Episodit

  • Build a Career in M&A: Lessons from Intel’s Todd Manley

    Build a Career in M&A: Lessons from Intel’s Todd Manley

    · M&A Science

    Todd Manley, VP of Corporate Development Integration at Intel

    In this episode, Todd Manley joins Kison Patel to share his non-traditional path into the world of M&A. Starting his career in IT and organizational behavior, Todd brings a unique lens to integration and leadership in corporate development. From his early consulting days to overseeing integrations at Cisco, Symantec, and now Intel, Todd has seen it all. He opens up about what it really takes to thrive in M&A—from career pivots and networking to managing divestitures and leading with empathy.

    This episode is packed with career insight, integration best practices, and practical leadership advice for anyone navigating—or trying to break into—the fast-paced world of M&A.

    Things you will learn:

    How to break into M&A without a finance or banking background

    The critical leadership traits that matter in integration roles

    Why networking and curiosity matter more than job titles

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process

    _______________

    💡Try FirmRoom for Free

    This episode is sponsored by FirmRoom. The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

    Get started with your free trial today at firmroom.com!

    _______________

    Episode Chapters

    Intro & Background – [00:01:00]

    First Career Steps in IT & Oracle Work – [00:05:00]

    Early Passion for Startups & Joining WebEx – [00:06:30]

    Getting into M&A via Cisco’s Acquisition of WebEx – [00:08:30]

    Integration Lessons from Cisco & Career Growth – [00:10:00]

    Experience in Divestitures vs. Acquisitions – [00:14:30]

    The Value of Empathy in Integration – [00:16:30]

    Skills That Translate into M&A Success – [00:19:00]

    How to Break into M&A & Structuring Career Moves – [00:22:30]

    Why Leadership & Communication Are Non-Negotiable – [00:28:00]

    Networking Tips, Playbooks, and Mentorship – [00:39:30]

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

  • Buyer-Led vs. Seller-Led M&A with Matthew Person

    Buyer-Led vs. Seller-Led M&A with Matthew Person

    · M&A Science

    Mathew Person, Senior Vice President of Corporate Development at Quikbase

    In this episode of the M&A Science Podcast, Kison Patel interviews Mathew Person, Senior Vice President of Corporate Development at Quickbase. Mathew brings a unique blend of operator, banker, and corp dev experience, making him a strategic leader in buyer-led M&A. Together, they dive deep into how to proactively structure acquisitions, align internal stakeholders, avoid over-rationalization, and ensure integration success.

    Things You Will Learn:

    How to design and align around a box of preference (quant + qual criteria)

    Tactics for proactively sourcing and assessing cultural fit

    How to structure your corp dev team for scale and deal velocity

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process

    _______________

    Episode Timestamps

    [00:01:30] Mathew's unique background: sports operator, banker, corp dev

    [00:03:30] Quickbase's carveout history and PE backing

    [00:04:00] What buyer-led M&A means and why it matters

    [00:05:00] Box of preference: building deal criteria with stakeholders

    [00:07:30] Market mapping and capability-driven strategy

    [00:09:30] Scorecards, deal screening, and qualitative diligence

    [00:15:30] Identifying and quantifying culture fit

    [00:19:30] Modeling dis-synergies and avoiding over-rationalization

    [00:23:30] Structuring corp dev teams for stakeholder alignment

    [00:30:00] Managing negotiations and bid-ask spread with trust

    [00:33:30] The ROI of being known as a "good home"

    [00:42:30] Integration success: same team from diligence to execution

    [00:47:00] Culture as a deal breaker or driver

    [00:52:30] Why stakeholder consensus is the hardest part of M&A

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

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  • From Loom to Trello: How Atlassian Scales Through Smart M&A with Sarah Hughes

    From Loom to Trello: How Atlassian Scales Through Smart M&A with Sarah Hughes

    · M&A Science

    Sarah Hughes, Head of Corporate Development and Product Partnerships, Atlassian

    Uncover the inside workings of Atlassian’s M&A strategy—from how Sarah’s team sources deals and aligns with product to the importance of relationship-building and a structured, founder-first integration approach. With over seven years of experience leading corporate development at Atlassian, Sarah shares practical lessons on building strategic pipelines, cultivating founder trust, and operationalizing successful integrations across Atlassian's global portfolio

    Things you will learn:

    Building long-term relationships with founders, even years before deals happen

    Aligning product, venture, and partnership decisions under one roof

    Atlassian’s approach to cultural diligence, integration planning, and transparency post-close

    _______________

    💡Try FirmRoom for Free

    This episode is sponsored by FirmRoom. The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

    Get started with your free trial today at firmroom.com!

