This tool provides an overview of an organization's process for executing mergers and acquisitions and includes a four-step, phased approach to determining whether the mergers or acquisitions ultimately meet company business goals. Detailed phases include identifying potential targets and performing an initial screening; obtaining employee feedback; developing a preliminary bid price; developing key deal structure issues; identifying a sponsoring manager for the new company from the parent company; assessing risks and performing a valuation, including compatibility; formulating a preliminary integration plan; negotiating and signing the definitive agreement; and announcing the acquisition.