M&A Science

Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, Inc.

In Part 1 of our conversation with Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, we dive into how one of the largest providers of specialized behavioral health services is rethinking M&A using AI. Harrison shares why Beacon created a dedicated AI committee focused on improving every stage of the deal lifecycle—from sourcing to integration—and what tools and pilots they're exploring right now. If you want a first-hand look at how AI is already changing M&A in healthcare services, this episode is for you.

Things you will learn:

• Why creating an AI committee can accelerate innovation in M&A processes.

• How AI tools are being piloted to improve diligence, sourcing, and integration planning.

• Practical challenges and lessons learned when adopting AI in a complex, people-centric industry.

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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

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[00:02:00] Why Beacon formed an AI committee specifically for M&A

[00:04:30] Early AI experiments and low-risk pilots to test use cases [00:07:00] How AI is enhancing diligence processes and data analysis [00:09:00] Approaching cultural adoption of AI tools across the deal team [00:11:30] Evaluating vendor solutions vs. building AI tools in-house [00:14:00] Tracking ROI on AI adoption in the M&A process [00:16:00] Ethical considerations and privacy concerns when using AI in healthcare M&A [00:19:00] Overcoming skepticism about AI among senior leadership [00:22:00] Key metrics Beacon is using to measure AI-driven efficiency [00:31:00] Lessons learned on aligning AI strategy with overall M&A goals

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

Todd Manley, VP of Corporate Development Integration at Intel

In Part 2 of our conversation with Todd Manley, VP of Corporate Development Integration at Intel, we unpack how professionals from diverse backgrounds can successfully break into M&A and what it takes to build and maintain high-performing deal teams. Todd shares tactical advice on networking, career transitions, team dynamics, and leadership traits he looks for when hiring M&A talent. Whether you're early in your M&A career or looking to level up, this episode is packed with practical insights to help you navigate the world of dealmaking.

• How to leverage networking inside and outside your company to break into M&A.

• Key characteristics and behaviors Todd looks for when hiring successful M&A professionals.

• Why being present and learning from your journey is critical to career growth in M&A.

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Sponsored by DealRoom—where M&A chaos meets its match. Your M&A process can so much faster... 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

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• [00:02:00] Teaching leadership frameworks and practical skills at Santa Clara University

• [00:04:30] The power of intentional networking and early adoption of LinkedIn

• [00:06:00] Rebuilding in-person connections post-COVID and the value of conferences

• [00:07:00] Strategies for networking inside large organizations

• [00:10:30] Maintaining and nurturing your professional network over time

• [00:13:30] Building effective M&A teams and recognizing potential during interviews

• [00:18:00] The importance of humility, ownership, and curiosity in M&A

• [00:25:30] Translating customer experience skills to M&A opportunities

• [00:28:00] Knowing when to lead and when to follow on M&A teams

• [00:34:00] Defining success post-close and understanding cultural dynamics

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

Todd Manley, VP of Corporate Development Integration at Intel

In this episode, Todd Manley joins Kison Patel to share his non-traditional path into the world of M&A. Starting his career in IT and organizational behavior, Todd brings a unique lens to integration and leadership in corporate development. From his early consulting days to overseeing integrations at Cisco, Symantec, and now Intel, Todd has seen it all. He opens up about what it really takes to thrive in M&A—from career pivots and networking to managing divestitures and leading with empathy.

This episode is packed with career insight, integration best practices, and practical leadership advice for anyone navigating—or trying to break into—the fast-paced world of M&A.

Things you will learn:

• How to break into M&A without a finance or banking background

• The critical leadership traits that matter in integration roles

• Why networking and curiosity matter more than job titles

________________________

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

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💡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!

