M&A Team Roles & Responsibilities

Successful M&A transactions require coordination across multiple specialized roles, each bringing critical expertise. Understanding these roles helps ensure proper team composition and effective execution.

Internal Team Structure

1. Corporate Development Team

VP/Head of Corporate Development

  • Overall M&A strategy and execution
  • Board and CEO reporting
  • Deal team leadership
  • Negotiation with counterparties
  • Integration oversight

Director/Senior Manager

  • Deal sourcing and screening
  • Financial modeling and valuation
  • Due diligence coordination
  • Transaction management
  • Post-close integration support

Manager/Associate

  • Financial analysis and modeling
  • Market research and target identification
  • Due diligence workstream support
  • Data room management
  • Integration planning support

Analyst

  • Financial modeling support
  • Market research and analysis
  • Competitive intelligence
  • Deal documentation support
  • Integration tracking

2. Finance Team

CFO

  • Financial strategy approval
  • Board recommendation
  • Financing approval
  • Accounting treatment decisions
  • Post-close financial integration

FP&A Team

  • Financial projections and models
  • Synergy quantification
  • Budget impact analysis
  • Post-deal financial tracking

Treasury

  • Financing structure
  • Cash management
  • Currency hedging
  • Debt covenant compliance

Accounting

  • Purchase price allocation
  • Financial statement impact
  • Tax accounting
  • Audit coordination

3. Legal Team

General Counsel

  • Legal strategy oversight
  • Material risk assessment
  • Board and committee reporting
  • Final agreement approval

M&A Counsel

  • Transaction structuring
  • Agreement negotiation
  • Legal due diligence
  • Regulatory filing coordination
  • Closing management

Corporate Counsel

  • Corporate governance
  • Board resolutions
  • Officer's certificates
  • Corporate documentation

4. Business Unit Leaders

Business Unit President/GM

  • Strategic fit assessment
  • Commercial due diligence
  • Synergy identification
  • Integration planning
  • Post-close leadership

Commercial Team

  • Customer/market analysis
  • Product roadmap integration
  • Pricing strategy
  • Go-to-market planning

5. HR/People Team

CHRO

  • Organizational design
  • Cultural assessment
  • Leadership evaluation
  • Retention strategy

HR Business Partners

  • Talent assessment
  • Compensation harmonization
  • Benefits integration
  • Employee communications

Talent Acquisition

  • Key hire identification
  • Retention planning
  • Recruitment support
  • Onboarding coordination

6. IT Team

CIO/CTO

  • Technology strategy
  • Systems integration approach
  • Security assessment
  • IT budget

IT Integration Lead

  • Systems inventory
  • Integration roadmap
  • Cutover planning
  • TSA requirements

External Advisors

Investment Banks (Sell-Side)

Managing Director

  • Overall transaction leadership
  • Buyer identification and outreach
  • Valuation guidance
  • Negotiation support
  • Close coordination

Vice President

  • Process management
  • Marketing materials (CIM)
  • Data room preparation
  • Due diligence coordination

Associate/Analyst

  • Financial modeling
  • Marketing materials
  • Buyer research
  • Process execution

Typical Fees: 1-5% of transaction value (Lehman Formula common)

Investment Banks (Buy-Side)

Services:

  • Target identification
  • Valuation analysis
  • Negotiation support
  • Financing arrangement
  • Fairness opinions

Typical Fees: Monthly retainers ($50-250K) + success fee (1-2% of deal value)

Legal Advisors

M&A Partner

  • Transaction structuring
  • Agreement drafting/negotiation
  • Legal due diligence
  • Closing coordination

Associates

  • Document drafting
  • Due diligence execution
  • Disclosure schedules
  • Closing checklist management

Typical Fees: $500-1,500/hour (partner), $300-700/hour (associate)

Accounting/Tax Advisors

Services:

  • Tax structuring
  • Financial due diligence (QofE)
  • Purchase price allocation
  • Tax opinion letters
  • Pro forma financials

Key Firms: Big 4 (Deloitte, PwC, EY, KPMG)

Typical Fees: $200-800/hour, project-based

Specialized Due Diligence

Commercial Due Diligence

  • Market sizing and growth
  • Competitive landscape
  • Customer interviews
  • Product/technology assessment

Providers: Bain, BCG, McKinsey, AlixPartners

IT Due Diligence

  • Systems architecture review
  • Cybersecurity assessment
  • Integration complexity
  • Technology roadmap

Providers: Deloitte, PwC, specialized IT consultancies

Environmental Due Diligence

  • Phase I/II environmental assessments
  • Compliance review
  • Liability quantification

Providers: Environmental engineering firms

HR/Organizational Due Diligence

  • Leadership assessment
  • Organizational structure
  • Compensation benchmarking
  • Cultural assessment

Providers: Korn Ferry, Heidrick & Struggles, Mercer

Lenders & Financing Partners

Commercial Banks

  • Senior debt financing
  • Letters of credit
  • Cash management

Private Credit/Direct Lenders

  • Senior/unitranche debt
  • Mezzanine financing
  • Flexible structures

Investment Banks

  • Syndicated financing
  • Bridge loans
  • High-yield bonds

Roles by Transaction Phase

Phase 1: Strategy & Sourcing

Role Key Responsibilities
Head of Corp Dev Define M&A strategy, set priorities
Corp Dev Team Target identification, initial outreach
Business Unit Leaders Strategic priorities, target criteria
Investment Banks Market mapping, target identification

Phase 2: Evaluation & Valuation

Role Key Responsibilities
Corp Dev Team Financial modeling, preliminary valuation
Finance/FP&A Synergy assessment, financial impact
Business Unit Leaders Strategic fit assessment, synergy ID
Investment Banks Valuation benchmarking, market comps
Commercial DD Market validation, customer interviews

