Deal Notes®

Our Experience

An insightful commentary each Tuesday about lessons learned by our team of industry experts over the past 22 years, selling middle market aerospace and defense companies.

Deal Notes - Registered Logo
November 28, 2023
TSA
Keep your shoes on
November 21, 2023
Retention Bonuses
November 14, 2023
IP Does Not Only Mean Patents
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November 7, 2023
EBITDA Multiples
October 31, 2023
What A&D Buyers Want
October 24, 2023
The Truth in Negotiations Act
October 17, 2023
Q3 M&A Survey Results
October 10, 2023
L.O.B. Financials
October 3, 2023
Third-Party Consents
September 26, 2023
Expiry of Exclusivity Period
September 19, 2023
Transaction Costs
September 12, 2023
The Truth About Due Diligence
September 5, 2023
Working Capital Reserves
August 29, 2023
Interest Rate Impact on A&D Valuations
August 22, 2023
SBIR Funding
August 15, 2023
Strategic Competitive Advantage
August 8, 2023
Leadership Team
August 1, 2023
EAR Regulations
July 25, 2023
Deferred Closing
July 18, 2023
Independent Sales Representatives
July 11, 2023
Deal Team Professionals
July 4, 2023
Small Business Set Asides
June 27, 2023
Environmental Audit
June 20, 2023
Owned Real Estate
June 13, 2023
Closing Day Proceeds
June 6, 2023
Maximizing Bid Prices
May 30, 2023
NDAs
May 23, 2023
Material Contracts
May 16, 2023
Inventory Accounting
May 9, 2023
MAC Clause
May 2, 2023
Sale Preparation
April 25, 2023
Litigation
April 18, 2023
Tax Minimization Strategies
April 11, 2023
How Long Does a Sale Take?
April 4, 2023
EPA New AAI Rule
March 28, 2023
Dual Use Compliance
March 21, 2023
EBITDA Multiples
March 14, 2023
Working Capital Efficiency
March 7, 2023
Disputed Software Licenses
February 28, 2023
ITAR Violations
February 21, 2023
Post-Closing Legal Liability
February 14, 2023
Conditions Precedent
February 7, 2023
The Rise of RWI
January 31, 2023
Avoiding Common Legal Problems
January 24, 2023
Affiliates
January 17, 2023
Addbacks
January 10, 2023
Debt Free Cash Free
January 3, 2023
Due Diligence Fails Employee Nexus
December 20, 2022
Increasing free cash flow in the year ahead
December 13, 2022
Strategic Competitive Advantage
December 6, 2022
Exclusivity Periods
November 29, 2022
Sell for a Higher Price
November 22, 2022
Replacement Cost
November 15, 2022
Capital Expenditures
November 8, 2022
Discounted Cash Flow Valuation
November 1, 2022
Protection of Intellectual Property
October 25, 2022
Earnouts
October 18, 2022
IOI, CIM, VDR, LOI, PA
October 11, 2022
“Comps”
October 4, 2022
Role of the CFO in M&A Transactions
September 27, 2022
Asset vs. Stock Sale
September 20, 2022
Management Succession
September 13, 2022
Controlled Unclassified Information (CUI)
September 6, 2022
After Tax Proceeds
August 30, 2022
Buyer Due Diligence
August 23, 2022
Representations and Schedules
August 16, 2022
DFARS
August 9, 2022
Long Range Sale Planning
August 2, 2022
Planning for a Sale
July 26, 2022
Days Inventory
July 19, 2022
Complete Disclosure
July 12, 2022
Working Capital Target
July 5, 2022
Management Presentations
June 28, 2022
Working Capital True-ups
June 21, 2022
Inflation Mitigation
June 14, 2022
Financial Projections
June 7, 2022
Assessing Intellectual Property
May 31, 2022
M&A Acronyms
May 24, 2022
Customer Consents
May 17, 2022
Revenue Analytics
May 10, 2022
The 3 Biggest Mistakes Sellers Make
May 3, 2022
Advisory Boards
April 26, 2022
Quality of Earnings
April 19, 2022
Customer Concentration
April 12, 2022
Supply Chain Risk
April 5, 2022
Premium Pricing
March 29, 2022
Seller’s Deal Team
March 22, 2022
Two Types of Buyers: Financial & Strategic
March 15, 2022
Confirmatory Due Diligence
March 8, 2022
Transfer Pricing Risk