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Episode Chapters

Intro & Background – [00:01:00]

First Career Steps in IT & Oracle Work – [00:05:00]

Early Passion for Startups & Joining WebEx – [00:06:30]

Getting into M&A via Cisco's Acquisition of WebEx – [00:08:30]

Integration Lessons from Cisco & Career Growth – [00:10:00]

Experience in Divestitures vs. Acquisitions – [00:14:30]

The Value of Empathy in Integration – [00:16:30]

Skills That Translate into M&A Success – [00:19:00]

How to Break into M&A & Structuring Career Moves – [00:22:30]

Why Leadership & Communication Are Non-Negotiable – [00:28:00]

Networking Tips, Playbooks, and Mentorship – [00:39:30]

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

Mathew Person, Senior Vice President of Corporate Development at Quikbase In this episode of the M&A Science Podcast, Kison Patel interviews Mathew Person, Senior Vice President of Corporate Development at Quickbase. Mathew brings a unique blend of operator, banker, and corp dev experience, making him a strategic leader in buyer-led M&A. Together, they dive deep into how to proactively structure acquisitions, align internal stakeholders, avoid over-rationalization, and ensure integration success.

Things You Will Learn:

• How to design and align around a box of preference (quant + qual criteria)

• Tactics for proactively sourcing and assessing cultural fit

• How to structure your corp dev team for scale and deal velocity

________________________

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

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Episode Timestamps

[00:01:30] Mathew's unique background: sports operator, banker, corp dev

[00:03:30] Quickbase's carveout history and PE backing

[00:04:00] What buyer-led M&A means and why it matters

[00:05:00] Box of preference: building deal criteria with stakeholders

[00:07:30] Market mapping and capability-driven strategy

[00:09:30] Scorecards, deal screening, and qualitative diligence

[00:15:30] Identifying and quantifying culture fit

[00:19:30] Modeling dis-synergies and avoiding over-rationalization

[00:23:30] Structuring corp dev teams for stakeholder alignment

[00:30:00] Managing negotiations and bid-ask spread with trust

[00:33:30] The ROI of being known as a "good home"

[00:42:30] Integration success: same team from diligence to execution

[00:47:00] Culture as a deal breaker or driver

[00:52:30] Why stakeholder consensus is the hardest part of M&A

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

Sarah Hughes, Head of Corporate Development and Product Partnerships, Atlassian

Uncover the inside workings of Atlassian's M&A strategy—from how Sarah's team sources deals and aligns with product to the importance of relationship-building and a structured, founder-first integration approach. With over seven years of experience leading corporate development at Atlassian, Sarah shares practical lessons on building strategic pipelines, cultivating founder trust, and operationalizing successful integrations across Atlassian's global portfolio

Things you will learn:

• Building long-term relationships with founders, even years before deals happen

• Aligning product, venture, and partnership decisions under one roof

• Atlassian's approach to cultural diligence, integration planning, and transparency post-close

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💡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!

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• 00:02:00 – Sarah's path into corporate development via Google and Atlassian

• 00:04:00 – Strategic rationale behind Trello and Loom acquisitions

• 00:07:00 – Atlassian's three M&A strategy pillars: roadmap accelerants, vacuums, and break-glass opportunities

• 00:09:00 – How corp dev aligns with product: push-pull strategy and joint roadmaps

• 00:12:30 – Centralizing M&A, ventures, and partnerships under one team

• 00:15:30 – Using AI to accelerate sourcing, market mapping, and diligence

• 00:19:00 – Loom case study: a 5-year founder relationship turned acquisition

• 00:25:00 – Creating co-authored vision docs to align on integration and success metrics

• 00:33:00 – How Atlassian handles cultural diligence and post-close attrition risk

• 00:36:00 – Atlassian's integration approach: open playbooks, IMO structure, and post-close planning

• 00:42:00 – Where AI is driving efficiency across the deal lifecycle

• 00:48:30 – Sarah's advice to corp dev leaders on sourcing, alignment, and outside-in perspective

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

Dan Pollock, Vice President of Corporate Development/M&A at SAM Companies

Dan shares how he built SAM Companies' M&A function from the ground up—executing over 30 deals and transforming M&A into a strategic growth engine. Backed by Peak Rock Capital, SAM Companies focuses on acquiring founder-led geospatial and infrastructure services businesses. Dan dives deep into how he balances disciplined diligence with relationship-first sourcing, how his team integrates small companies into a larger framework, and why culture and seller alignment matter as much as price.

Whether you're building out corp dev from scratch or refining your playbook, this conversation offers tactical insight into how to scale M&A the right way.

