Aaron Whiting, Chief of Staff at Crownpeak
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
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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.
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. Sign up in under 2 minutes by going to www.firmroom.com
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
ChatGPT Voice, powered by OpenAI.
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
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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.
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. Sign up in under 2 minutes by going to www.firmroom.com
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
Dr. Karl-Michael Popp, Senior Director, Corporate Development at SAP (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
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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.
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
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
Anthony Krueger, Associate at Morrison & Foerster LLP
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 M&A Science Academy. 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, visit this page.
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
Rajive Dhar, VP, Head of Corporate Development at NetApp (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.
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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.
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
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
Jim Ackerman, recent Vice President of Corporate Development at Flex; Steve Coghlan, Semi-recent Vice President of Corporate Development at Flex.
Every deal is different, which means each and everyone will present unique challenges that teams have to overcome. Especially when dealing with smaller companies. There is no such thing as a perfect deal. However, with the right mindset and approach, deals can still close and bring value to both parties involved.
In this episode of the M&A Science Podcast, Jim Ackerman, recent Vice President of Corporate Development at Flex, and Steve Coghlan, former Vice President of Corporate Development at Flex, discuss their experiences on M&A surprises and horror stories.
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 www.firmroom.com
00:00 Intro
05:06 Sourcing deals
08:24 Key things to ask during the first meeting
11:49 How to get exclusivity
15:01 How the governance works
16:41 Due diligence red flags
17:21 Cultural integration
19:46 Working with the board
23:54 Best way to pitch a deal to the board
24:34 Stakeholder management in the board
25:40 Managing M&A surprises
29:30 Good M&A Surprises
34:37 Accounting surprises
36:30 Private deal surprises
40:39 IT surprises
42:33 Surprises between signing and closing
45:38 How to mitigate risks and surprises
46:13 What trap currency is
48:04 Integration surprises
50:40 Mitigating surprises from integration
54:25 Instilling clear and purposeful communication
55:23 Hardest step to do in M&A
56:10 Worst deal ever done
59:11 Best advice
1:00:12 Craziest thing in M&A
Nicole Markowski, Manager and Corporate Development at Wipfli LLP
More than the numbers, relationships can make or break a deal. Regardless of the deal rationale, strong, trusting connections between parties can lead to smoother negotiations, clearer communication, and a greater likelihood of mutual satisfaction in the end result.
In this episode of the M&A Science Podcast, Nicole Markowski, Manager and Corporate Development at Wipfli LLP, delves into the importance of cultivating positive relationships to drive M&A success.
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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.
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
07:04 The importance of relationships in M&A
09:25 Key people to build relationships with
15:55 How to foster and develop relationships
23:03 How to engage with key people
25:27 Approach to build relationships
28:30 People assignment for developing relationships
30:47 Delegating tasks in building relationships
34:22 Key acquired company people to build relationships with
36:31 Handling resistant groups
39:25 People problems and how to address them
45:57 Advice to first-time practitioners
47:45 Craziest thing in M&A
Samuel Wilson, Chief Executive Officer at 8x8 (NASDAQ: EGHT)
In the grand scheme of things, every M&A must make financial sense. Whether it’s cutting cost, increasing revenue, or achieving operational efficiencies, it all boils down to the numbers. After all, every company’s main goal is to grow and increase profit for its shareholders. It is why the Chief Financial Officers play an integral role in M&A.
In this episode of the M&A Science Podcast, we will explore M&A from a CFO’s perspective, featuring Samuel Wilson, Chief Executive Officer at 8x8.
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This episode is sponsored by the 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 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
07:55 The Role of CFO
11:39 Risk Management
14:39 Integration aspect
15:54 Alignment on assumptions
18:14 Managing people
19:28 Best integration practices
21:25 Working with the CEO
22:52 Walking away from a deal
27:10 Getting involved in the deal
29:50 Tying the Strategy
33:36 Integration Budgeting
39:43 Working with corporate development
40:54 Advice for first time acquirers
44:04 Craziest thing in M&A
David Barnes, Chief Financial Officer at Trimble Inc. (NASDAQ:TRMB)
Chief Financial Officers (CFOs) play a pivotal role in shaping the destiny of strategic ventures. Beyond their traditional financial responsibilities, these financial architects hold the key to unlocking the full potential of mergers and acquisitions.
