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Corporate development is the process of identifying, and then maximizing business opportunities in order to increase sales. It can include everything from acquiring competitors to collaborating with other companies in joint ventures. This is usually outside the traditional departments of accounting/finance or supply chains/logistics, or controlling/human resource.
The corporate development department must have excellent interpersonal skills as well as a good understanding of the business model of each firm they collaborate with. They must be able to quickly and efficiently evaluate the potential of a deal or project and make informed decisions. The corporate development team must be able to effectively communicate with other departments within the organization and work with other departments.
The goal of corporate development is usually to expand the company by acquiring and merging (M&A). M&A is a complicated process that requires extensive research and analysis. The corporate development team needs to be able to find the right companies for each M&A opportunity and assess whether the proposed transaction is a good fit.
There are many ways to structure a corporate development team starting from a single centralized unit to a decentralized model in which the business sources appropriate members for each situation. The team is typically comprised up of business and finance professionals. A mix of expertise and experience is essential since it allows for efficient source of deals that align with the business’s goals for growth.
The most successful corporate development executives have experience in finance or business because they need to understand and align the strategic, technical and product goals with the financial goals of the company. This isn’t easy for those who have experience in marketing but is a crucial skill when it comes to M&As.
