Nate Lemmerman, Senior Vice President, Corporate Development at Cast & Crew
To perform M&A at the highest level, an ever-evolving M&A function is necessary. Organizations must focus on refining their strategies, processes, and team dynamics to ensure they can effectively navigate the complexities of each deal.
In this episode of the M&A Science Podcast, Nate Lemmerman, Senior Vice President of Corporate Development at Cast & Crew, shares his experience and tips on how to build your M&A muscle.
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This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 www.dealroom.net.
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 www.firmroom.com
00:00 Intro
06:10 Building an M&A function from scratch
09:05 Steps to building an M&A muscle
12:17 The strategy
15:38 Process and execution structure
22:16 Critical things to consider before signing a deal
26:04 Hiring people for the M&A team
28:30 Building the diligence muscle
30:01 People alignment in M&A
32:20 Building the integration muscle
35:39 Best practices when doing deals
37:55 Craziest thing in M&A
Ritika Butani, Head of Corporate Development at Toast
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
04:22 Secrets to overcoming hurdles
05:51 Challenges in M&A
09:58 Complexities of smaller deals
12:43 Handling people in a smaller company
13:50 Cultural assessment
15:24 Culture ends up killing the deal
17:03 Tax Issues
18:58 HR issues
20:44 Contractual Issues
23:41 Change of control and assignment
25:05 Risks Mitigation
26:58 Finding good lawyers
28:34 Integration planning
30:05 Integration planning vs. hypothesis
32:44 No dedicated integration lead
34:34 Principles of doing deals
37:31 Non-negotiables
39:40 Dealing with issues
41:44 Surprise Issues
44:08 Craziest thing in M&A
Finn Haley, SVP, Corporate Development at Edwards Lifesciences (NYSE:EW)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
08:53 Option structure
14:04 Exit cap
16:11 Drivers for the structure
18:28 Alignment with the strategy
20:35 Monitoring progress and milestones
22:16 Moving fast
24:08 Failed startups
26:16 Risks
30:09 Exercising the option
33:54 Why deals don’t push through
38:53 Innovation
40:13 Approaching a company for the buy-to-build option structure
43:20 Craziest thing in M&A
Mark Legaspi, Director, Legal - Corporate at LinkedIn
Hello M&A Friends, if you're looking to improve your in-house training, we have corporate training plans provided through M&A Science Academy.
Give your team members access to the best in class courses, templates, and networking opportunities in the industry. Our academy was designed to lead practitioners with the outdo with the M&A practices.
If you're interested in learning more about individual or team plans, go to www.mascience.com/academy. It's also a great way to show your support for M&A Science. Again, that's mascience.com/academy.
00:00 Intro
02:53 Key Considerations for M&A in 2023
05:22 Regulatory Challenges
09:41 Effect of Regulatory on Negotiations
15:43 Managing Value
17:51 Other Considerations Regarding Regulatory Risks
20:38 Suing the Regulatory Bodies
32:18 Regulatory Effects on Employees
34:08 Other Deal Killers in M&A
38:04 Trademarks Killing Deals
40:30 Market situation with IPs
42:22 Deal Breaks Due to IP
43:48 Advice for Deal Teams
46:39 Craziest thing in M&A
David Hindley, VP of Corp Dev at Autodesk (NASDAQ: ADSK)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use the code “podcast” at checkout.
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 https://www.dealroom.net.
