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The Official SaaStr Podcast: SaaS | Founders | Investors
SaaStr 789: 10 Things No One Tells You About Getting Acquired for $1.5B Steve Mitzenmacher, Former Vice President Corporate Development, Own Company
Feb 26, 2025
Steve Mitzenmacher, former Vice President of Corporate Development at Own Company, shares pivotal lessons from his experience navigating a $1.5 billion acquisition. He reveals the often-overlooked challenges of M&A, including the importance of understanding buyer motivations and the complexities of valuation. Mitzenmacher emphasizes relationship-building and clear communication as key ingredients for success. He also debunks myths about negotiation dynamics, particularly regarding initial offers and counteroffers, while offering strategic tips for startups preparing for acquisition.
33:19
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Quick takeaways
- Founders must proactively manage negotiations and understand acquirers' motivations, as misalignments can derail seemingly straightforward M&A processes.
- Effective integration planning should start pre-merger to mitigate culture clashes and retain key talent during the post-acquisition transition.
Deep dives
The Risks of Minimum Shareholder Approval
Recent acquisitions are increasingly being approved with only the bare minimum number of shareholders necessary, often raising concerns about the potential risks involved. Traditionally, acquirers preferred near unanimous consent to mitigate liabilities, but this trend suggests a shift in strategy. The speaker shares personal experiences where material ownership stakeholders were not even consulted during significant deals, highlighting a departure from established norms. This reflects a broader change in the private market landscape, with a new class of prosumer investors influencing the dynamics of shareholder engagement.
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