Financing companies in a COVID environment is as challenging as buying and selling them. Top M&A bankers gave us their list of do’s and don’ts.   

“There are a lot of twists and turns today,” a mid-West MD told us. “You may think the company you’re trying to sell is operating at pre-COVID levels, but what happens if this virus stuff backs up?  

“In the current climate you don’t want to run a big process. Having dozens of lenders see softer monthly numbers is not a path to success.”  

Another source agreed. “You don’t want to have all the lenders talking to each other. It’s best to keep it to a tight circle. We’re seeing situations where only existing lenders are being asked for term sheets.”...