Confessions of a Corporate Dealmaker

Why Am I Here?

Let me take a minute to explain the purpose and reason for this blog.

First of all, when I see a lot of people making the same mistakes over and over, it motivates me to do something about it.  I really don't like to teach, but I love watching people learn and change because of my experiences (good and bad), and I guess my Midwestern upbringing taught me that it's just good to help out.  Look, the game has changed - the playing field and the rules are different, as an entrepreneur, you need to look at how you are doing things if you want to win!

In addition, I also really enjoy M&A, not just doing deals like a lot of people, but seeing deals work.  I believe acquisitions are an important part of our economy and capital markets.  I know most deals don't work, but when they do it improves our economy, our stock market, our venture capital system and continues to provide that spark that for some crazy reason makes someone wake up one day and say, "I think I can do it better on my own."  I also have a great network of thinkers who like to discus deals, and I find when we do, we all learn a lot more.  So I thought this might be a more efficient way to facilitate that.

Lastly, I should disclaim the thing that makes this blog possible is that I recently left my job.  I now finally have time to think about, capture and write down all of the M&A lessons and experiences gratefully learned from those who believed in me and woefully learned through my mistakes.  Unfortunately, my next employer may not appreciate or allow this kind of educational blog targeted at helping the very companies which that employer may want to purchase.  My opinion is this - a great deal is one in which both sides can look back and have the utmost respect for each other, knowing they treated the other fairly and ethically and not having any regrets.  While it may be short-lived, I will try to get as much content out as possible.  So I dedicate this blog to all the entrepreneurs who have the guts, drive, will or whatever it takes to start something different.  I hope this helps.

Go and Sin No More

For 13 Years I've been doing M&A transactions as an investment banker, working for both buyers and sellers, and as the corporate development officer of a serial acquirer.  I thought I knew everything there was to know about acquisitions: banking provides the repetition needed to really understand deal execution - negotiating merger documents, deal structuring, financing issues, financial due diligence and understanding the financial impact of the deal; corporate development requires you to focus on acquisition strategy, business due diligence and integration.

But I don't thing I really ever understood how to make a deal work until I was thrown into the role of President of a newly acquired operating division.  The painstaking two year journey of turning this division around and completely integrating it into another division gave me an entirely new outlook on how successful acquisitions should be done and forever etched on my brain how hard it is to make an acquisition work.

Throughout all of these experiences, I have watched as entrepreneurs have made the same mistakes over and over and too often failed to properly prepare their company for a M&A exit.  Hopefully some of what follows can cure that.