M&A Science
M&A Science is a podcast exploring the intricate world of mergers and acquisitions with industry leaders and practitioners. With an unlimited access to our deal network, these interviews examine M&A trends, culture, and best practices. This podcast is sponsored by DealRoom, an M&A lifecycle management platform.
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Uncovering Capital Allocation Strategies
04/22/2024
Uncovering Capital Allocation Strategies
Every company must have a strong capital allocation strategy to maximize its potential. Without it, the company may end up missing opportunities and spending money on things that won't help it grow or become more profitable. In this episode of the M&A Science Podcast, Keith Levy, Operating Partner at Sonoma Brands, shares his experience on successful and unsuccessful capital allocation strategies. Things you will learn in this episode: • Strategy vs IRR • Venture capital vs recapitalization strategy • Minority vs majority recapitalization • Evaluating exit strategy This episode is sponsored by the Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at ****************** Episode Bookmarks 00:00 Intro 11:27 Focusing on organic growth 16:37 Post-merger integration execution 25:01 Strategy vs IRR 26:59 Handling projections 28:07 Integration with Mars 36:20 Role of an operating partner 42:07 Big company vs Small company in M&A 43:39 Venture capital vs recapitalization strategy 48:44 Cashing out from an owner’s perspective 50:42 Minority vs majority recapitalization 54:03 Impact of valuations and interest rates on investment decisions 59:07 Timing on investments 1:01:25 Evaluating exit strategy 1:03:46 Advice for practitioners 1:05:41 Craziest thing in M&A
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Roll Up Strategy in Private Equity
04/15/2024
Roll Up Strategy in Private Equity
Private equity firms are established for the sole purpose of generating substantial financial returns for its investors. And one of the most effective ways of maximizing investment returns is the roll up strategy. This involves buying small-sized businesses in a highly fragmented industry and combining them into a larger platform. The goal is to improve efficiency and be sold later for a higher price. In this episode of the M&A Science podcast, we will discuss roll up strategy in private equity with Gerry Williams, Partner at DLA Piper US LLP. Things you will learn this episode: • Industries susceptible to roll up strategy • Challenges of executing roll up strategy • Negotiating the LOI in roll up strategy • Typical deal structure in roll up strategy • Employing Earnouts in roll up strategy This episode is sponsored by FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to ****************** Episode Bookmarks 00:00 Intro 04:06 Industries susceptible to roll up strategy 06:22 The trend of roll up strategy in private equity 10:42 Complexities of Roll up strategy 15:52 Challenges of executing roll up strategy 20:32 How to mitigate risks 24:19 Managing multiple roll up businesses 26:49 Negotiating the LOI in roll up strategy 33:00 Breakup fees on private deals 35:57 Typical deal structure in roll up strategy 43:24 Employing Earnouts in roll up strategy 48:07 Unique negotiations during LOI 49:31 Do’s and Don’ts of executing roll up strategy 52:57 Craziest thing in M&A
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Corporate Diversification Through M&A
04/08/2024
Corporate Diversification Through M&A
In a world where change is the only constant, businesses are continually seeking innovative ways to stay ahead of the curve. One such method that has gained prominence is the corporate diversification strategy, a multifaceted approach that can lead to new growth avenues and enhanced resilience. In this episode of the M&A Science Podcast, Tyler Rodewald, VP, M&A at EIS Holdings, discusses corporate diversification through M&A. Things you will learn: • Corporate diversification strategy • Drivers of corporate diversification • People involved in corporate diversification • Projecting revenue synergies • Closing deals with competition This episode is brought to you by the happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot . ****************** Episode Bookmarks 00:00 Intro 02:55 Corporate diversification strategy 03:32 Drivers of corporate diversification 05:22 People involved in corporate diversification 08:00 Communicating the diversification strategy - The number one step 08:51 Customer overlaps on deals 11:17 Capital Allocation 13:41 Proprietary deal vs Bank Deal 15:22 Deal Sourcing 17:57 Closing deals with competition 19:22 Cultural integration 22:03 Handling resistance 23:21 Measuring Success 24:31 Projecting revenue synergies 26:09 Earnouts 30:31 Letter on intent exclusivity 32:10 Combining diligence with integration using DealRoom 36:42 Using DealRoom with Sellers 40:02 Advice for practitioners doing corporate diversification 40:30 AI in M&A 46:34 Craziest thing in M&A
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Performing Strategic Due Diligence in M&A
04/01/2024
Performing Strategic Due Diligence in M&A
Before doing M&A, it is crucial for acquirers to target the right business, in the right market. Otherwise, it could potentially be a costly mistake that would waste the company’s time and money. In this episode of the M&A Science Podcast, Andrey Galiuk, Vice President of Corporate Development and Investor Relations, shares his expertise on how to perform strategic due diligence in M&A. Things you will learn: • What is strategic due diligence • How to perform strategic due diligence in M&A • Entering the right market • Finding the right target company • Biggest challenge when performing strategic diligence This episode is brought to you by the happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot . ****************** Episode Bookmarks 00:00 Intro 11:17 What is strategic due diligence 16:25 How to perform strategic due diligence in M&A 25:00 Entering the right market 38:05 Finding the right target company 41:25 When to perform strategic due diligence 42:38 Proactive vs. Reactive deal sourcing 44:33 Importance of culture 47:05 When to start integration planning 49:11 Red flags during strategic diligence 50:33 Assessing incoming people 51:20 Biggest challenge when performing strategic diligence
