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Acquiry

Our repeatable process architecture for executing buy-side and sell-side mandates from intake to close. Every Acquiry mandate runs through eight stages, each with a defined decision gate. A well-prepared transaction typically takes 4 to 6 months from engagement to close. Regulatory approvals, cross-border structures or contested processes can extend that to 9 to 12 months.

Research

Deal Team Operating Model

Our repeatable process architecture for executing buy-side and sell-side mandates from intake to close.

Joash BoytonFounder & Managing Director

Independent analysis and opinion. How we research

Published
Updated
Stages per mandate
8
Typical engagement to close
4 to 6 months
Targets mapped on buy-side
20 to 50
Diligence coordination
4 to 10 weeks

Summary

Summary

  • Every Acquiry mandate runs through eight stages, each with a defined decision gate.
  • A well-prepared transaction typically takes 4 to 6 months from engagement to close.
  • Regulatory approvals, cross-border structures or contested processes can extend that to 9 to 12 months.
  • Diligence coordination is the longest stage, at 4 to 10 weeks.

01 · Research

Overview

Execution quality in M&A is a function of process discipline. The following model describes the eight stages of an Acquiry mandate, from initial intake through to closing mechanics. Each stage has defined decision gates, timeline benchmarks, and escalation protocols to ensure consistent execution across mandates of varying size and complexity.

02 · Research

Eight-Stage Process

#StageKey ActivitiesDecision GateTypical Duration
1Mandate IntakeInitial brief, NDA, mandate scope definition, fee structure agreement.Signed engagement agreement.1-2 weeks
2Target MappingUniverse build, scoring against acquisition criteria, prioritization of outreach list.Approved target list (typically 20-50 targets).2-3 weeks
3OutreachSequenced outreach to targets, NDA execution, initial information exchange.Minimum 3-5 engaged targets proceeding to shortlist.4-8 weeks
4Shortlist & IC MemoPreparation of Investment Committee memo, preliminary valuation, risk assessment.IC approval to proceed to LOI.1-2 weeks
5Valuation FrameworkDCF, comparable transactions, precedent multiples analysis. Scenario modeling.Agreed valuation range for LOI submission.1-2 weeks
6LOI NegotiationLOI drafting, price and structure negotiation, exclusivity period agreement.Signed LOI with exclusivity.2-4 weeks
7Diligence CoordinationData room management, legal and financial diligence, issue resolution, SPA negotiation.Clean diligence report, agreed SPA.4-10 weeks
8Closing MechanicsConditions precedent satisfaction, funds flow, completion accounts, transition planning.Funds transferred, documents executed.1-2 weeks

03 · Research

Total Timeline Benchmark

A typical mandate runs 4-6 months from engagement to close for a well-prepared transaction. Complex deals involving regulatory approvals, multi-jurisdictional structures, or contested processes can extend to 9-12 months.

04 · Research

What You Receive at Each Stage

StageKey deliverable
1 Mandate IntakeEngagement letter and mandate brief.
2 Target MappingScored target universe and outreach priority list.
3 OutreachOutreach log, signed NDAs and first information packs.
4 Shortlist & IC MemoInvestment committee memo with valuation range and key risks.
5 Valuation FrameworkValuation model with scenarios and comparable transactions.
6 LOI NegotiationSigned LOI with price, structure and exclusivity.
7 Diligence CoordinationIssues list, diligence reports and agreed purchase agreement.
8 Closing MechanicsFunds flow, completion accounts and transition plan.

05 · Research

How It Differs on the Sell-Side

The same eight-stage spine runs on sell-side mandates, with stages 2 and 3 replaced by buyer mapping and a managed process. Instead of approaching targets, we prepare the business for market, build the information memorandum and run competitive tension between qualified buyers.

  • PreparationClean financials, add-back schedule and a data room built before buyers see anything.
  • Buyer universeStrategics, private equity, search funds and family offices, scored for fit and ability to close.
  • Process controlDefined bid deadlines so buyers compete on price and terms at the same time.

06 · Research

What Slows Deals Down

  • Unprepared dataMissing monthly accounts or unreconciled revenue add weeks to diligence.
  • Third-party consentsKey customers, landlords or licence holders who must approve a change of control.
  • Regulatory reviewMerger control or foreign investment filings set fixed minimum timelines. See Time-to-Close Decay.
  • Late structure changesReopening price or structure after LOI resets negotiations.

07 · Research

Work with Acquiry

Acquiry runs buy-side and sell-side mandates for digital businesses. We are not limited to the sectors or markets covered here: any sector, any market, bring it to us anyway. Start a mandate (opens in a new tab).

Reference

Frequently asked questions

How long does an M&A process take?

A well-prepared transaction typically runs 4 to 6 months from engagement to close. Deals with regulatory approvals or multi-jurisdiction structures can take 9 to 12 months.

What is an investment committee memo?

A document that sets out the target, valuation range, key risks and recommended structure so the buyer's decision-makers can approve moving to an LOI.

How many targets does a buy-side search cover?

Typically 20 to 50 scored targets, aiming for at least 3 to 5 engaged targets reaching the shortlist.

About the analyst

Joash Boyton

Joash Boyton

Founder and Managing Director, Acquiry · Melbourne, Australia · Global coverage

Joash Boyton is the Founder and Managing Director of Acquiry, a specialist M&A advisory firm focused on the acquisition and sale of businesses. He executes buy-side and sell-side mandates from USD $1M to $500M across technology, SaaS, fintech, payments, gaming, blockchain and emerging verticals, and is not limited to them. Any sector, any market.

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