Interesting question as I am sure challenges and impacts vary around the globe, depending on the local situation and restrictions. We have not really experienced a slow down of activity per se as we had quite a few project running when Covid started but clearly there was a slowdown in the pipeline of new activity. One key change is the lack of visibility over the next 12 months. There is even more uncertainty now. Budget plans have been rendered obsolete quickly. Forecasts had to be readjusted. Another key change is the reduction in face to face interactions which impacts the build up of mutual trust which is so essential in every deal.
The largest obstacle is the inability to have f2f discussions – we miss out on that chemistry. We have to be flexible about who will perform diligence; for instance, in a recent cross border deal, we were not able to use preferred internal resources to conduct technical diligence due to travel/quarantine restrictions. Virtual diligence is not ideal, but doable.
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