    _______________

    Episode Chapters

    00:02:00 – Sarah’s path into corporate development via Google and Atlassian

    00:04:00 – Strategic rationale behind Trello and Loom acquisitions

    00:07:00 – Atlassian’s three M&A strategy pillars: roadmap accelerants, vacuums, and break-glass opportunities

    00:09:00 – How corp dev aligns with product: push-pull strategy and joint roadmaps

    00:12:30 – Centralizing M&A, ventures, and partnerships under one team

    00:15:30 – Using AI to accelerate sourcing, market mapping, and diligence

    00:19:00 – Loom case study: a 5-year founder relationship turned acquisition

    00:25:00 – Creating co-authored vision docs to align on integration and success metrics

    00:33:00 – How Atlassian handles cultural diligence and post-close attrition risk

    00:36:00 – Atlassian’s integration approach: open playbooks, IMO structure, and post-close planning

    00:42:00 – Where AI is driving efficiency across the deal lifecycle

    00:48:30 – Sarah’s advice to corp dev leaders on sourcing, alignment, and outside-in perspective

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

  • Building Trust in Acquisitions with Dan Pollock

    Building Trust in Acquisitions with Dan Pollock

    · M&A Science

    Dan Pollock, Vice President of Corporate Development/M&A at SAM Companies

    Dan shares how he built SAM Companies’ M&A function from the ground up—executing over 30 deals and transforming M&A into a strategic growth engine. Backed by Peak Rock Capital, SAM Companies focuses on acquiring founder-led geospatial and infrastructure services businesses. Dan dives deep into how he balances disciplined diligence with relationship-first sourcing, how his team integrates small companies into a larger framework, and why culture and seller alignment matter as much as price.

    Whether you're building out corp dev from scratch or refining your playbook, this conversation offers tactical insight into how to scale M&A the right way.

    Things you will learn:

    How to build an in-house M&A engine with a lean corp dev team
    How to source proprietary deals through trust and local relationships

    How to structure earnouts and retention payments to align incentives

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process

    _______________

    Episode Chapters

    00:03:00 – Dan’s background: from audit to M&A leadership at SAM
    00:05:00 – Building SAM’s M&A muscle from the ground up
    00:08:30 – Creating buy-in and accountability for integration success
    00:10:00 – Getting the company ready to integrate acquisitions
    00:11:00 – Sourcing: proprietary relationships vs. cold outreach
    00:13:30 – Case study: renewable energy firm acquisition
    00:15:00 – Thinking through revenue vs. cost synergies
    00:16:30 – The psychology of earnouts and why they changed their approach
    00:18:30 – How to open conversations with founder-led businesses
    00:21:00 – Why founder retention is tied to valuation
    00:24:00 – Turning relationships into actionable deals over time
    00:29:00 – Competing with PE: how SAM positions better long-term fit
    00:33:00 – Retention bonuses vs. earnouts: what's working better
    00:39:00 – Why diligence and integration must run in parallel
    00:41:30 – Managing team fatigue and repeatability with DealRoom
    00:45:00 – Letting sellers speak with past acquired founders
    00:47:00 – Private equity partnership governance at SAM
    00:51:00 – Diligence red flags and small business surprises

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

  • How Blackstone is Unlocking Lasting Value Across Private Equity with Viral Patel

    How Blackstone is Unlocking Lasting Value Across Private Equity with Viral Patel

    · M&A Science

    Viral Patel, CEO of Blackstone Private Equity Strategies

    Viral Patel unpacks how the firm is reshaping private equity for the next era. From launching new fund structures to leading thematic investments in sectors like electrification and AI infrastructure, Viral shares how Blackstone builds enduring value—and why alignment, data, and management fit are key to every deal. He also breaks down the cultural values that drive Blackstone’s success and why individual investors are the future of private capital.

    Things you will learn:

    How Blackstone’s investment philosophy is built on long-term secular trends

    What makes a management team the right fit—and why talent diligence is critical

    Why Blackstone created perpetual funds and how they work

    How data, scale, and operating resources become a strategic advantage post-close

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process

    _______________

    💡Try FirmRoom for Free

    This episode is sponsored by FirmRoom. The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

    Get started with your free trial today at firmroom.com!

    _______________

    Episode Chapters

    [00:01:00] Viral’s 20-year journey across Blackstone’s business units

    [00:05:00] The cultural pillars that define Blackstone: excellence, integrity, and innovation

    [00:13:00] Blackstone’s thematic investment strategy and sector focus

    [00:16:30] Evaluating management fit as a core part of diligence

    [00:21:00] Value creation through Blackstone’s operating team and functional specialists

    [00:24:30] Using data science during diligence to build early trust with management

    [00:27:00] Why Blackstone builds for the long term—not just for a quick exit

    [00:32:00] The rise of perpetual fund models for individual investors

    [00:36:00] Why private equity access is shifting beyond institutions

    [00:44:00] Educating the market: how BXU and Blackstone’s private wealth team bridge the knowledge gap

    [00:46:30] Market cycles, public vs. private ownership, and the future of exit strategies

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

  • M&A Lawyers vs. Bankers: What’s Changed and What Still Matters with Rob Kindler

    M&A Lawyers vs. Bankers: What’s Changed and What Still Matters with Rob Kindler

    · M&A Science

    Rob Kindler, Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

    In this episode of the M&A Science podcast, Kison Patel sits down with Rob Kindler, a uniquely positioned dealmaker whose career has spanned both sides of the M&A table—law and investment banking. Rob previously led global M&A at Morgan Stanley and is now a senior partner at Paul Weiss. With 44 years of experience, he’s seen firsthand how the roles of lawyers and bankers have evolved, what makes a deal succeed or fail, and how today’s regulatory, activist, and valuation pressures are reshaping M&A execution.

