M&A Science – Details, episodes & analysis

Donara joins us to pull back the curtain on why integrations break—and what it actually takes to make them work. With deep experience across healthcare, SaaS, professional services, and financial services in both public and PE-backed environments, Donara has led diligence, post-close integration, TSA execution, and enterprise system implementations. This episode tackles the hard truths about carve-outs, TSA management, day-one readiness, and the cross-functional dependencies that most teams miss until it's too late. If you've ever wondered why integration timelines slip or costs balloon, this conversation delivers the answers.

Things you will learn:

• Why TSAs aren't contracts, they're projects with hard deadlines, cost escalations, and integration dependencies that functional teams consistently underestimate

• The hidden complexity of carve-outs and how scope, vendor negotiations, and people gaps create surprises even with solid diligence

• How Integration Management Offices (IMOs) orchestrate cross-functional dependencies that functional leads can't see

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💡 Tired of spending weeks organizing seller documents and building diligence checklists from scratch?

DealRoom helps M&A teams cut manual review time and move faster through diligence. Automatically organize messy data rooms, surface risks earlier, and generate tailored diligence requests in seconds—so your team can focus on analysis, not admin work.

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Episode Timestamps

• [00:02:30] From International Relations to M&A Integration – Donara's unconventional path from Armenia to becoming a full-time integration leader in Boston

  [00:04:00] The Dependency Problem No One Sees Coming – Why integration isn't just about systems or people—it's about understanding what breaks when you miss upstream and downstream connections

  [00:06:00] Why You Can't Just Promote a PM to IMO – The critical difference between project management and integration program leadership

  [00:07:00] What Gets Underestimated in Carve-Outs – Scope creep, vendor negotiations, and people gaps that blindside even experienced teams

  [00:09:00] TSAs Are Projects, Not Contracts – Why treating TSAs as temporary extensions instead of hard deadlines creates integration debt and cost overruns

  [00:13:00] Managing Two Carve-Outs Simultaneously – The story of integrating two business units with heavy TSAs, cross-border complexity, and mismatched organizational structures

  [00:19:00] Getting IMO Involved Before LOI – How early integration involvement during diligence creates smoother execution and realistic timelines

  [00:30:00] Day One Readiness and the 30/60/90 Framework – What actually happens from day one through the first 90 days, including controls, discovery, and execution milestones

  [00:37:00] Integration Governance That Actually Works – Structuring steering committees, functional cadences, and escalation paths that keep deals on track

  [00:40:00] The Integration Kickoff That Sets the Tone – What to cover, who to involve, and how to align teams on why the deal matters

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

Andy Cohen, Vice President of Corporate Development at F5

Andy has built a career that proves M&A is fundamentally about relationships, not just transactions. With 30 years of experience and 60 deals closed across high-growth tech companies including Citrix, Acquia, and F5, Andy has cultivated the kind of reputation where every CEO he's worked with will take his call tomorrow. In this conversation, he reveals why zero-sum thinking kills deals, how to convince people to sell without convincing them to sell, and why walking away on principle matters more than closing at any cost. 

Things you will learn: 

• Why reputation is your most valuable M&A asset
• The shift from zero-sum to win-enough thinking
• Learn Andy's approach to using due diligence as the foundation for integration strategy, cultural fit assessment, and long-term value creation.

 _____________

💡 Tired of spending weeks organizing seller documents and building diligence checklists from scratch?

DealRoom helps M&A teams cut manual review time and move faster through diligence. Automatically organize messy data rooms, surface risks earlier, and generate tailored diligence requests in seconds—so your team can focus on analysis, not admin work.

 👉 See how AI can streamline your next deal: dealroom.net/ai

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This episode is brought to you by S&P Global.

Today's episode of M&A Science is brought to you by S&P Global Market Intelligence. If you're in corp dev or PE, you know the pain — good private company data is hard to come by. Everyone's still chasing clean, reliable, up-to-date data. I started out using CapIQ Pro for public comps, but didn't realize until recently how deep their private company coverage has gotten. Over 58 million private companies, global reach, and actually usable for real deal work. This isn't surface-level. You get real metrics — ownership, financials, funding rounds, even asset-level insights. So if you're still toggling between a dozen tools trying to piece together the picture, maybe it's time to stop guessing and start sourcing better.

