Stefan Williams, Vice President of Corporate Development and Snowflake Ventures at Snowflake, leads the company's acquisition strategy, corporate venture capital, and startup accelerator programs. In this episode, Stefan takes us inside Snowflake's disciplined, culture-first approach to M&A—from building the corporate development function from scratch to executing 20+ acquisitions while maintaining breakneck organic growth. He shares hard-won lessons on integration accountability, why relationships matter more than auctions, and how to balance proactive deal-making with the realities of a fast-moving AI landscape.

Things You'll Learn

• Start small and build M&A muscle – Why Snowflake began with sub-50 person acquisitions to prove integration capabilities before scaling to larger, more complex deals

• Integration accountability drives success – The critical importance of assigning DRIs (Directly Responsible Individuals) with clear timelines at 30, 60, 90, and 180 days post-close

• Buyer-led beats reactive – How investing time in proactive CEO relationships and strategic alignment dramatically improves deal outcomes versus responding to banker processes
  
  

___________________

The Buyer-Led M&A™ Summit is back.
The virtual event built for dealmakers who want to eliminate chaos and take control from sourcing through integration.

📅 October 30, 2025
🕚 11:00 AM – 2:30 PM ET
💻 Free & Virtual

Learn from leaders who’ve built scalable, repeatable strategies that keep deals on track - Register now.

____________________

Join us for the 3rd M&A Science Fair IN PERSON

Get pure, off-the-record collaboration between corporate development, private equity, and integration leaders. Instead of passive listening, you’ll be sharing real frameworks, trading ideas, and testing what actually works in modern deal execution. Everything’s practitioner-led, and every topic is surfaced by the attendees themselves.

October 16th — NYC
8AM-7:30PM
Request an invite here: https://luma.com/khkuh6yw

____________________

[00:02:30] From Banking to Building – Stefan's journey from investment banking to building corporate development teams at ServiceNow and Snowflake

[00:04:30] How the "amp it up" mentality shapes every aspect of operations, including M&A strategy

[00:07:00] Why high-growth companies must begin with digestible acquisitions to develop integration capabilities

[00:10:00] Week One Playbook – How to build a corporate development function from scratch by interviewing product leaders and aligning on strategy

[00:14:00] Managing internal relationships across product, engineering, and go-to-market to maintain strategic clarity

[00:21:00] Strategic Ventures, Not Financial Bets

[00:27:00] Integration DRIs and the Marriage Analogy 

[00:37:30] Managing Three Concurrent Deals 

[00:42:00] Why nearly all 20 Snowflake acquisitions involved prior relationships and how buyer-led strategy wins

[00:48:30] Navigating the AI Explosion – Staying current in a landscape where companies scale from zero to $100M in years, not decades

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern M&A.

Hilary Shirazi, Head of Corporate Development at Notion, brings over a decade of M&A experience from LinkedIn, Pinterest, and Zendesk to discuss building corporate development strategy at high-growth tech companies. She shares her proven deal thesis methodology, the "Four T's" framework for categorizing acquisitions, and why integration without an IMO might be the better approach for agile teams.

Things you will learn:

• The Deal Thesis Framework – How to crystallize strategy before identifying targets using Hilary's proven document template

• The Four T's of M&A – Talent, Tech, Traction, and Terrain categories that determine your acquisition approach and integration strategy

• Integration Without IMO – Why embedding integration throughout the process beats traditional handoff models for most deals

___________________

The Buyer-Led M&A™ Summit is back.
The virtual event built for dealmakers who want to eliminate chaos and take control from sourcing through integration.

📅 October 30, 2025
🕚 11:00 AM – 2:30 PM ET
💻 Free & Virtual

Learn from leaders who’ve built scalable, repeatable strategies that keep deals on track - Register now.

____________________

Join us for the 3rd M&A Science Fair IN PERSON

Get pure, off-the-record collaboration between corporate development, private equity, and integration leaders. Instead of passive listening, you’ll be sharing real frameworks, trading ideas, and testing what actually works in modern deal execution. Everything’s practitioner-led, and every topic is surfaced by the attendees themselves.

October 16th — NYC
8AM-7:30PM
Request an invite here: https://luma.com/khkuh6yw

____________________

[00:02:00] Hilary's career evolution and why in-house M&A beats advisory work

[00:05:00] Building M&A Best Practices – Why starting at a mature organization teaches critical fundamentals before going solo

[00:08:30] Getting to know executives' M&A fears and biases before sourcing deals

[00:11:00] The Deal Thesis Methodology – Creating strategy documents before naming targets to avoid "solution shopping"

[00:16:00] Deal Sponsor Selection

[00:20:00] Front-Loading Vision Alignment 

[00:30:00] The Four T's Framework – Categorizing acquisitions as Talent, Tech, Traction, or Terrain deals

[00:35:00] Integration Without IMO – Why Corp Dev should own integration instead of handing off to separate teams

[00:42:00] Using Notion for M&A

[00:51:00] AI in Corporate Development 

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern M&A.

