Working with Investment Bankers: Why Experienced Bankers Often Prefer Emails Over Zoom/Telephone Calls with Private Equity Buyers

In the M&A world, time is one of the most precious commodities. This is especially true when working with investment bankers who are managing multiple sell-side mandates, coordinating confidential processes, advising clients, screening buyers, reviewing letters of intent, managing data rooms, and facilitating management presentations.

Yet one of the most common frustrations in the M&A process is the repeated request from private equity associates, analysts, or junior team members to “jump on a quick call” after a comprehensive Confidential Information Memorandum, blind summary, FAQ, financial package, and supporting materials have already been provided.

This is not personal. It is not disrespectful. It is not because the banker does not value the buyer’s interest.

It is because experienced investment bankers understand that not every question requires a meeting. In many cases, the most efficient and professional way to move the process forward is through a clear, organized, written email.

Working with Investment Bankers Means Respecting the Process

When a banker launches a sell-side M&A process, there is usually a structured sequence:

First, the buyer receives a blind summary.Then, the buyer signs an NDA.After the NDA is executed, the banker provides a Confidential Information Memorandum, often supported by financial summaries, FAQs, operating data, and other relevant materials.

By the time a buyer has received the CIM and FAQ package, the expectation is that they will read the materials carefully before requesting additional access or demanding a call.

An experienced banker’s role is not to repeat the CIM verbally. The banker’s role is to manage the process, protect the seller’s time, create competition, qualify buyers, facilitate management calls, negotiate deal terms, and advise the client.

When a buyer requests a call without first showing that they have read and understood the available materials, it can signal a lack of preparation.

Why Bankers Often Prefer Email First

Email creates efficiency, accountability, and clarity.

A well-written email allows the buyer to ask specific questions. It gives the banker the ability to respond accurately, involve the seller only when necessary, and maintain a clean record of communication.

This is especially important in competitive M&A processes where multiple buyers may be reviewing the same opportunity. Written communication ensures that information can be tracked, shared consistently, and referenced later.

Calls, by contrast, often become inefficient when the buyer has not prepared. A 15-minute “quick call” can easily turn into a 45-minute general discussion where the banker is asked to explain basic information that was already addressed in the CIM.

That is not the best use of anyone’s time.

The Banker Is Not a Free Consultant

One of the most important principles when working with investment bankers is understanding the banker’s role.

The banker represents the seller. The banker is not there to educate every buyer on the industry, teach junior associates how the business model works, or provide free consulting on market dynamics.

Of course, a good banker wants qualified buyers to understand the opportunity. But there is a difference between answering thoughtful, transaction-specific questions and being asked to explain the business from the beginning because the buyer has not done the work.

Private equity buyers should come prepared. They should know the sector. They should understand the investment thesis. They should have reviewed the financials. They should be able to articulate why the opportunity fits their platform, fund mandate, or acquisition strategy.

A banker’s time should be reserved for serious, prepared, and qualified buyers.

When Calls Are Appropriate

This does not mean bankers refuse calls altogether. Quite the opposite.

Experienced bankers understand that calls are extremely valuable when used at the right stage and for the right purpose.

A call may be appropriate when:

The buyer has reviewed the CIM and FAQ in detail.The buyer has specific follow-up questions that cannot be efficiently answered by email.The buyer has relevant sector experience.The buyer has a clear investment thesis.The buyer is preparing to submit an IOI or LOI.The buyer needs to clarify valuation, deal structure, rollover equity, working capital, or transition expectations.The banker is facilitating a formal management call with the seller.

In those situations, calls can be highly productive.

But calls should not be used as a substitute for reading.

Why This Matters to Sellers

For sellers, time management is critical during an M&A process.

Most business owners are still running their companies while simultaneously navigating one of the most important financial transactions of their lives. They cannot afford to spend hours speaking with every associate or analyst who has not yet determined whether their firm is seriously interested.

This is why the banker acts as a gatekeeper.

The banker protects the seller’s time. The banker filters buyer interest. The banker makes sure that only serious, qualified, and prepared buyers gain access to management.

This is one of the major reasons sellers hire investment bankers in the first place.

Without this filter, sellers can quickly become overwhelmed by repetitive calls, vague buyer interest, fishing expeditions, and parties that may not have the capital, authority, or conviction to close a transaction.

Working with Investment Bankers: Dos and Don’ts for Private Equity Buyers

Do: Read the CIM Before Asking for a Call

Before requesting a call, carefully review the CIM, FAQ, financial summary, and any other materials provided. If the answer is already in the materials, asking the banker to repeat it verbally does not create confidence.

Do: Send Specific Questions by Email

Instead of requesting a generic introductory call, send a concise list of specific questions.

For example:

“We reviewed the CIM and had three follow-up questions regarding revenue concentration, provider retention, and normalized EBITDA.”

This type of email shows preparation and professionalism.

