Of Interest Matter
July 23, 2024
DN129
Upside in Projections
What About the Upside?
July 16, 2024
DN128
The Benefits of M&A Professionals
Maximizing Your Company’s Price (Again)
July 9, 2024
DN127
Cratered by Contingencies
Financing Contingencies
July 2, 2024
DN126
Regulators Don’t Move Fast
Transferring Regulatory Approvals is Complicated
June 25, 2024
DN125
Disclosure in the Data Room
Making the VDR a Seller’s Strength
June 18, 2024
DN124
Walk the Floor
Site Visits, Part 1
June 11, 2024
DN123
Mind the Gap
Bridging the Valuation Gap
June 4, 2024
DN122
Minority Equity Holders
Minor can be Major in a Sale Process
May 28, 2024
DN121
Complete Disclosure Throughout the Process
Transparency
May 21, 2024
DN120
Public to Private Comps
Discounts to Public Comparables
May 14, 2024
DN119
Length of a Sale Process
How Long Does it Take?
May 7, 2024
DN118
Control the Chaos
Managing Buyer Due Diligence
April 30, 2024
DN117
Think Beyond the Deal
Estate Planning
April 23, 2024
DN116
Audit Always?
Alternatives to Audited Statements
April 16, 2024
DN115
Where the Law Lives
NDA Choice of Law
April 9, 2024
DN114
The IRS Always Shows Up
M&A Tax Strategies
April 2, 2024
DN113
Cost Accounting Costs
Beware of Manufacturing Cost Accounting
March 26, 2024
DN112
Under the Hood
Navigating Due Diligence
March 19, 2024
DN111
Under CFIUS Scrutiny
CFIUS
March 12, 2024
DN110
Tail End of the Transaction
D&O Tail
March 5, 2024
DN109
Countdown to the Exit
Exit Planning
February 27, 2024
DN108
Compliance or Consequences
Cybersecurity (Continued)
February 20, 2024
DN107
Tell it Right or Pay Later
CIMs: Safeguarding Value in M&A Transactions
February 13, 2024
DN106
The Number of Potential Buyers
How Wide a Net?
February 6, 2024
DN105
Money in the Middle
Indemnity Escrows
January 30, 2024
DN104
Stop - HSR Time
Hart Scott Rodino Guidelines
January 23, 2024
DN103
Navigating Market Turbulence
Responding to the Market
January 16, 2024
DN102
What You’re Paying For
Investment Banking Fees
January 9, 2024
DN101
Get your Schedules Straight
Purchase Agreement Schedules
January 2, 2024
DN100
Prove It
Projections Must Be Convincing
December 26, 2023
DN099
Potential Buyer Selection
Just Right
December 19, 2023
DN098
Strike First
Preemptive Sale
December 12, 2023
DN097
The Importance of a QofE
Quality Matters: Get a QofE
December 5, 2023
DN096
Environmental Concerns
Don’t Mess Up!
