Case Study, Consulting Services • Published 2/11/2021 Transaction Advisory Services: 2020 Year in Review


While 2020 was challenging for many reasons, it’s important to look back and assess results so your business can better plan ahead. P&N’s Transaction Advisory Services (TAS) team worked on 47 transactions in 2020 alone, and we have learned to customize our engagements with each client to be thorough and resourceful.

P&N’s role on each transaction is different, and can include sell-side and buy-side advisory, diligence, quality of earnings reports, tax advisory, financial reporting, and more. We customize each engagement team to apply the right level of technical knowledge and industry depth for each transaction.

P&N Transaction Advisory Services: By the Numbers

Transactions by Type

*Consulting services include: tax advisory, deal structure, purchase price allocations, restructuring and bankruptcy assistance, and other general transaction advisory services.

2020 Transactions by Industry

2020 by Industry

 *Other includes waste management, telecommunications, e-commerce, and technology.

Growing Our Team

In 2020, P&N added 12 new professionals to its FVS team, further expanding our ability to provide transaction and related services, such as business valuation, transaction advisory, and restructuring and bankruptcy assistance. JP Luster (bankruptcy and restructuring) and Moe Iqbal (transactions) joined our New Orleans office. Additionally, P&N welcomed five new team members and expanded into Mississippi when the professionals of The Koerber Company, P.A., a Hattiesburg firm focused on valuation and litigation support, joined the firm. Five additional staff and interns were also added to help support our growth and ability to serve clients in the areas of valuation, litigation, and transaction advisory.

As we look back over the past year and ahead for what is to come, we have noted the following observations and potential trends:

Mergers and Acquisitions

Mergers and acquisitions are a key part of modern corporate strategy, and 2021 will bring new considerations in the M&A space:

  • An aging business owner demographic is likely to fuel more transactions, as current business owners approach retirement.
  • After experiencing the volatility of 2020, business owners may have revised their timing and liquidity needs.
  • Shareholders’ competing expectations for timing and liquidity may provide opportunities for minority or partial interest transactions.
  • Private equity continues to play a key role in exit planning options for shareholders.
  • Distressed company acquisitions may provide growth opportunities.
  • Company acquisitions may require financial reporting valuation needs.
  • A thorough transaction diligence process can provide value to business owners, whether on the sell-side or buy-side.


Business value can be impactful for a variety of reasons, not only when a transaction is imminent. Notable trends in this space are as follows:

Estate Planning

With a new presidential administration, tax changes are likely and may include new estate and gift tax valuation planning needs.

Management Planning

Businesses facing uncertainty or anticipating shareholder or possible liquidity events in the near future may seek out valuation services for management planning purposes.

Restructuring and Bankruptcy

The past year proved that businesses need flexibility to adapt to quickly-changing circumstances. Restructuring could provide financial or operational relief.

Family Business Transactions

Family businesses often span multiple generations and represent a legacy of hard work. An aging demographic, availability of capital, and changing risk expectations are causing business owners to revisit how an eventual exit might look.

Business and Shareholder Disputes

Challenging economic conditions over time may give rise to an increase in business litigation, shareholder valuation issues, and disputes regarding transaction earn outs and contingent payments.

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