articlesWriting on M&A, private equity, and growth
Notes from three decades of building deal teams, negotiating transactions,
and running the operating work that follows the close.
FEATURED · M&ABuilding an Effective M&A Deal Team
The composition of the deal team (not the model, not the banker)
is what determines whether a transaction creates value. A
practical look at roles, decision rights, and the handoff to integration.
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Archive
The Duality of Today’s Private Director Role
Board governance mythology is built for public companies, but private boards, and the investor-directors who sit on them, operate by very different rules.
Pressure Creates Diamonds But Also Bursts Pipes - How to Balance Driving the Management Team with Realistic Expectations
PE-backed boards must push management hard enough to hit 3-5 year return targets, without setting expectations so high the team is set up to fail.
Building an effective M&A deal team
M&A pulls resources from across the organization under intense time pressure. Here's how to structure a deal team that can actually execute.
Selling Your Business? Don't Leave Money on the Table.
Selling a business you built is a defining, once-in-a-lifetime event. Founders who don't prepare properly often leave real value on the table.
Effective Use of Vendors in M&A Deal Processes
Lawyers and bankers aren't just gap-fillers, they're a force multiplier when a deal team knows how to deploy them well.
Large Corporates Divesting Subscale Businesses Effectively
Divestitures are as much a part of the M&A lifecycle as acquisitions, worth over $2.1 trillion globally in 2021 alone. Most large companies now review their portfolios on an ongoing basis.
The First Conversation to LOI with Michael Frankel
From first outreach to a signed LOI, the early steps of a deal set the tone for everything that follows, a field guide to sourcing and closing that stretch.
How Corporations Can Benefit From VC Investments in Technology
Today's tech giants were once VC-backed startups themselves. Many now run their own corporate venture arms to stay close to what's next.
Inference and Signaling: Is Your Brain Leveraging The World to Make Better Decisions…Or Are Other People Taking You And Your Brain For A Ride?
Your brain makes constant shortcuts to cope with incomplete information, useful most of the time, but worth understanding before it quietly steers a decision astray.
Meditation, Mindfulness and Business Innovation
Every era has its self-improvement trend. A clearer-eyed look at what mindfulness practice actually does, and doesn't do, for business innovation.
The Human Factor - Gumming Up the Efficient Corporation?
Markets are assumed to be efficient, but companies are made of people, not spreadsheets. Where the human element breaks the efficiency story.
Isolation or Conflict…The Innovator’s Dilemma
Comfortable executives tolerate evolutionary change but resist the disruptive kind. The innovator's real dilemma is choosing between isolation and conflict to get heard.
The Fantasy of the Long Term Business Case
Every major investment case relies on a multi-year financial projection. The one thing they all have in common: they're wrong, here's how to use them anyway.
Deal-Maker Adverse Incentives in a Hot Market
Pair a growth-hungry CEO with a corporate development leader, and M&A can look like a deceptively easy shortcut to scale. A look at the incentives that make hot markets dangerous.
See Something (Weird) …. Say Something (Innovative)
Predicting the future from historical data has real limits. Sometimes the earliest signal of what's next looks nothing like a trend at all.
M&A Trends and Interesting Times
Great analysis of M&A trends by the Deloitte team. Couple of observations I would make (personally - not representing Deloitte or the M&A Services team).
Hybrid People… Not Cars
Hybrid isn't just for cars. As industries blur, expect a lot more hybridization in business, and in the people who run it.
The Emerging Fixed Cramdown Rate Regime: A Market-Driven Argument for Effective Fixed Rates in Bankruptcy Cramdown
This Comment examines the advantages and disadvantages of various discretionary approaches courts have adopted. It will argue that courts should determine cramdown rates with an alternative rules-based approach.