November 28, 2023
DN095
TSA
TSA
Keep your shoes on
November 21, 2023
DN094
Incentives Matter
Retention Bonuses
November 14, 2023
DN093
IP Is More Than Paper
IP Does Not Only Mean Patents
November 7, 2023
DN092
Be Suspect of Multiples
EBITDA Multiples
October 31, 2023
DN091
Tailoring Solicitation to the Buyers
What A&D Buyers Want
October 24, 2023
DN090
Don't let TINA Disrupt your Exit
The Truth in Negotiations Act
October 17, 2023
DN089
Post-LOI Exclusivity Lengths
Q3 M&A Survey Results
October 10, 2023
DN088
Segments Tell Truths
L.O.B. Financials
October 3, 2023
DN087
Collecting Consents to Close
Third-Party Consents
September 26, 2023
DN086
Closing in the Exclusivity Period
Expiry of Exclusivity Period
September 19, 2023
DN085
Breaking Down the Fees
Transaction Costs
September 12, 2023
DN084
Buyer Due Diligence Explained Further
The Truth About Due Diligence
September 5, 2023
DN083
Protect the Working Capital
Working Capital Reserves
August 29, 2023
DN082
The Fed's Finger on Value
Interest Rate Impact on A&D Valuations
August 22, 2023
DN081
SBIR Sale Impact
SBIR Funding
August 15, 2023
DN080
Why Buyers Should Care
Strategic Competitive Advantage
August 8, 2023
DN079
People Are the Product
Leadership Team
August 1, 2023
DN078
More Administration on Exporting
EAR Regulations
July 25, 2023
DN077
Not Done Yet
Deferred Closing
July 18, 2023
DN076
Independently Complicated
Independent Sales Representatives
July 11, 2023
DN075
You Don’t Do This Alone
Deal Team Professionals
July 4, 2023
DN074
Set Aside this Deal Note for the Future
Small Business Set Asides
June 27, 2023
DN073
An Audit… but not your Financials
Environmental Audit
June 20, 2023
DN072
Bricks Matter
Owned Real Estate
June 13, 2023
DN071
Don't Burn Cash
Closing Day Proceeds
June 6, 2023
DN070
Quality of Financials: History and Projection
Maximizing Bid Prices
May 30, 2023
DN069
Getting M&A NDAs Right
NDAs
May 23, 2023
DN068
What is Material?
Material Contracts
May 16, 2023
DN067
Count It Right
Inventory Accounting
May 9, 2023
DN066
Material Impact
MAC Clause
May 2, 2023
DN065
The Impact of No Sale Preparation
Sale Preparation
April 25, 2023
DN064
Disclosing Actual or Threatened Litigation
Litigation
April 18, 2023
DN063
It's Tax Day
Tax Minimization Strategies
April 11, 2023
DN062
Patience Can be Expensive
How Long Does a Sale Take?
April 4, 2023
DN061
Who Cleans it Up?
EPA New AAI Rule
March 28, 2023
DN060
ITAR and EAR
Dual Use Compliance
March 21, 2023
DN059
The Multiple Mirage
EBITDA Multiples
March 14, 2023
DN058
Turn Faster
Working Capital Efficiency
March 7, 2023
DN057
Software Isn’t Always Yours
Disputed Software Licenses
February 28, 2023
DN056
Regulation Ready
ITAR Violations
February 21, 2023
DN055
It's Not Over Yet
Post-Closing Legal Liability
February 14, 2023
DN054
Check the Boxes
Conditions Precedent
February 7, 2023
DN053
Representations and Warranties Insurance (RWI)
The Rise of RWI
January 31, 2023
DN052
Leveraging your Lawyer
Avoiding Common Legal Problems
January 24, 2023
DN051
Affiliates Awareness
Affiliates
January 17, 2023
DN050
Add It Back Accurately
Addbacks
January 10, 2023
DN049
What’s Yours Is Yours
Debt Free Cash Free
January 3, 2023
DN048
Employee Nexus
Due Diligence Fails Employee Nexus
December 20, 2022
DN047
Cash Is King
Increasing free cash flow in the year ahead
December 13, 2022
DN046
Moats Matter
Strategic Competitive Advantage
December 6, 2022
DN045
The Clock Is Ticking
Exclusivity Periods
November 29, 2022
DN044
Value Is a Strategy
Sell for a Higher Price
November 22, 2022
DN043
What Would It Cost to Rebuild?
Replacement Cost
November 15, 2022
DN042
Re-Investing in your Business
Capital Expenditures
November 8, 2022
DN041
A More Accurate Way to Value?
Discounted Cash Flow Valuation
November 1, 2022
DN040
Lock It Down
Protection of Intellectual Property
October 25, 2022
DN039
Getting Paid Later… Potentially
Earnouts
October 18, 2022
DN038
Alphabet Soup
IOI, CIM, VDR, LOI, PA
October 11, 2022
DN037
Comparable… or Not?
“Comps”
October 4, 2022
DN036
Importance of your CFO
Role of the CFO in M&A Transactions
September 27, 2022
DN035
Some Thoughts on Structure
Asset vs. Stock Sale
September 20, 2022
DN034
Who's Next Up?
