Essential steps in the M&A process: a detailed guide

Most M&A timelines don't slip because of one big problem. They slip because of a dozen small ones that nobody sequenced properly. A clear roadmap is the antidote.

Whether you're on the buy side or the sell side, the process follows a recognisable arc. Knowing the stages — and what derails each one — keeps momentum on your side.

1. Discovery & fit

Identify targets (or buyers) that match the thesis. On Done Deal this happens through anonymised cue cards and mandates, so both sides qualify before revealing anything sensitive.

2. Engagement & information exchange

Identities are revealed, NDAs signed, and a fuller picture is shared. The goal is mutual conviction, not maximum disclosure.

3. Negotiation & terms

• Agree the headline structure — cash, equity, earn-out
• Capture it in a term sheet or LOI before drafting legalese
• Flag the deal-breakers early, while goodwill is high

4. Diligence & close

Diligence should confirm the story, not rewrite it — which is why honest cue cards matter. Once findings line up with expectations, definitive documents and closing follow.