Buyers do not have to use advisers. The reason they do is that advisers bring experience, expertise, extra resources and objectivity to a difficult strategic exercise that most companies do not undertake on a routine basis. To get the most out of advisers, however, they need to be managed.
Table 4.1 shows the advisers that a buyer might be use at each stage of the acquisition process. Acquirers may use some or all of these depending on their own experience and expertise, and the complexity of the transaction.
TABLE 4.1 Advisers for different stages of a transaction
|Stage||Possible outside advisers|
|Setting the strategy||Business/marketing/strategy consultants|