Blog
Articles on M&A – but not only
M&A expertise from practice
Experience reports and analyses for shareholders and founders: From company valuation and due diligence to negotiation strategies in M&A advisory and successful equity financing – find in-depth insights on company sale, transaction structures and succession planning.
The articles are based on years of advisory practice in company sales to private equity and strategic buyers as well as growth financing for mid-market companies and startups.
Articles
Vendor Loan: How Seller Financing Bridges the Deal
When a gap opens between price expectations and available financing, a vendor loan can save the deal. How seller financing works in mid-market M&A.
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Fairness Opinion: When It Is Really Worth It
A fairness opinion confirms the financial adequacy of a purchase price. When this independent assessment is worth the effort for mid-market owners and when not.
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MAC Clause: Bridging the Signing-Closing Gap
Conditions can change between signing and closing. The MAC clause protects the buyer against materially adverse events. How it is negotiated in practice.
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Bridge Financing and Mezzanine: Capital Between Rounds
A liquidity gap often opens between two funding rounds. Bridge financing and mezzanine build the bridge without depressing the valuation.
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Negotiating the Term Sheet: What Founders Must Watch For
The term sheet sets the course for every funding round. Which clauses can cost founders dearly and how to keep control as the seller.
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Roll-up and Buy-and-Build in the Mid-Market
Buy-and-build combines several small companies into a powerful group. How the roll-up strategy works in the mid-market and what matters most.
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Trade Sale vs. IPO vs. Secondary: Exit Routes Compared
Three routes lead to an exit: selling to a strategic buyer, going public, or selling to a financial investor. Which path fits whom.
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Drag-along and Tag-along in the Shareholders' Agreement
Drag-along and tag-along govern who must join a sale and who may sell along. What these clauses mean for shareholders.
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Avoiding Earn-out Disputes: Clauses and Reporting
Earn-outs bridge valuation gaps but are a frequent source of post-closing disputes. How buyers and sellers design clauses, metrics and reporting to avoid conflict.
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Negotiating the Net Working Capital Target
The net working capital target quietly moves six-figure amounts in the purchase price. How sellers and buyers set the target fairly and avoid surprises at closing.
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Valuing Synergies Realistically in the Price
Strategic buyers justify premiums with synergies, many of which never materialise. How sellers value synergies realistically and anchor a fair share in the price.
read more →Leveraged Buy-out: The Financing Structure Explained
In a leveraged buy-out, debt finances most of the purchase price. Understanding the structure of senior debt, mezzanine and equity lets sellers negotiate with confidence.
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ESOP and Employee Equity at Exit: What Founders Must Know
How ESOP programmes are settled at a sale, what employees actually receive, and which mistakes erode the exit proceeds.
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Keeping a Clean Cap Table Before the Funding Round
A clean cap table is the entry ticket to any funding round. Which data must be investor-ready and where the typical mistakes hide.
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Reps & Warranties and W&I Insurance in the Mid-Market
Warranties and indemnities allocate risk in a deal. How W&I insurance relieves sellers and buyers and what to watch out for.
read more →Locked Box vs. Closing Accounts: Purchase Price Mechanisms
Locked box or closing accounts? How both purchase-price mechanisms work, which risks they allocate and when each approach pays off.
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AI in due diligence: How to assess data quality in the mid-market
How AI accelerates due diligence, where data quality risks arise, and how shareholders build better outcomes in M&A processes.
read more →Carve-out preparation: Execute transactions without friction
How to structure TSA, data separation and governance early to reduce valuation risks in carve-out deals.
read more →Post-merger integration: The 100-day plan after closing
Why the first 100 days define transaction success and which PMI priorities matter most for governance, people and performance.
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Company sale in a recession: Strategy instead of discounts
How sellers defend valuation and process quality in volatile markets with stronger positioning and structured buyer competition.
read more →Cross-border M&A: How to manage international buyer outreach
How to align data standards, communication and buyer segmentation for successful cross-border M&A execution.
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ESG in company sales: How sustainability affects valuation
Why ESG moved from optional to mandatory in M&A and how sellers should prepare ESG evidence before due diligence.
read more →Working capital in SPA: Mechanisms without surprises
Why working-capital clauses move final equity value and how sellers should define targets, seasonality and calculation logic.
read more →Debt advisory in M&A: Choosing the right capital structure
How to balance bank debt, unitranche and mezzanine in acquisitions and succession transactions for stronger transaction certainty.
read more →Plan your exit strategy in good time
Preparing for a company sale: Why shareholders should plan several years ahead – and which steps are needed for a successful M&A exit.
read more →Preparing a funding round: What startups need to know
Close a growth financing successfully: What documents investors expect, how company valuation works and what founders should consider before the pitch.
read more →Management Buy-out (MBO): Alternative for entrepreneurs
MBO as succession solution: When management acquires the company – advantages, disadvantages, financing and what shareholders should consider.
read more →Deal-sourcing: How buyers find suitable target companies
How private equity and strategic buyers identify suitable M&A targets – and why well-positioned companies are found more easily.
