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2. Law firm matters — A LOT

Make sure your M&A firm has plenty of deals under its belt. And that the other party’s does, too. Ideally, the two firms will have worked together before, meaning they can focus on the deal at hand rather than on establishing effective relationships. We chose our firm, Goodwin Procter, carefully, and their experience speaks for itself: They worked on Facebook’s acquisition of Oculus Rift and Google’s acquisition of both AdMob and Nest. Though it’s early days, Twitter’s recent acquisition of social media talent agency Niche seems smart in this way. Twitter surpassed analysts’ revenue and EPS expectations in 2014, but year-end MAU was soft. So you could say the company wanted a way to boost users, but Niche will likely increase revenue, too. And Twitter clearly wants Niche to keep doing what it has done really well by bringing the team in with a healthy retention package. 4. Be honest

It’s tempting to inflate numbers to speed things up. Resist. Deals take longer than you expect. Those puffed-up numbers will bite you in the butt. Tell the truth and stick with it. Assume the transaction will take 12 to 18 months. If early on you play fast and loose with expectations, you will regret it when things come down to the wire and you’re missing targets. You’ll watch the deal fall apart right under you. Under-promise and over-deliver.