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How to Stand Up a Venture Capital Arm
03/25/2024
How to Stand Up a Venture Capital Arm
and In the ever-evolving world of business, staying ahead isn't just about what a company does today, but how it prepares for tomorrow. This is where a venture capital arm comes into play. It is a specialized division within a larger company that focuses on investing in emerging startups and innovative projects. In this episode of the M&A Science Podcast, George Kellerman, VP, Head of Investments & Acquisitions at Woven by Toyota, and Alexander Baum, Corporate Development Lead at Woven by Toyota, share their experience on how to stand up a venture capital arm. Things you will learn: • How did Woven by Toyota got started • Successfully start a venture capital arm • Leadership in managing people • Biggest Lessons Learned • Dealing with cultural difference This episode is brought to you by the happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot . ****************** Episode Bookmarks *George Kellerman 00:00 Intro 06:15 From firefighter to M&A 09:49 How did Woven by Toyota got started 11:19 Project Kate 12:58 Pitching the shift in strategy 14:31 Woven Capital’s strategy 16:48 How to successfully start a venture capital arm 19:45 Leadership in managing people 22:03 Biggest lessons learned 26:00 A change in strategy 27:04 The Woven City Project 31:11 Dealing with cultural difference 35:40 Craziest thing in M&A *Alex Baum 39:34 Noticing cultural differences in Japan 42:11 Relocating to Tokyo 44:07 New York vs Japan culture 45:28 Work culture in Japan 48:32 Rubber stamp approval in Japan 49:51 Balancing American and Japanese culture 51:27 Maintaining alignment 52:09 Craziest thing in M&A
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How to Achieve Strategic Alignment From Top to Bottom
03/18/2024
How to Achieve Strategic Alignment From Top to Bottom
There is an intimate tie between M&A strategy and corporate strategy. To be truly effective, acquisitions must directly support the overarching goal of the company. But beyond that, there needs to be a strategic alignment with everyone involved. In this episode of the M&A Science Podcast, Camilo Franco, Director, M&A Integration and Operations at Jamf, shares their secrets on how to achieve strategic alignment from top to bottom. Things you will learn: • How to achieve strategic alignment • Strategies for effectively communicating M&A plans • Tools used to maintain alignment • Connecting diligence and Integration • Advice for integration practitioners ****************** This episode is brought to you by the M&A Science Spring Summit 2024 happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. ****************** Episode Bookmarks 00:00 Intro 08:45 Definition of strategic alignment 10:31 How to achieve strategic alignment 12:51 Relaying M&A strategy against corporate strategy 13:54 Getting buy-in from team members 15:37 Overcoming anti-M&A culture 18:44 Strategies for effectively communicating M&A plans 21:21 Alignment with the integration team 23:51 Formulating the integration thesis 26:37 Role of steering committee 28:04 Communicating decisions with the broader organization 29:30 Managing integration without IMO 32:09 Ensuring company readiness for integration 34:11 Gauging M&A readiness 36:06 Side effects of burnout people 37:25 Defining the end of integration 39:30 Tools used to maintain alignment 43:32 Agile M&A 44:46 Connecting diligence and integration 48:13 Using integration templates 50:36 Advice for integration p
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Performing Cultural Due Diligence to Better Understand the Target Company
03/13/2024
Performing Cultural Due Diligence to Better Understand the Target Company
Most of the biggest M&A failures of all time are caused by culture clashes. Both companies cannot simply co-exist with each other, and instead of creating more value, they destroyed both of their businesses. This is why cultural due diligence is crucial in M&A. In this episode of the M&A Science Podcast, Ken Bond, Head of Corporate Development at Cetera Financial Group, shares his expertise on how to perform cultural due diligence to better understand the target company. Things you will learn: • The person responsible for cultural due diligence • Executing cultural due diligence • Using Playbooks • Successful partnership between Corporate Development and Integration • Advice for practitioners ****************** This episode is sponsored by the Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at ****************** Episode Bookmarks 00:00 Intro 05:11 Person responsible for cultural due diligence 05:54 Importance of cultural due diligence 08:08 Executing cultural due diligence 10:29 Killing the deal due to cultural conflict 14:54 Using Playbooks 17:31 Cultural due diligence during early conversations 20:12 Understanding how the target company makes decisions 22:40 Things to look for during due diligence 25:09 Using questionnaires for cultural due diligence 27:08 Bilateral deal vs. Auction process 30:10 Hardest part of cultural due diligence 32:27 Successful partnership between Corporate Development and Integration 35:33 Subculture due diligence 37:07 Advice for practitioners 38:31 Craziest thing in M&A
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Strategic Alignment Between M&A and Corporate Strategy
03/11/2024
Strategic Alignment Between M&A and Corporate Strategy
