When COVID hit the United States over one year ago, the first and foremost concern on every business leader’s mind was the wellbeing and safety of their employees. This moment in history was unprecedented, and in the early days of lockdown businesses found themselves searching for directions on how to proceed forward.
Turning to staggered office schedules and remote work solutions, businesses worked tirelessly to ensure that their staffs were as safe and healthy as possible. Companies then began to pivot and adapted quickly to find solutions to keep mid-stream business deals afloat while continuing to maintain a healthy and safe work environment.
Once initial health precautions were put into place, buyer and seller communities were then forced to completely reevaluate how they interacted with one another. With businesses adopting remote work environments, tried-and-true pre-COVID negotiation mechanisms were no longer options.
Buyers were faced with the immediate task of triaging deals that were in-process when the pandemic hit. They also were forced to innovate how they navigated the lifecycles of future deals, from initiation to closing. Since face-to-face meetings were put on pause, buyers lost the ability connect in-person with sellers, a tradition that has been the backbone for deal negotiation.
In order to keep up with the ebb and flow of challenges COVID-19 created, buyers moved quickly to evolve how they conducted business and negotiated with sellers. But what adjustments enabled them to continue closing deals during a pandemic? How were they able to find success during such unprecedented and uncertain times?
Last month, ACG National Capital sponsored the “Getting Deals Done During COVID” webinar to reflect on the challenges COVID-19 posed to buyers, and the solutions they implemented that allowed them to continue buying.
Topics of discussion included:
- Creative solutions for both buyers and sellers
- When and how to be flexible in negotiations
- Evolving deal structures and valuations
- Impact of remote environments
- Key changes to closing mechanisms
Webinar panelists included:
- Kirk Konert, Partner, AE Industrial
- Michael Lustbader, Managing Partner, Arlington Capital Partners
- Randy Phillips, Senior Vice President, Leidos
- Dave West, Vice President, ECS/ASGN
Click the play button below to watch the entire Webinar in its entirety: