03 Aug Doing Deals Remote: Two Decades of Virtual Transactions!
How do you present yourself and your business to someone without that firm handshake? Not only has Revenue Rocket been doing deals virtually since COVID-19, we’ve been doing it this way since almost inception of the business. Listen to the Revenue Rocket team dive into how deals get done virtually.
There is a lot more social acceptance of virtual meetings, especially in 2020. The expectations of the majority in-person meetings have lessened with the outbreak of the pandemic. There is a tremendous amount of inefficiency in traveling globally right now. If you can eliminate the need for travel, you can operate much more quickly, save time out of airports, and stay off of a standstill freeway. Currently, as of August 2020, the borders between the US and Canada remained closed as well as US travel into the European Union so using remote tools to your advantage makes sense.
The economic impact of operating a process (or any business for that matter) is significant. While we always do our best to limit billable expenses, the cost of travel can add up quickly. Having the process, tools and discipline to operate remotely has been felt by our clients for decades.
Use Digital Infrastructure
There are many easy to use digital platforms that will keep an M&A deal moving forward and give flexibility. Screen sharing tools, portal sharing technologies, and simply picking up the phone are all very important in negotiating a transaction. Educating yourself on using conference calling tools, knowing how to take over a presentation, and using video for a more personal touch is crucial for success in virtual deal-making. Our 7 steps to a successful transaction include an operating budget for the process. Recently the social and cultural acceptance of remote meetings has been a major contributor to reduced expenses during M&A expenses in 2020. (You can buy a lifetime of subscription for a cost of a single flight.)
Having predictable, consistent status calls during an M&A deal is important to know where each party stands throughout the process. We find a good cadence to be weekly or biweekly as a great catch-all for making sure the relationship and project are maintained.
This is incremental to our intuitive project management tools we use to help ensure continuity within a process and its stakeholders. We have always been a huge proponent to remote management and automation during a transaction.
Promote your Company Digitally
During the global pandemic, we’ve seen little to no in-person roadshows yet we have some of the greatest demand in the last few decades. Fueled by the increase in distressed assets and consolidating providers in all areas of the value chain, there is no better time to make sure your clients, your competitors, and employees know that you and your leadership is here to make an impact, regardless of the logo on the door. The country is more receptive to mergers than ever – or at least since the great depression.