M&A Science

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

  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.

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  52:20
• Growth Equity vs. PE vs. VC: What Founders Need to Know Part 1

  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.

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  45:34
• How to Scale Global M&A with Culture, Strategy, and AI with Rob Brown, CEO of Lincoln International

  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.

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  57:52
• How Private Equity Firms Structure M&A Deals with Jon Dhanawade

  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.   

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  1:04:41
• Lessons from 90+ Deals: Questex CEO, Paul Miller on Cultural Fit, Value Creation & Post-Close Audits

  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.

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