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
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?
July 2, 2024
DN126
Transferring Regulatory Approvals is Complicated
April 9, 2024
DN114
M&A Tax Strategies
October 24, 2023
DN090
The Truth in Negotiations Act
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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
The Teaser
August 13, 2024
DN132
Management Presentations, Part 2
August 6, 2024
DN131
Confidence is King
July 30, 2024
DN130
Indications Of Interest Matter
July 23, 2024
DN129
What About the Upside?
July 16, 2024
DN128
Maximizing Your Company’s Price (Again)
July 9, 2024
DN127
Financing Contingencies
July 2, 2024
DN126
Transferring Regulatory Approvals is Complicated
June 25, 2024
DN125
Making the VDR a Seller’s Strength
June 18, 2024
DN124
Site Visits, Part 1
June 11, 2024
DN123
Bridging the Valuation Gap
June 4, 2024
DN122
Minor can be Major in a Sale Process
May 28, 2024
DN121
Transparency
May 21, 2024
DN120
Discounts to Public Comparables
May 14, 2024
DN119
How Long Does it Take?
May 7, 2024
DN118
Managing Buyer Due Diligence
April 30, 2024
DN117
Estate Planning
April 23, 2024
DN116
Alternatives to Audited Statements
April 16, 2024
DN115
NDA Choice of Law
April 9, 2024
DN114
M&A Tax Strategies
April 2, 2024
DN113
Beware of Manufacturing Cost Accounting
March 26, 2024
DN112
Navigating Due Diligence
March 19, 2024
DN111
CFIUS
March 12, 2024
DN110
D&O Tail
March 5, 2024
DN109
Exit Planning
February 27, 2024
DN108
Cybersecurity (Continued)
February 20, 2024
DN107
CIMs: Safeguarding Value in M&A Transactions
February 13, 2024
DN106
How Wide a Net?
February 6, 2024
DN105
Indemnity Escrows
January 30, 2024
DN104
Hart Scott Rodino Guidelines
January 23, 2024
DN103
Responding to the Market
January 16, 2024
DN102
Investment Banking Fees
January 9, 2024
DN101
Purchase Agreement Schedules
January 2, 2024
DN100
Projections Must Be Convincing
December 19, 2023
DN098
Preemptive Sale
December 12, 2023
DN097
Quality Matters: Get a QofE
December 5, 2023
DN096
Don’t Mess Up!
November 28, 2023
DN095
TSA
Keep your shoes on
November 21, 2023
DN094
Retention Bonuses
November 14, 2023
DN093
IP Does Not Only Mean Patents
November 7, 2023
DN092
EBITDA Multiples
October 31, 2023
DN091
What A&D Buyers Want
October 24, 2023
DN090
The Truth in Negotiations Act
October 17, 2023
DN089
Q3 M&A Survey Results
October 10, 2023
DN088
L.O.B. Financials
October 3, 2023
DN087
Third-Party Consents
September 26, 2023
DN086
Expiry of Exclusivity Period
September 19, 2023
DN085
Transaction Costs
September 12, 2023
DN084
The Truth About Due Diligence
September 5, 2023
DN083
Working Capital Reserves
August 29, 2023
DN082
Interest Rate Impact on A&D Valuations
August 22, 2023
DN081
SBIR Funding
August 15, 2023
DN080
Strategic Competitive Advantage
August 8, 2023
DN079
Leadership Team
August 1, 2023
DN078
EAR Regulations
July 25, 2023
DN077
Deferred Closing
July 18, 2023
DN076
Independent Sales Representatives
July 11, 2023
DN075
Deal Team Professionals
July 4, 2023
DN074
Small Business Set Asides
June 27, 2023
DN073
Environmental Audit
June 20, 2023
DN072
Owned Real Estate
June 13, 2023
DN071
Closing Day Proceeds
June 6, 2023
DN070
Maximizing Bid Prices
May 30, 2023
DN069
NDAs
May 23, 2023
DN068
Material Contracts
May 16, 2023
DN067
Inventory Accounting
May 9, 2023
DN066
MAC Clause
May 2, 2023
DN065
Sale Preparation
April 25, 2023
DN064
Litigation
April 18, 2023
DN063
Tax Minimization Strategies
April 11, 2023
DN062
How Long Does a Sale Take?
