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Corporate development is the process of identifying, and then maximizing opportunities for business to increase sales. It could range from acquiring rivals to collaborating with another company in joint ventures. This is usually outside the traditional accounting/finance departments or logistics/supply chains, controlling/human resource.
Corporate development departments must possess excellent interpersonal and business model skills. They should be able to quickly and efficiently assess a potential deal or project and make sound decisions. It is also crucial for the corporate development team to communicate effectively and work closely with other departments within the organization.
The main goal of corporate development is to grow the company through mergers and acquisitions (M&A). The M&A process is usually complex and requires a lot of analysis and research. The corporate development team must be able find the right companies for each M&A possibility and decide if the proposed transaction is a good fit.
There are many ways to organize a team for corporate development starting from a centralized unit, to a model that allows the business to select the appropriate members for each situation. It is typical for the team to consist of finance and business professionals. A strong mix of skills is essential to ensure that deals are procured efficiently and in line with the company’s goals.
The most successful corporate development executives have experience in finance or business because they need to understand and align the technical, strategic and product goals with the financial goals of the company. This can be a challenge for those with more of an experience in marketing but it is a crucial expertise when it comes to M&As.