The practical M&A operating library
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Browse available resourcesSeven stages. Thirteen decision gates.
Start at the next decision. Each stage names the evidence, governing judgment, and tool that help the deal move forward. Advance, hold and rework, or walk when the facts change.
01 / 07
Decision. Why acquire instead of build, partner, or do nothing?
Advance with. A defined business need, capital envelope, risk limits, executive sponsor, and decision authority.
Mike’s judgment. Frame before detail. The target must serve the mandate.
Gate 0 · Mandate approved
Acquisition Mandate & Target Screen02 / 07
Decision. What must be true, and which targets fit and can actually be bought?
Advance with. Thesis conditions, ranked target screen, pass rationale, ownership map, control path, and initial downside test.
Mike’s judgment. Underwrite rather than admire. Strategic appeal does not establish transactability.
Gates 1–2 · Thesis and target approved
Acquisition Target Pipeline & Deal Funnel03 / 07
Decision. Do access, standalone economics, financing, and downside support a bid?
Advance with. Minimum information package, reconstructed financials, valuation range, financing case, and private price ceiling.
Mike’s judgment. Replicate the financials. Keep buyer-created synergy separate from standalone value.
Gates 3–4 · Access and economics approved
Valuation models and working tools04 / 07
Decision. Are core terms clear, and can the team test the conditions behind the thesis?
Advance with. Approved LOI, evidence requests, workflow tests, accountable workstream owners, and a live issue log.
Mike’s judgment. Unknowns are findings. Give each material issue a consequence: Investigate, Price, Protect, or Walk.
Gates 5–6 · Exclusivity approved and diligence launched
LOI Economics & Risk Allocator05 / 07
Decision. Does the deal still work on the facts and terms now in front of the buyer?
Advance with. Revised valuation and synergy case, combined downside, final economics, protections, closing conditions, and integration owners.
Mike’s judgment. Re-establish the price ceiling before signing. Prior spending does not justify the next commitment.
Gates 7–8 · Re-underwriting and signing approved
M&A Investment Committee Memo06 / 07
Decision. Can funds and control transfer while the business keeps working?
Advance with. Funds flow, required consents and clearances, closing checklist, and customer, cash, people, and system readiness.
Mike’s judgment. Protect revenue while integrating cost. Do not confuse signing with operating readiness.
Gates 9–10 · Closing approved and Day 1 stable
After the Deal: Keep the Business Working07 / 07
Decision. Has the buyer delivered the underwritten value, and what should change next time?
Advance with. 30/60/100-day reviews, realized cash benefits and costs, workflow decisions, revised forecasts, and residual action owners.
Mike’s judgment. Compare results with the original thesis. A synergy belongs in the results only when the operating work delivers it.
Gates 11–12 · Value delivery confirmed and program closed
Synergy Underwriting & Value BridgeGate numbers match the Stage Gates tab in the 156-action M&A Deal Workflow. Decisions need an owner, evidence, conditions, and visible unresolved questions.
Ten subjects that inform decisions throughout a transaction. Each guide explains its central question and points to the relevant tools.
1
Set the acquisition mandate, prioritize targets, and carry evidence from sourcing through investment approval and operating ownership.
Corporate development2
Build a defensible valuation range, separate standalone economics from buyer-created value, and connect evidence to price discipline.
Valuation3
Turn operating assumptions into cash flows, valuation ranges, and acquisition decisions using five downloadable company models.
Financial modeling4
Choose comparable public companies, review trading multiples and financial definitions, and support a valuation range.
Comparable-company analysis5
Separate price from funding, compare forms of consideration, and assign unresolved risks before committing to acquisition terms.
Deal structure & negotiation6
Test earnings, transferability, and operating dependencies with a 112-item diligence checklist that connects findings to deal consequences.
Due diligence7
Turn synergy claims into risk-adjusted cash benefits, separate buyer-created value, and assign the operating work required to deliver it.
Synergies8
Protect business continuity, assign operating decisions, and track acquisition value with a 104-action post-deal integration checklist.
Integration9
Define what transfers, expose seller dependencies, and plan the path from Day 1 continuity to independent operations.
Divestitures & carve-outs10
Compare buying with alternatives, test liquidity and downside constraints, and set a private acquisition price ceiling.
Strategic finance22 resources: working tools, company models, transaction lessons, and decision frameworks. Each card leads to the guide or original source.