In this episode of the M&A Science Podcast, we explore M&A from a CFO’s perspective with David Barnes, Chief Financial Officer at Trimble Inc.
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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 mascience.com/academy.
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 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 firmroom.com.
00:00 Intro
04:29 The Role of CFO
05:14 How the CFO’s roles differs from the CEO
06:24 Decision-making process and approvals workflow
09:43 Communicating opportunities
11:15 Prioritization
14:18 Balancing the allocation of budgets
16:42 How equity compensation works
18:14 How aligned investment analysts are when evaluating a company
20:08 Forecasting deals
22:53 Priorities when looking at deals
26:49 Balancing priorities when structuring earnouts
28:31 Understanding a company’s culture
31:08 Integration from a CFO’s perspective
33:49 How the speed of integration impacts value realization
37:05 Biggest lessons learned as a CFO
39:23 How to pitch deals to the CFO
41:38 Craziest thing in M&A
Joe Metzger, Managing Director at 777 Partners
Navigating a career shift can be a transformative experience, unlocking new opportunities and challenges. For Joe Metzger, Managing Director at 777 Partners, diving into the world of private equity was an exciting path to explore. It's a chance to grow expertise, collaborate with diverse entities, and embrace strategic growth.
In this episode of the M&A Science Podcast, Joe shares his amazing journey shifting from corporate development to private equity.
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Craving for fresh, actionable M&A insights? Dive into the M&A Science Fall Summit this Nov 8th! Unlock secrets on integration, valuations, talent retention, and more from top M&A minds. It’s all the ‘how-tos’ you need, and it’s FREE! Secure your spot at mascience.com.
00:00 Intro
05:02 Transitioning from Corporate Development to Private Equity
08:59 Corporate Development role vs Private Equity role
12:10 Seeking employment opportunities
16:16 The efficient frontier concept
20:06 Are you happier in private equity than in corporate development?
24:17 How to negotiate employment offers
26:48 Other things to negotiate in employment agreements
30:47 How to land a PE role
33:34 Advice to those considering transitioning between Corp Dev and Private Equity
34:52 How to transition to a PE role from a VC and M&A role
36:03 Craziest thing in M&A
Chris Evans, Experienced M&A Leader | former Head of CorpDev Integration at Amazon and Scott Boyd, Deputy Director, Strategy Implementation at Bill & Melinda Gates Foundation | former Head of Integration for AWS. (NASDAQ: AMZN)
Change management is one of the most crucial aspects of M&A. While integration involves multiple facets, from supply chains to customers, change management is solely focused on the employees. This can make or break a deal, as employee retention is one of the main ingredients to achieving synergies in a timely manner.
In this episode of the M&A Science podcast, Chris Evans, former Head of CorpDev Integration at Amazon and Scott Boyd, former Head of Integration for AWS, discusses integration strategies change management person. particularly the nuisances of change management.
____________________________________________________________________________
Craving for fresh, actionable M&A insights? Dive into the M&A Science Fall Summit this Nov 8th! Unlock secrets on integration, valuations, talent retention, and more from top M&A minds. It’s all the ‘how-tos’ you need, and it’s FREE! Secure your spot at MAscience.com!
Episode Timestamps
00:00 Intro
02:26 Integration Strategy vs Change Management
06:50 Definition of Change Management
09:55 Dedicated Person for Change Management
14:03 Change Management Planning
16:16 Most Effective Approach to Change Management
19:32 Common Challenges during Change Management
24:25 Practical Tips for Change Management
26:49 Hardest Step in M&A
33:38 Craziest Thing in M&A
Chris Evans, Experienced M&A Leader | former head of CorpDev Integration at Amazon and Scott Boyd, Deputy Director, Strategy Implementation at Bill & Melinda Gates Foundation | former Head of Integration for AWS. (NASDAQ: AMZN)
In the complex world of M&A, the difference between a successful deal and a failed one often hinges on integration. Proper integration, driven by a harmonious fusion of strategy and execution, ensures that the merging entities can effectively combine their strengths and navigate potential pitfalls.
