random things i've learned about m&a: ​ - corp dev is 80% intelligence gathering and 20% being interested in doing a deal: you can't easily tell which one you are dealing with - ask them to hop on a plane and meet; that's how you know they are serious - if you don't get to speak to the decision maker after the initial intro, don't bother - do not share your numbers with a random corp dev saying they are interested - go to every damn conference for years before you sell, be well-known by everyone in your industry - you are not selling to a company, you are selling to a person - LOI doesn't mean anything - LOI means everything: stuff that is on LOI rarely gets renegotiated - everything is renegotiable - don't let lawyers hijack the negotiation with their bs - your price, my terms - "we close every LOI we issue" is a bs marketing line - there is a surprising number of publicly listed shitcos out there that are not able to finance transactions - if there are any delays after accepting the LOI and the buyer asks to extend exclusivity: walk away, they are not going to close - keep focusing on your business even during the DD - do not take stock unless you are dealing with a $1B publicly listed company - cash is king - hire a banker but do not expect them to do all the work - bankers are lazy bastards who get 5% of your company for 4 months of work - take the offer that is most likely going to close: life is a ladder and it helps to have your foot on the first step - birds fly, fish swim..... ​ .....and deals fall through