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A structured sale process usually moves through four broad phases: preparation, marketing, diligence and closing. The sequence below is a planning framework. Some activities overlap, and the approach is adapted to the company, the buyer group and the circumstances of the sale. Buyer review typically becomes more detailed as the field narrows, with confirmatory diligence continuing after a letter of intent is signed.
PHASE 01Preparation
  • Kickoff
  • Initial requests
  • Financial analysis and normalized EBITDA
  • Quality of earnings, if used
  • Valuation review
  • Teaser and CIM
PHASE 02Marketing
  • Buyer list approved
  • Outreach and NDAs
  • CIM to qualified buyers
  • Initial buyer questions and calls
  • First-round proposals
  • Second-round buyers selected
PHASE 03Diligence
  • Pre-LOI diligence by shortlisted buyers
  • Management meetings
  • Data room access
  • Final proposals
  • Letter of intent signed, exclusivity begins
PHASE 04Closing
  • Confirmatory diligence by the chosen buyer and its advisers
  • Purchase agreement
  • Third-party consents
  • Regulatory approvals, if required
  • Signing and close
Your own timeline, with target dates, is on the Timeline page of your client portal. Some milestones won’t apply to every sale. A sell-side quality of earnings report, for example, is optional, and many transactions of this size need no regulatory approval.

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The decisions that are yours

MARKETINGApprove the buyer list before anyone is contacted
MARKETINGChoose which buyers go through to the second round
DILIGENCEChoose the proposal and sign the letter of intent
CLOSINGAgree the final terms of the purchase agreement
We advise at every step, and you are never obliged to accept an offer, including one at the price you asked for.

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How long it takes

A sale process typically unfolds over several months. The timetable depends on the company’s readiness, the buyers involved and the work required to reach closing. We agree an initial timetable with you at kickoff and update it as the process develops. Readiness is the part you have most influence over: the sooner the initial requests come back complete, the sooner buyers can be approached. Buyer engagement, the depth of diligence and the complexity of the transaction, such as consents or an earn-out to negotiate, shape the rest. Once exclusivity begins, the seller’s ability to pursue competing proposals is restricted. A clear timetable, a well-prepared data room and prompt resolution of open issues help preserve momentum. If the timetable slips, we assess what is driving the delay, what remains outstanding and whether the agreed terms or exclusivity arrangements need to be revisited.
Your timetable is kept up to date on the Timeline page of your portal. If something threatens a date, we tell you early and explain the options.

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Documents along the way

Each document we prepare appears on the Deliverables page of your portal, from first draft to final version.
The terms of our work together: scope, fees and how we will work with you.
Our view of the value range, what drives it, and which types of buyer are likely to pay the most.
The buyers we propose to approach, grouped by type, for your approval. Nobody is contacted until you approve it.
A one- or two-page anonymous summary used to gauge interest before buyers sign an NDA.
The full description of the company, its market, financials and prospects. Shared only under NDA, and only with buyers who can realistically complete a transaction.
The rules for buyers’ proposals: what to include, the format, and the deadline.
The presentation you give in management meetings. We prepare it with you and rehearse it before the first meeting. See Management meetings.
Every proposal side by side on the terms that matter, not just the headline price.
The open points in the purchase agreement, each side’s position, and which ones are commercial rather than legal.