Management Succession
September 13, 2022
DN033
Government Information
Controlled Unclassified Information (CUI)
September 6, 2022
DN032
Plan Early, Keep More
After Tax Proceeds
August 30, 2022
DN031
Dealing with Due Diligence
Buyer Due Diligence
August 23, 2022
DN030
Protecting Post-Close
Representations and Schedules
August 16, 2022
DN029
Rules you Can't Afford to Ignore
DFARS
August 9, 2022
DN028
LRSP
Long Range Sale Planning
August 2, 2022
DN027
An Overview: Planning for a Sale
Planning for a Sale
July 26, 2022
DN026
Money on the Shelf
Days Inventory
July 19, 2022
DN025
Honesty is the Best Policy
Complete Disclosure
July 12, 2022
DN024
Split the Difference
Working Capital Target
July 5, 2022
DN023
Meeting the Other Side
Management Presentations
June 28, 2022
DN022
Working Capital After Closing
Working Capital True-ups
June 21, 2022
DN021
Selling During Higher Inflationary Environments
Inflation Mitigation
June 14, 2022
DN020
Forecasts Under Fire
Financial Projections
June 7, 2022
DN019
Know What You Own
Assessing Intellectual Property
May 31, 2022
DN018
NDA, IOIs, LOIs, PA
M&A Acronyms
May 24, 2022
DN017
Permission Slips Required
Customer Consents
May 17, 2022
DN016
Numbers Tell Stories
Revenue Analytics
May 10, 2022
DN015
Trying to Time the Market and Investing Where it Counts
The 3 Biggest Mistakes Sellers Make
May 3, 2022
DN014
Building your Advisory
Advisory Boards
April 26, 2022
DN013
Earnings You Can Believe In
Quality of Earnings
April 19, 2022
DN012
Concentrated Revenue, Diluted Value
Customer Concentration
April 12, 2022
DN011
Chain Reaction
Supply Chain Risk
April 5, 2022
DN010
Charge What You're Worth
Premium Pricing
March 29, 2022
DN009
Assemble the A Team
Seller’s Deal Team
March 22, 2022
DN008
It Depends Who's Buying
Two Types of Buyers: Financial & Strategic
March 15, 2022
DN007
Measure Twice
Confirmatory Due Diligence
March 8, 2022
DN006
Transferring Price or Risk?
Transfer Pricing Risk
March 1, 2022
DN005
Paying for Performance
Rewarding Senior Management
February 22, 2022
DN004
Lawyers That Speak Deal
M&A Attorney
February 15, 2022
DN003
Firewalls Not Fire Drills
Cybersecurity
February 8, 2022
DN002
Trust but Verify
Audited Financials
February 1, 2022
DN001
Financial Alignment
Agency Risk
Existing Subscriber
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January 20, 2026
DN203
How the 80/20 Rule Applies to the M&A Process
Focus on the 20%
January 13, 2026
DN202
Why the Best Offer Is Not Always the Highest Offer
The Quiet Value of Lower Bids
January 6, 2026
DN201
The CIM is a Disclosure Document
“The truth, the whole truth, and nothing but the truth”
December 16, 2025
DN200
Our 200th Deal Note
Where Have We Been?
December 9, 2025
DN199
Change of control clause in your lease
Control Your Leases
December 2, 2025
DN198
Asking Questions is Critical to an Optimal Sale
Ask a lot of Questions
November 25, 2025
DN197
Non-Cash Consideration
Rolling Equity (the Dice)
November 18, 2025
DN196
Think Like a Buyer
Bird Food
November 11, 2025
DN195
Post-Transaction Transition Planning
What’s Next?
November 4, 2025
DN194
Gross Margin Visibility by Product or Service
Seeing the Margins
October 28, 2025
DN193
Predictable Recurring Revenue is Attractive
You Can Predict the Future
October 21, 2025
DN192
The Value of Company Culture
Culture Club
October 14, 2025
DN191
Cybersecurity
CMMC – Time’s Up!
October 7, 2025
DN190
How Buyers Value Companies
They Paid How Much!?
September 30, 2025
DN189
Complete deal team sign off before going to market
The Final Review
September 23, 2025
DN188
What Really Happens After LOI
Hold Your Horses
September 16, 2025
DN187
Who Owns the IP?
Yours or Ours?
September 9, 2025
DN186
Practices for Building Potential Buyer Lists
Art of the Targeted Outreach
September 2, 2025
DN185
Explaining the Closing/Proceeds Waterfall
From Purchase Price to your Wire Transfer
August 26, 2025
DN184
Growth in the Financial Projections
Hockey Sticks Off the Ice
August 19, 2025
DN183
Gross Margin Management
Profit Today, Premium Tomorrow
August 12, 2025
DN182
Advisory Boards Are Helpful
Practice Makes Perfect
August 5, 2025
DN181
What to Address Before Buyers Visit
Invest When it Counts
July 29, 2025
DN180
I Shouldn’t Have Done That
Common Mistakes Sellers Make
July 22, 2025
DN179
Family Succession Planning
Heir Not Apparent
July 15, 2025
DN178
Planning for Retirement
Summer Reading
July 8, 2025
DN177
A Seller’s Responsiveness to Due Diligence
Practice Makes Perfect
July 1, 2025
DN176
Building the Perfect Set of Projections
The Three Bears
June 24, 2025
DN175
Dependence on You Has Negative Implications
You Work Too Hard
June 17, 2025
DN174
Keeping up with A&D Current Events
How’s it Going?
June 10, 2025
DN173
Avoid Major Changes Right Before a Sale
Don’t Change Configuration During the Takeoff Roll
June 3, 2025
DN172
Multiples and Scale
Headlines Can be Misleading
May 27, 2025
DN171
Be Polite to Potential Buyers
Don’t Burn Bridges
May 20, 2025
DN170
Platform vs Bolt-on
Bolts Without Nuts
May 13, 2025
DN169
Different Types of Due Diligence
Buyer Due Diligence vs Preparation Due Diligence
May 6, 2025
DN168
Adjusted EBITDA
“My Dog Ate My Homework”
April 29, 2025
DN167
Seller Paper
Cellar Paper
April 22, 2025
DN166
Change of Control Provisions
Change is Good, Unless You Need Approval
April 15, 2025
DN165
Confidentiality
Loose Lips Sink Ships (and Deals)
April 8, 2025
DN164
Buyer Tactics
Know to Say No
April 1, 2025
DN163
Managing Your Professionals
They Work for You
March 25, 2025
DN162
Industry Specialists
Call the Doctor!
March 18, 2025
DN161
What to Say When Buyers Visit
Who is Visiting Today
March 11, 2025
DN160
It is Hard to Predict the Best Buyer
You Can’t Predict the Best Buyer
March 4, 2025
DN159
Tax Planning, Before selling, is critical
Taxes… as Certain as Death
February 25, 2025
DN158
Hire an attorney with M&A experience
Why an M&A Attorney?
February 18, 2025
DN157
First Impressions matter
More than just a Teaser
February 11, 2025
DN156
Decoding M&A Terminology: Part 2
It’s  all Jargon
February 4, 2025
DN155
Strategies for maximizing value, before selling
Buying Before Selling
January 28, 2025
DN154
When to Tell Your Employees You Are Selling
To Share or Not
January 21, 2025
DN153
Key Person Life Insurance
Who is Key to Your Business
January 14, 2025
DN152
History of Sell-Side QoE
Quality of Earnings
January 7, 2025
DN151
Defense Department Cybersecurity Guidelines
Cybersecurity 2025
December 17, 2024
DN150
Post-LOI Due Diligence Visits
Preparing for Visitors
December 10, 2024
DN149
Preparing for Buyer Due Diligence on Your Health Benefits
Are Benefits a Benefit
December 3, 2024
DN148
Post Closing Liabilities
Closed But Not Done
November 26, 2024
DN147
Choice of Law in Non-Disclosure Agreements
Venue Menu
November 19, 2024
DN146
Best Practices for Preparing for a Sale
Seller Preparation 2024
November 12, 2024
DN145
Negotiating Strategies
Signals Intelligence
November 5, 2024
DN144
Tax Planning, Before Selling, is Critical
Taxes… as Certain as Death
October 29, 2024
DN143
Hire an Attorney with M&A Experience
Why an M&A Attorney?
