The acquisition process is divided into three distinct phases: preliminary research, contact of potential targets, and negotiation of the deal. These services can be delivered as an integrated service, or can be provided independently depending upon the client's needs.

Phase I: Preliminary research and pre-qualification of acquisition targets

Initially we help our client define the search criteria in terms of company size, revenues, services, markets served, professional disciplines, staff composition, and geography.

In Phase I, we build the "universe" of possibilities that will be contacted during the search. This means systematically identifying all possible alternatives that meet a client's criteria. We build a comprehensive list by searching industry directories, our own in-house database of over 30,000 firms, and by networking with potential buyers of services provided by the acquisition target firm-type and/or regulatory agencies with which they might come into contact.

We then contact each company identified in this process to determine their staff size, in-house disciplines, office locations, address, website, and CEO's exact name and title. All of this information is put into a database, and a report is prepared for the client's review. The report shows factual information on all firms identified, and indicates those firms that appear to meet the criteria and that have been selected for further investigation.

Phase II: Contact and qualify potential acquisition targets

Once the "universe" for the search has been compiled, we confidentially contact the president/CEO of each of the firms identified in Phase I to determine their interest in discussing a possible sale or merger. This is a two-stage process. First, we send a personalized, confidential letter that describes our client's interest. Secondly, we follow up via telephone with each president/CEO who has not responded to gauge interest.

With the client's consent, we will identify our client in the letter. In our experience, this produces a better response rate and leads to more interested candidates for our client.

Those who express an interest are interviewed in detail to gather information on their firms' operations. In addition, we request marketing materials (including brochures, SOQs, and SF 330s, when appropriate) and financial information (recent income statements and balance sheets) from each candidate firm.

At the end of Phase II, we prepare a report that profiles the prospects in terms of staff size, billings, profits, etc. We then rank them according to how well they match the client's criteria and how motivated they are to sell. Then, we ask the client to prepare a short list of the firms they want to talk with, and we arrange initial face-to-face or telephone discussions.

Phase III: Negotiations, deal structuring, and due diligence

ZweigWhite can act as an intermediary throughout the discussion and negotiation process with any firms a client pursues, passing along the concerns and questions of all parties involved to each other in the interest of developing realistic expectations at both ends. We can make site visits to one or more potential acquisition target companies, interviewing their staffs and developing intimate profiles of their organization. We can also conduct a client satisfaction survey on any candidate firm as a part of the due diligence process. Valuation consulting and due diligence services are also available.

ZweigWhite's financial advisory consultants do all they can to manage the process and bring the deal to a successful close.

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