Building Your M&A Reputation: Why Relationships Beat Transactions Every Time with Andrew Cohen
Release Date: 12/22/2025
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M&A isn’t just about closing deals, it’s about making the deal actually work. , M&A advisor and founder of his own boutique advisory practice, spent 30 years on the buy-side at Verizon, Dentsu, Presidio, and NP Digital. He's worked 125+ deals across telecom, advertising, and digital marketing. Now he's flipped to advisory, bringing that buy-side operator mindset to entrepreneurs preparing for exit. In this episode of the M&A Science Podcast, Carlos Cesta, Partner at Makanta Services, breaks down how seasoned buyers really think about M&A. Not as a linear process, but...
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Building Your M&A Reputation: Why Relationships Beat Transactions Every Time with Andrew Cohen
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Andy Cohen, Vice President of Corporate Development at F5 Andy has built a career that proves M&A is fundamentally about relationships, not just transactions. With 30 years of experience and 60 deals closed across high-growth tech companies including Citrix, Acquia, and F5, Andy has cultivated the kind of reputation where every CEO he's worked with will take his call tomorrow. In this conversation, he reveals why zero-sum thinking kills deals, how to convince people to sell without convincing them to sell, and why walking away on principle matters more than closing at any cost. ...
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, Vice President of Corporate Development, IFS oversees transformative acquisitions for the global leader in industrial AI and enterprise software. In this episode, Rachel shares how IFS navigates the unique dynamics of having three major private equity backers—EQT, HG, and TA Associates—while executing strategic deals that enhance their portfolio. She breaks down IFS's four acquisition archetypes (product bolt-ons, customer migration, market entry, and new platforms), explains why integration and value creation must be separated, and reveals how the company is adapting its...
info_outlineAndy Cohen, Vice President of Corporate Development at F5
Andy has built a career that proves M&A is fundamentally about relationships, not just transactions. With 30 years of experience and 60 deals closed across high-growth tech companies including Citrix, Acquia, and F5, Andy has cultivated the kind of reputation where every CEO he's worked with will take his call tomorrow. In this conversation, he reveals why zero-sum thinking kills deals, how to convince people to sell without convincing them to sell, and why walking away on principle matters more than closing at any cost.
Things you will learn:
- Why reputation is your most valuable M&A asset
- The shift from zero-sum to win-enough thinking
- Learn Andy's approach to using due diligence as the foundation for integration strategy, cultural fit assessment, and long-term value creation.
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This episode is brought to you by S&P Global.
Today's episode of M&A Science is brought to you by S&P Global Market Intelligence. If you're in corp dev or PE, you know the pain — good private company data is hard to come by. Everyone's still chasing clean, reliable, up-to-date data. I started out using CapIQ Pro for public comps, but didn't realize until recently how deep their private company coverage has gotten. Over 58 million private companies, global reach, and actually usable for real deal work. This isn't surface-level. You get real metrics — ownership, financials, funding rounds, even asset-level insights. So if you're still toggling between a dozen tools trying to piece together the picture, maybe it's time to stop guessing and start sourcing better.
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Episode Timestamps
- [00:02:30] The Empathy Advantage – Why sitting in every seat at the M&A table gives you the perspective to close better deals.
- [00:04:00] Zero-Sum Thinking Will Kill Your Deals – The mindset shift from "winning" to ensuring everyone gets enough of what they want.
- [00:07:30] Building Relationships That Actually Drive Deals – How a 30-year network of bankers, VCs, and former CEOs creates proprietary deal flow.
- [00:10:30] Why Proactive Beats Auctions Every Time – Why almost all of Andy's deals are proactive and how strategic focus enables targeted outreach.
- [00:14:00] Getting to the Story Behind the Company
- [00:21:00] How to collaboratively build the acquisition narrative without being pushy or transactional.
- [00:25:00] Trust Through Reputation and References
- [00:32:00] Due Diligence Is Integration Planning
- [00:42:00] Navigating the hardest negotiations—convincing product teams that buying beats building
- [00:53:00] Walking Away on Principle – The deal Andy killed because the other side wanted to hurt employee shareholders
Questions, comments, concerns?
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