DorisMorris

Complete M&A Process Guide

Your comprehensive 10-phase roadmap to successful merger and acquisition execution

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10-Phase M&A Process

1Strategy Development

Define strategic objectives and establish M&A criteria for target identification.

Key Activities:

  • • Strategic rationale development
  • • Success criteria definition
  • • Target profile creation
  • • Resource allocation planning
Duration: 1-2 weeks
2Target Identification

Systematic search and screening of potential acquisition targets.

Key Activities:

  • • Market research and analysis
  • • Target screening and prioritization
  • • Initial contact strategy
  • • Preliminary information gathering
Duration: 2-4 weeks
3Initial Approach & NDA

Make initial contact with target and establish confidentiality framework.

Key Activities:

  • • Initial outreach and meetings
  • • Interest assessment and alignment
  • • NDA negotiation and execution
  • • Process timeline agreement
Duration: 1-2 weeks
4Preliminary Valuation

Conduct initial valuation analysis based on available information.

Key Activities:

  • • Financial data analysis
  • • Comparable company research
  • • Initial valuation ranges
  • • Investment thesis development
Duration: 1-3 weeks
5Letter of Intent (LOI)

Negotiate and execute non-binding letter of intent outlining key terms.

Key Activities:

  • • Term negotiation and agreement
  • • LOI drafting and execution
  • • Exclusivity period establishment
  • • Due diligence planning
Duration: 1-2 weeks
LOI Guide
6Due Diligence

Comprehensive investigation of target company across all key areas.

Key Activities:

  • • Financial due diligence
  • • Legal and regulatory review
  • • Operational assessment
  • • Technology and IP evaluation
Duration: 4-8 weeks
DD Guide
7Final Valuation & Pricing

Complete detailed valuation analysis and finalize transaction pricing.

Key Activities:

  • • Detailed financial modeling
  • • Multiple valuation approaches
  • • Synergy analysis and quantification
  • • Price negotiation and finalization
Duration: 2-4 weeks
8Agreement Negotiation

Negotiate and draft definitive purchase or merger agreement.

Key Activities:

  • • Purchase agreement drafting
  • • Representations and warranties
  • • Closing conditions negotiation
  • • Indemnification structures
Duration: 2-4 weeks
9Closing Process

Execute closing conditions and complete the transaction.

Key Activities:

  • • Closing conditions satisfaction
  • • Final documentation execution
  • • Fund transfer and ownership change
  • • Regulatory notifications
Duration: 1-2 weeks
Checklist
10Post-Merger Integration

Execute integration plan to realize synergies and combine operations.

Key Activities:

  • • Integration team activation
  • • System and process integration
  • • Cultural integration initiatives
  • • Synergy realization tracking
Duration: 6-24 months
Integration Guide

Typical M&A Timeline

Total Process Duration: 4-9 Months

Timeline varies based on transaction complexity, regulatory requirements, and integration scope

Preparation

Phases 1-4

4-8 weeks

Investigation

Phases 5-6

6-10 weeks

Negotiation

Phases 7-8

4-8 weeks

Completion

Phases 9-10

Ongoing

Critical Success Factors

Strategic Clarity
  • • Clear strategic rationale and objectives
  • • Well-defined success criteria
  • • Realistic synergy expectations
  • • Strong leadership commitment
  • • Stakeholder alignment
Execution Excellence
  • • Experienced transaction team
  • • Rigorous project management
  • • Thorough due diligence process
  • • Effective communication
  • • Timeline discipline
Risk Management
  • • Comprehensive risk assessment
  • • Mitigation strategy development
  • • Contingency planning
  • • Cultural integration focus
  • • Change management expertise

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