What Happens After I Sign an Engagement Letter With an M&A Advisor?

Signing the engagement letter is the start of roughly six to ten weeks of preparation before a single buyer is contacted. Here's what that looks like.

Weeks 1–3: data and normalization

• Financial and operational document request goes out
• Normalized EBITDA built with support for every adjustment
• Revenue analyzed by customer, service line, and margin
• Issues that will surface in diligence identified early — while they're still fixable

Weeks 3–6: positioning

• Valuation range grounded in recent comparable transactions
• Confidential information memorandum drafted with your input
• Blind teaser and NDA prepared
• Buyer list built by name, with your veto applied

Weeks 6–10: go to market

Outreach begins on a set timeline, NDAs are signed, the memorandum is released to qualified buyers, management calls are scheduled, and indications of interest are collected against a deadline — followed by an LOI round.

What's asked of you

Expect a few hours a week during preparation, heavier during management meetings and diligence. The work you do in the first month is the work that shows up in the final number.

The bottom line

A process that goes to market in week two isn't fast — it's unprepared. The preparation phase is where price is created.