Xavier Gury, Founding Partner at Wind Xavier Gury, founding partner at Wind venture capital firm, brings a unique triple perspective to M&A: serial entrepreneur, acquisition target, and now investor. In this episode, Xavier unpacks the critical lessons from his three successful exits, including one transformative deal with Publicis, where he structured a performance-based earnout that prioritized terms over upfront valuation. The conversation reveals why 90% of the deal value came through earnout performance, how to align teams during integration, and the strategic mistakes buyers make when acquiring founder-led companies. M&A professionals will learn practical frameworks for structuring deals that actually work post-close. Things You'll Learn
- Why deal terms matter more than valuation – and how Xavier structured an earnout where only 10% was paid upfront
- The "yin yang" principle for balanced M&A deals that create value for both buyer and seller
- How to incentivize key employees during earnout periods to ensure alignment and execution success
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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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Episode Chapters
[00:02:00] Xavier's unconventional path from teaching AltaVista to founding startups
[00:08:30] How a 10-person company acquired a 100-person competitor during market consolidation
[00:14:00] Timing the Publicis Exit – Why selling to the "worst" digital player created the biggest value creation opportunity
[00:18:00] How market timing generated 5x vs 12x EBITDA multiples from different buyer types
[00:21:30] Breaking down the deal where upfront payment was only 10% of total value
[00:26:00] The equity strategy that made earnout management effortless
[00:31:00] The Yin Yang M&A Principle – Why balanced deals create 1+1=3 value instead of destroying it
[00:38:00] How VCs navigate the schizophrenic nature of investment lifecycle
[00:43:00] Terms vs Valuation Deep Dive
[00:47:00] The $50 Billion Mistake Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.
