On Saturday evening, The University of Virginia Cavalier’s basketball guard Kyle Guy sank three free throws with .6 seconds remaining in the game to propel Virginia to the NCAA basketball championship game Monday evening. Talk about grace under pressure. After the game, Bruce Pearl, coach of the Auburn Tigers, said that what was most important to his team was acting with class and dignity. These principals of grace under pressure and class and dignity apply just as equally to a merger transaction. The sale and purchase of a business allows many opportunities for poor execution to be made under pressure, as the seller faces key decisions on the terms under which the business will be sold, the parties negotiate key issues that can affect life after the merger and unknown and unexpected events that change the economics of the merger, or delay it, can arise. Maintaining grace under pressure allows for reflection and composed decisions, rather than irrational behavior leading to poor decisions and failed execution. Class and dignity keep the merger process on an even keel and allows both parties to feel they have been treated well, which is important post-merger. So, the next time you go through a merger and especially as you get close to the finish line, you may want to keep these principals in mind.
If you have any questions about this or any other M&A issue,
please contact Glenn Solomon at firstname.lastname@example.org or 443-738-1522.
ABOUT GLENN D. SOLOMON
email@example.com | 443-738-1522
Glenn D. Solomon is a principal at Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years. He has extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress.
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