M&A Science

Kison Patel

M&A Science, hosted by Kison Patel (Founder & CEO of DealRoom), is your go-to podcast for mastering the art of mergers and acquisitions. Each week, Kison and his expert guests from leading brands like Xerox, FastLap, and Cisco dig deep into real-world M&A strategies, offering actionable insights to optimize your M&A practice. Whether you're an experienced practitioner or new to the field, M&A Science provides practical advice on key topics like sourcing, due diligence, integration, divestitures, and more. With over 300 episodes, this podcast is the premier thought leadership resource designed to streamline your deal-making process. Start listening today and visit mascience.com/podcast to access over 300 episodes. Brought to you by DealRoom, the leading M&A optimization platform used by the best M&A teams around the world

  1. 3d ago

    M&A's Sales Diligence Blind Spot: What 5 CRO Tours Taught John McMahon

    Most buyers diligence a sales org by ranking the reps and cutting the bottom of the list. But if you ask John McMahon, that's usually the wrong target. In most cases, the problem is the manager. John should know, because he's seen both sides of a sales integration. Cisco bought GeoTel, scattered its 50-rep software team across a router sales force, and lost nearly all of them. BMC bought BladeLogic, put John in charge of all of BMC sales, and took average rep productivity from $1.17 million to $2.23 million in a year. In this conversation, John tells Kison how to read a sales org before close: Map both ICPs first, grade managers on recruiting and forecast accuracy, and spot the farmers who can't hunt. He also covers why overlay models quietly burn money, how a new-logo gate in the comp plan keeps reps from living off the install base, and why an AI-filled MEDDPICC field doesn't mean a deal is qualified. What You'll Learn Diligence the managers, not just the reps. When reps underperform, check the manager first. Replacing a bad manager often turns the same reps around. Map both ICPs before you model cross-sell. If you sell to engineering and the target sells to finance, the cross-sell case is weak. Shared or adjacent personas are where the upside lives. Use productivity per rep to find weak managers. Compare each manager's per-rep average to the sales force average. Below-average quarter after quarter means no new headcount. Train both teams on both product lines instead of adding overlays. Overlays turn hunters into reps who wait to be invited into accounts. Gate commissions on new logos. Pay the higher rate above quota only once a rep hits a set number of new logos, so the team doesn't live off the install base. Win the undecided middle fast. After close, one group wants new leadership, one never will, and the middle is watching. Train them and help them win deals before the holdouts sway them. Treat forecast accuracy as a manager's real test. Accurate forecasts mean the manager knows the deals and the reps. An AI-filled MEDDPICC field doesn't. --- Grading a target's sales managers in diligence only pays off if those findings reach the team running the integration. DealRoom is the AI-powered operating system for Buyer-Led M&A™, where findings on the target's sales leadership, ICP, and go-to-market motion feed straight into the integration plan. Customers cut person-hours per deal by ~50%: bit.ly/4eYoRjW

  2. Oct 29

    Strategy Drives M&A, Not the Other Way Around

    Most corp dev teams let the banker inbox set the agenda. Michael Guptan, who has led or contributed to 120+ transactions worth over $100B across Dell, Walmart, DXC, and now The Trade Desk (NASDAQ: TTD), says that's backward. Strategy drives M&A. His approach starts long before a deal. Define where the company needs to be in three to five years, find the gaps, then build relationships with likely targets 12 to 18 months before any deal talk, so culture is clear before the LOI. Michael and Kison cover: The red flags that signal a culture mismatch When to buy instead of build (time to market usually decides it) Negotiating the whole package: speed, certainty of close, retention, and org structure Budgeting 5 to 10% of deal value for integration on smaller deals, with the integration lead in diligence Why he avoids compressed auctions, and the judgment calls he won't hand to AI Kison also puts DealRoom's own strategy on the table for a live role play. Tracking targets 12 to 18 months out only works if your pipeline lives somewhere other than inboxes and spreadsheets. DealRoom is the AI-powered operating system for Buyer-Led M&A™, with one source of truth for targets, notes, and emails, and diligence findings that feed straight into the integration plan. Customers cut person-hours per deal by ~50%: bit.ly/4eYoRjW

  3. Oct 22

    How to Get to Yes

    Most people assume the hard part of an M&A deal is getting the contract signed. However, Meg Cavanaugh, SVP of Legal at Commvault (NASDAQ: CVLT), has spent her career proving otherwise. Meg worked in-house at three public companies, closing acquisitions almost every week during her six years at Carbonite before moving to Commvault, where her role spans legal, diligence, and integration.  What You'll Learn Draft the LOI in-house before outside counsel sees it. Keep the tone and structure matched to your own deal philosophy, then bring outside counsel in to review rather than build from scratch. Treat LOI negotiation as diligence. Every redline you get before signing tells you something real about the people and the business on the other side of the table. Push back on conservative lawyering. Don't let a deal stall over an immaterial closing condition or a 0.01% edge-case indemnification issue. Choose asset vs. stock purchase around what you need to exclude. Asset deals let you carve out debts and liabilities explicitly; stock deals mean you're taking on the whole company. Chase down change of control provisions early. Left unaddressed, they can let a key customer walk the moment the deal closes. Build a Corp Dev team that owns the deal and the integration. Once you build that muscle successfully, it gets easier to repeat. Train non-lawyers to negotiate commercial contracts. Give them the playbook, audit their work, and save outside counsel for the purchase agreement itself. --- Meg's in-house team reads every contract in the data room, then puts what they find on the CISO's, engineering's, and compliance's radar before close. DealRoom Diligence was built for that handoff. Each finding is logged with an owner and a mitigation plan, then carries straight into the integration plan, and the AI document analysis is built to reduce internal & external legal costs by 60%. See how it works: https://bit.ly/4BxCAb5