    Things you will learn:

    Why legal advisors are now the first call in M&A, not the last

    How corporate development teams have replaced bankers in early-stage deal sourcing

    Why regulatory strategy and shareholder approval planning can make or break a deal

    How to negotiate effectively by predicting “the end of the movie”

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process
    ________________________

    Episode Chapters

    [00:01:00] Rob’s career arc from lawyer to banker and back again

    [00:04:30] Why Rob left law for investment banking in 2000

    [00:06:00] How corporate dev teams changed the role of bankers

    [00:11:30] Structuring deals to avoid shareholder approval pitfalls

    [00:14:30] The rise of activism and merger arbitrage in public M&A

    [00:16:00] How buyer-led M&A has transformed deal strategy

    [00:22:30] Impact of regulatory regimes in U.S. vs. Europe

    [00:27:00] Lessons in negotiation and predicting deal dynamics

    [00:36:00] Why intrinsic value matters more than financial engineering

    [00:48:30] What top CEOs understand about using M&A to drive strategy
    [00:51:00] How to spot a bad deal—and the red flags bankers sometimes ignore

    [00:53:00] Rob’s funniest moment: 300 pounds of turnips on a conference table

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

  • CEO Growth Strategy: How Culligan Scaled 300+ Acquisitions with Scott Clawson

    CEO Growth Strategy: How Culligan Scaled 300+ Acquisitions with Scott Clawson

    · M&A Science

    Scott Clawson, CEO of Culligan International

    Scott Clawson turned Culligan from a legacy water treatment business into a $3.3 billion global platform operating in over 50 countries—powered by a programmatic M&A engine that has executed 300+ acquisitions. In this episode, he sits down with Kison to share exactly how that machine works.

    From beachside inspiration to building a decentralized deal engine, Scott walks us through his journey scaling Culligan’s strategy with support from capital partners like Advent and BDT MSD. He breaks down how to structure pipeline teams, create incentive systems that align corporate and local interests, and keep integration from becoming a bottleneck. If you want a real-world blueprint for high-volume, globally scaled M&A that doesn’t break the business—this episode delivers.

    Things you will learn:

    How to build and scale a decentralized M&A engine across geographies

    The critical role of strategic focus, pipeline ownership, and integration playbooks

    Why cultural alignment and seller trust drive long-term M&A success

    What to look for when choosing a private equity partner—and how they can unlock growth

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process
    ________________________

    Episode Chapters

    [03:00] – The Culligan turnaround story

    [06:00] – Finding purpose and shifting strategy

    [08:30] – How Culligan mapped its global market

    [11:00] – Role of Advent and consulting partners in early strategy

    [13:30] – Building the M&A engine: people, pipeline, and playbooks

    [17:00] – Scaling programmatic M&A across 50+ countries

    [25:00] – Structuring the M&A org and decentralized execution

    [29:00] – Building seller trust and sourcing proprietary deals

    [33:00] – How Culligan stays buyer-led at scale

    [38:00] – The role of the Head of Corp Dev in a programmatic model

    [41:00] – Choosing the right PE partner: Advent vs. BDT MSD

    [48:00] – The risk of overrelying on synergies and underinvesting in capability

    [51:00] – Advice for CEOs building a repeatable M&A model

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



  • Fixing Broken Companies Through Smart Deals with Marc Bell Part 2

    Fixing Broken Companies Through Smart Deals with Marc Bell Part 2

    · M&A Science

    Marc Bell, CEO of Marc Bell Capital

    Marc Bell has taken 17 companies public, rebuilt distressed businesses, and invested across industries most wouldn’t dare touch. In this follow-up to Part 1, he’s back with sharp insights on what it really takes to run high-stakes deals—and survive them.

    Marc and Kison cover everything from building a rock-solid diligence process to choosing between private equity and private credit. They get tactical about capital allocation strategy, reflect on the mistakes that shaped Marc’s approach today, and unpack how to lead during downturns—when optimism fades and character shows.

    This episode is a masterclass in M&A realism. Whether you're planning your first minority recap or running a mature corp dev team, you'll walk away with fresh perspective—and a few war stories that’ll stick with you.

