CHAPTER 16
TRANSACTION PHASE 2: AGREEMENT
It ain’t over till it’s over.
—Yogi Berra1
Once the term sheet is signed (another milestone on your exit path you should not forget to celebrate), you will be in a race against time to negotiate, sign, and close the transaction. The deal is still far from being done, and it can fall apart, especially if you don’t have the bandwidth in your leadership team to run both the deal and the business at the same time. And deals do fall apart quite often. Recall that term sheets are for the most part nonbinding; that means both you and the acquirer can decide to walk away from the deal, setting aside the impact on the reputation of, and the relationship between, the parties. And it is usually the acquirers who ...
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