Things you will learn:

• How to build an in-house M&A engine with a lean corp dev team How to source proprietary deals through trust and local relationships

• How to structure earnouts and retention payments to align incentives

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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

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Episode Chapters

00:03:00 – Dan's background: from audit to M&A leadership at SAM 00:05:00 – Building SAM's M&A muscle from the ground up 00:08:30 – Creating buy-in and accountability for integration success 00:10:00 – Getting the company ready to integrate acquisitions 00:11:00 – Sourcing: proprietary relationships vs. cold outreach 00:13:30 – Case study: renewable energy firm acquisition 00:15:00 – Thinking through revenue vs. cost synergies 00:16:30 – The psychology of earnouts and why they changed their approach 00:18:30 – How to open conversations with founder-led businesses 00:21:00 – Why founder retention is tied to valuation 00:24:00 – Turning relationships into actionable deals over time 00:29:00 – Competing with PE: how SAM positions better long-term fit 00:33:00 – Retention bonuses vs. earnouts: what's working better 00:39:00 – Why diligence and integration must run in parallel 00:41:30 – Managing team fatigue and repeatability with DealRoom 00:45:00 – Letting sellers speak with past acquired founders 00:47:00 – Private equity partnership governance at SAM 00:51:00 – Diligence red flags and small business surprises

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

Viral Patel, CEO of Blackstone Private Equity Strategies

Viral Patel unpacks how the firm is reshaping private equity for the next era. From launching new fund structures to leading thematic investments in sectors like electrification and AI infrastructure, Viral shares how Blackstone builds enduring value—and why alignment, data, and management fit are key to every deal. He also breaks down the cultural values that drive Blackstone's success and why individual investors are the future of private capital.

Things you will learn:

• How Blackstone's investment philosophy is built on long-term secular trends

• What makes a management team the right fit—and why talent diligence is critical

• Why Blackstone created perpetual funds and how they work

• How data, scale, and operating resources become a strategic advantage post-close

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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

_______________

💡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!

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Episode Chapters

[00:01:00] Viral's 20-year journey across Blackstone's business units

[00:05:00] The cultural pillars that define Blackstone: excellence, integrity, and innovation

[00:13:00] Blackstone's thematic investment strategy and sector focus

[00:16:30] Evaluating management fit as a core part of diligence

[00:21:00] Value creation through Blackstone's operating team and functional specialists

[00:24:30] Using data science during diligence to build early trust with management

[00:27:00] Why Blackstone builds for the long term—not just for a quick exit

[00:32:00] The rise of perpetual fund models for individual investors

[00:36:00] Why private equity access is shifting beyond institutions

[00:44:00] Educating the market: how BXU and Blackstone's private wealth team bridge the knowledge gap

[00:46:30] Market cycles, public vs. private ownership, and the future of exit strategies

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

Rob Kindler, Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

In this episode of the M&A Science podcast, Kison Patel sits down with Rob Kindler, a uniquely positioned dealmaker whose career has spanned both sides of the M&A table—law and investment banking. Rob previously led global M&A at Morgan Stanley and is now a senior partner at Paul Weiss. With 44 years of experience, he's seen firsthand how the roles of lawyers and bankers have evolved, what makes a deal succeed or fail, and how today's regulatory, activist, and valuation pressures are reshaping M&A execution.

Things you will learn:

• Why legal advisors are now the first call in M&A, not the last

• How corporate development teams have replaced bankers in early-stage deal sourcing

• Why regulatory strategy and shareholder approval planning can make or break a deal

• How to negotiate effectively by predicting "the end of the movie"

________________________

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 ________________________

[00:01:00] Rob's career arc from lawyer to banker and back again

[00:04:30] Why Rob left law for investment banking in 2000

[00:06:00] How corporate dev teams changed the role of bankers

[00:11:30] Structuring deals to avoid shareholder approval pitfalls

[00:14:30] The rise of activism and merger arbitrage in public M&A

[00:16:00] How buyer-led M&A has transformed deal strategy

[00:22:30] Impact of regulatory regimes in U.S. vs. Europe

[00:27:00] Lessons in negotiation and predicting deal dynamics

[00:36:00] Why intrinsic value matters more than financial engineering

[00:48:30] What top CEOs understand about using M&A to drive strategy [00:51:00] How to spot a bad deal—and the red flags bankers sometimes ignore

[00:53:00] Rob's funniest moment: 300 pounds of turnips on a conference table

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

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.