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 https://www.firmroom.com
Episode Timestamps
00:00 Intro
05:00 The Evolution of M&A Functions
06:48 Deal experience as a Banker vs. Corp Dev
15:04 Leading an evolving M&A function
16:13 How the strategy evolved
18:07 Scoring opportunities
19:28 Speeding up the evolution for efficiency
21:31 Working with functional leads
22:29 Aligning the functions
24:10 Business Units
25:08 Corporate Development structure
27:57 Accountability
29:11 Working with integration folks
32:41 Evolution of the governance model
33:56 Success metrics
35:42 Retaining deal learnings
37:04 The hiring process
40:19 Lessons learned
41:26 Craziest thing in M&A
Staci van Schagen, Head of M&A Integration & Disentanglement at Philips
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 https://firmroom.com/
Episode Timestamps
00:00 Intro
05:40 Running global Integrations
08:08 Adapting to different cultures
09:37 Fostering safety in IMO
11:31 Continuous Improvement
13:57 Delivering integration outcomes
18:16 Dealing with uncertainties during integration planning
20:52 Threshold for mistakes during integration
24:56 Using reflections to run integration
28:57 Deal sizes affecting preparations
31:51 Upskilling scenario planning
32:53 Craziest thing in M&A
Jeff Wald, Co-founder of Bento Engine
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
03:44 Best practices during exits
04:41 Thinking about an exit
09:54 Engaging with investors
14:13 The path to being acquired
18:24 Tips for Outreach
19:49 First conversation
25:11 Key people when executing deals
29:00 Negotiating Law firm prices
30:16 Negotiating LOI
34:37 Confirmatory due diligence
37:06 Communicating with employees
39:13 Announce day
44:55 Integration
47:46 Craziest thing in M&A
Brent Campbell, Vice President of Corporate Development and Strategy at Alight Solutions (NYSE: ALIT)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use the code “podcast” at checkout.
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 https://www.dealroom.net.
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 https://www.firmroom.com
00:00 Intro
05:46 Importance of Integration
07:38 Gaining integration perspective
10:12 Negative consequences of neglecting integration
12:53 How corporate development can focus on integration
15:38 Challenges in integration
18:22 Challenges in aligning stakeholders
21:04 HSR restrictions
22:27 Integration structure
24:19 Building the integration muscle
32:06 Business sponsor
34:02 How to measure integration success
37:13 Craziest thing in M&A
Klint Kendrick, HR and M&A Leader | Keynote Speaker | Author of the HR Practitioners Guides to Mergers & Acquisitions
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net.
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 https://www.firmroom.com.
00:00 Intro
05:30 The role of HR in M&A
09:55 Importance of identifying a potential culture clash
12:40 Cultural due diligence
17:27 Pre-LOI cultural diligence
22:09 Finding culture fit
24:48 Five Areas of culture clash
49:39 Deal-specific considerations
59:48 Taking findings that impact the deal terms
1:02:55 Assessing the level of cultural diligence
1:05:40 Transformative deals
1:09:44 The secret sauce to overcoming culture clash
1:12:44 Craziest thing in M&A
PJ Patel, Co-CEO & Senior Managing Director at Valuation Research Corporation (VRC)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
08:37 Market Trends
11:15 Maximizing your company’s valuation
12:24 Growth vs Cash flow
13:35 The effect of Storytelling on valuations
14:27 Investor’s Influence on Valuation
17:14 Things to avoid as an operator
19:14 Common Mistakes in Valuation
20:53 Impairment
23:42 Implications of impairment
25:49 Purchase price allocation
29:05 Earnout structures
32:34 Length of earnouts
32:51 Computing for Earnouts
38:33 Negotiating Earnouts
41:06 Craziest thing in M&A
Sam Youssef, Founder and CEO at Valsoft Corporation
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
05:44 Looking at business through a different lens
09:19 Distinguishing good acquirers
11:17 Identifying the right segment and deal size
15:07 Platform play acquisition
19:57 Approaching target companies
23:16 Financial structure
26:09 Challenges in building an M&A muscle
29:42 Driving value from synergies
30:56 Getting the right people
32:49 Sharing learnings
38:39 Craziest thing in M&A
Kevin Griffin, Executive Director, Corporate Development at JLL (NYSE: JLL)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://www.firmroom.com
00:00 Intro
04:15 Focusing on smaller deals
06:48 Sourcing deals
08:10 Pros and cons of a competitive auction process
15:47 Cons of doing a proprietary deal
18:35 Benefits of doing a proprietary deal
22:15 Relationship problems
23:24 Proprietary deals vs auctions
25:32 Educating founders on the deal process
26:13 Working with lawyers
27:40 Biggest challenge when educating founders
29:42 Valuation
31:09 Negotiation
34:49 Earnouts
41:45 Making earnouts successful
43:19 Retention with smaller companies
44:17 Best Practices to retain people
46:08 Craziest thing in M&A
Marilyne H. O'Hara, Global Head of M&A Integration at Block (NYSE: SQ)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://firmroom.com
If you’re a head of corporate development and looking to build up a world-class M&A team, reach out to me at kison@mascience.com
00:00 Intro
05:20 What is People-Focused Integration
06:02 Ideal Integration Process
08:46 Strong Partnerships With Deal Leads
12:25 Consequences of Late Integration
14:53 Building the Integration Team
20:41 Involving the Integration Team
22:29 Integration Led Diligence
24:07 Building an Agile Team
28:30 Understanding Culture
30:49 Culture Shaping Integration
31:44 Red Flags in Culture Fit
32:46 Best Practices When Onboarding People
39:06 Working with Vendors for People-Focused Integration
40:12 Biggest Challenge
40:36 Advice for First Timer
41:23 Craziest thing in M&A
Nadia Gil, Chief of Strategic Planning and Corporate Development at Brady (NYSE:BRC)
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, visit https://www.mascience.com/academy. Don’t forget to use code “podcast” at checkout.
