5 Lessons I Learned in My First Deal

Working on my first M&A deal taught me more than I expected. I quickly realised that there is a lot more to learn than just the technical aspects of the job. Of course it is important to understand the company, work with the numbers and get the details right. But looking back, my most valuable lessons had nothing to do with Excel or PowerPoint.

My first M&A deal taught me what taking ownership means, how important prioritisation is when several things happen at once, and why flexibility matters when a process takes an unexpected turn. It also showed me that deals are in the end driven by people. If you are about to work on your first M&A deal, here are five things to keep in mind:

1. Stay on top of the process and think one step ahead

One of the first things I learned during my first M&A deal was that completing the task in front of you is only part of the job. The more valuable skill is understanding where that task fits into the overall process and what will be needed later.

A good example for me was preparing data for the Information Memorandum. At first, the goal was to make sure the information was complete and well structured. But I quickly realised that it was also essential to think ahead to the due diligence phase. If the data is structured correctly from the beginning, it becomes much easier to work with the same information later. You reduce the risk of inconsistencies and avoid rebuilding work afterwards.

2. Prioritisation is a skill in itself

Another thing I underestimated was how many tasks can become urgent at the same time. During a live deal, analyses need updates, new information comes in and someone needs a quick answer. My first instinct was to work through everything as quickly as possible. But I soon learned that getting things done is only one part of working effectively.

The real challenge is understanding what matters most in that moment: What is blocking someone else? What does the client need? Which task moves the process forward? Learning to see the bigger picture and reorganising priorities helped me focus my time where it is needed the most.

3. The deal process rarely goes exactly according to plan

My first M&A deal made this lesson very clear to me. The transaction was a divestment required by a competition authority. This meant that the scope of the deal was evolving throughout the process and we sometimes had to react quickly to adjust materials.

It can be frustrating when something you prepared suddenly becomes irrelevant, but this is a normal part of a live transaction. You can prepare carefully, but you cannot anticipate every development. What you can control is how you respond. For me, the key was learning to stay calm, understanding the implications of a change and focusing on what needs to happen next.

4. Deals are ultimately about people, not just companies and numbers

When you first think about M&A, you might think mainly about valuations, financial models and company presentations. What I learned was that the human side is just as important. Throughout a process, you work with people who have different perspectives: management teams, clients, investors, advisors and your own colleagues.

What I found particularly interesting was seeing how the same information could lead to different questions depending on who was looking at it. A topic that seemed straightforward analytically could become much more important from the perspective of management or a potential investor.

This taught me that deal work is not only about finding the right answer. You also need to understand who you are speaking to, what matters to them and how to communicate your message clearly.

5. Make life easier for the people around you

The final lesson sounds simple: try to make life easier for the people you work with. For me, that means being reliable, communicating clearly and delivering work in a way that allows someone else to use it immediately. Instead of only asking, “Have I finished my task?”, I learned to ask, “Does the person receiving this have everything they need to take the next step?”

The same applies to knowledge. If someone shows you a better way of doing something, remember it and pass it on. Strong deal teams work because people support each other and take responsibility for the overall outcome.

Looking Back on My First M&A Deal

My first M&A deal definitely did not make me an M&A expert, but it did change the way I work. I became better at looking beyond the task in front of me, deciding what really matters when several things happen at once, and staying flexible when plans change. I also learned that understanding the people involved can be just as important as the numbers. If you are about to start your first deal, I would say: stay curious, ask questions and try to understand the bigger picture.

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