    Things you will learn:

    The tradeoffs between debt and equity—and when to choose either

    Why the wrong private equity partner can cost more than capital

    How to lead through setbacks and build people-first organizations

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process
    ________________________

    Episode Chapters

    03:00 – How to run smarter diligence

    04:30 – Building the business case

    06:30 – Avoiding deal surprises

    07:00 – Culture as a value lever

    09:30 – Capital allocation 101

    11:30 – Vetting PE partners

    15:30 – Why Marc avoids public markets

    18:30 – Structuring around IRR and risk

    20:30 – Real estate timing and opportunity

    22:00 – Leading through failure

    24:00 – Solving real problems with hospitality

    25:30 – The cost of bad partners


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

  • Fixing Broken Companies Through Smart Deals with Marc Bell

    Fixing Broken Companies Through Smart Deals with Marc Bell

    · M&A Science

    Marc Bell, CEO of Marc Bell Capital

    Marc Bell is a self-described “deal junkie” who’s built an empire across internet infrastructure, real estate, entertainment, defense, and private equity. In this episode, Marc breaks down his unconventional path—from turning around Penthouse into a $500M acquisition engine, to producing Tony Award-winning Broadway shows, to backing national security tech ventures and building satellites.

    Marc shares the playbook he’s refined over decades: how to spot a distressed asset worth saving, why structure and cash flow trump hype, and how to create value by backing the right people and thinking creatively about capital. Whether you're a corporate acquirer or an entrepreneur with a nose for opportunity, this is a masterclass in pragmatic, performance-driven dealmaking.

    Things you will learn:

    How to spot and structure deals for distressed or undervalued businesses

    Why betting on the right operator (“the jockey”) is more important than the business model

    The importance of supply chain control and cash flow in strategic execution

    Creative approaches to capital structure, seller financing, and aligning incentives

    ________________________

    Sponsored by DealRoom—where M&A chaos meets its match.
    Still stuck in spreadsheet hell?
    DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

    👉 Learn how you can run a repeatable, buyer-led process

    ___________

    Join Kison at the DealMakers Forum in New York City!
    This event connects the most active players in M&A and corporate finance. Meet top M&A executives, investors, and deal advisors and discover how senior leaders structure and close high-value deals.

    Register Today!
    ________________________

    Episode Chapters

    [00:01:00] Early Career & First Exit
    [00:03:00] Buying Penthouse out of Bankruptcy
    [00:04:30] Leveraging SPACs to Launch a Mortgage REIT
    [00:05:30] Producing Broadway Hits
    [00:06:30] Owning Real Estate to Control Operations
    [00:08:00] Entrepreneurial Mindset & Real Estate Arbitrage
    [00:10:00] What Marc Looks for in New Ventures
    [00:11:00] Case Study: Turning Around a Watch Brand
    [00:13:00] Capital Structure Strategy
    [00:15:00] Avoiding Overvaluation & Managing Risk
    [00:18:00] Betting on the Jockey
    [00:26:00] Incentive Alignment in Operations


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

  • Inside Soundtrack’s Roll-Up Strategy: Building a Global Leader in Background Music with Ola Sars

    Inside Soundtrack’s Roll-Up Strategy: Building a Global Leader in Background Music with Ola Sars

    · M&A Science

    Ola Sars, Founder, CEO & Chairman of Soundtrack Your Brand

    In this episode of M&A Science, Ola Sars shares the story of his 20-year journey disrupting the music industry—first by co-founding Beats Music (later acquired by Apple), and now as the visionary behind Soundtrack Your Brand. Ola dives into the bold thesis that’s guided his career, why he’s pursuing a buyer-led M&A approach to consolidate a fragmented background music market, and how he’s turning legacy customer bases into scalable SaaS revenue.

    Things you will learn:

    How to turn a product thesis into a long-term growth engine

    How Ola evaluates roll-up targets based on CAC and subscription quality

    What it takes to digitize a legacy industry with B2B SaaS

    Lessons from Beats Music, Apple, and Spotify on scaling and selling

    ______________________
    This episode is sponsored by DealRoom! Turn your chaos into control.

    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.
    👉 Learn how you can run a repeatable, buyer-led process

    ___________

     Join Kison at the DealMakers Forum in New York City!
    This event connects the most active players in M&A and corporate finance. Meet top M&A executives, investors, and deal advisors and discover how senior leaders structure and close high-value deals.

    Register Today!
    ________________________

    Episode Chapters

    [00:01:00] Introduction & Background

    [00:03:30] Early Thesis in Music Digitization

    [00:04:30] Building and Selling Pacemaker and Let’s Mix

    [00:06:00] Founding Beats Music & Apple Acquisition

    [00:14:00] Lessons from Integration

    [00:18:30] Starting Soundtrack with Spotify

    [00:25:00] Licensing Challenges & Global Scale

    [00:28:30] Organic vs Inorganic Growth

    [00:30:00] The Soundtrack M&A Playbook

    [00:33:00] Convincing Sellers to Join the Platform

    [00:36:00] How Licensing Negotiations Built M&A Muscle

    [00:46:00] Looking Ahead

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

  • How to Build Better Deals: Sourcing and Integration with John Romeo

    How to Build Better Deals: Sourcing and Integration with John Romeo

    · M&A Science

    John Romeo, CEO of the Oliver Wyman Forum and Head of M&A at Oliver Wyman

    We sit down with John Romeo to explore Oliver Wyman’s disciplined, strategic approach to M&A. Romeo shares how his team sources deals through a bespoke pipeline, aligns incentives with founder-led businesses, and plans integrations that prioritize people and long-term value creation. From cultural diligence to pricing discipline, this episode reveals what it really takes to execute successful deals in a high-touch, people-driven industry.

