Classic Graphics acquisition of Belk Printing Technologies: 3 Lessons Learned

Without breaking any client confidences, I can share 3 "Lessons Learned" from the January 2011 announcement of the M&A transaction involving Classic Graphics and Belk Printing Technologies: http://www.napl.org/Media/Classic-Graphics-and-Belk-Printing-Join-Forces 

1. Start M&A talks with a fresh perspective even if prior encounters failed. Owners who rule out potential M&A opportunities because "we already talked with them" can miss the boat by getting caught up in the past. New opportunities come with each new day. Classic and Belk flirted over the years but that did not prevent a "fresh start" to exploring a potential transaction.
2. Trust the recommendations from independent professional advisors. The objectivity and independence of an industry-specific resource (in this case, NAPL) saves time, lowers frustration, decreases risk, and depersonalizes the emotional aspects. In this case, both parties had lots of their own "brain power" but one of the keys to success was that each side trusted the advice from NAPL.
3. Having your financial "house in order" is a prerequisite to successful M&A involving privately-owned print and graphics communications companies. In this case, both companies had excellent data and could efficiently provide inputs and analysis that helped NAPL to quanitfy synergies, establish a realistic valuation, and conceptualize possible transaction structures.