Deal Team Operating Model
Our repeatable process architecture for executing buy-side and sell-side mandates from intake to close.
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.
Eight-Stage Process
| # | Stage | Key Activities | Decision Gate | Typical Duration |
|---|---|---|---|---|
| 1 | Mandate Intake | Initial brief, NDA, mandate scope definition, fee structure agreement. | Signed engagement agreement. | 1-2 weeks |
| 2 | Target Mapping | Universe build, scoring against acquisition criteria, prioritization of outreach list. | Approved target list (typically 20-50 targets). | 2-3 weeks |
| 3 | Outreach | Sequenced outreach to targets, NDA execution, initial information exchange. | Minimum 3-5 engaged targets proceeding to shortlist. | 4-8 weeks |
| 4 | Shortlist & IC Memo | Preparation of Investment Committee memo, preliminary valuation, risk assessment. | IC approval to proceed to LOI. | 1-2 weeks |
| 5 | Valuation Framework | DCF, comparable transactions, precedent multiples analysis. Scenario modeling. | Agreed valuation range for LOI submission. | 1-2 weeks |
| 6 | LOI Negotiation | LOI drafting, price and structure negotiation, exclusivity period agreement. | Signed LOI with exclusivity. | 2-4 weeks |
| 7 | Diligence Coordination | Data room management, legal and financial diligence, issue resolution, SPA negotiation. | Clean diligence report, agreed SPA. | 4-10 weeks |
| 8 | Closing Mechanics | Conditions precedent satisfaction, funds flow, completion accounts, transition planning. | Funds transferred, documents executed. | 1-2 weeks |
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.
Note
This model represents a typical process. Actual timelines and stages vary based on the specific mandate, counterparty, and deal complexity.