Engaging in M&A activities just for the sake of doing them is one of the biggest reasons for failed deals. Without a well-defined purpose, these transactions can distract the business and waste massive amounts of resources. In this episode of the M&A Science Podcast, Baljit Singh, Former SVP, Global Head of Corporate Development at Nielsen Ventures, discusses the importance of strategic alignment between M&A and corporate strategy. Things you will learn: • Corporate strategy vs M&A strategy • Getting the strategy right • Capital allocation • Measuring business unit’s success • Deal structure to preserve cash ****************** This episode is sponsored by FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to ****************** Episode Bookmarks 00:00 Intro 05:10 Corporate strategy vs M&A strategy 09:25 Getting the strategy right 11:17 Best ways to pitch deals 13:09 Pillars of corporate strategy 15:50 Capital allocation 21:06 Measuring business unit’s success 24:52 Holding business units accountable 27:20 Why take a public company private 33:51 Steps to take a public company to private 38:11 Real life examples 48:29 Deal structure to preserve cash 54:45 Dealing with reluctant seller 59:30 Craziest thing in M&A
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Overcoming M&A Challenges
03/06/2024
Overcoming M&A Challenges
Problems don’t usually surface at the early stages because it's the honeymoon phase. Both the buyer and the seller would like to see the deal happen, so they work together to build momentum. And often that means postponing dealing with some of the more difficult and contentious issues. However, these M&A challenges are inevitable and will arise as the deal progresses. In this episode of the M&A Science Podcast, Douglas Barnard, former Executive Vice President, Corporate Development and Legal Advisor at CF Industries, discusses effective strategies to overcome M&A challenges. Things you will learn: • Mindset to prepare for M&A • Overcoming M&A Challenges Between Signing and Closing • Mitigating Post-Merger Integration Risks • Biggest Challenges in M&A • Advice for First-time Acquirers ***************** This episode is sponsored by . FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to ****************** Episode Timestamps 00:00 Intro 05:26 Mindset to prepare for M&A 10:26 Strategic Negotiation Tactics 13:03 Having a Foundation of Trust and Honesty 17:31 Assessing Buyer Transparency in Deal Negotiations 20:17 Mastering Valuation and Identifying Synergies 22:43 Identifying and Overcoming Obstacles in the M&A Process 24:40 Uncovering Surprises in Due Diligence 28:53 Utilizing a Private Investigator (PI) in a Deal 29:57 Navigating Complex Negotiation Stages 33:54 Zero-Sum Scenarios in M&A Auctions 35:51 Valuation and Auction Bidding Strategies 37:57 Overcoming M&A Challenges Between Signing and Closing 41:29 Mitigating Post-Merger Integration Risks 46:16 Biggest Challenges in M&A 50:24 Advice for First-time Acquirers 52:51 Craziest thing in M&A
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How Business Cycles Affect M&A Valuation
03/04/2024
How Business Cycles Affect M&A Valuation
M&A valuation isn’t just about looking at the numbers. There are a lot of different factors that affect and contribute to the volatility of the M&A market. In this episode of the M&A Science Podcast, Allan Marks, Global Project, Energy & Infrastructure Partner at Milbank, discusses how business cycles affect M&A valuation. Things you will learn: • What is a business cycle • What is a credit cycle • How business cycle impact M&A valuation • Common Mistake during M&A valuation • Importance of culture in M&A This episode is sponsored by the DealRoom Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at Episode Timestamps 00:00 Intro 11:00 What is a business cycle 12:41 What is a credit cycle 16:59 Cycle’s impact on energy sector 19:09 How business cycle impact M&A valuation 22:36 Industries most affected by the cycles 26:43 M&A valuation for first-timers 31:47 Importance of culture in M&A 34:23 When to pull of a deal 37:37 Example of failed deals 41:59 Example of good deals 45:43 Common Mistake during M&A valuation 46:43 M&A function maturity 48:02 Other early M&A considerations 49:15 Craziest thing in M&A
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Validating the Acquisition Plan
02/28/2024
Validating the Acquisition Plan
When executing M&A, having a structured approach to validating the acquisition plan is crucial. The worst thing any acquirer can do is to buy a business that doesn’t bring value to the parent company. In this episode of the M&A Science Podcast, Adam Harris, CEO of Cloudbeds, shares the meticulous 6-step process his company uses to validate their acquisition plan. Things you will learn: • Surveying Customers • Industry Trend Analysis • Partner vs Build Analysis • Formulating the strategic rationale • In-depth Company Analysis and Product Demos • Drafting a detailed memo This episode is sponsored by the Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at Episode Bookmarks 00:00 Intro 08:45 Approaching M&A 18:20 Surveying Customers 23:47 Industry Trend Analysis 28:13 Partner vs Build Analysis 34:12 Formulating the strategic rationale 36:50 In-depth Company Analysis and Product Demos 41:18 Drafting a detailed memo 44:15 Pitching M&A to the board 44:54 Craziest thing in M&A
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Mastering M&A Integration
02/26/2024
Mastering M&A Integration
. A lot of times, M&A integration is considered only after closing the deal. It is often treated as an afterthought, and this approach is where many deal failures stem from. If we want to improve our M&A process and get better results from deals, we have to start updating our practices to the most efficient way of doing things. In this episode of the M&A Science podcast, Seema Nimmagadda, Head of M&A Integration for North America at Woven by Toyota, discusses how to master M&A integration. Things you will learn in this episode: • The Ideal Integration Process • M&A Integration planning pre-LOI • Setting up an early version of the IMO • Detailing the M&A Integration Strategy • Aligning deal goals with integration strategy This episode is sponsored by . FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to Episode Bookmarks 00:00 Intro 04:00 Toyota’s Woven Business Unit 05:00 The Ideal Integration Process 06:53 The Importance of Integration Capabilities 08:52 Integration planning pre-LOI 11:50 Ensuring Adequate Resources and Capabilities during M&A Integrations 13:27 Avoiding early pitfalls for integration 14:40 Key integration milestones from LOI to Close 18:53 Aligning the IMO and Corporate Development 21:49 Adapting mature M&A teams to change 23:28 Setting up an early version of the IMO 25:04 Key people in forming an early IMO 26:16 Detailing the Integration Strategy 29:09 Balancing team autonomy in integration planning 31:56 Maintaining collaboration and progress in integration 34:24 Managing cross-functional dependencies 35:16 Tech stack diversity 36:41 M&A execution checkpoints 38:04 Information gathering challenges pre-close 39:08 Managing vendor dependencies and ensuring transparency 40:12 Balancing functional plans with the master integration strategy 42:04 Securing stakeholder buy-in 43:04 Risks of overlooking integration 44:03 Aligning deal goals with integration strategy 44:36 Identifying when an M&A integration is complete 46:25 Best practices for smooth post-close integrations 46:59 Craziest thing in M&A
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Using M&A Best Practices to Get Better Deals
02/21/2024
Using M&A Best Practices to Get Better Deals
, Chief Executive Officer at , and , VP, Corporate Development at (NYSE: CNM) In a highly competitive market, speed is crucial for companies wanting to do M&A. Especially with all the economic and market changes that’s happening, professionals must use M&A best practices to get better deals. In this episode of the M&A Science Podcast, Brent Baxter, Chief Executive Officer at Association for Corporate Growth, and Jeff Giles, VP, Corporate Development at Core & Main, share their strategies and experiences when executing successful M&A. Things you will learn: • Target outreach • Best practices when building relationships • Challenges of working with private sellers • Executing agile and efficient Diligence • Role of technology in the M&A process This episode is sponsored by the Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at Episode Bookmarks 00:00 Intro 07:12 Getting deals faster 10:35 Target outreach 15:54 Best practices when building relationships 19:47 How to best optimize ACG 22:46 M&A challenges 25:20 Challenges of working with private sellers 29:39 Executing agile and efficient Diligence 34:53 Executing deals during COVID 39:59 Role of technology in the M&A process 42:06 Role of technology in the future 46:47 Craziest thing in M&A
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Connecting Diligence and Integration in M&A
02/19/2024
Connecting Diligence and Integration in M&A
It's common to see due diligence and integration as separate stages, but combining them can make the M&A process much smoother and more effective. But how exactly can we weave these two critical phases together effectively? In this episode of the M&A Science Podcast, Amy M. Weck, VP, M&A and integrations at The Liberty Company Insurance Brokers, offers practical strategies to align integration and diligence for optimal outcomes. Things you will learn in the episode: • Merging separate integration departments • How to connect diligence and integration • Fostering a ‘One Team’ Mindset • Maintaining Team Rhythm in High-Volume Acquisitions This episode is sponsored by . FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to Episode Bookmarks 00:00 Intro 04:26 Getting into M&A 06:12 Evolving into integration 07:55 Transitioning from deal team to integration team 09:26 Pre-LOI considerations in M&A 10:40 Merging Corp Dev and Integration Team 13:26 The impact of mindset during transition 15:26 Connecting the two functions 18:42 Keeping teams and workflows aligned 22:14 Biggest challenge in the transition 24:05 The challenge of change management 26:11 Managing new hires in key roles 27:29 Key advice for managing the end-to-end M&A process 34:37 Optimizing the M&A function for a roll-up 36:21 Practical Tips for Learning from Past Due Diligence 38:16 Maintaining Team Rhythm in High-Volume Acquisitions 40:05 Key Strategies to Avoid Failing in Your Integrations 42:02 Key Questions to Ask Before the LOI 43:17 Evaluating Cultural Fit and Red Flags 48:15 Ideal candidate for an M&A role 59:44 Advice to first-time M&A practitioners 1:01:02 Craziest thing in M&A
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How to Bridge Valuation Gaps in M&A
02/14/2024
How to Bridge Valuation Gaps in M&A
In M&A, it’s very common for buyers and sellers to disagree on the value of the business. If both parties cannot agree on the price, the deal could fall apart. However there are certain strategies and tools that both parties can use to compromise and be happy during closing. In this episode of the M&A Science Podcast, John Blair, Partner M&A Attorney at K&L Gates, shares best practices on how to bridge valuation gaps in M&A. Things you will learn in this episode: •Bridging gaps in M&A Valuation •Earnouts •Seller Financing •Equity structure •Market’s impact on Bridging M&A Valuation Gaps Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how can facilitate your next deal at Episode Bookmarks 00:00 Intro 04:13 When to get involved in the M&A Process 07:50 Negotiations during LOI 09:42 Bridging gaps in M&A Valuation 11:09 Using Holdbacks to Bridge M&A Valuation Gaps 13:20 Seller Financing 15:00 Earnouts 16:43 Earnouts on Intellectual Property 18:45 Key Variables in an Earnout 23:14 Earnout payment structure 25:53 Making Earnouts Successful 29:08 Structures of Seller Financing 36:24 Traditional terms of seller financing 38:20 Equity structure 41:04 Stock options 43:52 Minimizing the cash upfront during a sale 46:34 Contents of Letter of Intent 49:14 Advice for first timers 50:01 Craziest Thing in M&A
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Transforming Existing Staff into M&A Experts
02/12/2024
Transforming Existing Staff into M&A Experts
In the dynamic world of mergers and acquisitions (M&A), creating an effective team is crucial for success. This process can be complex and demanding, but also immensely rewarding. After all, having an internal team means having the capability of acquiring companies in the future, rather than treating M&A as a one-time event. In this episode, , shares her experience in transforming existing staff into M&A experts. Things you will learn from this episode: • Shaping the M&A strategy • Building an M&A team • Scaling the M&A Team • Recruiting competent people • Managing burnout Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how can facilitate your next deal at Episode Bookmarks 00:00 Intro 10:54 Shaping the M&A strategy 12:46 Key elements of the strategy 14:58 Strategy approval 16:10 Challenges on the first acquisition 18:30 Building an M&A team 22:05 Scaling the M&A Team 25:10 Recruiting competent people 26:44 M&A Aptitude test 32:48 Working with consulting firms during M&A 37:17 Setting the external team up for success 39:08 M&A Team structure 39:48 Managing burnout 43:18 Programmatic M&A 49:09 Start up doing M&A 51:47 Integration execution 53:19 Smart collaboration in the future 55:51 Setting integration up for success 58:20 Craziest thing in M&A
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Negotiating Cross Border M&A
02/07/2024
Negotiating Cross Border M&A
Navigating cross border M&A is one of the most challenging tasks for deal makers. There are a lot of intricacies involved that are unique to each country, and must be handled delicately. In this episode of the M&A Science Podcast, Jake Lin, Head of Corporate Development at Xendit, shares his best practices when executing cross border M&A, particularly in South East Asia. Things you will learn: Biggest challenge in Cross Border M&A Language barrier during Cross border M&A Managing Cultural Differences during negotiations Cross border M&A best practices Integration approach to cross border M&A This episode is sponsored by the Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at Episode Bookmarks 00:00 Intro 05:44 Biggest challenge in Cross Border M&A 08:18 Cross Border M&A without Bankers 09:04 Working with Local Bankers 09:55 Language barrier during Cross border M&A 12:05 Managing Cultural Differences during negotiations 16:01 Managing the Speed of Cross border M&A 17:20 Cultural Differences almost killing the deal 18:48 Countries easiest to work with 21:06 Cross border M&A best practices 22:32 Strategic tips when dealing with Cross border M&A 23:49 Integration approach to cross border M&A 25:37 Negotiating Payment terms 28:59 Computation for stock payments 30:06 Advice for first-timers 30:29 Craziest thing in M&A
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Achieving Business Growth Through Strategic M&A
02/05/2024
Achieving Business Growth Through Strategic M&A
In today’s competitive global market, organizations need to leverage every tool in their arsenal to stay ahead of the curve. One of the best ways to do this is strategic M&A. With the right approach, M&A can drive significant growth, unlock fresh opportunities, and expedite the achievement of strategic business goals. In this article, Yoav Zeif, CEO at Stratasys, shares his experience on achieving business growth through strategic M&A. Things you will learn in this episode: •The Start of their M&A Journey •Strategic M&A framework •Evolution of Strategy •Working with the corporate development team •How to ensure positive business outcomes during integration This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to Episode Bookmarks 00:00 Intro 07:04 Start of M&A Journey 11:56 M&A strategy framework 18:58 Real-life acquisition scenario 20:20 Evolution of Strategy 23:59 Working with the corporate development team 26:29 Corporate development teams pitching deals 30:22 How to ensure positive business outcomes during integration 31:57 Big lessons learned 39:18 Retaining key people 40:26 Other lessons 42:42 Craziest Thing in M&A This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to
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The Challenges of Sell-Side M&A
01/31/2024
The Challenges of Sell-Side M&A
, Co-founder & former CEO, Every owner loves their business. This makes selling their company even harder than it already is. But aside from the emotional turmoil that founders go through every exit, there are also a lot of intricacies included in the process. In this episode of the M&A Science Podcast, Russ Heddleston, Co-founder & former CEO of DocSend, discusses the challenges of sell-side M&A. Things you will also learn in this episode: Considerations in Potentially Selling a Startup Challenges of sell-side M&A Key Factors for a Successful Exit How to manage diligence in sell-side M&A Episode Bookmarks 00:00 Intro 04:10 Starting DocSend 06:08 Identifying the Inflection Point to sell 09:01 Selling a Startup 10:46 Considerations in Potentially Selling a Startup 14:28 Best Time for an Exit 16:00 Balancing Stakeholder Interests in an Acquisition 17:50 Relationship Management in an Acquisition 19:46 How Relationships Influence Negotiations 20:41 Relationships with Bankers 23:14 Reaching out to DropBox 26:16 Key Factors for a Successful Exit 28:04 Impact of Market Conditions on M&A 28:45 The Unknowns of Selling a Business 30:53 Post-Acquisition Challenges and Unknowns 32:34 Enhancing Preparation for Post-Close Integration 34:05 Tips for Buyers for Smoother Integration 35:18 Challenges of Sell-side M&A 37:15 Efficiently Managing Diligence 38:46 People involved from pre-LOI to Close 41:36 Post-Acquisition Team Dynamics 43:01 Evaluating Alternatives to Selling 48:28 Fundraising Strategies to Minimize Dilution 49:44 Advice for Acquirers Seeking Successful Acquisitions 51:29 Effective Strategies for Corporate Leaders to Engage with Founders 53:14 Craziest thing in M&A This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to
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Pros and Cons for a Growth Company to Take PE Capital
01/29/2024
Pros and Cons for a Growth Company to Take PE Capital
Partnering with PE firms is a great way to exponentially grow a business and reach new heights. However, there are considerations that must be taken into account, before taking PE capital. Fully understanding them will increase chances of success, in the attempt to unlock the full potential of the business. In this episode of the M&A Science podcast, Jason Mironov, Managing Director at TA Associates, discusses the pros and cons of taking PE capital. Episode Bookmarks 00:00 Intro 05:29 The Lack of Operating Experience 07:03 Pros of taking money from a private equity firm 11:01 Other factors to take money from PE firms 12:49 Cons of taking money from private equity 17:16 Focusing on IRR 22:10 Culture of focusing on numbers 26:54 Working with Unhappy CEO 30:06 Board control 35:33 Expectation for the Board Structure 38:30 Dilution for founders 42:53 How to build and preserve wealth 47:20 Approach on partnership 51:03 Handling Inbound Contacts 56:51 Creating value before partnership starts 01:03:15 Working with the founder 01:05:38 Pushing M&A to portcos 01:08:51 Founder Exit 01:16:01 Timeline of investment 01:20:26 Craziest thing in M&A This episode is sponsored by DealRoom. Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at
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Selling a Small Business Unit
01/24/2024
Selling a Small Business Unit
When times are good, big companies tend to ignore their smaller business units, as they operate smoothly on their own. It is only when the economy gets tough that these little businesses get more attention, and often seen as off-strategy or a distraction. That's when the company's leaders decide it's time to sell them, which is not ideal, as the business is no longer in their prime, making it harder to sell. In this episode of M&A Science podcast, Michael Frankel, Founder and Managing Partner of Trajectory Capital, joins us to share his best practices of selling a small business unit. Episode Bookmarks 00:00 Intro 03:35 The decision to sell a business 05:01 Reasons to sell the business 06:43 Steps in selling a small business unit 09:59 Finding buyers 11:53 Avoid using bankers 13:30 Pitching the deal 14:50 Avoiding non-serious buyers 16:42 Important factors other than price 23:01 Real life example 27:54 Valuation gap 30:29 Evaluating the business 34:45 Hardest part of selling a small business unit 37:03 Advice for first time buyers 41:48 Proactively approaching a seller 47:25 Earnouts on small deals 48:44 Craziest Thing in M&A This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to
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How to Create a Positive Exit Experience in M&A
01/22/2024
How to Create a Positive Exit Experience in M&A
Selling your business is never easy. Aside from the emotional stress that it provides, it can also be detrimental to the business if it's sold to the wrong company. Oftentimes, during the process, it can also serve as a massive distraction to the operations, harming the business in the process. In this episode of the M&A Science Podcast, we will discuss how to create a positive exit experience in M&A with Swapnil Shinde, CEO at Zeni. Things you will learn: • Reasons for the first exit • Reacting vs Proactive Exits • Hardest part of selling a business • Role of sellers in Integration Planning • Do’s and Don'ts of Buying a company Episode Timestamps 00:00 Intro 06:31 Reasons for the first exit 09:19 Venture Exit 12:19 Build to sell 14:03 Reacting vs Proactive Exits 16:28 Using Bankers during Exits 19:09 Hardest part of selling a business 21:30 Managing Diligence 24:28 Lessons Learned on Diligence 28:03 Keeping and building relationships 29:29 Role of sellers in Integration Planning 32:29 Reasons why Integration fails 34:49 Worst exit experience 36:31 Making integration successful 38:25 Do’s and Don'ts of Buying a company 39:41 Identifying Cultural Fit This episode is sponsored by our products DealRoom and FirmRoom. Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to
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Realizing Revenue Synergies in M&A
01/15/2024
Realizing Revenue Synergies in M&A
, Global Lead M&A Solutions at Revenue synergies are why you’re doing the deal in the first place. But unlike cost synergies that happen instantly, revenue synergies are more difficult to achieve and often go unrealized. One of the biggest problems in M&A is that when a company pursues a deal, different departments have varying perspectives on what's essential. So how do you maintain the deal thesis as a central focus? In this episode of the M&A Science Podcast, , Global Lead M&A Solutions at , discusses his framework for realizing revenue synergies in M&A. Things you will learn: •Importance of Revenue Synergies •Correlation between M&A strategy and Revenue Synergies •Understanding Customer Journey •Planning for Revenue Synergies Pre-LOI •Agile M&A Episode Timestamps 00:00 Intro 06:17 Importance of Revenue Synergies 09:58 Correlation between M&A strategy and Revenue Synergies 16:42 Timeline of Revenue Synergies 18:49 Realistic Revenue Synergies 21:14 Understanding Customer Journey 24:44 Planning for Revenue Synergies Pre-LOI 27:38 Capturing Revenue Synergies Post-LOI 31:04 Executing the Plan 34:21 Cross-Functional Work Streams 36:29 New product introduction process 40:15 Agile M&A 43:31 Disbanding team and workstreams 46:57 Top three principles to success 48:48 Advice for next generation of young leaders in M&A This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom. To join our growing online community of M&A practitioners, visit Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to
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Focusing on ESG in M&A
01/08/2024
Focusing on ESG in M&A
, Senior Vice President, General Counsel and Chief ESG Officer at (NYSE: ) ESG in M&A is very real. And while it is a fairly new term, it represents a range of critical issues and priorities that companies have long considered. In many ways, ESG has always been important and is essential for risk management and maintaining company value, even for for-profit organizations. In this episode of the M&A Science Podcast, we will discuss how to focus on ESG in M&A, featuring Casey Nault, SVP, General Counsel, and Chief ESG Officer at Coeur Mining, Inc. Things you will learn: •Importance of ESG in M&A •Balancing ESG and profit •ESG diligence •Red flags during ESG diligence •ESG on cross-border deals ____________________________________________________________________________ This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to Episode Bookmarks 00:00 Intro 07:31 M&A in the Mining Industry 09:26 Valuation and Deal Structures in the Mining Industry 13:51 Foreign Corrupt Practices Act 15:57 Importance of ESG 20:13 Disaggregating ESG 21:49 Sustainability in today's market 24:04 Balancing ESG and profit 26:52 ESG considerations during M&A 30:58 Evolution of ESG approach 32:41 ESG diligence 33:35 Red flags during ESG diligence 35:31 Deal Stoppers 36:36 Designated person sustainability 37:17 Diligence Execution during M&A 39:19 ESG on cross-border deals 40:55 Negotiations on cross border deals 42:47 Advice for practitioners 43:18 Craziest thing in M&A
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How Not to Bomb Your First M&A Deal
01/01/2024
How Not to Bomb Your First M&A Deal
, Co-Founder and CEO at M&A is a never-ending web of complexities and challenges. While the potential for growth and transformation is promising, the chances of failure are extremely high. To increase chances of success, acquirers must learn how to be adaptable and work with the target company for alignment. In this episode of the M&A Science Podcast, Brock Blake, Co-Founder and CEO of Lendio, shares their approach on how not to bomb your first M&A deal. You will learn: • How to drive your first deal • Understanding the cultural aspect of M&A • Strategizing acquisitions • Validating assumptions before acquisition commitment • Budget allocation for an earnout ____________________________________________________________________________ This episode is sponsored by our products DealRoom and FirmRoom Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom is the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to Episode Bookmarks 00:00 Intro 06:02 Getting into M&A 07:14 First deals and their drivers 10:43 Second Acquisition 14:49 Third Acquisition 18:43 Understanding the cultural aspect 25:17 The new deal approach 29:10 Strategizing acquisitions 32:07 Validating assumptions before acquisition commitment 38:14 Budget allocation for an earnout 41:37 Craziest thing in M&A
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The Basics of M&A Integration Execution
12/25/2023
The Basics of M&A Integration Execution
, Chief of Staff at Value creation in any acquisition relies heavily on how well the M&A integration goes. By focusing on integration, buyers can increase their chances of success in obtaining and realizing their intended synergies. But how well can it go if the company’s integration lead is a first-timer? In this episode of the M&A Science Podcast, Learn the basics of M&A integration execution, with Aaron Whiting, Chief of Staff at Crownpeak. You will learn: How to coach a first-time integration leader Getting ready for day one Kickoff meeting strategies Challenges during integration Setting alignment for kickoff meetings ____________________________________________________________________________ This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom. To join our growing online community of M&A practitioners, visit Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience. Sign up in under 2 minutes by going to Episode Bookmark 00:00 Intro 05:09 Coaching an integration lead 06:33 Involving the Integration Lead 12:42 Integration on Day one 17:49 Getting ready for Day one 22:31 M&A teams to pull in for integration 25:41 Kickoff meeting strategies 31:12 Maintaining regular cadence for good progress 35:53 Umbrella track 37:47 How to track integration activities 42:38 Challenges during integration 47:55 Mechanical things that could go wrong during integration 52:59 Setting alignment for kickoff meetings 56:26 What success looks like through stories 01:01:50 How to know when the integration is complete 01:03:42 Advice for first timers 01:07:48 Craziest thing in M&A
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ChatGPT Interview: AI's Impact on M&A
12/20/2023
ChatGPT Interview: AI's Impact on M&A
