Taylor: Tough M&A talks should happen between term sheet and close

“I think it's right after that. So where people have really committed to the key things, how much value, why are we doing this, the big stuff. And there's usually you know, many, lots of lawyers being paid lots of money to turn those term sheets into, you know more complete set of documents, usually more complete due diligence, stuff like that. That's a, there's an awkward waiting period there, and that's a time, I think, where, like, the strategic decision makers in those moments can get together and say, let's talk through what this really means, and the nice part about having them for all parties is you've kind of made the commitment to each other, so it's, you've, I think you have more social permission to have real conversations at that point but you also haven't consummated the relationship, you know, and so there's a, the power imbalance isn't, Totally there. And you can really talk through it. And it also, I think, engenders trust just because by having harder conversations in those moments, you're learning how to have real conversations and learning how each other works.”

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