With Charlie Munger’s passing late last year, we were reminded how he transformed Warren Buffett’s investing philosophy from buying fair companies at wonderful prices to buying wonderful companies at fair prices.

One of the best ways to buy wonderful assets at fair, and maybe even wonderful, prices is to buy them from distressed sellers. There are many reasons sellers need to sell assets at distressed prices even though the assets themselves are wonderful — technical covenant defaults in debt documents, failure in succession planning, cash flow issues, and entity destroying litigation judgments, to name a few.

This article explores some ways sellers and buyers in distressed M&A can position themselves for a successful transaction. Read it here.