April 4, 2023
DN061
EPA New AAI Rule
March 28, 2023
DN060
Dual Use Compliance
March 21, 2023
DN059
EBITDA Multiples
March 14, 2023
DN058
Working Capital Efficiency
March 7, 2023
DN057
Disputed Software Licenses
February 28, 2023
DN056
ITAR Violations
February 21, 2023
DN055
Post-Closing Legal Liability
February 14, 2023
DN054
Conditions Precedent
February 7, 2023
DN053
The Rise of RWI
January 31, 2023
DN052
Avoiding Common Legal Problems
January 24, 2023
DN051
Affiliates
January 17, 2023
DN050
Addbacks
January 10, 2023
DN049
Debt Free Cash Free
January 3, 2023
DN048
Due Diligence Fails Employee Nexus
December 20, 2022
DN047
Increasing free cash flow in the year ahead
December 13, 2022
DN046
Strategic Competitive Advantage
December 6, 2022
DN045
Exclusivity Periods
November 29, 2022
DN044
Sell for a Higher Price
November 22, 2022
DN043
Replacement Cost
November 15, 2022
DN042
Capital Expenditures
November 8, 2022
DN041
Discounted Cash Flow Valuation
November 1, 2022
DN040
Protection of Intellectual Property
October 25, 2022
DN039
Earnouts
October 18, 2022
DN038
IOI, CIM, VDR, LOI, PA
October 11, 2022
DN037
“Comps”
October 4, 2022
DN036
Role of the CFO in M&A Transactions
September 27, 2022
DN035
Asset vs. Stock Sale
September 20, 2022
DN034
Management Succession
September 13, 2022
DN033
Controlled Unclassified Information (CUI)
September 6, 2022
DN032
After Tax Proceeds
August 30, 2022
DN031
Buyer Due Diligence
August 23, 2022
DN030
Representations and Schedules
August 16, 2022
DN029
DFARS
August 9, 2022
DN028
Long Range Sale Planning
August 2, 2022
DN027
Planning for a Sale
July 26, 2022
DN026
Days Inventory
July 19, 2022
DN025
Complete Disclosure
July 12, 2022
DN024
Working Capital Target
July 5, 2022
DN023
Management Presentations
June 28, 2022
DN022
Working Capital True-ups
June 21, 2022
DN021
Inflation Mitigation
June 14, 2022
DN020
Financial Projections
June 7, 2022
DN019
Assessing Intellectual Property
May 31, 2022
DN018
M&A Acronyms
May 24, 2022
DN017
Customer Consents
May 17, 2022
DN016
Revenue Analytics
May 10, 2022
DN015
The 3 Biggest Mistakes Sellers Make
May 3, 2022
DN014
Advisory Boards
April 26, 2022
DN013
Quality of Earnings
April 19, 2022
DN012
Customer Concentration
April 12, 2022
DN011
Supply Chain Risk
April 5, 2022
DN010
Premium Pricing
March 29, 2022
DN009
Seller’s Deal Team
March 22, 2022
DN008
Two Types of Buyers: Financial & Strategic
March 15, 2022
DN007
Confirmatory Due Diligence
March 8, 2022
DN006
Transfer Pricing Risk
March 1, 2022
DN005
Rewarding Senior Management
February 22, 2022
DN004
M&A Attorney
February 15, 2022
DN003
Cybersecurity
February 8, 2022
DN002
Audited Financials
February 1, 2022
DN001
Agency Risk
Existing Subscriber
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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
The Teaser
August 13, 2024
DN132
Management Presentations, Part 2
August 6, 2024
DN131
Confidence is King
July 30, 2024
DN130
Indications Of Interest Matter
July 23, 2024
DN129
What About the Upside?
July 16, 2024
DN128
Maximizing Your Company’s Price (Again)
July 9, 2024
DN127
Financing Contingencies
July 2, 2024
DN126
Transferring Regulatory Approvals is Complicated
June 25, 2024
DN125
Making the VDR a Seller’s Strength
June 18, 2024
DN124
Site Visits, Part 1
June 11, 2024
DN123
Bridging the Valuation Gap
June 4, 2024
DN122
Minor can be Major in a Sale Process
May 28, 2024
DN121
Transparency
May 21, 2024
DN120
Discounts to Public Comparables
May 14, 2024
DN119
How Long Does it Take?
May 7, 2024
DN118
Managing Buyer Due Diligence
April 30, 2024
DN117
Estate Planning
April 23, 2024
DN116
Alternatives to Audited Statements
April 16, 2024
DN115
NDA Choice of Law
April 9, 2024
DN114
M&A Tax Strategies
April 2, 2024
DN113
Beware of Manufacturing Cost Accounting
March 26, 2024
DN112
Navigating Due Diligence
March 19, 2024
DN111
CFIUS
March 12, 2024
DN110
D&O Tail
March 5, 2024
DN109
Exit Planning
February 27, 2024
DN108
Cybersecurity (Continued)
February 20, 2024
DN107
CIMs: Safeguarding Value in M&A Transactions
February 13, 2024
DN106
How Wide a Net?
February 6, 2024
DN105
Indemnity Escrows
January 30, 2024
DN104
Hart Scott Rodino Guidelines
January 23, 2024
DN103
Responding to the Market
January 16, 2024
DN102
Investment Banking Fees
January 9, 2024
DN101
Purchase Agreement Schedules
January 2, 2024
DN100
Projections Must Be Convincing
December 19, 2023
DN098
Preemptive Sale
December 12, 2023
DN097
Quality Matters: Get a QofE
December 5, 2023
DN096
Don’t Mess Up!
