M&A Science

Latest Episodes:

Inside Soundtrack's Roll-Up Strategy: Building a Global Leader in Background Music with Ola Sars May 29, 2025

Show notes

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 May 26, 2025

Show notes

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

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 May 22, 2025

Show notes

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

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 May 19, 2025

Show notes

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 May 15, 2025

Show notes

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

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 May 08, 2025

Show notes

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 May 05, 2025

Show notes

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 May 01, 2025

Show notes

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 Apr 28, 2025

Show notes

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 Apr 24, 2025

Show notes

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: