Mergers and Acquisitions Explained: A Crash Course on M&A

Рет қаралды 358,290

Күн бұрын

#mergersandacquisitions #corporatelaw #business
Mergers & Acquisitions (commonly referred to as M&A) is often considered a fast-paced, exciting niche of corporate law. And, it is. Brett loves the work he does and his role in M&A deals. So, this video addresses a lot of common questions regarding M&A.
We'll take a look at what M&A is, types of deal structures, the key players, the motivations for performing a merger or acquisition, and what deals looks like at different levels of the market.
Here's a quick rundown in case you want to jump ahead:
0:44 - What is M&A generally
01:04 - Asset Sales, Stock Sales and Mergers
04:28 - Why do Sellers Sell a Business?
05:19 - Why do Buyers Buy a Business?
06:40 - Who's Involved in the M&A Process?
06:42 - Investment Brokers and Investment Bankers
09:23 - Corporate Lawyers
10:47 - Business Appraisers, Accountants & Consultants
So, take a look and let us know what you think!
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Have questions? Book a call, and talk to Brett today:
clarity.fm/brettcenkus
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You can reach Brett through:
clarity.fm/brettcenkus
/ brettcenkus
/ bcenkus
www.cenkuslaw.com
braatenwoods.com
merger-resources.com
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Brett A. Cenkus has 20+ years of experience in business law, finance, and entrepreneurship. Through Cenkus Law, PC, he provides advice and services for mergers & acquisitions (M&A), securities offerings, founders’ agreements, and other general business law issues.
Through Braaten Woods, LLC, Brett helps business owners in the lower middle market ($2MM - $25MM) position themselves for sale, find buyers, negotiate, and close M&A deals.
Brett also maintains merger-resources.com, a site packed with free articles, videos, checklists, deal diagrams, template contracts, and other tools to help pass M&A knowledge to others.
Brett regularly consults with entrepreneurs and invests his own capital as an angel investor.
From 2010-2013, Brett served as Chief Legal Counsel of a publicly-traded international oilfield services company. From 2001 to 2006, he and a partner founded and built Paragon Residential Mortgage. Bridge Investments acquired Paragon in 2006.
Brett holds a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Brett lives in Austin with his wife, Cathryn, and two children. He enjoys reading, squash, classic movies, great food and wine, and the New England Patriots.

Пікірлер: 373

@Knockknock12348 3 жыл бұрын

Knowledge gained from your 13 minutes video > my 3-month M&A internship. Thank you for the quality content!

@BrettCenkus 3 жыл бұрын

You're welcome, Seyma!

@jiggs8073 2 жыл бұрын

...how is that possible

@akmuneer4661 Жыл бұрын

hello dear can you help me in finding merged and acquired companies list I am in need of it. Thanks

@bishoyhanna3949 8 ай бұрын

Where the hell did you work 😂😂

@declassifiedcia6075 8 ай бұрын

The Krusty Krab@@bishoyhanna3949

@Jejdjejbfjf 5 жыл бұрын

I love the way you speak about your job and this profession. It seems you take pride in this and are genuinely interested. Yeah this job is tough but I'm glad there are lawyers like you. And thanks for sharing!

@jamesl9040 4 жыл бұрын

Yes! He's so inspiring and enjoyable to watch.

@patbri03 3 жыл бұрын

I AGREE!! Love to see more people talk about what they love especially in business

@BrettCenkus 2 жыл бұрын

Thank you for such positive feedback!

@mattvanryn 4 жыл бұрын

Well done. That was a good solid introduction to what M&A is. Great job.

@alexrondon1862 2 жыл бұрын

Can a person not understand his clarity, and thoroughness. Very great presentation!

@BrettCenkus 2 жыл бұрын

Thank you, Alex!

@DarianSandmartin 5 жыл бұрын

Thank you so much for the explanation! You're fresh and smart, pleasure to watch!

@BrettCenkus 5 жыл бұрын

you're welcome and thank you for the positive feedback!

@esotericguard3808 4 жыл бұрын

She want some of them M's 💲💲💲💲💲

@RossCampoli 3 жыл бұрын

I am HOOKED, oh man what a great video series. So happy to find your channel, Brett!

