Transaction Manager

Transaction Manager

When to Use

• Stand up a deal plan: phases, milestones, critical path to signing/closing
• Run diligence coordination — workstream owners, request lists, data room hygiene
• Maintain closing matrix — documents, CPs, responsible party, status, target date
• Coordinate signing — signature pages, authorities, conformed sets, timing sequences
• Track funds flow — purchase price mechanics, escrow, wires, payoffs
• Manage third parties — counsel, accountants, bankers, trustees, filing agents
• Prepare steering / IC updates on deal status, risks, and decisions needed
• Hand off to integration or day-one owners after close

When NOT to Use

• CRM, order forms, CPQ, customer signatures → deal-operations-administrator
• Draft resolutions, charter, legal opinions → corporate-counsel
• Negotiate MSA, DPA, customer/vendor terms → commercial-counsel
• Deal thesis, valuation, negotiation mandate, IC → transaction-principal
• General strategy unrelated to a live deal → business-consultant
• ASC 606, purchase accounting entries → senior-revenue-accountant
• Post-close engineering delivery program → technical-program-manager
• External announcement copy → communication-lead

Related skills

Core Workflows

1. Deal setup

• Transaction type (buy, sell, merge, minority, debt, JV)
• Parties, counsel, advisers, internal DRIs per workstream
• Target signing and closing dates (and outside dates)
• Governance: deal committee, escalation, decision log

See `references/deal_lifecycle.md`.

2. Diligence coordination

• Issue master request list by workstream
• Data room index, access, and version control
• Q&A log with owner, due date, status
• Weekly diligence summary for steering

See `references/diligence_coordination.md`.

3. Closing matrix

Single source of truth:

Track conditions precedent separately from deliverables at signing.

See `references/closing_matrix.md`.

4. Signing and funds flow

• Signing order, counterparties, virtual vs in-person
• Wire instructions, escrow releases, payoff letters
• Confirm CP satisfaction before release

See `references/signing_funds_flow.md`.

5. Post-close handoff

• Integration management office charter
• Day-one critical items, systems cutover, communications
• 30/60/90 integration milestones

See `references/post_close_handoff.md`.

6. RAID and steering

Portfolio-level risks across workstreams; no duplicate legal analysis in RAID.

See `references/workstream_governance.md`.

Output standards

• Closing matrix (sortable by date, owner, RAG)
• Weekly deal status: milestone, top risks, decisions needed
• Diligence tracker with aging items highlighted
• Explicit assumptions and open items — never mark CP cleared without owner confirmation
• Confidentiality: no sensitive terms in unsecured channels

When to load references

• Phases and gates → references/deal_lifecycle.md
• Data room and Q&A → references/diligence_coordination.md
• CPs and deliverables → references/closing_matrix.md
• Signatures and wires → references/signing_funds_flow.md
• Integration handoff → references/post_close_handoff.md
• Steering and RAID → references/workstream_governance.md

Closing Matrix

Matrix columns

Conditions precedent (CPs)

CPs must be objectively verifiable:

CP waiver — document committee approval and counterpart acknowledgment.

Bring-down and certificates

• Officer certificates dated as of closing
• Secretary certificates and incumbency
• Good standing (dated within agreed window)
• Legal opinions — dependencies listed explicitly

Coordinate substance with corporate-counsel; transaction manager tracks status.

Disclosure schedules

• Schedule updates through signing
• Cross-reference diligence findings
• Final schedule bring-down at closing

Signing vs closing

Some deals sign and close same day; others gap days/weeks — matrix must reflect both dates.

RAG per row

Deal Lifecycle

Phases (typical)

Adjust for financing (fewer diligence workstreams) or asset deal vs stock deal.

Internal governance

Critical path

Identify long poles:

• Regulatory approval (HSR, foreign investment, sector regulators)
• Third-party consents (debt, key contracts)
• Financing commitment and funding
• Locked-box vs completion accounts timeline

Outside date and extensions

Track:

• Current outside date
• Extension conditions (fee, waiver)
• Break fee or expense reimbursement triggers

Document every extension in decision log.

Handoffs

Diligence Coordination

Workstreams

Transaction manager coordinates; workstream leads own content.

Master request list

Rules:

• One ID per request; no duplicate threads
• Aging >5 business days without response → escalate in steering
• Material findings → link to disclosure schedule or price adjustment track

Data room

Q&A log

Close loop before definitive agreement sign-off where possible.

Diligence summary (weekly)

1. Progress — % requests complete by workstream 2. Top findings — severity, mitigation, price/structure impact 3. Blockers — access, timing, adviser capacity 4. Decisions — proceed, retrade, walk

Do not substitute for legal or accounting opinions in summary.

Post-Close Handoff

Immediate (T+0 to T+5 days)

Integration management office (IMO)

Charter should define:

• Scope — functions, geographies, legal entities
• Governance — IMO lead, exec sponsor, workstreams
• Synergy targets — cost and revenue (from business-consultant case)
• Cadence — weekly IMO, monthly exec

Hand program execution to technical-program-manager when work is multi-team technical delivery.

Day-one readiness

30 / 60 / 90

Separation (divestiture)

Mirror with TSA (transition services agreement):

• Services catalog, duration, pricing
• Exit criteria and run-down
• Separate closing matrix for carve-out CPs

Deal folder archive

• Executed agreements, FFM, closing certificates
• Final diligence reports
• Decision log and steering minutes
• Retention per legal hold policy

Signing and Funds Flow

Signing logistics

Pre-signing checklist

• [ ] Final versions match agreed blackline
• [ ] Signature blocks match incumbency and DOA
• [ ] Exhibits and schedules attached and numbered
• [ ] CPs for signing (if any) documented
• [ ] Counterpart execution order agreed

Methods

Conformed copies

When parties sign separately, assemble conformed set with all signatures; distribute to data room and counsel.

Funds flow memorandum

Document in one FFM (internal, counsel-reviewed):

Escrow

• Amount, duration, release triggers
• Agent contact and wire instructions
• Dispute resolution mechanism

Payoffs

• Lender payoff letters with per diem
• UCC releases and lien terminations tracked in matrix

Simultaneous exchange

Typical order on closing call:

1. Confirm CPs satisfied or waived 2. Confirm regulatory and third-party items 3. Release signatures (if held in escrow) 4. Confirm wires initiated / received 5. File charter or other post-close filings per checklist

No wire until authorized signatory and counsel confirm CP clearance.

Post-signing

• Distribute executed PDFs within agreed hours
• Update matrix to executed
• Archive in deal folder and data room
• Trigger post-close notifications (communication-lead for external)

Workstream Governance

Deal RAID (portfolio)

Site-level legal analysis stays with counsel — RAID tracks impact on timeline and economics.

Steering pack (weekly)

1. Milestone — vs plan (sign, close) 2. Matrix summary — % complete, red rows 3. Diligence — open high-severity findings 4. Decisions — numbered with recommendation 5. Budget — adviser fees vs cap

Decision log

Required for: price adjustment, structure change, waiver, extension, walk-away.

Adviser management

Transaction manager tracks deliverables and invoices; counsel selects legal strategy.

Confidentiality

• Clean team / segregated personnel if required
• Code names in calendars and file shares
• No material terms in unsecured chat

Escalation

Differentiation from TPM

Use both when integration is large: transaction manager through close, TPM for integration program.