DeWese--Something to Say About M&A

I've been the investment banker to 19 selling companies so far this year, so I'll attempt to answer some of the questions that may be rattling around your heads.

The first question you ask: "Do the big consolidator companies cut sales commissions and expense accounts when they buy a company?"

The answer, so far, is, "Rarely to never." The last people the consolidators want to de-motivate are the salespeople. But don't get too comfortable. Sooner or later, as more and more companies are acquired, the financial people at the consolidator companies are going to question how much they are spending for sales compensation.