October 22, 2024
DN142
Common Issues that Can Derail Deals
When to Worry
October 15, 2024
DN141
Utilizing a Sell-Side Quality of Earnings
Value in a Quality of Earnings
October 8, 2024
DN140
Timing the Market
The Best Time to Sell
October 1, 2024
DN139
Why the Size of a Business Impacts its Value
Size Matters
September 24, 2024
DN138
What Kind of Buyer Are You Looking For?
Who Are The Best Buyers
September 17, 2024
DN137
Passing Your Business to Your Children
Keeping it in The Family
September 10, 2024
DN136
How Does Debt Impact Value
Debt and Value
September 3, 2024
DN135
Credibility of Your Financial Projections
Assumptions of Fact Sets
August 27, 2024
DN134
Building Your Internal M&A Deal Team
Who and Where
August 20, 2024
DN133
First Impressions Count
The Teaser
August 13, 2024
DN132
Talking Is Selling
Management Presentations, Part 2
August 6, 2024
DN131
Accuracy of Information gives a Buyer Confidence
Confidence is King
July 30, 2024
DN130
Signals Matter
Indications Of Interest Matter
July 23, 2024
DN129
Upside in Projections
What About the Upside?
July 16, 2024
DN128
The Benefits of M&A Professionals
Maximizing Your Company’s Price (Again)
July 9, 2024
DN127
Cratered by Contingencies
Financing Contingencies
July 2, 2024
DN126
Regulators Don’t Move Fast
Transferring Regulatory Approvals is Complicated
June 25, 2024
DN125
Disclosure in the Data Room
Making the VDR a Seller’s Strength
June 18, 2024
DN124
Walk the Floor
Site Visits, Part 1
June 11, 2024
DN123
Mind the Gap
Bridging the Valuation Gap
June 4, 2024
DN122
Minority Equity Holders
Minor can be Major in a Sale Process
May 28, 2024
DN121
Complete Disclosure Throughout the Process
Transparency
May 21, 2024
DN120
Public to Private Comps
Discounts to Public Comparables
May 14, 2024
DN119
Length of a Sale Process
How Long Does it Take?
May 7, 2024
DN118
Control the Chaos
Managing Buyer Due Diligence
April 30, 2024
DN117
Think Beyond the Deal
Estate Planning
April 23, 2024
DN116
Audit Always?
Alternatives to Audited Statements
April 16, 2024
DN115
Where the Law Lives
NDA Choice of Law
April 9, 2024
DN114
The IRS Always Shows Up
M&A Tax Strategies
April 2, 2024
DN113
Cost Accounting Costs
Beware of Manufacturing Cost Accounting
March 26, 2024
DN112
Under the Hood
Navigating Due Diligence
March 19, 2024
DN111
Under CFIUS Scrutiny
CFIUS
March 12, 2024
DN110
Tail End of the Transaction
D&O Tail
March 5, 2024
DN109
Countdown to the Exit
Exit Planning
February 27, 2024
DN108
Compliance or Consequences
Cybersecurity (Continued)
February 20, 2024
DN107
Tell it Right or Pay Later
CIMs: Safeguarding Value in M&A Transactions
February 13, 2024
DN106
The Number of Potential Buyers
How Wide a Net?
February 6, 2024
DN105
Money in the Middle
Indemnity Escrows
January 30, 2024
DN104
Stop - HSR Time
Hart Scott Rodino Guidelines
January 23, 2024
DN103
Navigating Market Turbulence
Responding to the Market
January 16, 2024
DN102
What You’re Paying For
Investment Banking Fees
January 9, 2024
DN101
Get your Schedules Straight
Purchase Agreement Schedules
January 2, 2024
DN100
Prove It
Projections Must Be Convincing
December 26, 2023
DN099
Potential Buyer Selection
Just Right
December 19, 2023
DN098
Strike First
Preemptive Sale
December 12, 2023
DN097
The Importance of a QofE
Quality Matters: Get a QofE
December 5, 2023
DN096
Environmental Concerns
Don’t Mess Up!