November 28, 2023
DN095
TSA
Keep your shoes on
November 21, 2023
DN094
Retention Bonuses
November 14, 2023
DN093
IP Does Not Only Mean Patents
November 7, 2023
DN092
EBITDA Multiples
October 31, 2023
DN091
What A&D Buyers Want
October 24, 2023
DN090
The Truth in Negotiations Act
October 17, 2023
DN089
Q3 M&A Survey Results
October 10, 2023
DN088
L.O.B. Financials
October 3, 2023
DN087
Third-Party Consents
September 26, 2023
DN086
Expiry of Exclusivity Period
September 19, 2023
DN085
Transaction Costs
September 12, 2023
DN084
The Truth About Due Diligence
September 5, 2023
DN083
Working Capital Reserves
August 29, 2023
DN082
Interest Rate Impact on A&D Valuations
August 22, 2023
DN081
SBIR Funding
August 15, 2023
DN080
Strategic Competitive Advantage
August 8, 2023
DN079
Leadership Team
August 1, 2023
DN078
EAR Regulations
July 25, 2023
DN077
Deferred Closing
July 18, 2023
DN076
Independent Sales Representatives
July 11, 2023
DN075
Deal Team Professionals
July 4, 2023
DN074
Small Business Set Asides
June 27, 2023
DN073
Environmental Audit
June 20, 2023
DN072
Owned Real Estate
June 13, 2023
DN071
Closing Day Proceeds
June 6, 2023
DN070
Maximizing Bid Prices
May 30, 2023
DN069
NDAs
May 23, 2023
DN068
Material Contracts
May 16, 2023
DN067
Inventory Accounting
May 9, 2023
DN066
MAC Clause
May 2, 2023
DN065
Sale Preparation
April 25, 2023
DN064
Litigation
April 18, 2023
DN063
Tax Minimization Strategies
April 11, 2023
DN062
How Long Does a Sale Take?
April 4, 2023
DN061
EPA New AAI Rule
March 28, 2023
DN060
Dual Use Compliance
March 21, 2023
DN059
EBITDA Multiples
March 14, 2023
DN058
Working Capital Efficiency
March 7, 2023
DN057
Disputed Software Licenses
February 28, 2023
DN056
ITAR Violations
February 21, 2023
DN055
Post-Closing Legal Liability
February 14, 2023
DN054
Conditions Precedent
February 7, 2023
DN053
The Rise of RWI
January 31, 2023
DN052
Avoiding Common Legal Problems
January 24, 2023
DN051
Affiliates
January 17, 2023
DN050
Addbacks
January 10, 2023
DN049
Debt Free Cash Free
January 3, 2023
DN048
Due Diligence Fails Employee Nexus
December 20, 2022
DN047
Increasing free cash flow in the year ahead
December 13, 2022
DN046
Strategic Competitive Advantage
December 6, 2022
DN045
Exclusivity Periods
November 29, 2022
DN044
Sell for a Higher Price
November 22, 2022
DN043
Replacement Cost
November 15, 2022
DN042
Capital Expenditures
November 8, 2022
DN041
Discounted Cash Flow Valuation
November 1, 2022
DN040
Protection of Intellectual Property
October 25, 2022
DN039
Earnouts
October 18, 2022
DN038
IOI, CIM, VDR, LOI, PA
October 11, 2022
DN037
“Comps”
October 4, 2022
DN036
Role of the CFO in M&A Transactions
September 27, 2022
DN035
Asset vs. Stock Sale
September 20, 2022
DN034
Management Succession
September 13, 2022
DN033
Controlled Unclassified Information (CUI)
September 6, 2022
DN032
After Tax Proceeds
August 30, 2022
DN031
Buyer Due Diligence
August 23, 2022
DN030
Representations and Schedules
August 16, 2022
DN029
DFARS
August 9, 2022
DN028
Long Range Sale Planning
August 2, 2022
DN027
Planning for a Sale
July 26, 2022
DN026
Days Inventory
July 19, 2022
DN025
Complete Disclosure
July 12, 2022
DN024
Working Capital Target
July 5, 2022
DN023
Management Presentations
June 28, 2022
DN022
Working Capital True-ups
June 21, 2022
DN021
Inflation Mitigation
June 14, 2022
DN020
Financial Projections
June 7, 2022
DN019
Assessing Intellectual Property
May 31, 2022
DN018
M&A Acronyms
May 24, 2022
DN017
Customer Consents
May 17, 2022
DN016
Revenue Analytics
May 10, 2022
DN015
The 3 Biggest Mistakes Sellers Make
May 3, 2022
DN014
Advisory Boards
April 26, 2022
DN013
Quality of Earnings
April 19, 2022
DN012
Customer Concentration
April 12, 2022
DN011
Supply Chain Risk
April 5, 2022
DN010
Premium Pricing
March 29, 2022
DN009
Seller’s Deal Team
March 22, 2022
DN008
Two Types of Buyers: Financial & Strategic
March 15, 2022
DN007
Confirmatory Due Diligence
March 8, 2022
DN006
Transfer Pricing Risk
March 1, 2022
DN005
Rewarding Senior Management
February 22, 2022
DN004
M&A Attorney
February 15, 2022
DN003
Cybersecurity
February 8, 2022
DN002
Audited Financials
February 1, 2022
DN001
Agency Risk