@BrettCenkus 3 жыл бұрын

You're welcome, Ross - glad you are enjoying the channel!

@syafiqpoulsen6374 5 жыл бұрын

Love the way this guy talks

@danielehambe9198 5 жыл бұрын

This is amazing! I have always been interested in mergers & acquisitions, basically business law. Great video!

@BrettCenkus 5 жыл бұрын

thank you, Daniel! Glad you enjoyed it.

@blackchain1900 4 жыл бұрын

@@BrettCenkus I have a question. If you were getting into M&A today, what are the industries you would recommend. Thanks. Great vid.

@tushartyagi710 3 жыл бұрын

Killed it! I saw the complete video and read all the comments and your detailed response to most of them. I must say it would be a priviledge for your clients and the people who work with you with such a clear guidance. The detailed responses were very informative and worthy. I personally learnt a lot. Kudos from India!

@BrettCenkus 3 жыл бұрын

Thank you, Tushar!

@robschneider8310 4 жыл бұрын

As other people have mentioned, I love the way you talk about your job. Thanks for sharing your knowledge.

@BrettCenkus 4 жыл бұрын

thank you, Arnaud

@galoreweezing5224 5 жыл бұрын

Perfect video. The best explanation of M&A on the web.

@BrettCenkus 5 жыл бұрын

thank you for the feedback!

@andrecaptures 4 жыл бұрын

Solid explanation about Mergers and Acquisitions. I've always been interested in m&a and business law in general. Great video!

@BrettCenkus 4 жыл бұрын

thank you, Andre!

@desiaclementslewis8318 2 жыл бұрын

Thank you for the clear explanation. Well, put.

@rosemondphil 4 жыл бұрын

Just transitioning into a corporate and commercial legal counsel/secretary. I am glad I found this Chanel.

@BrettCenkus 4 жыл бұрын

thank you, Rosemond!

@arselagega6402 3 жыл бұрын

You are so clear at the explanation of this topic! Thank you very much for making me understand it!

@BrettCenkus 3 жыл бұрын

You're welcome, Arsela!

@VAMedia-mv8go 4 жыл бұрын

Finally some sweet M&A content. Big up Brett

@BrettCenkus 4 жыл бұрын

thank you!

@siddhantroychowdhury7234 4 жыл бұрын

I feel thankful to have found your channel.

@BrettCenkus 4 жыл бұрын

thank you, Siddhant!

@gudyk919 4 жыл бұрын

a great chunk of thanks for sharing and explaining the business matters, highly appreciated

@BrettCenkus 4 жыл бұрын

you're welcome!

@RemiGlobal_ 4 жыл бұрын

Very helpful/educative information. Thanks for sharing!

@BrettCenkus 4 жыл бұрын

you're welcome!

@gavinconway1423 2 жыл бұрын

Very clean speaker. So easy to understand. Great video

@BrettCenkus 2 жыл бұрын

Thank you, Gavin!

@audiobooksmore3374 Жыл бұрын

Great video - very well explained! Thanks for posting!

@larissaaltafim6816 Жыл бұрын

You seem so kind and genuine. Also I love how you explain things! Thank you so much for this! I worked in the legal sector for a long time but I am only now thinking about becoming an M&A lawyer! thank you :)

@BrettCenkus Жыл бұрын

You're welcome!

@BrettCenkus Жыл бұрын

You're welcome, Larissa!

@isaacmwafrika 3 жыл бұрын

Impressive. Pretty a rookie on this! I just didn't know about M&A but your explanation is a mark of a guru. Well done Sir, that to me is a truly definition of the state of the art! Looking forward for brighter business days ahead

@BrettCenkus 3 жыл бұрын

Thank you, Isaac!

@hashemeshanouq7351 5 жыл бұрын

Nice to know you and well presentable materials. THANKS!

@BrettCenkus 5 жыл бұрын

thank you, Hashem!

@Sabasoot 4 жыл бұрын

Thank you for the time and effort you put to share this knowledge. Very helpful

@BrettCenkus 4 жыл бұрын

you're welcome, Ehab

@mcmoodoo 2 жыл бұрын

Hey Brett, thanks for such a clear explanation. I learned a lot!!!!

@BrettCenkus 2 жыл бұрын

You're welcome, Rashid. Thank you for letting me know the video was helpful to you!