John Palusci, Former Vice President of Transformation and Strategic Finance, BAYADA

In this episode of M&A Science, John Palusci, former Vice President of Transformation and Strategic Finance at BAYADA, joins Kison Patel to discuss how to build a repeatable, Buyer-Led M&A™ engine within a nonprofit structure. John walks through his journey from IT to finance to corporate development, detailing how he helped scale BAYADA’s deal strategy with a focus on long-term value, integration-led diligence, and mission alignment. He shares real lessons from joint ventures, cashless acquisitions, and how to avoid surprises in highly regulated industries like healthcare.

Things you will learn:

• How to structure healthcare M&A for long-term mission alignment
  
  

• What a “conceptual pro forma” is and why it accelerates early deal screening
  
  

• How to manage integration risk in people-first, regulation-heavy industries

________________________

Sponsored by DealRoom—where M&A chaos meets its match.
Your M&A process can so much faster...
DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

👉 Learn how you can run a repeatable, buyer-led process  

_______________

[00:01:00] John’s unconventional path from IT to M&A leadership

[00:05:00] Running joint ventures with hospital systems

[00:07:30] Third-party valuation in nonprofit deals

[00:10:00] How BAYADA sourced and filtered deals

[00:13:00] Key reasons to kill a healthcare deal early

[00:16:00] How BAYADA transitioned from for-profit to nonprofit

[00:22:30] Standardizing diligence with a conceptual pro forma

[00:27:00] Managing talent transitions in home healthcare

[00:34:00] Cashless deals: how they work and when they’re possible

[00:38:30] Integration-led diligence and DealRoom’s role in execution

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern M&A.

Allan Marks, Global Project, Energy & Infrastructure Partner at Milbank

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 dealroom.net.

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

Adam Harris, CEO of Cloudbeds

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 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 https://www.dealroom.net

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

Seema Nimmagadda, Head of M&A Integration for North America at Woven by Toyota. 

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. 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

04:00 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

Brent Baxter, Chief Executive Officer at Association for Corporate Growth, and Jeff Giles, VP, Corporate Development at Core & Main (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 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 https://dealroom.net

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

Amy M. Weck, VP, M&A and integrations at The Liberty Company Insurance Brokers, LLC

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. 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

04:26 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

John Blair, Partner M&A Attorney at K&L Gates

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 DealRoom can facilitate your next deal at https://dealroom.net

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

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, Birgitta Elfversson, Non-Executive Director at Netlight, 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 DealRoom can facilitate your next deal at https://dealroom.net

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

Jake Lin, Head of Corporate Development at Xendit

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 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 https://dealroom.net.

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

Yoav Zeif, CEO at Stratasys

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 https://firmroom.com/

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 https://firmroom.com/

Russ Heddleston, Co-founder & former CEO, DocSend

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

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 https://firmroom.com/

Ryan Gable, Managing Partner, BW Forsyth Partners

Ryan discusses how his team uses a hybrid private equity model backed by Barry-Wehmiller to execute people-first, long-term acquisitions. With over 55 deals and zero exits, Forsyth has developed a sourcing and integration playbook that challenges traditional PE norms, focusing instead on trust, cultural alignment, and multi-decade value creation.

Ryan breaks down how to build relationships that convert to proprietary deal flow, structure rollover equity with flexibility, and align seller incentives for lasting outcomes.

Things you will learn:

• How to source proprietary deals by building trust with founders and prioritizing cultural fit

• Why Forsyth avoids traditional PE norms like over-leveraging and fixed exit timelines

• How they structure flexible equity rollovers and provide liquidity without needing to sell

• [00:02:00] From Investment Banking to Building Forsyth with Barry-Wehmiller

• [00:07:00] Why Barry-Wehmiller Created a New Investment Arm Instead of Scaling Internally

• [00:10:00] The Hybrid Equity Model: Strategic Backing + PE Agility

• [00:14:30] Rollover Equity and How Forsyth Structures Flexible Liquidity

• [00:23:30] From Auction Fatigue to Sourcing Proprietary Deals

• [00:26:00] How Forsyth Builds Trust With Sellers (And Wins Deals Off-Market)

• [00:31:00] Why Founders Should Think About Selling Before They’re Ready to Retire

• [00:41:00] Structuring Earnouts that Sellers Actually Want to Hit

• [00:49:00] The “Less is More” Approach to Post-Close Integration

• [00:56:00] The Future of M&A: Return Expectations, Capital Saturation, and Deal Discipline
  
  

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern M&A

Jason Mironov, Managing Director at TA Associates

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.

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 www.dealroom.net. 

Michael Frankel, Founder and Managing Partner of Trajectory Capital

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.

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 https://firmroom.com/

Swapnil Shinde, CEO at Zeni 

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

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 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

Chris Von Bogdandy, Global Lead M&A Solutions at Slalom

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, Chris Von Bogdandy, Global Lead M&A Solutions at Slalom, 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

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 https://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 https://www.firmroom.com

Casey Nault, Senior Vice President, General Counsel and Chief ESG Officer at Coeur Mining, Inc. (NYSE: CDE)

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

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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  www.firmroom.com

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

Brock Blake, Co-Founder and CEO at Lendio

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 dealroom.net.

