To run this task you must have the following required information:

> Sector or vertical to evaluate, optionally whether looking to acquire or be acquired

If you don't have all of this information, exit here and respond asking for any extra information you require, and instructions to run this task again with ALL required information.

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You MUST use a todo list to complete these steps in order. Never move on to one step if you haven't completed the previous step. If you have multiple read steps in a row, read them all at once (in parallel).

Add all steps to your todo list now and begin executing.

## Steps

1. [Read Executive Research Guide]: Read the documentation in: `./skills/sauna/[skill_id]/references/executive.research.guide.md` (Get the M&A evaluation briefing output format)

2. Gather context from the user:
- What sector or vertical?
- Are you looking to acquire, be acquired, or general market awareness?
- Any specific deal size range of interest?
- What strategic rationale matters most? (capability, talent, market, geography)

Check `./documents/executive-context.json` for existing context.


3. Use `./skills/sauna/[skill_id]/references/skill/research.exa.lookup` to research M&A activity:

Search queries to run:
1. "[sector] acquisitions 2024 2023 deal value"
2. "[sector] M&A valuation multiples revenue"
3. "[sector] acquisition targets strategic buyers"
4. "[sector] private equity deals platform"
5. "[sector] M&A integration success factors"

Look for: Deal announcements, M&A databases, PE firm portfolios, integration studies.


4. Synthesize findings into the M&A Evaluation Briefing format:

1. Recent acquisitions with deal values and multiples
2. Valuation metrics by deal type
3. Common target profiles
4. Integration outcomes and success factors
5. Risks and considerations

Include sources for all deal data.
Note where multiples are disclosed vs. estimated.


5. Provide strategic recommendations based on their position:
- If acquiring: Target profiles and valuation expectations
- If being acquired: Positioning and timing considerations
- For planning: How M&A activity affects competitive landscape

Offer to save findings to `./documents/executive-research-index.json`.