@Sunny-uf5nd 3 жыл бұрын

Man! Thank you for this video. So valuable

@BrettCenkus 3 жыл бұрын

You're welcome, Carlo!

@gabrielsarmento2181 6 жыл бұрын

Great video, Brett!

@gconsulting5648 5 жыл бұрын

Excellent presentation

@magdalenawidlak6568 3 жыл бұрын

Pleasure to watch, thank you Sir

@BrettCenkus 3 жыл бұрын

Glad you enjoyed it!

@allnone4277 2 жыл бұрын

Thank you so much great video 🙌

@sathiyanpalani3380 3 жыл бұрын

Thanks for providing overall idea about M&A.

@BrettCenkus 3 жыл бұрын

You're welcome, Sathiyan.

@Vandell33 5 жыл бұрын

Very informative! Thank you

@BrettCenkus 5 жыл бұрын

you're welcome

@aaronhill_official Ай бұрын

Awesome video Brett, loved watching this 🙏

@BrettCenkus Ай бұрын

Thank you, Aaron

@propertyprotocol9699 2 жыл бұрын

Appreciate your crash course. Loved your simply stated approach.

@BrettCenkus 2 жыл бұрын

Thank you!

@alanker1 5 жыл бұрын

Great video Brett. I am wrapping up my grad school in Finance and looking to join M&A. These videos are very helpful. Thank you !

@BrettCenkus 5 жыл бұрын

you're welcome, Ibrahim. Are you graduating in December? Good luck down the final stretch!

@TravelChannelOne 5 жыл бұрын

This is gold. I would have to pay for this in my state over a consultation

@BrettCenkus 5 жыл бұрын

thank you!

@arthurpapikyan4283 4 жыл бұрын

Thank you very much, Mr Cenkus. Very informative presentation. I have a question - do investment banks help their clients identify and find potential acquisition targets? I give you an example of what I mean - let's say I have a commercial bank and I want to expand its operations by acquiring other banks. Can I instruct my investment banker to find all the commercial banks which fit the criteria laid out by me (e.g., size of the assets, geographical location, number of branches,etc), then approach their owners and start negotiating the acquisition?

@PrincessButtercup263 Жыл бұрын

Corporate paralegal here, thanks for the video! I’ve found: always look for liabilities in restricted stock units to employees or consultants the seller has retained.

@glizzforman8094 9 ай бұрын

Where did you start to get that job?

@YouTubeNavigator767 4 жыл бұрын

Considering going back to school for either accounting/finance BA or Law School for Transactions/Real Estate/and Tax Law. I wanted to ask if you have any recommendations for law school, the profession and learning how to prepare these documents or resources to learn this material? Is there any information you can provide with a day in the life as well? Thanks

@angelica4770 4 жыл бұрын

I'm studying BA, not sure what master can get into M&A so here I come to learn what is M&A job duties. This is really helpful and insider knowledge. Thanks, Brett!

@BrettCenkus 4 жыл бұрын

you're welcome, Zazie!

@carlosc.1568 6 жыл бұрын

Nice video Brett!

@jadad1010 2 жыл бұрын

Amazing description

@zacharymuniz3018 3 жыл бұрын

I thought this is on murders and executions.

@BrettCenkus 2 жыл бұрын

An understandable mistake!

@lalgerielibre9519 Жыл бұрын

😂😂

@abdullahgazder Жыл бұрын

😂

@HouseDarten 11 ай бұрын

Ahahah

@melaninmeditations 7 ай бұрын

😂😂😂

@randibray5421 2 жыл бұрын

Thanks for sharing!!!

@MrPFMneto 7 ай бұрын

Thank you!! It was very helpful

@BrettCenkus 7 ай бұрын

You're welcome

@roadtrippinwithkyle8521 2 жыл бұрын

Thank you - helpful video

@jamescollins2638 2 жыл бұрын

I wish you would start making videos again. These are great.

@dcrump 5 жыл бұрын

Thank you... enjoyed the great content

@BrettCenkus 5 жыл бұрын

you're welcome. Thank you for the feedback.

@akmuneer4661 Жыл бұрын

hello sir.I need mergers and aquisition companies list for my resarch. Where I can find this list?

