Since the introduction of Deal Notes® on February 1, 2022, DN®001, “Agency Risk”, to December 9, 2025, DN®199, “Change of Control”, our goal has been to share with you, as the potential sellers of middle market A&D companies, lessons learned in our 25 years as M&A Bankers serving this market.
In Deal Notes®, our goal is to cover the entire sale process from assembling the right advisors to preparing the CIM, the solicitation list, the bidding process, management presentations, letters of intent, confirmatory due diligence, and through the closing process. We also cover the many ancillary topics that potentially affect a company sale such as regulatory matters, unsupported projections, incentives for senior management, cybersecurity, etc.
Throughout Deal Notes® two common themes are repeatedly discussed or are emphasized, detailed planning and transparency. The smoothest sales processes are those where the deal team works well together and plans every action in the process in detail and with rigorous transparency throughout. Surprises of any kind are unpleasant and cause uncertainty and delay, potentially terminating a company’s sale.
While the themes remain constant and the general sale process remains the same, buyer behavior and the market environment are constantly changing, and it is important to stay up to date and be responsive.
New topics that have become important in M&A transactions in the past year include: a new tariff landscape, fast and sweeping changes in regulatory regimes, shifts in the US federal budget, and heightened cybersecurity threats and cybersecurity compliance.
Alderman & Company will continue to write Deal Notes® in the year ahead because the lessons continue. The market continues to change, and buyer demands and buyer preferences continue to shift. We see these changes in real time and we will share them with you as we see them. Our goal is to help you think about how best to prepare your business for sale, long before you decide it’s the right time to look for a buyer.
We hope you like where we have been together in Deal Notes® and look forward to continuing them to help you in the future.
Have a Great Day,
Bruce Andrews
Partner
