Advisory Services

Our reputation for honesty and integrity, and being known as a “trusted advisor” to our clients is worth far more to us than closing a transaction.

Transaction Support

An M&A Coach you can trust

Running a business differs from positioning it for a sale or capital raise, and hiring the right deal team is one of the most critical decisions a company’s management will make. Further complicating the situation is that every participant has multiple stakeholders and agendas – bankers have a universe of both strategic buyers and sponsors to court, and even outside investors have concerns that may differ from management’s. In contrast, ST Advisors’ only concern is our client, which means we have neither conflicts nor biases. Our first commitment is honesty – regarding value, suitors, timing, risks, or terms. If a transaction doesn’t make sense, you’ll hear it. Our reputation for honesty and integrity – and being known as a “trusted advisor” to our clients – is worth far more to us than closing a transaction. We’ll be by your side from kick-off through closing, always protecting your best interests.

How ST Advisors can help

Phase I: Banker Selection

Multiple glossy “pitch books” and presentations make the banker selection process difficult and stressful, especially considering the potential effect this decision will have on both the immediate process and the company long-term. While venture or private equity investors can provide helpful guidance, they often have competing priorities and other demands on their time. When you work with ST Advisors, you have a dedicated “M&A coach” to guide you through the entire process. We have worked on over 30 M&A engagements in multiple roles, and we are committed to being your advocate throughout. We can help find the ideal banker, or team, for your assignment and add significant value along the way. This will ultimately maximize the desired outcome while minimizing interference with your day job — running your business.

Preparation – Working with you and your management team, we will help prepare a focused and cogent business summary to share with candidate investment banks to help them understand the opportunity, level the playing field, and build their excitement. We’ll also identify potential issues well in advance of going to market.

Banker Evaluation and Pre-Screening – We will communicate directly with potential bankers, pre-screening where appropriate. While we have worked with and have longstanding relationships with many active bankers in the healthcare field, we also look outside our network to ensure we find the best firm for the job. Additionally, this phase allows control of the breadth of market contact, maximizing confidentiality or creating pre-marketing “buzz” as the situation warrants. Working with management and the board, we can evaluate the candidate firms, their proposed transaction approaches and structures, as well as their proposed valuation expectations (ensuring those expectations are realistic and not simply developed in “pitch mode”).

Banker Selection – We can access our extensive network of sector CEOs, CFOs, and venture and private equity investors to check individual references beyond those provided by candidate firms. In addition, our deep knowledge of the current market environment will help you negotiate fees and engagement terms with the selected banker. Equally important, many companies, especially smaller ones, are concerned they will not get the continued care and attention promised by the managing director who leads the bank’s business development efforts. Because of our continued presence in the industry, we represent ongoing, repeat business, so we can help ensure our clients receive the attention they deserve and are promised from a firm’s “A Team.”

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Phase II: Company Process

Working on multiple transactions, as a research analyst, an investment banker, and a strategic advisor, we have developed expertise, experience, and relationships to bring to bear as needed throughout the formal marketing process.

Marketing Document Review – Beyond its financial impact, effectively communicating your company’s value proposition can mean the difference between success and failure of a transaction. ST Advisors excels at positioning complex stories geared for financial and strategic buyers. We will review and provide meaningful editorial input to each document the investment bank develops.

Buyer List Creation – Working with the chosen banker, we will help develop a targeted list of potential buyers or investors and offer our two decades of industry relationships to complement theirs. We will also help create, and when appropriate, deliver, tailored buyer-specific messages in situations where the investment or acquisition may be “outside the box.”

Management Presentation Development – We will work with your management team and the bankers to develop, rehearse, and ensure the delivery of an understandable, coherent, and high-impact management presentation.

During the remainder of the process, ST Advisors continues to have a meaningful impact:

Issue Anticipation – Every company encounters issues during a process that could alarm a potential buyer or somehow negatively impact valuation. Bankers often lack the domain expertise to address these issues proactively. ST Advisors can identify issues in advance, and work to ensure they are dealt with before they become true problems or “deal breakers.”

Ongoing Support and Advocacy – Working with you and your management team, we will monitor the bank’s progress against their stated objectives, holding them accountable to their commitments on both timing and valuation. From beginning to end, we will be management’s advocate and trusted advisor, sharing our honest and unbiased opinions, assessments, and advice.

“Getting to Yes” – We have repeatedly found that, because we typically know the buyer (as a result of our industry tenure) and are clearly not “the banker,” we can serve as a more neutral ombudsman to help buyer and seller “get to yes.” In one case, a buyer (when we were advising the seller) actually told us post-closing that, absent our involvement, the transaction would likely not have occurred. We view that as a great endorsement of value.

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Public Equity Offerings

A Word about Equity Offerings – With research experience that spans a decade, and predates the current Chinese Wall reforms, we have direct and unique experience drafting offering memorandums and IPO prospectuses from both the banking and research sides of the house. This experience has served multiple issuers who ultimately were able to better position their story to the public. It has also afforded us an extensive network of public equity investors. As such, not only can we assist with evaluating a firm’s buy-side relationships, but we can vet prospective investors’ views of both the underwriters and their covering analysts.

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Why Choose ST Advisors?

Benefit from Our Experience

Our clients consistently praise our industry knowledge, strategic perspective, and differentiated ability to position their companies to both investors and potential strategic partners. We have more than two decades of healthcare-specific experience and deep expertise in equity research, investment banking, and corporate strategy.

Your Time is Valuable

Any process, no matter how well-run, is incredibly time-intensive. Partnering with ST Advisors will save significant management time and energy through each phase, allowing your management team to focus on running the business.

No Conflict of Interest

Bankers often have multiple stakeholders to satisfy. In addition to the client and their firm, they may have vested interests in a universe of strategic buyers and may be seeking to court financial sponsors. Our previous banking experience and relationships will help ensure that the process is beneficial to your business and not a marketing event for the bank, and that the selected offer is the one in your best interest.

Receive the Strategic Truth

Above all else, we value honesty, integrity, and transparency. We commit to giving you our best, most thoughtful and honest advice regarding value, suitors, timing, risks, or terms. We take immense pride in our reputation for honesty and integrity – traits inherent in the accolade we’ve earned of “trusted advisor.”

  • "As I navigated the sale of my business, ST Advisors was my trusted guide through the entire process. From the idea stage through close, they assisted with everything including banker selection, creation of the potential buyer short-list, financial modeling, management presentation coaching, and much more. Most importantly, ST Advisors was an instrumental asset during the most contentious period of the deal process. I have no doubt that we were able to achieve a successful close because of ST Advisors' involvement and contribution."

    – Fran Loshin-Turso

    former CEO of Defran Systems

Outsider Perspective with Insider Knowledge®