M&A Deal Structure

Master the essential components of M&A deal structures. Learn how different transaction structures impact risk, taxes, and value realization for both buyers and sellers.

Key Deal Structure Components

Understanding different deal structure elements and their strategic implications

Earnouts

Performance-based payments tied to future business results

Key Benefits:

  • Bridge valuation gaps between buyer and seller
  • Align seller incentives with future performance
  • Reduce buyer risk in uncertain markets
  • Enable higher total purchase prices
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Rollover Equity

Seller maintains partial ownership in the business post-sale

Key Benefits:

  • Participate in future value creation
  • Demonstrate confidence in business prospects
  • Align with buyer's growth strategy
  • Tax-efficient transaction structure
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Stock vs Asset Sale

Choose between selling company stock or individual assets

Key Benefits:

  • Different tax implications for buyers/sellers
  • Liability transfer considerations
  • Operational continuity factors
  • Regulatory and compliance impacts
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Deal Structure Considerations

Critical factors that influence optimal deal structure selection

Risk Allocation

How transaction and business risks are distributed between buyer and seller

Impact: Affects pricing, terms, and deal completion probability

Tax Optimization

Structure deals to minimize tax burden for both parties

Impact: Can significantly impact net proceeds and deal attractiveness

Financing Structure

Mix of cash, debt, and equity components in the transaction

Impact: Influences deal certainty and buyer qualification requirements

Operational Continuity

Ensuring smooth business operations during and after transition

Impact: Critical for maintaining business value and employee retention

Structuring Process

Systematic approach to optimizing deal structure for all parties

1

Assess Objectives

Understand both buyer and seller goals, constraints, and priorities

2

Evaluate Options

Analyze different structure alternatives and their implications

3

Optimize Terms

Structure terms to maximize value while managing risks

4

Execute & Close

Implement the agreed structure and complete the transaction

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