Learn More Here: https://www.spglobal.com/market-intelligence/en/solutions/products/private-company-data?utm_source=podcast&utm_medium=video&utm_campaign=MAScienceH225

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Episode Timestamps

• [00:02:30] The Empathy Advantage – Why sitting in every seat at the M&A table gives you the perspective to close better deals.
• [00:04:00] Zero-Sum Thinking Will Kill Your Deals – The mindset shift from "winning" to ensuring everyone gets enough of what they want.
• [00:07:30] Building Relationships That Actually Drive Deals – How a 30-year network of bankers, VCs, and former CEOs creates proprietary deal flow.
• [00:10:30] Why Proactive Beats Auctions Every Time – Why almost all of Andy's deals are proactive and how strategic focus enables targeted outreach.
• [00:14:00] Getting to the Story Behind the Company
• [00:21:00] How to collaboratively build the acquisition narrative without being pushy or transactional.
• [00:25:00] Trust Through Reputation and References
• [00:32:00] Due Diligence Is Integration Planning 
• [00:42:00] Navigating the hardest negotiations—convincing product teams that buying beats building
• [00:53:00] Walking Away on Principle – The deal Andy killed because the other side wanted to hurt employee shareholders

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

Tim brings 29 years of private equity experience to this conversation about what actually works in buy-and-build strategies. After launching Brenton Point in 2024 following a 20-year run at CI Capital Partners, where he completed 200+ acquisitions across 12 platforms, Tim breaks down the independent sponsor model and why integration—not just aggregation—is the real value driver. He walks through building platforms from scratch, the executive-first strategy for fragmented markets, and how standardized integration playbooks turn acquired companies into cohesive, high-performing businesses.

Things You'll Learn

• Why independent sponsors can outperform traditional PE funds through concentrated investments, longer hold periods, and direct alignment with management teams earning 15% equity upside versus the typical 10%

• The difference between roll-ups and consolidation and why integration excellence separates winning platforms from aggregated disasters

• How to build platforms from scratch

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The Buyer-Led M&A™ Summit is back.
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📅 October 30, 2025
🕚 11:00 AM – 2:30 PM ET
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Learn from leaders who've built scalable, repeatable strategies that keep deals on track - Register now.

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Today's episode of the M&A Science Podcast is brought to you by Grata!

Grata is the leading private market dealmaking platform. With its best-in-class AI workflows and investment-grade data, Grata helps investors, advisors, and strategic acquirers effortlessly discover, research, and connect with potential targets — all in one sleek, user-friendly interface.

Visit grata.com to learn more.

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[00:02:00] The GE Capital Training Ground – How Tim's early experience with expert networks shaped his approach to surrounding deals with industry advisors who invest alongside him

[00:04:30] Starting companies with zero revenue by hiring CEOs first, then building deal pipelines in fragmented industries like funeral services

[00:06:00] Why deal-by-deal capital raising enables longer hold periods, eliminates fund-driven decisions, and captures more value creation in the back half

[00:11:30] Finding and Aligning Operators – Sourcing executives through recruiting firms willing to co-invest, and structuring 15% management equity pools for maximum alignment

[00:22:00] Using buy-side search firms to validate thesis and create deal flow before platform acquisition, touching 2,000+ companies to close 200 deals

[00:27:00] Why acquiring is easy but integrating is hard, and how culture assessment, facility tours, and team retention determine success

[00:49:00] Hub, Spoke, and Route Strategy – Three acquisition types for platform building: regional hubs with management depth, spoke deals for synergies, and route buys for pure customer acquisition

[00:52:00] The 150-Point Integration Playbook 

[00:58:30] One-Page Strategic Plans – Keeping teams aligned on priorities from monthly goals to five-year vision with a single dense but powerful reference document

[01:04:00] The Herd Mentality Warning – How quickly industries go from undiscovered to overcrowded, and why being the 30th platform in a space means you're already too late

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

Ivan Golubic, CFO | Corporate Development M&A at FastLap Group

Roll ups are a great strategy for highly fragmented industries. It allows the platform company to increase its size, capabilities, and market presence through the acquisition and integration of other businesses. However, it can be challenging without a proper framework. 

In this episode of the M&A Science Podcast, Ivan Golubic, CFO, Corporate Development M&A at FastLap Group, shares his experience on how to start executing roll up strategy in M&A from scratch. 

