Goldman Sachs (GS) has been a household name in the United States and much of the world for more than 150 years. Founded in 1869 by Marcus Goldman and his son in law Samuel Sachs, GS helped shape the financial investment industry. Their headquarters are located 200 West St. in Downtown Manhattan, NY, and they have offices in 62 countries worldwide. As an investment bank and financial services provider, they specialize in the sales and mergers of businesses. As of 2020, GS has been ranked by Fortune Magazine’s annual Fortune 500 list as the 62nd highest revenue corporation in the US. While this past year has been a struggle for all businesses due to a global pandemic, GS has still found a way to surpass its competitors.

Despite restrictions put on brokers from COVID-19, GS completed 333 deals worth $815 billion this fiscal year, out earning both Morgan Stanley and JP Morgan. The key to this success? Employees who are fully dedicated to their clients and know how to think outside of the box to see a deal closed. GS looked so far out of the box that they turned to the sky with drones to become the most successful investment banking firm. As Stephan Feldgoise, Managing Director and co-head of mergers and acquisitions at GS explained, clients need to be reassured that the deals they are making are sound, regardless if all parties can meet in person.

Firms like GS have become famous for hosting “power meetings” to seal a deal. Many films and TV shows have been made that highlight what it’s like working at a company like GS. Part of what makes these movies and shows entertaining are the scenes featuring lunch meetings at elite restaurants, boozy dinner parties, and traveling across the country to please clients. And while these scenes are surely enhanced with some dramatic flair, they are for the most part, true. A New York based firm like GS could likely be representing clients from Texas looking into an acquisition located in Michigan. Video conference calls have had to replace wining and dining, but clients still need to see the properties they are interested in.

According to Mr. Feldgoise, 95% of GS merger and acquisition (M&A) deals this year were completed without being in person, and drones facilitated the completion of these transactions. “We believe it will change the M&A landscape forever,” Feldgoise said in regards to using drones in such a capacity. As drones grow in popularity, finding a licensed drone operator anywhere in the world is fairly easy. Going back to the previously mentioned example, if GS wants to show their Texas clients a Michigan property without anyone having to travel, all they have to do is hire a drone operator.

A local drone operator can go to the property in question and create a beautiful aerial video package that goes beyond standard photographs. Drone footage gives prospective buyers a complete picture of the property they are looking at. They can see just how expansive the property is, including the surrounding area. This can then translate into traffic revenue, data a buyer needs to decide as to whether or not they are willing to invest. When a client is considering investing millions of dollars in a project, using a drone can literally make or break a deal in light of travel restrictions.

With the success GS has seen this year, the small investment it takes to hire a drone operator has paid off. “We have been selling asset-based businesses all over the world using drones for site visits and fly-overs,” Mr. Feldgoise said. “It gives buyers the confidence they need because when you are buying a business, you want to see, touch, and feel what you are buying.” GS’s competitors like JP Morgan and TKO Miller have also had to turn to drones to keep their businesses running during the spread of COVID-19. As Erik Eidem of TKO said, “We’ve proven the benefit of drone footage. The pandemic made it a necessity, but people are very happy about it, they feel they’re getting a better sense of the business early on.” A year ago, the idea of a drone being the key to investment banking would have been hard to believe. Now, a tool that is best known for use by the military or backyard hobbyists is seeing that a post pandemic economy can thrive.

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