Phase 3: Due Diligence

Role Key Responsibilities
Corp Dev Team DD coordination, data room review
Legal Legal DD, contract review
Finance Quality of earnings, accounting DD
IT Technology assessment, integration plan
HR Organization review, comp analysis
Commercial DD Customer/market validation
Environmental Site assessments, compliance review

Phase 4: Negotiation & Signing

Role Key Responsibilities
General Counsel Agreement negotiation, risk assessment
M&A Counsel Definitive agreement drafting
Corp Dev Lead Purchase price negotiation
CFO Final financial approval
Board Transaction approval
Investment Banks Negotiation support, fairness opinion

Phase 5: Regulatory Approval

Role Key Responsibilities
Legal Regulatory filings (HSR, etc.)
Antitrust Counsel Competition authority interaction
Corp Dev Regulatory strategy, information requests
PR/Communications Public statements

Phase 6: Integration Planning

Role Key Responsibilities
Integration Lead (PMO) Overall integration planning
Business Unit Leaders Operational integration planning
IT Systems integration roadmap
HR Organizational design, retention
Finance Financial systems integration
Legal Employment transfers, contracts

Phase 7: Closing

Role Key Responsibilities
Legal Closing documents, conditions satisfaction
Finance Funds flow, purchase price adjustments
Treasury Wire transfers, cash management
Corp Dev Closing coordination

Phase 8: Post-Close Integration

Role Key Responsibilities
Integration Lead Integration execution, tracking
Business Unit Leaders Operational integration
HR Employee onboarding, org changes
IT Systems cutover, TSA transition
Finance Financial reporting consolidation
Communications Employee/customer communications

RACI Matrix Example

Due Diligence Phase

Activity Corp Dev Finance Legal IT HR External DD
DD Planning A C C C C I
Financial DD C R/A I - - R
Legal DD C - R/A - I R
IT DD C - - R/A - R
HR DD C - I - R/A R
Commercial DD R C - - - A
Integration Planning A C C R R I

Key: R = Responsible, A = Accountable, C = Consulted, I = Informed

Team Size by Deal Size

Small Deal ($10-50M)

Internal Team:

  • Corp Dev Lead: 1
  • Corp Dev Analyst: 1-2
  • Finance/FP&A: 1
  • Legal (internal): 1
  • Business Unit Rep: 1-2

External Advisors:

  • Legal Counsel: 2-4 lawyers
  • Accounting/Tax: Optional
  • Specialized DD: Rarely needed

Mid-Size Deal ($50-250M)

Internal Team:

  • Corp Dev Director: 1
  • Corp Dev Team: 2-3
  • Finance: 2-3
  • Legal: 2-3
  • Business Unit Team: 3-5
  • HR: 1-2
  • IT: 1-2

External Advisors:

  • Investment Bank: Optional (buy-side)
  • Legal Counsel: 4-8 lawyers
  • Accounting/Tax: 3-5 advisors
  • Commercial DD: 3-5 consultants
  • Specialized DD: As needed

Large Deal ($250M-1B)

Internal Team:

  • VP Corp Dev: 1
  • Corp Dev Team: 4-6
  • Finance: 5-8
  • Legal: 4-6
  • Business Unit Team: 8-12
  • HR: 3-5
  • IT: 3-5
  • Integration Lead: 1

External Advisors:

  • Investment Bank: 5-8 bankers
  • Legal Counsel: 10-20 lawyers
  • Accounting/Tax: 8-15 advisors
  • Commercial DD: 5-10 consultants
  • Multiple specialized DD providers

Mega Deal ($1B+)

Internal Team:

  • Head of Corp Dev: 1
  • Corp Dev Team: 8-15
  • Finance: 15-25
  • Legal: 10-20
  • Business Unit Teams: 20-40
  • HR: 8-12
  • IT: 10-15
  • Integration Team: 15-30

External Advisors:

  • Investment Bank: 10-20 bankers
  • Legal Counsel: 25-50 lawyers
  • Accounting/Tax: 20-40 advisors
  • Multiple specialized DD firms
  • PR/Communications advisors

Skills & Qualifications

Corporate Development Professional

Education:

  • MBA or advanced degree preferred
  • Finance, accounting, or business background

Experience:

  • Investment banking (M&A)
  • Private equity
  • Strategy consulting
  • Prior corp dev experience

Core Skills:

  • Financial modeling & valuation
  • Strategic thinking
  • Project management
  • Negotiation
  • Cross-functional leadership

Compensation Benchmarks

Level Base Salary Bonus Total Cash
Analyst $80-110K $20-40K $100-150K
Associate/Manager $120-160K $40-80K $160-240K
Senior Manager/Director $180-250K $80-150K $260-400K
VP $250-400K $150-300K $400-700K
SVP/Head of Corp Dev $350-600K $250-600K $600K-1.2M

Varies significantly by company size, industry, location

Key Takeaways

Essential Points

  1. Cross-Functional Collaboration: Successful M&A requires coordination across corp dev, finance, legal, HR, IT, and business units

  2. Right-Sized Teams: Scale team size and advisor spend appropriately to deal complexity and size

  3. Clear Ownership: Use RACI matrices to define roles and prevent gaps or overlaps

  4. External Expertise: Engage specialized advisors early for legal, tax, and commercial due diligence

  5. Integration Focus: Appoint dedicated integration lead for deals >$100M

  6. Skills Mix: Best corp dev professionals combine financial skills, strategic thinking, and project management

  7. Business Unit Engagement: Critical to involve business unit leaders early for synergy identification and integration planning

  8. Communication: Regular communication and status updates across all stakeholders essential

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Last updated: 2025-10-30

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