Last week a client said to me, regarding an important deal issue: “One of the professionals is taking a long time to get back to me on this issue, what should I do?” My response to the client was direct and sharp: “They work for you; tell them you want a response today.” I continued the conversation with guidance about managing professionals, which I share with you below. While we too fall into the professionals category, and this Deal Note® may set me up to have this ‘waved in my face’ someday, I feel strongly about the following.
As the founder/owner of a middle-market aerospace and defense company, your success has been in large part due to your ability to manage people. Your success has been earned by hiring good people, giving them clear guidance and objectives, and holding your people accountable for the timeliness and quality of their work. It may sound overly simple, but I cannot stress enough how important it is to manage your M&A professionals (bankers, accountants, lawyers, and consultants) just as you manage your employees.
In my conversation with our client last week, they expressed concern that they are not an M&A expert and therefore do not know how to manage M&A professionals. I advised our client not to view these people as M&A professionals, but rather as individuals hired to do specific jobs. I said they should run every meeting like a staff meeting. An agenda for every meeting is required, and every meeting should end with detailed individual assignments and specific due dates. I added that every meeting should start with a review of all outstanding assignments and that all past due items needed to be addressed by the individuals who have missed deadlines.
Just like everything else in your business, a well-managed M&A process will be far more efficient and is likely to lead to a much better outcome. Your M&A professionals work for you. You got where you are because you are a talented manager. Manage your professionals.
Have a great day,
Bill Alderman
Founding Partner