FirmRoom is the fastest virtual data room used to get deals done. Leave the pay-per-page world behind by going to firmroom.com

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

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

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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. 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

Todd Olson,  CEO and Co-founder, Pendo

From buying startups to speed up roadmap execution to preserving founder autonomy post-close, Todd breaks down the real levers behind successful acquisitions. This episode dives into how Pendo thinks about M&A without a corporate development team, why it rarely buys for revenue, and how Todd’s team avoids common post-close integration mistakes by keeping culture, product, and people at the center.

Things you will learn:

• Why speed and product alignment—not revenue—drive most of Pendo’s acquisitions

• The cost of delaying integration and how Todd learned to fix it

• How to retain founder energy post-acquisition without over-relying on cash

________________________

Sponsored by DealRoom—where M&A chaos meets its match.
Your M&A process can so much faster...
DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

👉 Learn how you can run a repeatable, buyer-led process  

_______________

• [00:04:30] – Taking a buyer-led approach from day one

• [00:05:30] – When is the right time to do M&A as a startup?

• [00:07:00] – The real reason behind Pendo’s first acquisition (spoiler: mobile gap)

• [00:10:30] – How the team visit to Tel Aviv sealed the deal

• [00:15:00] – Why preserving a legacy tech stack was a painful mistake

• [00:19:30] – Walking away from a $1M customer (and why it was worth it)

• [00:23:00] – Choosing smaller, simpler teams over “obvious” targets

• [00:27:30] – Why AI startups are attractive—but only with the right integration mindset

• [00:33:00] – Deal structures that actually retain entrepreneurs

• [00:50:00] – Post-close surprises, real value creation, and the “pink wash” trap

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern 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

Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, Inc.

In Part 2 of our conversation, we go deep into how Beacon is operationalizing M&A. Harrison reveals how they reduced their request list by over 65%, why they require third parties to use their DealRoom, and how integration now begins before the deal is even signed. He also dives into the organization's AI roadmap, their internal CRM transformation, and the surprising challenges of acquiring non-profit organizations. If you want a behind-the-scenes look at building a scalable, tech-forward M&A machine in healthcare, don’t miss this episode.

Things you will learn:

• How to build a centralized M&A system across CRM, diligence, and integration

• Why Beacon embeds integration planning before close—and the real cost of waiting

• What it takes to acquire and integrate nonprofit healthcare organizations
  
  

[00:02:30] Using third-party compliance audits and chart reviews in diligence

[00:06:00] Evolving the deal process from relationship-building to IOI to close

[00:12:00] Reducing diligence requests from 474 to 147 using DealRoom

[00:14:00] Enforcing platform accountability for both internal teams and sellers

[00:16:00] Managing deal fatigue and broker feedback in seller-heavy processes

[00:21:00] Beacon’s shift from siloed M&A to One Beacon integration strategy

[00:26:00] Running diligence and integration in parallel, starting pre-close

[00:29:30] Valuation risks of integration backlog and how Beacon is addressing it

[00:35:00] Centralizing the full M&A lifecycle—from CRM to integration—in one platform

[0:41:00] How to approach acquiring nonprofit organizations (and why it’s worth it)

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💡Try FirmRoom for Free

This episode is sponsored by FirmRoom.  The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

Get started with your free trial today at firmroom.com!

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Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern 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.

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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

03:51 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.

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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

Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, Inc.

In Part 1 of our conversation with Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, we dive into how one of the largest providers of specialized behavioral health services is rethinking M&A using AI. Harrison shares why Beacon created a dedicated AI committee focused on improving every stage of the deal lifecycle—from sourcing to integration—and what tools and pilots they’re exploring right now. If you want a first-hand look at how AI is already changing M&A in healthcare services, this episode is for you.

Things you will learn:

• Why creating an AI committee can accelerate innovation in M&A processes.

• How AI tools are being piloted to improve diligence, sourcing, and integration planning.

• Practical challenges and lessons learned when adopting AI in a complex, people-centric industry.

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Sponsored by DealRoom—where M&A chaos meets its match.
Still stuck in spreadsheet hell?
DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

👉 Learn how you can run a repeatable, buyer-led process  

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[00:02:00] Why Beacon formed an AI committee specifically for M&A

[00:04:30] Early AI experiments and low-risk pilots to test use cases
[00:07:00] How AI is enhancing diligence processes and data analysis
[00:09:00] Approaching cultural adoption of AI tools across the deal team
[00:11:30] Evaluating vendor solutions vs. building AI tools in-house
[00:14:00] Tracking ROI on AI adoption in the M&A process
[00:16:00] Ethical considerations and privacy concerns when using AI in healthcare M&A
[00:19:00] Overcoming skepticism about AI among senior leadership
[00:22:00] Key metrics Beacon is using to measure AI-driven efficiency
[00:31:00] Lessons learned on aligning AI strategy with overall M&A goals

Questions, comments, concerns?
Follow Kison Patel for behind-the-scenes insights on modern 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.

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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.

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