In this two-part episode of the M&A Science Podcast, we dive deep into the heart of integration strategies and underscores the pivotal role of the integration team during the due diligence process, featuring Chris Evans, ex-Head of CorpDev Integration at Amazon and Scott Boyd, former Head of Integration for AWS.
____________________________________________________________________________
Craving for fresh, actionable M&A insights? Dive into the M&A Science Fall Summit this Nov 8th! Unlock secrets on integration, valuations, talent retention, and more from top M&A minds. It’s all the ‘how-tos’ you need, and it’s FREE! Secure your spot at mascience.com.
00:00 Intro
06:11 Types of Integration Strategies
09:14 Transformative Integration
11:39 Deals Easy to Integrate
13:24 Most difficult thing to Integrate
15:40 Timeline of integration planning
20:26 Benefits of Integration teams running diligence
25:49 Integration Teams’ Diligence Execution
28:46 Structuring the M&A Function
34:39 Consistency vs. agility
40:10 Understanding culture pre LOI
44:34 Working with inexperienced business leaders
46:59 Questions to ask pre-LOI as an Integration leader
Roy Schoenberg, President & Co-CEO at Amwell - American Well Corporation (NYSE:AMWL)
The healthcare industry is a complex and rigid space where change is often rejected. Any evolution in this sector not only signifies business decisions but also influences the overall quality and accessibility of patient care.
In this episode of the M&A Science Podcast, Roy Schoenberg, President & Co-CEO at Amwell, delves into the intricacies of navigating M&A in the healthcare industry.
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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.
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.
Episode Timestamps
00:00 Intro
04:26 Evolving from a medical background to M&A
07:27 What makes the healthcare space distinct
09:36 What drove Amwell to do acquisitions
13:03 Shaping the acquisition strategy
16:59 Amwell’s first acquisition
22:29 Integrating the new company
24:50 Retaining key people
28:33 First acquisition lessons learned
31:03 Dealing with transaction surprises
34:03 Approaching deals as one of the main principal
38:01 Deal sourcing
39:49 Managing relationships with the counterparty
41:30 Communication during diligence
43:14 Craziest thing in M&A
Mark Rayfield, CEO of Saint-Gobain North America (EPA: SGO) and CertainTeed
Integration is not just about combining processes and systems. It is about bridging cultures and creating a shared identity. However, integrating two organizations can be complex, especially when it comes to managing major cultural differences.
In this episode of the M&A Science Podcast, we explore key strategies for effectively balancing culture during an integration, featuring Mark Rayfield, CEO of Saint-Gobain North America and CertainTeed.
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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.
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
05:50 Culture in M&A
09:59 Acquiring a competitor
11:18 Team Alignment
13:24 Understanding culture
15:45 Difficulties of Culture
16:52 Improving decision-making
18:55 Challenges for smaller companies
20:37 Lessons learned from acquisitions
24:58 Establishing strong communication
27:14 Advice on Integration
31:08 Retaining lessons learned
32:49 Ensuring deal value
34:40 Governance and M&A activities
37:20 Success metrics
38:59 Messaging with key investors
40:20 Non-core acquisitions
41:19 Cultural aspect of non-core acquisition
43:02 Craziest thing in M&A
Dr. Irit Yaniv, Founding Partner and CEO at Almeda Ventures (TLV: AMDA)
While most investors have a passive role in their portfolio company, some investors are active in shaping and contributing to its success. For venture capitalists, one of the best scenarios is for the portfolio company to be acquired to maximize investment returns.
In this episode of the M&A Science Podcast, Dr. Irit Yaniv, Founding Partner and CEO at Almada Ventures, discusses what investors can do when planning and executing the exit.
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This episode is sponsored by FirmRoom, the fastest virtual data room used to get deals done. 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
03:26 M&A in the medical device industry
04:49 Minority position during Investment
05:35 When to think about an exit
06:59 Getting involved in the exit
09:57 Working with the CEO
12:03 Keeping track of potential acquisitions
14:34 Finding the right buyer
17:55 Managing exit planning disagreements
20:34 Who controls exit decisions
22:23 Negotiation
25:37 When to engage with a banker
36:51 Advice on planning an exit
38:11 Bad exits
40:29 Other takeaways
42:35 Craziest thing in M&A
Barak Routhenstein, Vice President of Corporate Development at Profile Products
The collaboration between a Private Equity (PE) firm and a portfolio company during an acquisition is a powerful partnership. Together, they create a synergistic environment where growth and value thrive.