@brendonlandis3932 2 жыл бұрын

This is a great video, I’m trying to get into the focus of M&A. If you have any recommendations please share!

@janedoe1180 9 ай бұрын

Hi. Is it normal to ask employees, directors etc. To sign an undertaking whereby they are prohibited from buying buying shares of a listed company for a certain time period until the deal goes public? At what point do I ask for such undertaking? At the due diligence stage or at the initial offer stage?

@banupriyamunusamy2536 2 жыл бұрын

It was a nice outlook about the overall topic..

@jodybruce5097 2 жыл бұрын

Great video thank you.

@cenchen6675 3 жыл бұрын

very helpful video, thanks

@BrettCenkus 3 жыл бұрын

You're welcome!

@meach67 4 жыл бұрын

Great learning! thanks

@BrettCenkus 4 жыл бұрын

My pleasure!

@cowboydelnorte3078 10 ай бұрын

I'm wanting to like this twice

@lykaaberquino4313 3 жыл бұрын

Hey! Im just one to ask how can I analyzation of the impact of coronavirus crisis on merger and acquisition?

@rickiw6491 4 жыл бұрын

Awesome video Brett!

@BrettCenkus 4 жыл бұрын

Thanks!

@HouseDarten 11 ай бұрын

Thank you Brett !

@BrettCenkus 11 ай бұрын

You're welcome!

@richardmachuma4475 4 жыл бұрын

Outstanding! good job

@BrettCenkus 4 жыл бұрын

thank you, Richard!

@lifeisajourney486 5 жыл бұрын

Thanks for useful information :) nice video

@BrettCenkus 5 жыл бұрын

you're welcome. Glad the info was helpful!

@madhavvinod6500 2 жыл бұрын

Thank you sir!

@1La2La3La4La 2 жыл бұрын

Hello Brett, loved your informative videos. Many thanks for sharing. Greetings from Germany, Soreb PS: Channel subscribed glaldy!

@dracobyronwayne 2 жыл бұрын

3rd question how to find understandable donations and resources to accept certain treaties being broken and misunderstanding situations due to out numbered and unable to have any way to protect your chosen allies and family lines.

@ellensullivan2196 3 жыл бұрын

is there an effective way to research mergers, as in articles of combination between one company taking over another. So if you think in terms of banking and financing. Banks buying other banks?

@francisngumbi6793 2 жыл бұрын

Quite informative ,thanks Britt

@BrettCenkus 2 жыл бұрын

You're welcome, Francis!

@John27477 10 ай бұрын

Thank you Brett Cenkus, for the magnitude of value you share with us. I have a question, if you could shed some light: How could a potential buyer incentivize a broker to “recommend” 100% seller finance to the seller? Thanks in advance.

@tylereiland539 11 ай бұрын

Great content my man!

@BrettCenkus 10 ай бұрын

Appreciate it!

@JFCotman 3 жыл бұрын

@2:38 is interesting. Wondering why people say consultants charge more for a merger, when it seems we can do it ourselves. What exactly are they charging so much for?

@Gbh510 2 жыл бұрын

So if my company gets an acquisition what sec form should I file?

@deepparekh8720 Жыл бұрын

Do u provide services in Canada and other parts of world as well ?

@named161 4 жыл бұрын

Your channel is Awesome!!!!!

@BrettCenkus 4 жыл бұрын

thank you!

@zuggrr 3 жыл бұрын

Great Value ! thanks

@BrettCenkus 3 жыл бұрын

Thank you, Mathis!

@troybernal5085 5 жыл бұрын

Interesting stuff! Did you start off in business school and then make the switch into law?

@BrettCenkus 5 жыл бұрын

Troy, I haven't gone to b-school (although my undergrad work was in Economics, so that's in the ballpark). When I was applying to grad schools in 1995, there was a zero chance any quality business school would take me from Messiah College and with one year of experience in the business world (probably not very likely today either!) So, I went to law school, never really intending to be, or identifying as, a lawyer. I've always loved business. I love finance, strategy, entrepreneurship. I've read tons and tons of books, self-studied, analyzed businesses - those are the sorts of things/topics where I lose track of time easily. Over the years, I've come to enjoy and identify with my lawyer role more, although I still gravitate toward the business side of things -- why deals get done, the financials, the people issues, etc.

@philippgro4978 5 жыл бұрын

Thank you so much Brett! I have an upcoming interview for an internship in Transaction Advisory Services - M&A with one of the BIG 4 this week and I wanted to ask to what extent their work is different from what you do. What advice can you give me for the interview itself regarding more theoretical questions? Thx again!

@BrettCenkus 5 жыл бұрын

Philipp, I'm a bit behind circling back to your question and, because of that, I may have missed the opportunity to help you before your internship interview. Still, your question is a good one with broad relevance so I will answer it now anyway. Transaction advisory services at the Big 4 is similar to investment banking. Your job would be primarily a marketing and sales position with a heavy finance component. You would be more heavily involved in preparing a business for sale, marketing it, and negotiating the terms of a deal. You would also often play a key role in shepherding a deal toward closing -- a project management-type role. M&A lawyers get more heavily involved once the deal is struck (often once a letter of intent is signed) and their job is more about documenting and closing the deal than the strategic negotiation and structuring of the deal. It is sometimes different for me given my background on the M&A deal and finance side (non-law) side of thing, although clients don't typically look to their lawyer for guidance on the value of their business. They look to their lawyer for advice about the legal and tax ramifications of structuring an M&A deal one way vs. another (asset sale vs. stock sale vs. merger). That's probably the best way to put it -- transaction advisory services and investment banking is about pricing and marketing M&A deals and M&A law is about documenting and closing the deals. There is overlap, although there is still a distinct diving line somewhere in there.

@samuelholmes7845 4 жыл бұрын

Wow that was a great answer for me and I didn’t even ask the question

@Quinten__ 6 ай бұрын

New subscriber here! Love your channel and the insight you give to viewers. I do have a quick question for you regarding your education. I noticed you stated you graduated from Harvard. In your opinion with the exorbitant cost of say a T20 school... Would you take on the debt? or If you can self pay and receive scholarships to a lower ranked state school (ranked 50-75) would you go that route? Thanks for your time!

@Invinciblevision Жыл бұрын

Can you talk about what is needed to start an escrow account and submitting the escrow agreement to the bank?

@omarijohnson822 4 жыл бұрын

Great vid

@BrettCenkus 4 жыл бұрын

thank you!

@williamsaunders3382 Жыл бұрын

Hey Brett! Do you also handle the financial due diligence?

@q-revdigitalmarketingdatas4563 4 жыл бұрын

Great video

@BrettCenkus 4 жыл бұрын

thank you, Tim

@ChristopherK100 2 ай бұрын

Hello Brett, I have a Question, if a big company were to try to buy out a small company, without any notice, Would I in M&A, be working with that?

@ThreeLions82 2 жыл бұрын

What if you are interested in a local competitors business as a silent investor? Thanks.

@41mas 4 жыл бұрын

Very informative! Thank you for your video. I was asked to be part of a team. I did a little research about the company and it deals with business acquisitions, an area I don't have any knowledge about. Again thank you for your video, it made me realize this career isn't for me. I admit you know your stuff!

@BrettCenkus 4 жыл бұрын

thank you for the feedback. I'm glad the video helped you make a clear decision (even if it means the M&A profession lost you!)

@alexanderyarizadeh1387 4 жыл бұрын

Great!

@silverback252 2 жыл бұрын

I watched your video (leaning) towards the 10 steps for the selling company. You mentioned the info might be used by the buyer also. A private buyer with intent to acquire a five million dollar company, how do the steps differ if at all? I live in the Caribbean region. Most laws here are similar to the US if not more lenient. How do I begin the process (contact said company) without negative response?

@rkofficials28 4 жыл бұрын

Sir Within an escrow Is it must to pay the transaction fee for the release of your funds? Why they don't take their fee from escrow wallet of the seller?

@BrettCenkus 4 жыл бұрын

Who pays the escrow fee depends on the agreement of the parties. Escrow fees are often split evenly between the buyer and seller, although it varies. While most escrow agents will want to be paid before funds are released, technically the fees are not paid to release the funds. The fees are paid for the escrow agent's services generally (and they're often paid upfront)

@daddymahlomotje3905 3 жыл бұрын

Good evening I intend stundying a CIS qualification which is Chaeterd Institute of Secretary Which carries more wait B Com law or CIS

@zachatck64 4 жыл бұрын

I don't know why, but even at 14 (soon to be 15) I'm interested in mergers, assets and acquisitions. Thanks for the information! : )

@BrettCenkus 4 жыл бұрын

You're welcome

@glizzforman8094 9 ай бұрын

Are you still learning about it?

