An M&A deal can be a lengthy ordeal, especially the due diligence portion of the process. During due diligence, the buyer examines all of the business's financial documents in order to ensure that everything is as previously represented. Due diligence assists the buyer in determining whether or not the target is in fact one that they truly want to buy.

After the Letter of Intent is signed and further M&A deal negotiations have begun, the next document for the business seller to draw up is the M&A purchase agreement. This document outlines all of the deal’s terms and acts as a final contract.

When considering the sale of one's business, choosing a competitor as the buyer may be the last option to come to one's mind. It might feel like selling out. Or perhaps it may be unclear what a competitor would have to gain from buying a similar business. However, sometimes one's competitor is actually the best person to buy the business.