In this episode of the M&A Science Podcast, we will explore insights from Barak Routhenstein, Vice President Corporate Development at Profile Products, on how PE firms can provide invaluable support to portfolio companies during the acquisition process, setting the stage for success and maximizing value creation.
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Join us on October 5th, 2023, in New York City for the M&A Science Fair 2023. Dive into a transformative M&A experience that not only emphasizes participant-driven topics but also offers an unparalleled opportunity to network with the industry's top minds.
You can elevate your M&A practice with actionable insights and top-tier networking. The event is invitation-only to ensure a curated experience. Secure your invite today!
00:00 Intro
03:57 Changes in the M&A landscape
04:39 Changes in private equity acquisitions
08:14 Go-to-market
10:48 Deal origination
12:19 International deals
14:25 How PE firms look at acquisitions
15:48 Bad cultural fit
18:40 Relationship with PE firms
20:20 Ideal PE-sponsor relationship
21:45 Managing deal sourcing conflicts
22:38 Approval process
24:44 Sustaining support from PE firms
27:08 Reporting structure
29:54 Advice for PE firms in supporting portfolio companies
32:54 Staging productive meetings
35:01 Keys to pitching a deal
38:46 Approaching target company relationships
41:28 Managing underperforming acquired companies
42:18 PE firms buying other PE firms
43:26 Craziest thing in M&A
Glenn Sanford, CEO eXp World Holdings, Inc. (NASDAQ: EXPI)
For high-growth companies, M&A is almost inevitable. If done right, it could speed up growth and open new opportunities for the acquiring entity. However, it’s not without challenges, as it can also be destructive and destroy both companies involved.
In this episode of the M&A Science Podcast, Glenn Sanford, CEO eXp World Holdings, Inc., discusses the art of M&A, and striking the right balance between integration and autonomy.
____________________________________________________________________________
Join us on October 5th, 2023, in New York City for the M&A Science Fair 2023. Dive into a transformative M&A experience that not only emphasizes participant-driven topics but also offers an unparalleled opportunity to network with the industry's top minds.
You can elevate your M&A practice with actionable insights and top-tier networking. The event is invitation-only to ensure a curated experience. Secure your invite today!
00:00 Intro
03:51 EXP’s acquisition history
05:31 Reasons behind EXP’s acquisitions
10:12 Acquiring Success Magazine
14:22 Factors to consider when looking at potential targets
17:49 Understanding a company’s culture
20:13 Reverse merger
24:38 Capital structure evolution
27:05 Managing relationships with the board of directors and shareholders
31:19 Managing integration
36:47 Other lessons and takeaways
39:03 Craziest thing in M&A
Andrew Bilbao, current CFO of Noble Education Acquisition Corp.
M&A is a massive undertaking that calls for collaboration among numerous individuals. Ensuring alignment with everyone involved is essential for the success of a deal. Yet, with a variety of opinions and personalities at play, achieving alignment can be quite a challenge.
In this episode of the M&A Science Podcast, Andrew Bilbao, CFO of Noble Education Acquisition Corp, shares valuable insights on how to guarantee alignment for deal success, paving the way for a smooth and fruitful M&A process.
____________________________________________________________________________
Join us on October 5th, 2023, in New York City for the M&A Science Fair 2023. Dive into a transformative M&A experience that not only emphasizes participant-driven topics but also offers an unparalleled opportunity to network with the industry's top minds.
You can elevate your M&A practice with actionable insights and top-tier networking. The event is invitation-only to ensure a curated experience. Secure your invite today!
00:00 Intro
04:47 Areas where alignment is important
07:03 Approach to Alignment
11:19 Prioritizing the pipeline
14:11 Identifying an opportunity to LOI
15:56 Target Market Competitiveness
19:50 Evolving from first conversations
20:59 Go/No-go decision
25:47 Bidding process
28:45 Things to not do when dealing with the Board
29:55 Working with functional leads
33:41 Alignment with functional leads
35:53 Keeping alignment to strategy
38:16 The hardest part of achieving alignment
39:10 How do you not fall in love with your deal?
