ACG Cleveland Special Editorial 2022: Lessons learned while closing deals in a virtual environment

With most transactions operating semi-virtually before March 2020, the shift to remote work did not force a complete overhaul of the M&A process. However, it demanded a heightened emphasis on timing, communication of expectations and organization in closing deals that will stick with buyers and sellers for the foreseeable future.

The pandemic’s fully virtual environment required deals to account for the logistical challenges presented by the work-from-home policies and staffing situations of all parties touching the transaction. These factors magnified the level of stress that short deadlines placed on timely closings, and this will continue as flexible work models become permanent for certain organizations. Between buyers, sellers, and their counsel, this means understanding each other’s expectations for the content and timing of due diligence and other pre-closing deliverables is more crucial than ever.