Walking away on principle

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.

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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.