March 1, 2022
Rewarding Senior Management
February 22, 2022
M&A Attorney
February 15, 2022
Cybersecurity
February 8, 2022
Audited Financials
February 1, 2022
Agency Risk
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November 7, 2023
EBITDA Multiples
October 31, 2023
What A&D Buyers Want
October 24, 2023
The Truth in Negotiations Act
October 17, 2023
Q3 M&A Survey Results
October 10, 2023
L.O.B. Financials
October 3, 2023
Third-Party Consents
September 26, 2023
Expiry of Exclusivity Period
September 19, 2023
Transaction Costs
September 12, 2023
The Truth About Due Diligence
September 5, 2023
Working Capital Reserves
August 29, 2023
Interest Rate Impact on A&D Valuations
August 22, 2023
SBIR Funding
August 15, 2023
Strategic Competitive Advantage
August 8, 2023
Leadership Team
August 1, 2023
EAR Regulations
July 25, 2023
Deferred Closing
July 18, 2023
Independent Sales Representatives
July 11, 2023
Deal Team Professionals
July 4, 2023
Small Business Set Asides
June 27, 2023
Environmental Audit
June 20, 2023
Owned Real Estate
June 13, 2023
Closing Day Proceeds
June 6, 2023
Maximizing Bid Prices
May 30, 2023
NDAs
May 23, 2023
Material Contracts
May 16, 2023
Inventory Accounting
May 9, 2023
MAC Clause
May 2, 2023
Sale Preparation
April 25, 2023
Litigation
April 18, 2023
Tax Minimization Strategies
April 11, 2023
How Long Does a Sale Take?
April 4, 2023
EPA New AAI Rule
March 28, 2023
Dual Use Compliance
March 21, 2023
EBITDA Multiples
March 14, 2023
Working Capital Efficiency
March 7, 2023
Disputed Software Licenses
February 28, 2023
ITAR Violations
February 21, 2023
Post-Closing Legal Liability
February 14, 2023
Conditions Precedent
February 7, 2023
The Rise of RWI
January 31, 2023
Avoiding Common Legal Problems
January 24, 2023
Affiliates
January 17, 2023
Addbacks
January 10, 2023
Debt Free Cash Free
January 3, 2023
Due Diligence Fails Employee Nexus
December 20, 2022
Increasing free cash flow in the year ahead
December 13, 2022
Strategic Competitive Advantage
December 6, 2022
Exclusivity Periods
November 29, 2022
Sell for a Higher Price
November 22, 2022
Replacement Cost
November 15, 2022
Capital Expenditures
November 8, 2022
Discounted Cash Flow Valuation
November 1, 2022
Protection of Intellectual Property
October 25, 2022
Earnouts
October 18, 2022
IOI, CIM, VDR, LOI, PA
October 11, 2022
“Comps”
October 4, 2022
Role of the CFO in M&A Transactions
September 27, 2022
Asset vs. Stock Sale
September 20, 2022
Management Succession
September 13, 2022
Controlled Unclassified Information (CUI)
September 6, 2022
After Tax Proceeds
August 30, 2022
Buyer Due Diligence
August 23, 2022
Representations and Schedules
August 16, 2022
DFARS
August 9, 2022
Long Range Sale Planning
August 2, 2022
Planning for a Sale
July 26, 2022
Days Inventory
July 19, 2022
Complete Disclosure
July 12, 2022
Working Capital Target
July 5, 2022
Management Presentations
June 28, 2022
Working Capital True-ups
June 21, 2022
Inflation Mitigation
June 14, 2022
Financial Projections
June 7, 2022
Assessing Intellectual Property
May 31, 2022
M&A Acronyms
May 24, 2022
Customer Consents
May 17, 2022
Revenue Analytics
May 10, 2022
The 3 Biggest Mistakes Sellers Make
May 3, 2022
Advisory Boards
April 26, 2022
Quality of Earnings
April 19, 2022
Customer Concentration
April 12, 2022
Supply Chain Risk
April 5, 2022
Premium Pricing
March 29, 2022
Seller’s Deal Team
March 22, 2022
Two Types of Buyers: Financial & Strategic
March 15, 2022
Confirmatory Due Diligence
March 8, 2022
Transfer Pricing Risk
March 1, 2022
Rewarding Senior Management
February 22, 2022
M&A Attorney
February 15, 2022
Cybersecurity
February 8, 2022
Audited Financials
February 1, 2022
Agency Risk