M&A Science

Jason Mironov, Managing Director at TA Associates, discusses pros and cons of taking PE capital. Topics include lack of operating experience, board control, dilution for founders, building wealth, handling inbound contacts, and working with the founder.

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. Episode Bookmarks 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 Episode Timestamps 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 Episode Timestamps 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, SVP, General Counsel, and Chief ESG Officer at Coeur Mining, Inc., discusses the importance of ESG in M&A, balancing ESG and profit, red flags during ESG diligence, and ESG on cross-border deals. The podcast explores the significance of considering ESG factors in M&A deals and the responsibility and reporting structure of sustainability within companies. Strategies for maintaining the integrity of the working group and avoiding leaks are also discussed.

Brock Blake, Co-Founder and CEO at Lendio, shares insights on avoiding M&A disasters, covering challenges, deal approach, culture, assumptions, and earnouts. They discuss budget allocation, driving the first deal, and strategizing acquisitions.

Aaron Whiting, Chief of Staff at Crownpeak, shares tips for coaching a first-time integration leader, getting ready for day one, kickoff meeting strategies, challenges during integration, and setting alignment for kickoff meetings. He emphasizes the significance of understanding the company's thesis and the value of cadence in M&A integration execution. The podcast also discusses the role of umbrella tracks, tracking milestones for momentum, simplifying acquisition integration, and finding a partner in M&A integration.

AI's impact on M&A is explored in this episode where ChatGPT shares insights. Topics covered include AI's role in deal sourcing, streamlining due diligence, limitations of AI, and integrating AI into M&A. Case studies on Daimler Chrysler merger and Amazon acquiring Whole Foods are discussed. The future of M&A and lessons from the AOL Time Warner merger are also explored. The podcast highlights the potential of AI in revolutionizing the M&A field and explores how Dealroom incorporates AI to streamline the M&A process.

Dr. Karl-Michael Popp, Senior Director, Corporate Development at SAP, discusses automation in M&A. Topics include measuring strategy, strategic fit analysis, identifying targets, quantifying culture, and the impact of new emerging technologies.

Anthony Krueger, Associate at Morrison & Foerster LLP M&A debunks the misconception that smaller deals are easier to execute. Topics covered include executing earnouts, reps and warranties insurance for smaller deals, and working capital adjustments. The podcast also explores important legal provisions in M&A and the significance of involving accountants and lawyers early in the process.