By Denis Reinhardt
Für einen M&A-Verkaufsprozess müssen die Zahlen, relevante Kennzahlen und treffende Erläuterungen aufeinander For an M&A sales process, figures, key performance indicators, and clear explanations must be aligned and tell a compelling story—only then does a company stand out from the crowd and capture the interest of investors. Through the analysis and preparation of raw data and company metrics, a narrative thread emerges, transforming unfiltered numbers into a meaningful story.
A core element of every M&A transaction is the world of numbers. Yet it is often not the financials alone that matter—context and narrative play an equally important role. Revenue of 20, 30, or even 50 million euros can represent growth or decline, depending on the starting point. Similarly, the outlook for future development is tied to historical performance. The period following a successfully managed crisis, for example, can serve as a strong anchor for future growth. Conversely, an exceptionally good year cannot simply be projected forward as the norm.
Beyond financial results and the asset base, other key performance indicators are also of interest. Their relevance, however, varies greatly from one company to another. The most relevant KPIs for an established industrial business will differ significantly from those for a fast-growing start-up. Just like in a portrait, it takes an experienced eye to present the company from the right perspective. To stay with the start-up example: focusing solely on a negative margin without considering future potential, reflected in consistently high growth rates, would be one-sided.
In addition to selecting suitable KPIs, explanations and commentary are essential to present the company’s story and support quantitative facts with qualitative arguments. This allows decisive factors to be highlighted or negative developments to be explained. Such context is highly valuable, as it helps to defuse potential red flags early on and emphasize unique selling points—leading to stronger investor interest.
Examples underline the value of a consistent and well-structured argumentation:
- A declining market may seem discouraging to investors. However, if a company is growing and gaining market share within such a market—perhaps due to above-average investment—it may in fact be a hidden champion.
- One-off effects, such as insurance compensations or litigation costs, can be anticipated and addressed upfront by providing the right context. This way, potential buyer questions are answered proactively.
Managing and aligning these three core aspects is one of the central tasks in preparing marketing materials for i-capital. An external perspective and extensive experience help ensure consistent communication and the right presentation style.
Interested in learning more about M&A processes and transactions? Feel free to contact us!
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Philip Herrmann