November 28, 2023
DN095
TSA
TSA
Keep your shoes on
November 21, 2023
DN094
Incentives Matter
Retention Bonuses
November 14, 2023
DN093
IP Is More Than Paper
IP Does Not Only Mean Patents
November 7, 2023
DN092
Be Suspect of Multiples
EBITDA Multiples
October 31, 2023
DN091
Tailoring Solicitation to the Buyers
What A&D Buyers Want
October 24, 2023
DN090
Don't let TINA Disrupt your Exit
The Truth in Negotiations Act
October 17, 2023
DN089
Post-LOI Exclusivity Lengths
Q3 M&A Survey Results
October 10, 2023
DN088
Segments Tell Truths
L.O.B. Financials
October 3, 2023
DN087
Collecting Consents to Close
Third-Party Consents
September 26, 2023
DN086
Closing in the Exclusivity Period
Expiry of Exclusivity Period
September 19, 2023
DN085
Breaking Down the Fees
Transaction Costs
September 12, 2023
DN084
Buyer Due Diligence Explained Further
The Truth About Due Diligence
September 5, 2023
DN083
Protect the Working Capital
Working Capital Reserves
August 29, 2023
DN082
The Fed's Finger on Value
Interest Rate Impact on A&D Valuations
August 22, 2023
DN081
SBIR Sale Impact
SBIR Funding
August 15, 2023
DN080
Why Buyers Should Care
Strategic Competitive Advantage
August 8, 2023
DN079
People Are the Product
Leadership Team
August 1, 2023
DN078
More Administration on Exporting
EAR Regulations
July 25, 2023
DN077
Not Done Yet
Deferred Closing
July 18, 2023
DN076
Independently Complicated
Independent Sales Representatives
July 11, 2023
DN075
You Don’t Do This Alone
Deal Team Professionals
July 4, 2023
DN074
Set Aside this Deal Note for the Future
Small Business Set Asides
June 27, 2023
DN073
An Audit… but not your Financials
Environmental Audit
June 20, 2023
DN072
Bricks Matter
Owned Real Estate
June 13, 2023
DN071
Don't Burn Cash
Closing Day Proceeds
June 6, 2023
DN070
Quality of Financials: History and Projection
Maximizing Bid Prices
May 30, 2023
DN069
Getting M&A NDAs Right
NDAs
May 23, 2023
DN068
What is Material?
Material Contracts
May 16, 2023
DN067
Count It Right
Inventory Accounting
May 9, 2023
DN066
Material Impact
MAC Clause
May 2, 2023
DN065
The Impact of No Sale Preparation
Sale Preparation
April 25, 2023
DN064
Disclosing Actual or Threatened Litigation
Litigation
April 18, 2023
DN063
It's Tax Day
Tax Minimization Strategies
April 11, 2023
DN062
Patience Can be Expensive
How Long Does a Sale Take?
April 4, 2023
DN061
Who Cleans it Up?
EPA New AAI Rule
March 28, 2023
DN060
ITAR and EAR
Dual Use Compliance
March 21, 2023
DN059
The Multiple Mirage
EBITDA Multiples
March 14, 2023
DN058
Turn Faster
Working Capital Efficiency
March 7, 2023
DN057
Software Isn’t Always Yours
Disputed Software Licenses
February 28, 2023
DN056
Regulation Ready
ITAR Violations
February 21, 2023
DN055
It's Not Over Yet
Post-Closing Legal Liability
February 14, 2023
DN054
Check the Boxes
Conditions Precedent
February 7, 2023
DN053
Representations and Warranties Insurance (RWI)
The Rise of RWI
January 31, 2023
DN052
Leveraging your Lawyer
Avoiding Common Legal Problems
January 24, 2023
DN051
Affiliates Awareness
Affiliates
January 17, 2023
DN050
Add It Back Accurately
Addbacks
January 10, 2023
DN049
What’s Yours Is Yours
Debt Free Cash Free
January 3, 2023
DN048
Employee Nexus
Due Diligence Fails Employee Nexus
December 20, 2022
DN047
Cash Is King
Increasing free cash flow in the year ahead
December 13, 2022
DN046
Moats Matter
Strategic Competitive Advantage
December 6, 2022
DN045
The Clock Is Ticking
Exclusivity Periods
November 29, 2022
DN044
Value Is a Strategy
Sell for a Higher Price
November 22, 2022
DN043
What Would It Cost to Rebuild?