    What You’ll Learn:

    How to build and manage a bespoke M&A pipeline

    The difference between banker-led and buyer-led deal processes

    What cultural alignment looks like in professional services deals

    How to structure integration and retention plans to protect long-term value

    ______________________
    This episode is sponsored by DealRoom! Turn your chaos into control.

    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.
    👉 Learn how you can run a repeatable, buyer-led process

    ___________

    Join Kison at the DealMakers Forum in New York City!
    This event connects the most active players in M&A and corporate finance. Meet top M&A executives, investors, and deal advisors and discover how senior leaders structure and close high-value deals.

    Register Today!
    ________________________

    Episode Chapters

    [00:01:00] – John’s career journey and role at Oliver Wyman
    [00:04:00] – Purpose of the Oliver Wyman Forum and strategic M&A outlook

    [00:09:00] – Oliver Wyman’s M&A philosophy: strategy, culture, math
    [00:15:00] – Sourcing strategy: bespoke vs. banker-led deals
    [00:20:00] – How they build a deal pipeline and prioritize targets
    [00:24:00] – Building long-term relationships with potential targets
    [00:30:00] – Aligning incentives and structuring fair deal terms
    [00:34:00] – Real-world example: Oliver Wyman’s acquisition of Avascent
    [00:39:00] – Integration best practices and measuring success
    [00:44:00] – Retention strategy for people-based businesses
    [00:47:00] – Applying lessons from private equity to internal M&A
    [00:50:00] – Creating an M&A culture across the organization

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

  • How to Get Investors Onboard: What Founders Need to Know Part 2 with Stew Campbell

    How to Get Investors Onboard: What Founders Need to Know Part 2 with Stew Campbell

    · M&A Science

    Stew Campbell, Partner at The Chernin Group

    In Part 2, Stew Campbell returns to share tactical guidance for founders evaluating outside capital. We dive deep into how to run a founder-led investor process, what to watch for in term sheets, and how to build long-term wealth while scaling a founder-led business. Stew breaks down growth equity vs. private equity, investor diligence, and how to choose a partner who accelerates—not limits—your next chapter. This episode is a must-listen for any operator planning a recap, acquisition, or capital raise in the next 1–3 years.

    Things You’ll Learn:

    How to run a founder-led competitive investor process

    What to ask when evaluating potential investors and term sheets

    How to align capital strategy with long-term wealth goals

    Ways great investors create real value beyond the check

    ______________________
    This episode is sponsored by DealRoom! Turn your chaos into control.

    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.
    👉 Learn how you can run a repeatable, buyer-led process

    ___________

     Join Kison at the DealMakers Forum in New York City!
    This event connects the most active players in M&A and corporate finance. Meet top M&A executives, investors, and deal advisors and discover how senior leaders structure and close high-value deals.

    Register Today!
    ________________________

    Episode Chapters

    [00:04:00] - What happens when firms break process and push early

    [00:05:00] - Building long-term relationships before you transact
    [00:08:30] - IOI vs. LOI: How to solicit and compare offers

    [00:09:30] - The three most important terms to negotiate

    [00:12:30] - Founder control, redemption timelines, and board dynamics

    [00:15:00] - Setting personal wealth goals alongside business strategy

    [00:19:30] - Case study: How one founder gave back to their community

    [00:21:30] - Challenging assumptions around recap timing

    [00:27:00] - How to get the most value from investor advisors

    [00:34:30] - Bootstrap vs. venture-backed founder mindsets

    [00:46:30] - Craziest things seen in M&A: Founder stories & deal drama

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

  • Growth Equity vs. PE vs. VC: What Founders Need to Know Part 1 with Stew Campbell

    Growth Equity vs. PE vs. VC: What Founders Need to Know Part 1 with Stew Campbell

    · M&A Science

    Stew Campbell, Partner at The Chernin Group

    In this episode of M&A Science, host Kison Patel sits down with Stew Campbell to explore how growth equity supports founder-led companies beyond just capital. Stew shares lessons from his career helping businesses scale while preserving their culture and mission. They discuss how founders should think about their boards, when to consider a minority recap, what separates elite investors, and how to navigate noisy capital markets with clarity and confidence.

    Whether you're a founder eyeing your next stage of growth or an operator thinking through the right partner, this episode unpacks how to scale with intention.

