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In this episode of the French Insider, Didier Choix, Founder and Managing Partner, and Jean-Damien Perrier, Partner of the DDA & Company group, a Franco-American investment bank specializing in mergers and acquisitions in France and the United States, join Valérie Demont, Partner at Sheppard Mullin, to discuss M&A transactions between France and the United States, including how to choose the right target, the differences between French and American deals, and how to best prepare to conquer the American market.
What We Discussed in This Episode:
- How can one best prepare to acquire a company in the United States?
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- Screening
- Definition of objectives
- Proficiency in English
- How to find a United States target?
- What are the challenges faced?
- Is networking working?
- The approach of the American leader
- What are the major differences between a deal in the United States and a deal in France?
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- Limited access to information
- Valuation
- Funding
- Working Capital v. lock box
- Vendor due diligence
- GAAP accounting v. IFRS
- Lack of audit of financial statements
- Salaries of officers and employees in the United States
- What are the common mistakes of French companies in their first acquisitions in the United States?
- "Bridging the gap": how can French companies put together a competitive offer compared to American buyers (auction process, etc.)?
- Timeline of an acquisition
- Main advice for an entrepreneur looking to acquire a target in the United States
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