46:41 Craziest thing in M&A
Greg Stein, Vice President, M&A and Strategy at Xerox (NASDAQ: XRX)
For public equity analysts, M&A is nothing new. One of their main jobs is to conduct financial analyses of companies and other potential investments. However, M&A execution is another story.
In this episode of the M&A Science Podcast, Greg Stein, Vice President of M&A and Ventures at Xerox, shares his experience as a public equity analyst and how his role evolved to executing M&A.
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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
06:42 From public equity analyst to doing deals
07:32 Executing M&A against the strategy
10:49 Assessing M&A processes of companies
13:58 Trends between announcement of a deal and stock price
15:50 Transition from PE analyst role into corp dev
17:48 How to evaluate a business
19:26 Walking away from a deal
21:11 Integration aspects
24:09 Potential pitfalls in a deal
25:25 Prioritizing diligence
26:54 Guiding principles
28:08 Deal timeline and who gets involved
30:52 People overlap
32:25 Preliminary diligence as a Public Equity Analyst
35:59 Tips for negotiations
38:09 Advice for people transitioning from public equity role to M&A
40:10 Craziest thing in M&A
Clifford Felig, Partner at Meitar | Law Offices.
International business transactions often present unique challenges that are vastly different from local ones. The complexity increases exponentially when these transactions involve mergers and acquisitions (M&A).
In this episode of the M&A Science Podcast, Clifford Felig, Partner at Meitar Law Offices, discusses the challenges of cross-border deals, particularly in Isreal, where he had most of his experiences.
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This episode is sponsored by the M&A Science Academy. 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. Our academy was designed to lead practitioners with the outdo with the M&A practices. 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, visit this page.
00:00 Intro
03:44 Finding an attorney for cross-border deals
08:01 Challenges of cross-border deals
14:55 Being mindful of the time difference
16:21 Key differences in local laws
19:18 Nature of deals in Isreal
21:40 Mitigating Risks
25:19 Differences in Negotiations
28:10 Difference in presenting LOI
29:56 Key differences in price negotiations
33:33 The American stereotype
36:59 Indemnification issues
39:40 Confidentiality
43:20 Differences in diligence
46:43 The importance of an attorney’s experience
48:09 Negotiating legal fees
52:22 Integrating Cross-Border Deals
53:32 Signs of a bad counsel
Lesley Adamo, Vice Chair of the Tax Group at Lowenstein Sandler LLP,
The intricacies of tax considerations in a merger or acquisition (M&A) transaction cannot be overstated. These considerations play a crucial role in shaping the overall economics and structure of the deal and can significantly impact the outcome for all parties involved. With expert tax planning and structuring, it is possible to mitigate the tax burden and maximize the benefits of the transaction.
In this episode of the M&A Science Podcast, Lesley Adamo, Vice Chair of the Tax Group at Lowenstein Sandler LLP, delves into the importance of tax considerations in M&A and provides valuable insights on navigating this complex landscape.
Things you will learn in this episode:
Tax complexities in M&A
Buyer’s tax considerations
Seller’s tax considerations
Gross-up in negotiations
Net-operating losses
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This episode is sponsored by The M&A Science Fair, the exclusive event for the industry-leading M&A corporate practitioners.
00:00 Intro
05:49 Tax Complexities
07:34 Considering Tax
15:05 Start-up Tax liabilities
18:33 Minimizing Risks
21:42 Stock vs. Asset sale
22:58 Net Operating Losses
27:00 Buyer’s Benefits
28:24 Creating a Holding Company
30:00 Equity Compensation
31:33 Efficient Tax Structuring for Sellers
36:59 Negotiations
39:38 Tax Considerations in LOI
43:40 Qualified small business stock
48:59 Relocation for Tax Savings
50:41 Tax considerations during diligence
52:21 Lessons Learned
Juan Guillermo Castaneda, former Senior Advisor to SKG CEO (LSEG: SKG)
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.
