Episode 104: Inside the Deal with Heriberto Garcia

In this episode of the Tech M&A Podcast, we chat with Heriberto Garcia, founder and former CEO of Vialterna Comunicaciones, a leading modern telecommunications firm serving all of Mexico. Over 15 years, Heriberto built Vialterna into a powerhouse of connectivity before navigating a successful exit to a search fund — a buyer type he initially never expected to consider.
Heriberto shares how a Corum seminar he attended three decades ago planted the seed for his eventual exit, and how that knowledge stayed with him until the timing was right. He offers candid advice on the importance of pre-deal preparation, the often-overlooked complexity of tax due diligence, and why authenticity and transparency with buyers can be your greatest asset. He also reflects on the realities of post-exit life — including the multi-year transition that follows a deal and the importance of learning to manage newfound wealth.
Takeaways

1. Plant the seed early: A seminar attended 30 years prior shaped Heriberto's entire approach to eventually selling — long-term mindset matters.
2. Run a pre-due diligence on yourself: Conducting your own internal DD before going to market surfaces surprises early and dramatically smooths the formal process.
3. Don't underestimate tax: Tax due diligence should be addressed from the very beginning of the process, not left to the end.
4. Be open to unexpected buyers: A search fund — initially rejected outright — turned out to be the perfect match, proving that criteria should remain flexible.
5. Authenticity wins deals: Transparency and openness with potential buyers builds trust and accelerates the process.
   Keep the sale confidential: Avoid telling staff or partners until necessary — unexpected reactions can complicate operations mid-deal.
6. Expect a long transition: Post-exit life involves a multi-year handover, not an overnight handoff.

Timestamps

00:00 – Introduction: Heriberto Garcia and Vialterna Comunicaciones
01:00 – 15 years building a telecom powerhouse across Mexico
02:00 – How a Corum seminar 30 years ago set the foundation for this exit
03:00 – The motivation to sell: retirement planning and the right timing
04:00 – Surprises in the market: rejecting investment funds — then finding the perfect search fund
05:30 – Due diligence surprises and the lesson of working capital
06:30 – External advisors: legal, financial, and tax support during the deal
07:30 – What Heriberto wishes he'd known: pre-DD, taxes, and behaving like a big company
08:30 – How the right buyer was chosen — and why transparency sealed it
09:30 – Advice for CEOs in Latin America: valuations, firm decisions, and authenticity
10:30 – Post-exit life: transitions, wealth management, and what comes next