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 https://www.dealroom.net
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 https://firmroom.com
00:00 Intro
04:01 Why large companies are focusing on acquiring startups
10:36 Why startups don't thrive in a larger company
13:15 Factors to consider when acquiring a startup
17:28 Factors that make startups unacquirable
21:35 Preserving startups in the larger company
24:41 Joint planning approach
26:35 Keys to a strong relationship
29:44 How can large companies protect the acquired small company
32:19 Integration
34:13 Compensation
38:49 How startups can protect themselves
40:48 When to walk away
46:29 How to mitigate the risk of destroying a small company
48:06 Craziest thing in M&A
Michael Farlekas is the CEO at E2open
Have someone in mind that would be perfect to help build out a new on-demand talent service line at M&A Science? Reach out to Kison at kison@mascience.com
EPISODE TIMESTAMPS:
00:00 Introduction
02:24 Background
04:58 14 transactions without a dedicated Corp Dev team
08:47 Networking and scoring the deals
14:34 The hunting part
20:45 Restructuring the business for faster integration
22:04 Approach to due diligence
24:10 Key things to look at pre and post-LOI
25:15 Considering the culture and the people aspect
27:34 Integration
30:20 Budgeting Integration cost
32:19 Go-to-Market Integration
34:14 Acquiring away from the core
36:13 Keys to success
37:38 Go-To-Market Framework
39:54 Advice for first-time acquirers
44:33 Craziest thing in M&A
Chris Evans is the former Head of Corporate Development Integration at Amazon (NASDAQ: AMZN)
Have someone in mind that would be perfect to help build out a new on-demand talent service line at M&A Science? Reach out to Kison at kison@mascience.com
EPISODE TIMESTAMPS:
0:00 Introduction
5:32 How Important is Day One
10:40 What happens on Day One
14:59 Integration North Star
16:25 What Success on Day One looks like
21:00 Introducing the Integration Manager
25:43 Engaging the managers
31:08 Keeping the big picture alignment
35:30 Identifying the faces of the acquiring company
37:34 Sharing the Integration Plan
40:45 Connecting the value drivers to integration
45: 20 The biggest challenge on Day One
48:34 What is Day One of Day One in Amazon
52: 28 Craziest thing in M&A
Sarah Thuo, Chief Operating Officer of IBM Sustainability Services
As the business world shifts towards a more environmentally and socially conscious approach, the significance of sustainability in M&A has become increasingly prominent. In light of this, companies are now considering the environmental, social, and governance (ESG) initiatives of their target companies before making any acquisitions.
In this article, we explore the importance of sustainability in M&A and how to perform sustainability diligence, with insights from Sarah Thuo, Chief Operating Officer of IBM Sustainability Services.
This episode is sponsored by our new publication: How to Stand Up an M&A Function.Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Michael Nov, Head of Corporate Development & Chief of Staff to the CTO at OwnBackup
M&A is a game-changing tool that can propel a company's growth several years ahead of schedule. However, for hyper-growth companies, M&A can also be a double-edged sword that leads to attrition and detracts from the core business objectives.
In this episode of the M&A Science Podcast, Michael Nov, Head of Corporate Development & Chief of Staff to the CTO at OwnBackup, discusses how to set up M&A for hyper-growth companies.
This episode is sponsored by the M&A Science Academy. Check out corporate training plans to connect your team with M&A knowledge straight from the best in the industry. They'll also gain access to the entire M&A Science community. For information on group plans, visit https://ma-science.webflow.io/podcast-commercial
Pat Belotti, VP of Corporate Development Integration at Zendesk.
The go-to-market (GTM) integration strategy has a large impact on revenue generation and overall deal success. Integration can be very disruptive to the customers, but if done right, it can enhance the customer experience and acquisition results.
In this episode of the M&A Science podcast, Pat Belotti, VP of Corporate Development Integration at Zendesk, delves into the intricacies of GTM integration and offers valuable insights on how to approach it.
This episode is sponsored by our new publication: How to Stand Up an M&A Function. Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Pat Belotti, VP of Corporate Development Integration at Zendesk
M&A integration in tech has changed quite a bit over the last twenty years. Integration has evolved from integration volunteers, to large teams with detailed tracking, to dedicated teams and Agile approaches.
In this episode of the M&A Science Podcast, Pat Belotti, VP of Corporate Development Integration at Zendesk, delves into the evolution of integration.
This episode is sponsored by our new publication: How to Stand Up an M&A Function. Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Windy Nicholson, Technology Leader | Mergers and Acquisitions at Salesforce (NYSE: CRM)
Acquisitions present unique challenges, but deal lifecycle processes can still be optimized for efficiency. Timeliness is a crucial factor in M&A, and the quicker a deal closes and integration is completed, the faster deal synergies can be achieved.
In this episode of the M&A Science Podcast, Windy Nicholson, the Technology Leader for Mergers and Acquisitions at Salesforce, discusses how to improve an IMO for efficiency.
This episode is sponsored by our new publication: How to Stand Up an M&A Function.Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Andy Wijaya, Senior Director, M&A at KLA (NASDAQ: KLAC)
Managing a deal from start to finish requires a strategic approach and the ability to navigate the nuances of each phase.
In this 2-part episode of the M&A Science Podcast, Andy Wijaya, Senior Director, M&A at KLA, talks about managing deals from strategy to closing, and dives deep into key stages of acquisition.
"This episode is sponsored by the M&A Science Academy. Check out corporate training plans to connect your team with M&A knowledge straight from the best in the industry. They'll also gain access to the entire M&A Science community. For information on group plans, visit https://ma-science.webflow.io/podcast-commercial
Andy Wijaya, Senior Director, M&A at KLA (NASDAQ: KLAC)
Managing the multi-faceted process of mergers and acquisitions (M&A) can be a daunting task, especially for those in charge of overseeing the entire process.
In this episode of the M&A Science Podcast, Andy Wijaya, Senior Director of M&A at KLA, discusses how to manage deals from strategy to closing.
This episode is sponsored by our new publication: How to Stand Up an M&A Function. Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Yvanna Perez-Morel, Sr. Director of Corporate Development at Ulta Beauty (NASDAQ: ULTA) | Managing Director at Prisma Ventures
Acquisitions are not the only way companies can achieve growth. Partnerships are a great way for organizations to grow their organic growth capabilities.
In this episode of the M&A Science Podcast, Yvanna Perez-Morel, Sr. Director of Corporate Development at Ulta Beauty | Managing Director at Prisma Ventures, discusses alternative strategies to accelerate growth.
This episode is sponsored by our new publication: How to Stand Up an M&A Function. Topics include the order of hiring, establishing your operating model, developing your organization's integration muscle, and more. Find it on Amazon: shorturl.at/jBCW1
Michael Frankel, Founder and Managing Partner of Trajectory Capital
Establishing strong connections with a target company is essential in M&A. Securing deals can be challenging, but a strategic approach can result in mutually beneficial outcomes.
In this episode of the M&A Science Podcast, Michael Frankel, Founder and Managing Partner of Trajectory Capital, shares his approach to deal-making from first conversations to LOI.
We want to feature our listeners over the coming months on social media. If you’re a big fan, we’d love to hear about your favorite episode or something valuable you learned from M&A Science. You can send me an email directly at kison@mascience.com