  4. Oct 15

    M&A Horror Stories

    A partner's spouse joined a call two weeks from closing. One background check later, a PE deal was dead, along with every dollar spent on diligence and attorney fees. Kison gathered the deal stories practitioners leave out of case studies, with the names removed. Corporate development leaders, attorneys, and advisors share deals that died at the signature line. There's also a roughly $1 billion divestiture that was unwound after a withheld forecast surfaced the morning after the wire. And a losing bidder bought the same company back 18 months later for about 80% less. The pattern across them: a late surprise kills trust faster than it kills valuation. Most of these deals died on something that surfaced too late. DealRoom, the AI-powered operating system for Buyer-Led M&A™, keeps diligence requests, open items, and findings in one place from the start of a deal. That way surprises show up while you can still price them or walk away. See how by clicking here.

  5. Oct 8

    The Vendor Trap That Derails Carve-Outs

    Days before closing a carve-out, Danielle Fortier's team found the seller's vendor list was off by dozens of vendors. Danielle, a partner at Cooley with four corporate carve-outs closed this year, explains why: back-office vendors are shared across every business line, and deal leads rarely focus on them early. Her roadmap maps every entanglement, checks it against what the buyer already has, and sends only true gaps to the TSA. Cloud hosting, finance and IT security are the usual traps. Settle TSA length and pricing in the LOI. She has seen sellers assume three months while buyers assumed 18. Her biggest warning is over-relying on the TSA. Six months in, you still go to the seller for everything. That vendor surprise happens when entanglements, gap owners and TSA schedules live in lists nobody fully trusts. DealRoom keeps carve-out diligence, open requests and integration planning in one connected platform, so gaps found in diligence carry into the post-close plan. See how Infoblox consolidated 5+ tools from pipeline through integration: Infoblox's Case Study

  6. Oct 1

    How to Build Trust and Leverage in M&A

    "Never use the word 'trust me.' It's those people you can't trust." Jerry Cedicci, Kison Patel's boss from twenty years ago, built hundreds of millions of dollars in real estate, cafes, hotels, and restaurants. This is his playbook. For Jerry, trust is structural. Ask to run the business you're buying, let the seller fire you anytime, and hand them every card so they can't lose. He pushes the other side to name a price first so he never negotiates against himself, and he'll pay full price when the seller finances it. Then Kison raises a competitor he wants to buy that won't share financials. Jerry works it live: skip the financials and ask how many clients, set your threshold, size what the company could become, and offer 6 against an expected 5 to 10. In corporate M&A, Kison notes, earning a seller's trust can take a year, which means tracking targets long before they're ready to sell. Qualfon reviews 75–100 targets a year and runs that pipeline in DealRoom with real-time reporting: read more here.

  7. Sep 24

    The Man Who Taught Kison Patel to See M&A Opportunities

    "At the closing table, I left with a check of $10 million." Jerry Cedicci bought a run-down Chicago hotel for $14 million and sold it for $24 million within a year. Jerry grew up in a French orphanage and arrived in the US in 1981 barely speaking English. Kison Patel hunted properties with Jerry about 20 years ago and learned much of his dealmaking from him. When a bank rejected Jerry's loan, he asked exactly why and got $3 million from the next bank. A landlord warned that the average bakery does $450 a day. Jerry's first did $1,500 on day one, and he wrote a $10 million option to buy the building into the lease, exercising it 10 years later. Skipping that option on his Michigan Avenue store was, he says, the biggest mistake of his life. Jerry's costliest mistake was an opportunity he saw and never locked in. Corp dev teams lose targets the same way when the pipeline lives in scattered spreadsheets. Jamf moved its deal tracking into DealRoom and cut deal time in half. Learn more about Jamf's case study here.

  8. Sep 17

    Why PE Rollups Fail the People Who Built the Business

    A $100 million preferred equity check with a 15% compounding floor needs $200 million back in five years, and all of it sits ahead of the producers holding common equity. Bill Johnson grew Liberty to $250 million in revenue in seven and a half years without taking on any equity. He explains why Liberty sits out auctions and how Goldman's preferred position in the Newfront sale to Willis crammed down common shareholders. He breaks down a pro forma move PE firms accept: cut an owner's $600,000 pay to a $150,000 salary, then ask for a 10 or 11 multiple on the difference. And he owns Liberty's mistake. After growing too fast, Liberty paused M&A in 2023 at about $150 million in revenue to build systems and upgrade leadership. Liberty's fix was a pre-close integration roadmap, built to integrate each deal within 60 to 90 days. That only holds when diligence and integration plans live in one place. See how Liberty built a single source of M&A truth with DealRoom and recorded $200K cost savings in the first year: read the case study here.

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About

M&A Science, hosted by Kison Patel (Founder & CEO of DealRoom), is your go-to podcast for mastering the art of mergers and acquisitions. Each week, Kison and his expert guests from leading brands like Xerox, FastLap, and Cisco dig deep into real-world M&A strategies, offering actionable insights to optimize your M&A practice. Whether you're an experienced practitioner or new to the field, M&A Science provides practical advice on key topics like sourcing, due diligence, integration, divestitures, and more. With over 300 episodes, this podcast is the premier thought leadership resource designed to streamline your deal-making process. Start listening today and visit mascience.com/podcast to access over 300 episodes. Brought to you by DealRoom, the leading M&A optimization platform used by the best M&A teams around the world

Information

  • Creator
    Kison Patel
  • Years Active
    2017 - 2026
  • Episodes
    440
  • Rating
    Clean
  • Show Website
    M&A Science

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