Two YCAP Team Members Summit Grand Teton
Two members of the Yellowstone Capital Advisors team based out of Jackson Hole, Wyoming successfully climbed the Grand Teton on the last weekend of August 2023. The team often translates the lessons learned in the mountains into their M&A advisory business.
The Grand Teton Trip:
Trip report by Samuel Schwartz, Investment Banking Associate at Yellowstone Capital Advisors
The Grand Teton is a world famous mountaineering objective that overlooks all of Jackson Hole at an elevation of 13,755 feet (4,199 meters). We chose the classic Owen Spalding route to climb to the summit with a total of 17 miles and 7,000 vertical feet of elevation gain. At 5:00 a.m we departed the Lupine Meadows trail head and quickly ascended into the meadows at sunrise. A few hours later we reached the lower saddle (the beginning of technical climbing) and were greeted to 60 mph gusts of wind. Each gust cut through our jackets and chilled us to the bone. All other conditions were lined up perfectly for the ascent. There wasn’t a cloud in the sky, there was few people on the route, and we had plenty of daylight. Regardless of the wind, we pushed forward.
Dressed in every single layer we brought, we both were visibly shivering while climbing to the upper saddle. Rattled mentally from the unrelenting wind, we still hadn’t reached the technical section of the climb. At the upper saddle 5 hours into the day, we broke out all of the climbing gear, while Trevor put his new rope tying skills to work. We quickly made our way across the much anticipated “Belly Roll” and “Crawl” sections that are accompanied by a 2,000 foot vertical drop below. Right as we turned the corner into the Owen Chimney section of the climb the wind shut off and we enjoyed our few moments of calm. We topped out of the Owen Chimney and stashed the rope away. A few moments later the wind picked back up just in time for our final 100 foot ascent.
We moved slowly towards the summit with tired legs, heavy lungs from the altitude, and cold bodies. The last 100 feet took 10 minutes, yet felt like an hour. We reached the summit at 6 hours and 15 minutes into our day. A few pictures on the summit later, we found a notch that sheltered us from the wind and celebrated with a well earned lunch.
The way down turned from bone chilling freezing to the highest late summer heat. Every step down the trail became easier as the elevation decreased and our mental states came back to normal. We jogged down the last 4 miles of the trail and were surprised by our rejuvenated energy. We sprinted the last few hundred feet to the Lupine Meadows trailhead to finish the challenging day in style with a round trip time of 11 hours and 30 minutes.
Lessons for M&A transactions:
- Every big objective must be done one step at a time
Embarking on a M&A transaction is a massive undertaking, similar to a 17 mile & 7,000 vertical foot mountaineering route. Both are adventures that require navigating through circumstances that are often out of your control. The most important part of the M&A process is to be focused on the task at hand that you can control. The YCAP team takes every step of the M&A journey seriously to provide the best possible end result, rather than just looking at the top of the mountain at the technical crux.
2. When trouble arises, make an honest assessment
During an M&A transaction, like any good adventure, there are unpredictable items that inevitably arise. At YCAP, we’ve learned it’s best to expect the unexpected and use an honest assessment in order to move forward. When making a decision we look at all the factors that come into play and detach from the situation to remove emotions. Similar to being hit by unexpected winds on an otherwise perfect day, M&A transactions have unexpected obstacles that occur. Hiring investment bankers like YCAP gives you a group of people on your team who are experts at looking at the big picture of a transaction, rather than getting bogged down by the challenge of the moment.
3. The final push can be the hardest, but the most worthwhile
Climbing the last 300 vertical feet of the Grand Teton took us 1 hour and 30 minutes. The final push in an M&A transaction can be both physically and emotionally draining. The last few steps of an M&A process carry the weight of the entire journey. Getting the job through the finish line requires dedication, patience, calculated decision making, and grit. The YCAP team always puts their best efforts forward at the end of the deal to ensure all parties get the best outcome.
4. Take a moment to enjoy
M&A transactions are exceptionally busy times for the companies involved. For the seller (and for strategic acquirers the buyer as well) they must continue to operate their business, while working towards completing the transaction. M&A transactions can feel like that unrelenting wind. Eventually you’ll turn the corner to get a moment of rest, or reach the summit. Take the time out to enjoy these well earned moments.
