308 Raising Capital Selecting the Target Company Once you have narrowed the field of candidates, it's time to select the company that you want to acquire. Effective rating and analysis of the finalists will in- volve two phases: the acquisition review and, once you think you've identified the specific company you want to acquire, the detailed legal and business due diligence. Acquisition Analysis The acquisition review is the preliminary analysis of the two or three finalists that most closely meet your objectives. In all likelihood, the prospective targets will have different strengths and weaknesses, which makes the selection of the winner that much more difficult. As a result, the primary goal of the acquisition review is to collect data that will help you determine the value of the finalists for negotiation and bidding purposes. The key areas of inquiry at this stage in the transaction include: · The targets' management teams · Financial performances (current and projected)