When the 2015 M&A race began, we predicted that 2015 was not only going to surpass the pace of 2014, but set an all-time record for deal volume. Thus far, 2015 is off and running. First quarter deal volume is ahead of 2014, debt financing is readily available and valuation multiples for larger transactions have again expanded (most likely due to a highly competitive market). Everyone involved in the deal business is heads-down/flat-out, so all is good – right? Not necessarily.