    Things you will learn:

    What a value-creating board actually looks like—and how to build one

    How to differentiate growth equity, private equity, and venture capital

    When to consider a minority recap—and how to structure it

    Why investor relationships are a long game and how to run your own "unbanked process"

    __________
    Turn Your Chaos into Control:
    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.

    👉 Learn how you can run a repeatable, buyer-led process.
    ____________

    Episode Timestamps

    [00:01:00] – Stew’s background and approach to founder-led growth equity

    [00:04:30] – The evolving role of boards in high-growth companies

    [00:07:00] – How a board should operate: collaboration, not control

    [00:10:30] – Case study: Epic Gardening and M&A-driven growth

    [00:13:30] – Case study: SmartSign and defensive M&A strategy

    [00:15:30] – Vetting investors: reputation, value creation, and timelines

    [00:20:00] – How associates should add value in early-stage investor conversations

    [00:22:30] – What makes a high-performing board: North Star alignment

    [00:26:30] – Challenges with multi-investor boards and competing agendas

    [00:28:00] – The differences between growth equity, venture capital, and private equity

    [00:33:00] – Structuring a minority recap: how to think about terms, timing, and alignment

    [00:40:00] – How to run your own competitive process without a banker

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

  • How to Scale Global M&A with Culture, Strategy, and AI with Rob Brown, CEO of Lincoln International

    How to Scale Global M&A with Culture, Strategy, and AI with Rob Brown, CEO of Lincoln International

    · M&A Science

    Rob Brown, CEO of Lincoln International

    Explore how one of the world’s top M&A advisory firms scales through acquisition. Rob shares his leadership journey, reveals how Lincoln actively manages culture during growth, and explains why integration starts from Day 1. Rob and Kison also dive into cross-border M&A, the rise of buyer-led strategies, and how AI is transforming the deal process.

    💡What You’ll Learn

    Why culture is the cornerstone of successful M&A growth

    How Lincoln approaches acquisitions differently in Europe vs. the U.S.

    How to assess cultural fit beyond leadership alignment

    How AI is driving efficiency and insight across Lincoln’s global platform

    __________
    Turn Your Chaos into Control:
    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.

    👉 Learn how you can run a repeatable, buyer-led process.

    Episode Chapters

    [02:30] Rob’s journey from employee #7 to CEO of a global firm

    [05:00] How Lincoln defines and manages culture across global offices

    [07:00] Organic vs. inorganic growth and why culture drives both

    [10:30] Strategic approach to geographic expansion

    [12:00] Case study: Acquiring TCG to scale European tech advisory

    [16:00] Navigating cultural differences in U.S. vs. European deals

    [20:00] Lincoln’s capital structure as a private partnership

    [24:00] How to rigorously evaluate cultural fit in M&A

    [28:30] Day 1 integration tactics and why speed matters

    [31:00] The evolution of buyer-led M&A and Lincoln’s perspective

    [35:00] How sellers can prepare for a successful exit

    [47:30] How Lincoln uses AI (Link) to scale knowledge and efficiency

    [51:30] What’s next: AI-enabled prediction of buyer behavior

    [53:00] Craziest M&A story Rob’s experienced

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

  • How Private Equity Firms Structure M&A Deals with Jon Dhanawade

    How Private Equity Firms Structure M&A Deals with Jon Dhanawade

    · M&A Science

    Jon Dhanawade, Private Equity M&A Partner at Mayer Brown

    In this episode of M&A Science, Kison Patel sits down with Jon Dhanawade to unpack how private equity firms structure M&A deals—what works, what doesn’t, and how to manage risk every step of the way. Jon brings legal insight from both sides of the table, sharing practical strategies for aligning deal terms with investment objectives, mitigating downside risk, and building strong seller relationships. Whether you’re a corporate buyer or a fund-backed operator, this episode will help sharpen your deal judgment and show you what it takes to get complex deals over the finish line.

    💡What You’ll Learn

    🔹 How PE firms use rollover equity, seller notes, and earnouts to align incentives

    🔹 Legal red flags to watch for in M&A diligence (and how to catch them early)

    🔹 How to negotiate LOIs without boxing yourself in

    🔹 Common structuring mistakes and how top deal lawyers avoid them

    _______________

    💡Try FirmRoom for Free

    This episode is sponsored by FirmRoom. The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

    Get started with your free trial today at firmroom.com!

    _______________

    Episode Chapters

    [00:01:00] Intro to Jon’s role at Mayer Brown and teaching at Northwestern

    [00:03:00] The evolution of PE deal types and market uncertainty

    [00:05:00] How Jon prepares students to be effective transactional lawyers

    [00:06:30] Strategic vs. PE buyers: What’s different for lawyers

    [00:09:00] Rise of private credit and bespoke capital structures

    [00:12:00] How PE firms approach platform vs. add-on acquisitions

    [00:16:00] Portfolio enhancement strategies during slow markets

    [00:17:00] Comparing seller notes, earnouts, and rollover equity

    [00:29:00] Structuring LOIs to preserve flexibility and manage risk

    [00:41:00] Designing earnouts tied to transition or integration milestones

    [00:52:00] Legal red flags in diligence: contracts, consents, liabilities

    [00:57:00] Biggest deal mistakes and how to avoid them

    Questions, comments, concerns, compliments?
    Follow Kison Patel and M&A Science on LinkedIn to connect and stay up to date with the podcast.