Replacement Cost
November 15, 2022
DN042
Re-Investing in your Business
Capital Expenditures
November 8, 2022
DN041
A More Accurate Way to Value?
Discounted Cash Flow Valuation
November 1, 2022
DN040
Lock It Down
Protection of Intellectual Property
October 25, 2022
DN039
Getting Paid Later… Potentially
Earnouts
October 18, 2022
DN038
Alphabet Soup
IOI, CIM, VDR, LOI, PA
October 11, 2022
DN037
Comparable… or Not?
“Comps”
October 4, 2022
DN036
Importance of your CFO
Role of the CFO in M&A Transactions
September 27, 2022
DN035
Some Thoughts on Structure
Asset vs. Stock Sale
September 20, 2022
DN034
Who's Next Up?
Management Succession
September 13, 2022
DN033
Government Information
Controlled Unclassified Information (CUI)
September 6, 2022
DN032
Plan Early, Keep More
After Tax Proceeds
August 30, 2022
DN031
Dealing with Due Diligence
Buyer Due Diligence
August 23, 2022
DN030
Protecting Post-Close
Representations and Schedules
August 16, 2022
DN029
Rules you Can't Afford to Ignore
DFARS
August 9, 2022
DN028
LRSP
Long Range Sale Planning
August 2, 2022
DN027
An Overview: Planning for a Sale
Planning for a Sale
July 26, 2022
DN026
Money on the Shelf
Days Inventory
July 19, 2022
DN025
Honesty is the Best Policy
Complete Disclosure
July 12, 2022
DN024
Split the Difference
Working Capital Target
July 5, 2022
DN023
Meeting the Other Side
Management Presentations
June 28, 2022
DN022
Working Capital After Closing
Working Capital True-ups
June 21, 2022
DN021
Selling During Higher Inflationary Environments
Inflation Mitigation
June 14, 2022
DN020
Forecasts Under Fire
Financial Projections
June 7, 2022
DN019
Know What You Own
Assessing Intellectual Property
May 31, 2022
DN018
NDA, IOIs, LOIs, PA
M&A Acronyms
May 24, 2022
DN017
Permission Slips Required
Customer Consents
May 17, 2022
DN016
Numbers Tell Stories
Revenue Analytics
May 10, 2022
DN015
Trying to Time the Market and Investing Where it Counts
The 3 Biggest Mistakes Sellers Make
May 3, 2022
DN014
Building your Advisory
Advisory Boards
April 26, 2022
DN013
Earnings You Can Believe In
Quality of Earnings
April 19, 2022
DN012
Concentrated Revenue, Diluted Value
Customer Concentration
April 12, 2022
DN011
Chain Reaction
Supply Chain Risk
April 5, 2022
DN010
Charge What You're Worth
Premium Pricing
March 29, 2022
DN009
Assemble the A Team
Seller’s Deal Team
March 22, 2022
DN008
It Depends Who's Buying
Two Types of Buyers: Financial & Strategic
March 15, 2022
DN007
Measure Twice
Confirmatory Due Diligence
March 8, 2022
DN006
Transferring Price or Risk?
Transfer Pricing Risk
March 1, 2022
DN005
Paying for Performance
Rewarding Senior Management
February 22, 2022
DN004
Lawyers That Speak Deal
M&A Attorney
February 15, 2022
DN003
Firewalls Not Fire Drills
Cybersecurity
February 8, 2022
DN002
Trust but Verify
Audited Financials
February 1, 2022
DN001
Financial Alignment
Agency Risk
Alderman & Company
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170 East Granada Blvd,
Ormond Beach, Florida 32176 USA
bh@aldermanco.com
+1-203-947-6047
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