Do: Explain Your Investment Thesis

A banker is much more likely to engage meaningfully when the buyer can explain why the opportunity fits their mandate.

A strong buyer might say:

“We currently own two healthcare services platforms and are actively seeking add-on acquisitions in this vertical. Based on the CIM, we believe this company may fit our strategy because of its recurring revenue, provider base, and geographic expansion potential.”

That is a much better approach than simply asking, “Can we jump on a call?”

Do: Demonstrate Relevant Experience

If your firm has experience in the sector, mention it early. Bankers want to know whether the buyer understands the industry, reimbursement environment, regulatory issues, staffing challenges, and growth opportunities.

This helps the banker determine whether a call is worth scheduling.

Don’t: Ask for a Call Without Reading the Materials

This is one of the quickest ways to lose credibility with an experienced banker.

If the banker senses that the buyer has not read the CIM, the buyer may be moved lower in priority, especially in a competitive process.

Don’t: Treat the Banker Like a Research Desk

The banker is not responsible for teaching the buyer how the industry works. Buyers should conduct their own research, review the materials provided, and come prepared with informed questions.

Don’t: Use Calls to Fish for Information

Some buyers request calls to gather market intelligence with no real intention of submitting an offer. Experienced bankers can usually recognize this quickly.

If the buyer is not serious, qualified, or aligned with the seller’s objectives, the banker has a duty to protect the seller’s confidential information and time.

Don’t: Send Junior Team Members Without Preparation

Associates and analysts are important parts of private equity teams. However, if they are engaging directly with the banker, they should be prepared, knowledgeable, and respectful of the process.

A junior team member who asks basic questions already covered in the CIM can unintentionally create a negative impression of the firm.

The Best Buyers Make the Banker’s Job Easier

The strongest buyers understand how to work with investment bankers.

They are organized.They are responsive.They read the materials.They ask thoughtful questions.They explain their investment thesis.They respect the seller’s time.They know when email is sufficient and when a call is truly necessary.

These buyers often receive more attention because they make the process easier, cleaner, and more credible.

In M&A, credibility matters. Buyers are not only evaluating the seller. The seller and the banker are also evaluating the buyer.

A buyer who is prepared, respectful, and efficient is more likely to be taken seriously.

Final Thoughts on Working with Investment Bankers

When working with investment bankers, private equity buyers should remember that access is earned through preparation.

Requesting a call is not wrong. But requesting a call before reading the materials, before forming a thesis, or before asking specific questions can create the wrong impression.

Experienced bankers are not avoiding calls because they are difficult or unresponsive. They are protecting the process, the seller, and the most valuable resource in every transaction: time.

The best approach is simple.

Read the materials.Send thoughtful questions.Demonstrate your seriousness.Use email when email is sufficient.Request calls when the discussion truly requires one.

That is how professional buyers build credibility with investment bankers—and ultimately increase their chances of winning quality deals.

Working with Investment Bankers Starts with Respect for Time

M&A is a relationship business, but it is also a process-driven business. The buyers who respect the process often stand out from the crowd.

For private equity buyers, strategic acquirers, family offices, and independent sponsors, the message is clear: when working with investment bankers, preparation is not optional. It is the first signal that you are serious.

And in a competitive M&A process, seriousness is often what separates real buyers from everyone else.

Dr. Allen Nazeri, widely known as “Dr. Allen,” brings more than 35 years of global entrepreneurial and transactional experience to the middle market. He serves as Managing Director at American Healthcare Capital and Managing Partner at PRIME exits®, where he advises founders, boards, and executive leadership teams on strategic growth, value optimization, and exit readiness. Dr. Allen works with both privately held and publicly traded companies, helping them strengthen operations, enhance valuation drivers, and position their businesses for premium outcomes—whether through a full sale, recapitalization, or partial liquidity event. His approach combines operational insight with disciplined M&A execution, ensuring clients are strategically prepared long before going to market.

He earned his Doctor of Dental Surgery (DDS) degree from Creighton University and holds an MBA in Mergers & Acquisitions and Investment Banking from the University of Bedfordshire. Dr. Allen also holds the prestigious Master M&A Intermediary (M&AMI) designation, awarded to a select group of advisors who have demonstrated advanced negotiation expertise and a proven track record of closing complex, middle-market transactions. As the author of Value Engineering: Strategies to 10X the Value of Your Clinic and Dominate the Market! and the newly released Selling Your Healthcare Company at a Premium, Dr. Allen is recognized for translating sophisticated deal strategy into actionable guidance for business owners.

Dr. Allen Nazeri offers complimentary valuations to founders exploring partial or full exit strategies and works closely with strategic acquirers, private equity groups, and institutional investors. Each year, he directly oversees successful sell-side engagements representing more than $1 billion in aggregate enterprise value across Healthcare, Engineering, Manufacturing, Robotics, Automation, and related business services sectors.