  • Lessons from 90+ Deals: Questex CEO, Paul Miller on Cultural Fit, Value Creation & Post-Close Audits

    Lessons from 90+ Deals: Questex CEO, Paul Miller on Cultural Fit, Value Creation & Post-Close Audits

    · M&A Science

    Paul Miller, CEO of Questex

    Paul Miller joins us to share his extensive experience in M&A, having led more than 90 acquisitions throughout his career. Paul reveals how Questex uses a proactive, buyer-led approach focused on culture, strategic alignment, and integration discipline.

    The conversation dives into the importance of early relationship-building with potential targets, auditing post-close success, and developing internal M&A capability—even when the team has no prior deal experience. Paul also shares candid advice on international deals, when to walk away, and how to avoid the common trap of "deal fever."

    💡Things you will learn:

    Why cultural fit and people issues often make or break a deal

    How to proactively source and warm up acquisition targets

    What to include in your M&A integration playbook and audit process

    When and why to walk away from a deal—even post-LOI

    Turn Your Chaos into Control:
    Tired of chasing updates across spreadsheets and email threads? Discover how DealRoom helps corporate development teams bring order to M&A.

    👉 Learn how you can run a repeatable, buyer-led process.

    💡 Episode Chapters

    Intro and Guest Background – 00:00:00
    Biggest Lessons Learned from 90+ Acquisitions – 00:03:00
    Proactive Buyer Outreach and Building Relationships Early – 00:04:00
    Assessing Culture and People Fit in Target Companies – 00:13:00
    How to Approach Founder-Led vs. Institutional Sellers – 00:10:30
    Retaining or Replacing the CEO Post-Close – 00:17:00
    Customer Diligence and Walking Away Post-LOI – 00:19:30
    Developing a Structured, Data-Driven Deal Process – 00:25:00
    Integration Playbook and Post-Close Audits – 00:31:00
    Empowering the Full Exec Team to Source Deals – 00:37:30
    The Importance of Learning by Doing in M&A – 00:32:30
    Hardest Deal: Cultural Surprises in a China Acquisition – 00:42:00

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

  • How ZRG’s CEO Built a 17-Deal M&A Engine with Larry Hartmann

    How ZRG’s CEO Built a 17-Deal M&A Engine with Larry Hartmann

    · M&A Science

    Larry Hartmann, CEO of ZRG Partners

    Larry Hartman, CEO of ZRG Partners dives into aligning strategic M&A with scalable growth. Larry shares how he transformed ZRG into one of the fastest-growing executive search and talent advisory firms through 17 acquisitions in just four years. They break down how to compete with strategic buyers, incentivize founders post-close, maintain deal momentum, and choose the right private equity partner to fuel long-term value.

    Things You Will Learn

    How to compete with strategics and win deals through culture and upside

    Structuring founder incentives: equity, earnouts, employment, and non-competes

    Why proprietary deal flow beats auction processes—and how to build it

    The role of private equity in accelerating M&A strategy and funding



    ________
    Try FirmRoom for Free
    This episode is sponsored by FirmRoom. The World’s Most Intuitive Virtual Data Room With AI Contract Analysis No Per-Page Fees. No B.S. Just Smarter, Faster Deals.

    Get started with your free trial today!
    ________

    Episode Chapters:

    [00:01:00] – Larry’s entrepreneurial background and ZRG’s origin story

    [00:03:30] – Lessons from being acquired by American Express

    [00:04:30] – Competing with strategics: The second bite of the apple and culture

    [00:07:00] – Keeping founders engaged post-close with rollover equity and vision

    [00:09:30] – When M&A became central to ZRG’s growth strategy

    [00:11:30] – Building the internal M&A team: CFO, corp dev, and beyond

    [00:14:00] – Structuring founder incentives and employment contracts

    [00:18:30] – Buyer-Led M&A in action: Vision planning and relationship-building

    [00:24:30] – Retaining and incentivizing key non-founder talent

    [00:30:30] – ZRG’s approach to integration: Do no harm, add value gradually

    [00:35:00] – Managing valuation gaps and founder expectations

    [00:43:30] – Finding the right PE partner and running a dual-track growth strategy

  • 4 Ways to Grow a Multi-Site Business While Protecting Core Values with Clare Roberts

    4 Ways to Grow a Multi-Site Business While Protecting Core Values with Clare Roberts

    · M&A Science

    Clare Roberts OBE, Founder and CEO at Kids Planet

    In this episode of M&A Science, Clare Roberts shares her journey of founding Kids Planet and growing it into one of the UK’s largest childcare providers with 225 nurseries. She reveals how she balanced organic growth with strategic acquisitions while staying true to her company’s values. Clare discusses the importance of culture in M&A, managing seller relationships, and how to maintain operational quality during rapid expansion. If you’re scaling a business and want to do it without losing sight of what matters most, this is an episode for you.

