Every party to a deal has a different agenda. Jon Moulton says get to the bottom of that, then work out your strategy.

Groucho Marx once famously said: “The secret of life is honesty and fair dealing. If you can fake that, you’ve got it made.” The principal purpose of corporate finance activities is to increase the wealth of some of the participants in the transactions. It may lack nobility, but it encourages effort and ingenuity.

In a utopian world, transactions would all take place with the fullest and most accurate information available to all parties, in a totally fair and open way. But alas, that is not the case in this world.

In virtually all deals, sellers seek to maximise their proceeds while buyers try to minimise what they pay. Advisers and financiers will generally prefer a process that maximises their fees, whereas buyers and sellers prefer lower fees. All advisers do better if there is a completion. Remember these basics and you will do better.

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