From my point of view, as a financial professional I liked the Valuation part in the M&A process as it includes learning about the company history, products, strategy, etc and will reflect on how the forecast will be for the coming 3-5 years and valuate the company accordingly.
I agree. I enjoy the part where retrospective analyses are conducted, future cash flows are projected, and the moment when it is necessary to discuss a cash flow that makes sense for both the seller and the buyer, ensuring a successful negotiation.
One of the most exciting activities I liked most is the one related to “value creation”. Especially, because such aspect is very complex and requires sometimes a broad knowledge of culture, customers relationships, taxation, technologies and competition analysis.