read more →Vendor Due Diligence: Benefits for the seller
VDD in company sales: Why shareholders commission their own due diligence – transparency, price certainty and accelerated process.
read more →Company valuation: Multiples and DCF method explained
EBITDA multiples vs. DCF: The two most important valuation methods for M&A and company sales – when which method applies.
read more →M&A process: Phases from first conversation to closing
From preparation through due diligence and Letter of Intent to contract signing – the typical flow of an M&A transaction.
read more →Earn-out agreements: Opportunities and risks
Earn-out in company sales: When part of the purchase price depends on future results – when it makes sense and what shareholders must consider.
read more →Letter of Intent (LOI): Key clauses for sellers
LOI in company sales: Which clauses shareholders must know – exclusivity, purchase price, due diligence and what is negotiable.
read more →Growth financing: When Venture Capital, when Private Equity?
Equity for growth: The difference between VC and PE – which investor fits which phase and what mid-market and scale-ups should know.
read more →Preparing the data room: Tips for efficient due diligence
Data room for company sales: Which documents must be included, how the structure should look and what accelerates the sale process.
read more →Negotiation strategy in company sales
Conduct M&A negotiations successfully: What shareholders should consider, how to achieve the best price and avoid common pitfalls.
read more →EBITDA adjustments: Which add-backs do buyers accept?
EBITDA adjustment in company sales: Which add-backs (one-off costs, owner costs) buyers and private equity recognise – and which not.
read more →Business succession: Family-internal or external sale?
Succession planning in mid-market: The choice between family-internal handover and company sale to strategic buyers or private equity.
read more →Private Equity vs. strategic buyer: What fits whom?
Strategic buyer or private equity? Advantages and disadvantages of both buyer types in company sales – valuation, process and what shareholders can expect.
read more →Due diligence checklist for company sales
Checklist for sellers: Which documents and topics are reviewed in due diligence – finance, legal, tax, HR. How shareholders prepare optimally.
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Unternehmenswert und Unternehmenswertrechner
Unternehmenswertrechner – zunehmend auch KI-gestützt – versprechen Verkäufern einen ersten Eindruck. Wie aussagekräftig sind die Ergebnisse für M&A-Transaktionen und Unternehmensverkauf wirklich?
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Unternehmensverkauf im Mittelstand trotz Krise
„Krise gibt es nur im Kopf“ – ein Gespräch über Mut und realistische Chancen beim Unternehmensverkauf. M&A-Beratung für den Mittelstand in unsicheren Zeiten.
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Eigenkapitalbeschaffung abseits von Börsengängen
Wachstumsfinanzierung für Mittelstand und Startups: Business Angels, Venture Capital und Private Equity – die richtigen Wege zur Eigenkapitalbeschaffung.
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M&A Berater und Anwalt – Klauseln sichern Werte
M&A-Transaktionen brauchen sowohl Berater als auch Anwalt. Warum Gesellschaftsrechtler und M&A-Beratung Hand in Hand gehen – und Klauseln den Verkaufswert sichern.
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Der M&A Berater als Teammitglied und Lead im Verhandlungsprozess
Verhandlungsstrategien bei M&A-Transaktionen: Der M&A-Berater koordiniert das Team und führt die Gespräche – damit Verkäufer und Käufer zueinanderfinden.
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Wie ich gestern über Transaktionen dachte – und wie heute
M&A-Transaktionen schaffen Werte für Gesellschafter – weit über die Unternehmensbewertung hinaus. Ein Perspektivwechsel aus der M&A-Beratungspraxis.
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An morgen denken
Strategische Perspektiven für M&A: Welche Trends prägen Unternehmensverkauf und Wachstumsfinanzierung? Ein Blick aus der Beraterpraxis.
read more →M&A Frameworks im modernen Alltag
M&A-Frameworks in der Praxis: Wie erfahrene Berater Unternehmen bewerten und diskutieren – und warum Widersprüche Teil der Transaktionslogik sind.
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Digitale Prozesse, Effizienz und Effektivität
Digitalisierung im M&A: Warum Datenräume und digitale Prozesse Due Diligence und Transaktionsabwicklungen beschleunigen – und was effektiv bleibt.
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Analysis paralysis überwinden
Von staubigen Datenräumen zur digitalen Due Diligence: Warum M&A-Transaktionen strukturierte Analyse brauchen – und wie man Entscheidungsblockaden auflöst.
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Firmen und Werte
Unternehmensbewertung und Firmenwerte: Ein Erfahrungsbericht aus dem Berliner Startup-Ökosystem – wann Gründer und Gesellschafter an den richtigen Tisch kommen.
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Let's take a break
M&A-Beratung braucht auch Pausen: Warum klare Köpfe bessere Deals machen – eine kurze Reflexion aus dem Berliner Berateralltag.
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Back to the business of cash flows
Was Investoren wirklich wollen: Cashflows und Businessplan im Fokus – warum die Unternehmensbewertung bei Wachstumsfinanzierung und M&A zählt.
read more →Individual M&A advisory
Planning a company sale, seeking equity for growth or succession planning? We accompany you confidentially – from the first analysis through due diligence and contract negotiations to successful closing.