Scott Clawson, CEO of Culligan International

Scott Clawson turned Culligan from a legacy water treatment business into a $3.3 billion global platform operating in over 50 countries—powered by a programmatic M&A engine that has executed 300+ acquisitions. In this episode, he sits down with Kison to share exactly how that machine works.

From beachside inspiration to building a decentralized deal engine, Scott walks us through his journey scaling Culligan’s strategy with support from capital partners like Advent and BDT MSD. He breaks down how to structure pipeline teams, create incentive systems that align corporate and local interests, and keep integration from becoming a bottleneck. If you want a real-world blueprint for high-volume, globally scaled M&A that doesn’t break the business—this episode delivers.

Things you will learn:

• How to build and scale a decentralized M&A engine across geographies

• The critical role of strategic focus, pipeline ownership, and integration playbooks

• Why cultural alignment and seller trust drive long-term M&A success

• What to look for when choosing a private equity partner—and how they can unlock growth

________________________

Sponsored by DealRoom—where M&A chaos meets its match. Still stuck in spreadsheet hell? DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth. 👉 Learn how you can run a repeatable, buyer-led process   ________________________

[03:00] – The Culligan turnaround story

[06:00] – Finding purpose and shifting strategy

[08:30] – How Culligan mapped its global market

[11:00] – Role of Advent and consulting partners in early strategy

[13:30] – Building the M&A engine: people, pipeline, and playbooks

[17:00] – Scaling programmatic M&A across 50+ countries

[25:00] – Structuring the M&A org and decentralized execution

[29:00] – Building seller trust and sourcing proprietary deals

[33:00] – How Culligan stays buyer-led at scale

[38:00] – The role of the Head of Corp Dev in a programmatic model

[41:00] – Choosing the right PE partner: Advent vs. BDT MSD

[48:00] – The risk of overrelying on synergies and underinvesting in capability

[51:00] – Advice for CEOs building a repeatable M&A model Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

Marc Bell, CEO of Marc Bell Capital

Marc Bell has taken 17 companies public, rebuilt distressed businesses, and invested across industries most wouldn’t dare touch. In this follow-up to Part 1, he’s back with sharp insights on what it really takes to run high-stakes deals—and survive them.

Marc and Kison cover everything from building a rock-solid diligence process to choosing between private equity and private credit. They get tactical about capital allocation strategy, reflect on the mistakes that shaped Marc’s approach today, and unpack how to lead during downturns—when optimism fades and character shows.

This episode is a masterclass in M&A realism. Whether you're planning your first minority recap or running a mature corp dev team, you'll walk away with fresh perspective—and a few war stories that’ll stick with you.

Things you will learn:

• The tradeoffs between debt and equity—and when to choose either

• Why the wrong private equity partner can cost more than capital

• How to lead through setbacks and build people-first organizations

________________________

Sponsored by DealRoom—where M&A chaos meets its match. Still stuck in spreadsheet hell? DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth. 👉 Learn how you can run a repeatable, buyer-led process   ________________________

Episode Chapters

• 03:00 – How to run smarter diligence

• 04:30 – Building the business case

• 06:30 – Avoiding deal surprises

• 07:00 – Culture as a value lever

• 09:30 – Capital allocation 101

• 11:30 – Vetting PE partners

• 15:30 – Why Marc avoids public markets

• 18:30 – Structuring around IRR and risk

• 20:30 – Real estate timing and opportunity

• 22:00 – Leading through failure

• 24:00 – Solving real problems with hospitality

• 25:30 – The cost of bad partners

Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

Marc Bell, CEO of Marc Bell Capital

Marc Bell is a self-described “deal junkie” who’s built an empire across internet infrastructure, real estate, entertainment, defense, and private equity. In this episode, Marc breaks down his unconventional path—from turning around Penthouse into a $500M acquisition engine, to producing Tony Award-winning Broadway shows, to backing national security tech ventures and building satellites.

Marc shares the playbook he’s refined over decades: how to spot a distressed asset worth saving, why structure and cash flow trump hype, and how to create value by backing the right people and thinking creatively about capital. Whether you're a corporate acquirer or an entrepreneur with a nose for opportunity, this is a masterclass in pragmatic, performance-driven dealmaking.

Things you will learn:

• How to spot and structure deals for distressed or undervalued businesses

• Why betting on the right operator (“the jockey”) is more important than the business model

• The importance of supply chain control and cash flow in strategic execution

• Creative approaches to capital structure, seller financing, and aligning incentives

________________________

Sponsored by DealRoom—where M&A chaos meets its match. Still stuck in spreadsheet hell? DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth. 👉 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] Early Career & First Exit [00:03:00] Buying Penthouse out of Bankruptcy [00:04:30] Leveraging SPACs to Launch a Mortgage REIT [00:05:30] Producing Broadway Hits [00:06:30] Owning Real Estate to Control Operations [00:08:00] Entrepreneurial Mindset & Real Estate Arbitrage [00:10:00] What Marc Looks for in New Ventures [00:11:00] Case Study: Turning Around a Watch Brand [00:13:00] Capital Structure Strategy [00:15:00] Avoiding Overvaluation & Managing Risk [00:18:00] Betting on the Jockey [00:26:00] Incentive Alignment in Operations

Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

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! ________________________

[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.

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.

• 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

______________________ 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! ________________________

[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.

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! ________________________

[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.

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. ____________

• [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.

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.

• 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.

• [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.

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!

_______________

• [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. 

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.

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.