    Things you will learn:

    How to maintain company culture during rapid M&A growth

    The benefits of blending organic growth with acquisitions

    How to build trust with sellers and integrate their teams smoothly

    Why proactive leadership and transparency are key to successful integrations

    Episode Chapters

    [00:01:00] Clare’s background and founding story of Kids Planet

    [00:09:30] Transitioning from private investment to private equity support

    [00:12:00] Lessons on choosing the right PE partner beyond capital

    [00:15:00] Sourcing deals and balancing culture fit in acquisitions

    [00:23:00] Typical deal structures: flexibility with freehold vs. leasehold

    [00:26:00] Buyer-led M&A: simplifying the process for sellers and prepping for integration

    [00:29:00] Integration strategy and the role of personalized support

    [00:32:00] Embedding and maintaining culture in newly acquired businesses

    [00:37:30] Common challenges post-acquisition and how to solve them

    [00:43:00] Exploring international expansion and lessons from growing in new markets

    [00:46:30] Clare’s advice for new roll-up strategies and maintaining operational quality

    [00:49:30] Craziest things seen in M&A and why lifestyle businesses pose risks

  • Managing Risks and Liabilities in M&A with Tina Kassangana

    Managing Risks and Liabilities in M&A with Tina Kassangana

    · M&A Science

    Tina Kassangana, Corporate & M&A Lawyer, Associate at Moritt Hock & Hamroff LLP

    Tina Kassangana joins usto explore how legal counsel manages risk throughout the M&A lifecycle. With firsthand insight from a practicing M&A attorney, this conversation dives into the real-world complexities of diligence, purchase agreement structuring, reps and warranties, and navigating disputes post-close. Whether you're a first-time buyer or a seasoned dealmaker, Tina offers sharp, practical guidance that demystifies the legal side of dealmaking.

    Things you will learn:

    The three main stages where legal risks arise in M&A—and how to mitigate them

    Why reps and warranties clauses and disclosure schedules are critical

    How to align buyer-seller expectations in earnouts and seller financing

    Legal strategies to prevent conflicts in multi-agreement deals

    Bookmarks

    Intro and Tina’s Background – [00:01:00]

    Early M&A Risk Identification – [00:05:00]

    Buy-Side LOI and Risk Management Roleplay – [00:06:30]

    Earnouts vs. Seller Financing and Structuring Strategy – [00:08:00]

    Escrow, Reps and Warranties Insurance Deep Dive – [00:11:00]

    Asset vs. Stock Deals and Contract Transfer Issues – [00:13:00]

    Post-Close Risk & Working Capital Disputes – [00:25:30]

    Disclosure Schedules and Rep Breaches – [00:28:30]

    Conflicting Terms in Multi-Agreement Deals – [00:35:00]

    Post-Close Litigation Triggers (Earnouts, Employment, Equity) – [00:38:00]

    Jurisdictional Conflicts and Governing Law – [00:39:00]

    How AI Is Changing Contract Analysis – [00:55:00]

  • Buyer-Led M&A: How To with Carson Group's Michael Belloumini

    Buyer-Led M&A: How To with Carson Group's Michael Belloumini

    · M&A Science

    Michael Belluomini, Senior Vice President, Mergers and Acquisitions, Carson Group

    Kison sits down with Michael Belluomini to unpack how Carson Group scaled its M&A strategy—shifting from internal partner investments to sourcing proprietary external deals at volume. Michael shares tactical insights into managing concurrent transactions, building a sourcing engine, and executing with precision.

    Things You’ll Learn:

    The differences between Buyer-Led and Seller-Led M&A—and when to use each

    How Carson Group built a scalable sourcing engine across multiple deal channels

    Strategies for managing 3–5 concurrent deals without burning out internal teams

    Why culture fit and trust are non-negotiables in M&A success

    Episode Chapters

    [00:01:00] Michael’s background in M&A and move to Carson Group

    [00:05:30] Building equity partnerships with independent advisors

    [00:07:00] Carson’s first external acquisition and shift to full ownership deals

    [00:08:30] Sourcing strategies: banker-led vs. proprietary sourcing

    [00:10:30] Key differences between internal and external M&A transactions

    [00:12:00] The case for buyer-led M&A: process control and long-term outcomes

    [00:17:30] How Carson builds proprietary pipeline using data, outreach, and coaching

    [00:20:00] Structuring outreach and qualifying prospective sellers

    [00:22:30] Building trust in the process and winning deals beyond valuation

    [00:31:00] Integration strategy and Carson’s one-stage close model

    [00:35:00] Managing 14 deals in one year with a lean team and specialized roles

    [00:37:00] Why Carson adopted DealRoom to streamline pipeline and diligence

    [00:41:00] How to reduce seller fatigue and coach through diligence

    [00:44:00] Culture fit as a non-negotiable deal criterion

    [00:50:00] The craziest thing Michael’s seen in a deal

    [00:52:00] What sellers do after exiting—and why finding your “next” matters

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