@zachatck64 9 ай бұрын

@@glizzforman8094 At 18 yeah probably

@jonahbadiab9953 Жыл бұрын

Hi Brett, I am a law school student with my 1st “big law” internship coming this summer. I am interested in transactional/M&A type of practice and wanted to know what I can do to prepare. Any book recommendations or any other tips would be super helpful! Thank you

@jacksonbuyungu9510 9 ай бұрын

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@jacksonbuyungu9510 9 ай бұрын

@ericschumacher7507 4 жыл бұрын

Very informative video Brett. I was wondering how you conduct due diligence as a mid-level corporate law firm. Do you hire external researchers or task one or two of your contract lawyers to kick the tires? Thanks

@BrettCenkus 4 жыл бұрын

Eric, we don't get too heavily involved in due diligence at my firm, mainly because our deals tend to be smaller (than when I worked for a big firm) and budgets are tighter. So, most of the due diligence is done by the company and they reach out to us as-needed (with questions on specific items, review of certain contracts for anti-assignment clauses, etc., but not for a full-on due diligence process). Sometimes we get more involved with sellers by helping them manage and prepare for the due diligence process, including setting up a data room and things like that. With all of this work, we handle it in-house (me or one of the other couple of other lawyers working with me). In big law, we did the work, as well, just more of it (more lawyers, more involvement in the due diligence process).

@ralphwebster8318 Жыл бұрын

Good stuff

@olufunmilolablossom2348 3 жыл бұрын

Does dividend policy affect M & A. Thanks for d explanation

@fritzritter3898 Жыл бұрын

Thank you for this, I’m looking to soak up as much as possible and potentially hiring a coach in that middle market, are there any coaches that you recommend or a course that can help me to be adequate enough to start talks with partners and Investors? TIA!

@Ben-xx1er Жыл бұрын

Thanks, great summary! Have to ask though, why the Elvis mugshot in the background?

@BrettCenkus Жыл бұрын

That's one of about a dozen celebrity mugshots that were more tightly arranged in a wall collage until about a year ago when one fell down and a couple of others shifted, i.e., the project is falling apart, and I haven't decided to fix it or do something different. Jane Fonda, Kurt Cobain, Al Capone, Jim Morrison, Johnny Cash, and Frank Sinatra are some of the other featured celebs.

@caseyharrow8455 4 жыл бұрын

Hi Brett! Excellent video. This was very simple and helpful. I have an interest in M&A work. I was in the sports field but I am deciding whether to transition into corporate law or investment banking. Which path will give me more exposure to M&A deals? Any advice would be helpful as I make this transition. Thank you again for the video.

@BrettCenkus 4 жыл бұрын

Casey, both paths can give you equal exposure, from a quantity standpoint, to M&A deals, assuming you're able to get into the M&A space in each field. My sense is that investment banking is a tougher path to get down. I think there are fewer investment bankers focusing on M&A than M&A lawyers. I may be wrong about that, although that's my sense based on experience and the limited data I've seen. I know there are more lawyers generally (a lot more lawyers than investment bankers), so the possibility of getting a job in some area of law and then moving into M&A seems like it offers more opportunity to break into M&A than going the IB route. Qualitatively, you'll see the deals from both angles (i.e., you'll get a bit of the other job and what they do), at least as you gain experience and move up the chain. In other words, the top M&A lawyers and top M&A investment bankers see a lot of each other's work. At the junior level, that is less true, because they have less time at the "table" (seeing the negotiations go down). And, even at the senior level, they aren't doing each other's work (naturally). So, the investment bankers will see a lot more of how the deal gets put together, priced, financed, sold and the lawyers will understand the intricacies of the deals are documented on paper. As a law student, I thought investment banking was a much more substantive (sexy) job. Now, I don't think that, although if I had to pick one, I'd say that investment banking gives you a bit more overall exposure to how M&A deals get done because of the focus on structure, price, and financing.