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 www.firmroom.com
00:00 Intro
04:13 Difference of M&A in the US vs Latin America
10:14 Mitigating Risks
14:31 Culture
17:54 Deal sourcing
19:41 Approaching companies
21:02 Getting companies interested
22:46 Dealing with Legacies
25:06 Red Flags in deals
29:59 Integration
33:11 Alignment before closing
34:01 Lessons Learned
35:37 Negotiations
36:27 Craziest thing in M&A
Scott Crofton, Partner at Sullivan & Cromwell LLP
Too often, M&A involves a larger entity acquiring a smaller business. Only a few believe that a merger of equal can be possible, especially considering the power struggle between the two companies. However, a merger of equals can be a powerful strategy that could unlock tremendous value and opportunities for growth if done right.
In this episode of the M&A Science Podcast, Scott Crofton, Partner at Sullivan & Cromwell LLP, discusses the path to a successful equal merger.
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This episode is sponsored by the M&A Science Academy. 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. Our academy was designed to lead practitioners with the outdo with the M&A practices. 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, visit this page.
00:00 Intro
04:27 Mergers of equal
07:05 Managing mergers of equal
09:13 Private deals
12:55 The management team under mergers of equals
14:33 Board of directors composition
16:12 The process of mergers of equals
19:27 Diligence process
20:55 The impact of mergers of equal
23:06 Real-life story of Hostile Bids
25:13 Poison pill defense
28:51 Fairness Analysis
31:31 Litigation
33:18 Pros and Cons of Mergers of Equal
35:06 Time frame of mergers of equal
35:57 Best Advice
36:59 Craziest thing in M&A
Brian Matthews, CEO at ITEL
In today's highly competitive business landscape, companies are constantly looking for ways to enhance their capabilities and maintain their edge. With so many competitors in the market, how can a company stand out and reduce customer churn?
In this episode of the M&A Science Podcast, Brian Matthews, CEO at ITEL, discusses his value chain ecosystem approach that can drive stability and growth to businesses.
____________________________________________________________________________
This episode is sponsored by the M&A Science Academy, DealRoom, and FirmRoom.
To join our growing online community of M&A practitioners, mascience.com/academy.
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 dealroom.net.
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 firmroom.com.
00:00 Intro
04:20 Value chain ecosystem approach
08:23 Real-life example of a value chain ecosystem
12:05 Emphasis on the exit planning
13:51 Traditional bank exit
16:50 Benefits of an ecosystem approach
18:47 Bringing fresh perspectives
21:56 Ecosystem Playbook
23:58 How to create a value chain ecosystem
30:22 Considering the maturity of partner ecosystems of companies
37:19 Valuation
38:32 Best practices on deal execution
40:14 Transparency rules
42:18 Reading between the lines
43:09 Craziest thing in M&A
Joe Covey, a serial CEO and acquirer, and investor since 1992.
Matthew Davidge, the co-owner of the NBC Affiliate WVNC (Watertown, NY) and several other stations around the country.
In big companies, some business units may not perform well and might be overlooked. It can be helpful for the company to find a more suitable owner for these units. At the same time, buyers can take advantage of these opportunities to improve the businesses and maximize their potential.
In this episode of the M&A Science podcast, we will explore the experiences of Josh Covey, a successful CEO, acquirer, and investor, and Matthew Davidge, co-owner of NBC Affiliate WVNC, as they buy and develop these businesses with the goal of exiting in the future.
____________________________________________________________________________
This episode is sponsored by the M&A Science Academy. 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. Our academy was designed to lead practitioners to outdo M&A practices. 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, visit this page.
00:00 Intro
06:43 Buy-side carve-out deals
10:35 Key approach to due diligence
11:52 Unbinding a company
13:51 Why carve-outs are difficult
15:41 Conversations with the right people
19:05 Key things to consider when doing a carve-out
22:58 Walking away from a deal
23:59 Considerations in the carve-out model
26:32 Challenges on the buy-side of carve-outs
27:58 You have to surround yourself
30:21 Evolving the operating model
34:37 The right time to exit
35:55 How working with an investment bank is different
37:48 Bank process vs. Proprietary deals
39:21 Key lessons
40:55 Timing
42:14 Communications
43:34 Alignment on post-close operations
45:27 Advice for first-time sellers
47:57 Negotiation considerations
49:59 Craziest thing in M&A