Alyssa Hirschfeld, Taft

Partner, Taft

What are the biggest challenges you currently see in the M&A world?

Deals are not getting done at the frenetic pace of 2021-2022 and some are dying, partially because of a lack of urgency. Buyers are not feeling the same pressure to move as quickly as they have in recent years. Anecdotally, I am seeing due diligence periods stretching longer, which results in more and more questions, more deal fatigue and higher chances that something will come to light that neither part wants to take risk on — no matter how remote. The more things linger, the more likely it is that at least one party will find a reason not to do the deal.

Without revealing the names of a client, what is the most interesting transaction you’ve worked on lately?

Our team sold a founder-led business to a private-equity backed strategic buyer. We had almost finished a transaction with a large corporate buyer, which — late in the game — took some extremely conservative positions around certain due diligence findings. That ultimately led to a broken deal with that buyer. Then we started the process from the beginning again and were able to complete the sale with the PE-backed buyer. The two buyers approached the transaction very differently and it was really interesting to see that contrast play out with the same target company. And the end result was a great outcome for our client, which is the best part.

How do you manage work/life balance?

It is a big challenge. The ability to do work wherever and whenever times are convenient is both a blessing and a curse. It allows me to travel with my family while still being able to manage work, and allows me to squeeze in an hour of work during a soccer practice.

What is one thing you would change about Minnesota if you could?

I wish we were a little less insular and made it easier for adult transplants to our state to make new friends. Many of us have lived in Minnesota for most of our lives, but it would be better for our professional communities if new Minnesotans didn’t feel like outsiders. Also, fewer mosquitoes would be great.