M&A preparation: before sharing the documents
Preparing for a merger or acquisition discussion does not start by sending every company file. First establish the decision, discussion stage and authorized audience for each item. This PitchSeen guide helps you prepare an initial index and questions for specialists. It is not a mandatory legal checklist or a substitute for professional work suited to the transaction and market.
Define the question before assembling the file
Record whether the discussion concerns a company, an ownership stake, assets, a merger or an exit. These are examples for defining scope, not recommendations about transaction structure. Identify what the other party needs to understand now and what should wait until a later stage with appropriate permission.
Build an index, not an unstructured folder
| Group | Examples to organize where relevant | Question to resolve |
|---|---|---|
| Entity and ownership | Ownership structure and core corporate documents with versions | Who owns the information and approves changes? |
| Financial information | Records, reports, periods and assumptions | Is the figure actual or projected, and for which period? |
| Customers and contracts | A contract index and customer or supplier relationships | What may be shared, including information about third parties? |
| Operations and technology | Relevant assets, systems and operating permissions | Which questions require a technical specialist? |
| Team and intellectual property | Relevant roles and ownership or usage rights | Can a summary avoid unnecessary personal information? |
Make the source of every figure clear
Record the period, currency, unit, source and version date. Distinguish revenue from recurring revenue, amounts from percentages, and historical results from forecasts. When figures differ, record the known explanation or the question still to resolve. Do not change data merely to make two numbers match.
Diligence can involve financial, legal, commercial, operational, technical and other disciplines. EY describes multiple diligence disciplines, while Strategy& lists commercial diligence and post-acquisition integration among transaction services. These examples illustrate different scopes; they do not establish a recommendation or partnership.
A simple sharing record
- The material and purpose, without putting confidential details in a public title.
- The version owner and date, and whether the item is approved for this stage.
- The authorized recipient, permitted access and review date.
- Open questions and the person responsible for answering them.
- What changed from the previous version, so discussions do not rely on an outdated file.
Questions for the service provider
Ask about relevant expertise, the proposed scope, required inputs, deliverables, exclusions and possible conflicts. Organizing information, valuing a business and conducting diligence are distinct tasks with potentially different responsibilities.
An introductory deck can provide context; it does not replace transaction documentation or specialist assessment. Opening or revisiting a deck is not an investment commitment or acceptance of a transaction. Useful progress means a documented answer to a specific question, rather than more files sent.
Sources and their scope
These links illustrate service scope only; they do not establish a PitchSeen partnership or local availability.