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.
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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, 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.
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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 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
Andrew Morbitzer, VP/Head of Corporate Development at Typeform
There are many different reasons why companies buy other entities. Traditionally, acquirers have focused more on the financial aspect of the target company. However, experience have shown that not all acquisitions are the same, and must be executed properly against their strategy.
In this episode of the M&A Science Podcast, Andrew Morbitzer, VP/Head of Corporate Development at Typeform, discusses how to execute product-based acquisitions.
______________________________________________________________________________
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.
Episode Timestamps
00:00 Intro
05:35 From engineering product to M&A
09:21 Difference of Product based acquisition
16:04 Gauging Product Market fit
22:07 Direct Observation
26:15 Permission from the company
28:21 Overlap analysis during product-based acquisition
31:35 Key elements for deal success
36:16 Agile M&A
37:51 Integrating engineering teams
40:53 Tips for product acquisition
42:41 Integrating competing products
47:00 Craziest thing in M&A
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