Things you will learn:

• Setting up the roll up strategy

• Valuation on roll up strategy

• Building the operating strategy

• Dealing with capital providers

• Biggest lessons learned doing roll up strategy

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

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Episode Bookmarks

00:00 Intro

03:01 Transitioning from Corporate Development to CFO 

07:39 Setting up the roll up strategy

12:26 Importance of industry expertise

14:10 Proactive approach to expanding industry expertise

16:11 Valuation on roll up strategy

22:10 Building the operating strategy

24:54 Dealing with capital providers

28:37 Building your pipeline

30:45 Pitching to the PE firm

35:48 Explaining your M&A process to investors

38:46 Building your M&A team

40:42 Monitoring Cost

42:05Success metrics

49:25 Utilizing Technology

50:45 Importance of a unified platform

52:58 Biggest lessons learned doing roll up strategy

56:39 Future trends in the roll up space

57:33 Craziest thing in M&A

Jim Buckley, Vice President, Mergers and Acquisitions Integration at VMware

Integration planning is one of the most important aspects of M&A pre-close. Planning after the fact will cause massive delays and value leaks for the entire deal. It is why the integration team must be involved during the due diligence phase. 

In this episode of the M&A Science Podcast, we will talk about how to create an executable integration plan during the diligence, featuring Jim Buckley, Vice President, Mergers and Acquisitions Integration at VMware.

Things you will learn in this episode:

• How to work as an integration leader

• Building an integration plan

• Pre-LOI integration planning

• Connecting diligence with integration planning

• Defining 'done' in M&A integration

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

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Episode Bookmarks

00:00 Intro
04:41 Navigating corporate transitions
08:31 Aligning the integration leader with the north star
10:02 How to work as an integration leader
11:25 The role of an integration lead
13:31 Building an integration plan
16:25 Focus on revenue and integration
18:51 Pre-LOI integration planning
25:08 M&A due diligence
27:37 Employee integration and customer satisfaction
29:56 Connecting diligence with integration planning
36:20 Approach to team collaboration
39:06 The details of integration plan
41:11 Complexities of M&A integration planning
44:57 Aligning with the target company
46:46 Defining 'done' in M&A integration
49:12 Integration teams leading due diligence
51:38 Leveraging diligence data for effective planning
53:13 Advice for M&A practitioners
55:45 Craziest thing in M&A

Keith Levy, Operating Partner at Sonoma Brands

Every company must have a strong capital allocation strategy to maximize its potential. Without it, the company may end up missing opportunities and spending money on things that won't help it grow or become more profitable. 

In this episode of the M&A Science Podcast, Keith Levy, Operating Partner at Sonoma Brands, shares his experience on successful and unsuccessful capital allocation strategies. 

Things you will learn in this episode:

• Strategy vs IRR

• Venture capital vs recapitalization strategy

• Minority vs majority recapitalization

• Evaluating exit strategy

This episode is sponsored by the 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

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Episode Bookmarks

00:00 Intro

11:27 Focusing on organic growth

16:37 Post-merger integration execution

25:01 Strategy vs IRR

26:59 Handling projections

28:07 Integration with Mars

36:20 Role of an operating partner

42:07 Big company vs Small company in M&A

43:39 Venture capital vs recapitalization strategy

48:44 Cashing out from an owner's perspective

50:42 Minority vs majority recapitalization

54:03 Impact of valuations and interest rates on investment decisions

59:07 Timing on investments

1:01:25 Evaluating exit strategy

1:03:46 Advice for practitioners

1:05:41 Craziest thing in M&A

Gerry Williams, Partner at DLA Piper US LLP and a member of their management committee.

Private equity firms are established for the sole purpose of generating substantial financial returns for its investors. And one of the most effective ways of maximizing investment returns is the roll up strategy. This involves buying small-sized businesses in a highly fragmented industry and combining them into a larger platform. The goal is to improve efficiency and be sold later for a higher price.  

In this episode of the M&A Science podcast, we will discuss roll up strategy in private equity with Gerry Williams, Partner at DLA Piper US LLP.

Things you will learn this episode:

• Industries susceptible to roll up strategy

• Challenges of executing roll up strategy

• Negotiating the LOI in roll up strategy

• Typical deal structure in roll up strategy

• Employing Earnouts in roll up strategy

This episode is sponsored by FirmRoom

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

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Episode Bookmarks

00:00 Intro

04:06 Industries susceptible to roll up strategy

06:22 The trend of roll up strategy in private equity

10:42 Complexities of Roll up strategy

15:52 Challenges of executing roll up strategy

20:32 How to mitigate risks

24:19 Managing multiple roll up businesses

26:49 Negotiating the LOI in roll up strategy

33:00 Breakup fees on private deals

35:57 Typical deal structure in roll up strategy

43:24 Employing Earnouts in roll up strategy

48:07 Unique negotiations during LOI

49:31 Do's and Don'ts of executing roll up strategy

52:57 Craziest thing in M&A

Tyler Rodewald, VP, M&A at EIS Holdings

In a world where change is the only constant, businesses are continually seeking innovative ways to stay ahead of the curve. One such method that has gained prominence is the corporate diversification strategy, a multifaceted approach that can lead to new growth avenues and enhanced resilience. 

