As sell-side M&A advisors, we sometimes see the fortunes of our clients turn during the time we are in the market. We witnessed this recently when debt-holders stepped in and forced our client into bankruptcy. This takes a company that at one time was an attractive M&A candidate and turns our process into a fire sale. Liquidations never result in a fair value for the business, and shareholders are invariably wiped out. So, the message is: go to market while things are still good, and while you can still get a deal done. Dont wait too long or ignore the danger signals, as you may find your only positive options have vanished.