, powered by . This past year, AI has revolutionized the way we do things, and ChatGPT has been a big part of that. Created by OpenAI, ChatGPT can understand and use language like a human, making it extremely useful in a lot of different areas. And now, we can actually talk to it. In this episode of the M&A Science Podcast, we are introducing our first-ever ChatGPT interview. We are going to learn its insights on AI’s impact on the world of M&A. You will learn more about: AI’s role in deal sourcing Streamlining due diligence using AI Future of M&A Limitations of AI ChatGPT’s advice on integrating AI into M&A ____________________________________________________________________________ This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom. To join our growing online community of M&A practitioners, visit Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience. Sign up in under 2 minutes by going to Episode Timestamps 00:00 Intro 03:06 Revolutionizing M&A with AI 03:53 AI’s role in Deal sourcing 08:08 AI’s role in deal valuation process 12:41 Limitations of ChatGPT 14:05 Streamlining due diligence 18:00 AI’s impact on M&A integration 22:10 Case Study: Daimler Chrysler merger 25:15 Case Study: Amazon acquiring Whole Foods 28:14 Future of M&A 30:23 DealRoom 32:40 How to incorporate AI into DealRoom 35:57 Positive business outcomes using DealRoom 37:41 Ethical Considerations Using AI 39:28 Limitations of AI 41:04 Advice on integrating AI into M&A 43:10 Craziest thing in M&A
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Automation in M&A
12/18/2023
Automation in M&A
, Senior Director, Corporate Development at (FRA: SAP) In today's digital era, the pervasive influence of technology is felt in every facet of business, and Mergers and Acquisitions (M&A) are no different. The arrival of innovation and automation will soon make their way to the industry, streamlining processes that could bolster productivity and facilitate smoother post-merger integration. In this episode of the M&A Science Podcast, Dr. Karl Michael Popp, Senior Director, Corporate Development at SAP, discusses in detail automation in M&A. Things you will learn: Measuring Strategy during automation Strategic Fit Analysis Identifying Targets Quantifying culture in M&A Impact of new emerging technologies in M&A ____________________________________________________________________________ This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom. To join our growing online community of M&A practitioners, visit Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to Episode Bookmarks 00:00 Intro 07:10 Measuring Strategy 10:00 Structuring Strategies 13:53 Quantifying Metadata 16:24 Breaking it down into details to complete the strategy 18:49 Strategic Fit Analysis 20:06 Identifying Targets 22:40 Cascading of Strategy 25:33 Changing the strategy 27:11 Learning from the target company 31:18 Quantifying culture in M&A 32:47 Impact of new emerging technologies in M&A 34:50 Automation in M&A 39:27 The late evolution of M&A 40:51 Craziest thing in M&A
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Executing Smaller Deals and Negotiating Key Legal Provisions
12/11/2023
Executing Smaller Deals and Negotiating Key Legal Provisions
, Associate at M&A comes in varying sizes. However, there’s a common misconception that smaller deals are easier to execute than larger ones. The truth is, that smaller deals come with their own unique set of challenges that could possibly make them even harder to do. In this episode of the M&A Science Podcast, Anthony Krueger, Associate at Morrison & Foerster LLP, debunks this myth and discusses how to execute smaller deals and negotiate key legal provisions. You will learn: •The complexities of smaller deals •Executing earnouts •Reps and warranties insurance for smaller deals •Working capital adjustments and its effect on smaller deals ____________________________________________________________________________ This episode is sponsored by the . If you’re looking to improve your in-house training, we have corporate training plans provided. Give your team members access to the best-in-class courses, templates, and networking opportunities in the industry. It’s also a great way to show your support for M&A Science. If you’re interested in learning more about individual or team plans, Episode Bookmarks 00:00 Intro 04:36 Smaller deals vs bigger deals 06:35 Complexities of smaller deals 06:52 Other layers of complexities 10:10 Earnouts 18:03 Reps and warranties 24:08 Fundamental vs General Reps and Warranties 25:35 Indemnities 28:40 Disclosure schedules 32:34 Caps and Baskets 35:52 Carve-out 36:44 Working capital adjustments 40:47 Deferred revenue 42:01 Accrued bonuses and vacations 44:12 Advice to those doing small deals 45:12 Craziest thing in M&A
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The Intricacies of M&A from Start to Finish
12/04/2023
The Intricacies of M&A from Start to Finish
, VP, Head of Corporate Development at (NASDAQ: NTAP) For first-time acquirers, M&A can be challenging, as it comes with strenuous processes with many complexities that can turn the dream into a nightmare. However, with proper guidance, acquirers can have a smooth transaction and an amicable negotiation. In this episode of the M&A Science Podcast. We discuss the intricacies of M&A from start to finish with Rajive Dhar, VP, Head of Corporate Development at NetApp, to help us navigate our first deal. ____________________________________________________________________________ This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom. To join our growing online community of M&A practitioners, visit Ready to take your M&A to the next level with software made to manage each stage of the deal process? See how DealRoom can facilitate your next deal at FirmRoom provides 80% cost savings over VDRs that bill by page and delivers a far better user experience to boot. Sign up in under 2 minutes by going to Episode Bookmarks 00:00 Intro 05:58 Different types of M&A 09:49 Corporate Strategy for M&A 12:37 Dealing with new customers 14:49 Acquiring competitors 17:13 Target screening 22:19 Opening up conversations with the target company 23:55 Initial Due Diligence 25:59 Diligence list 30:17 Sunsetting competitors product 33:02 Assessing culture 34:52 Putting an LOI together 39:58 Negotiating deal structure 46:41 Earnouts 55:44 Keeping relationships 1:00:13 Best advice for practitioners
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