In this episode of the M&A Science Podcast, Tyler Rodewald, VP, M&A at EIS Holdings, discusses corporate diversification through M&A.

Things you will learn:

• Corporate diversification strategy

• Drivers of corporate diversification

• People involved in corporate diversification

• Projecting revenue synergies

• Closing deals with competition

This episode is brought to you by the M&A Science Spring Summit 2024 happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot here.

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Episode Bookmarks

00:00 Intro

02:55 Corporate diversification strategy

03:32 Drivers of corporate diversification

05:22 People involved in corporate diversification

08:00 Communicating the diversification strategy - The number one step

08:51 Customer overlaps on deals

11:17 Capital Allocation

13:41 Proprietary deal vs Bank Deal

15:22 Deal Sourcing

17:57 Closing deals with competition

19:22 Cultural integration

22:03 Handling resistance

23:21 Measuring Success

24:31 Projecting revenue synergies

26:09 Earnouts

30:31 Letter on intent exclusivity

32:10 Combining diligence with integration using DealRoom

36:42 Using DealRoom with Sellers

40:02 Advice for practitioners doing corporate diversification

40:30 AI in M&A

46:34 Craziest thing in M&A

Andrey Galiuk, Vice President of Corporate Development and Investor Relations

Before doing M&A, it is crucial for acquirers to target the right business, in the right market. Otherwise, it could potentially be a costly mistake that would waste the company's time and money. 

In this episode of the M&A Science Podcast, Andrey Galiuk, Vice President of Corporate Development and Investor Relations, shares his expertise on how to perform strategic due diligence in M&A. 

Things you will learn:

• What is strategic due diligence

• How to perform strategic due diligence in M&A

• Entering the right market

• Finding the right target company

• Biggest challenge when performing strategic diligence

This episode is brought to you by the M&A Science Spring Summit 2024 happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot here.

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Episode Bookmarks

00:00 Intro

11:17 What is strategic due diligence

16:25 How to perform strategic due diligence in M&A

25:00 Entering the right market

38:05 Finding the right target company

41:25 When to perform strategic due diligence

42:38 Proactive vs. Reactive deal sourcing

44:33 Importance of culture

47:05 When to start integration planning

49:11 Red flags during strategic diligence

50:33 Assessing incoming people

51:20 Biggest challenge when performing strategic diligence

George Kellerman, VP, Head of Investments & Acquisitions at Woven by Toyota and Alexander Baum, Corporate Development Lead at Woven by Toyota

In the ever-evolving world of business, staying ahead isn't just about what a company does today, but how it prepares for tomorrow. This is where a venture capital arm comes into play. It is a specialized division within a larger company that focuses on investing in emerging startups and innovative projects. 

In this episode of the M&A Science Podcast, George Kellerman, VP, Head of Investments & Acquisitions at Woven by Toyota, and Alexander Baum, Corporate Development Lead at Woven by Toyota, share their experience on how to stand up a venture capital arm. 

Things you will learn:

• How did Woven by Toyota got started

• Successfully start a venture capital arm

• Leadership in managing people

• Biggest Lessons Learned

• Dealing with cultural difference

This episode is brought to you by the M&A Science Spring Summit 2024 happening on April 10th at 10AM ET. It's your chance to join leading M&A experts as they share innovative and the latest trends from their own deals. Save your spot here.

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Episode Bookmarks

*George Kellerman

00:00 Intro

06:15 From firefighter to M&A

09:49 How did Woven by Toyota got started

11:19 Project Kate

12:58 Pitching the shift in strategy

14:31 Woven Capital's strategy

16:48 How to successfully start a venture capital arm

19:45 Leadership in managing people

22:03 Biggest lessons learned

26:00 A change in strategy

27:04 The Woven City Project

31:11 Dealing with cultural difference

35:40 Craziest thing in M&A

*Alex Baum

39:34 Noticing cultural differences in Japan

42:11 Relocating to Tokyo

44:07 New York vs Japan culture

45:28 Work culture in Japan

48:32 Rubber stamp approval in Japan

49:51 Balancing American and Japanese culture

51:27 Maintaining alignment

52:09 Craziest thing in M&A