M&A Science

John Palusci, Former Vice President of Transformation and Strategic Finance, BAYADA

In this episode of M&A Science, John Palusci, former Vice President of Transformation and Strategic Finance at BAYADA, joins Kison Patel to discuss how to build a repeatable, Buyer-Led M&A™ engine within a nonprofit structure. John walks through his journey from IT to finance to corporate development, detailing how he helped scale BAYADA's deal strategy with a focus on long-term value, integration-led diligence, and mission alignment. He shares real lessons from joint ventures, cashless acquisitions, and how to avoid surprises in highly regulated industries like healthcare.

Things you will learn:

• How to structure healthcare M&A for long-term mission alignment

• What a "conceptual pro forma" is and why it accelerates early deal screening

• How to manage integration risk in people-first, regulation-heavy industries

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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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[00:01:00] John's unconventional path from IT to M&A leadership

[00:05:00] Running joint ventures with hospital systems

[00:07:30] Third-party valuation in nonprofit deals

[00:10:00] How BAYADA sourced and filtered deals

[00:13:00] Key reasons to kill a healthcare deal early

[00:16:00] How BAYADA transitioned from for-profit to nonprofit

[00:22:30] Standardizing diligence with a conceptual pro forma

[00:27:00] Managing talent transitions in home healthcare

[00:34:00] Cashless deals: how they work and when they're possible

[00:38:30] Integration-led diligence and DealRoom's role in execution

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

Ryan Gable, Managing Partner, BW Forsyth Partners

Ryan discusses how his team uses a hybrid private equity model backed by Barry-Wehmiller to execute people-first, long-term acquisitions. With over 55 deals and zero exits, Forsyth has developed a sourcing and integration playbook that challenges traditional PE norms, focusing instead on trust, cultural alignment, and multi-decade value creation.

Ryan breaks down how to build relationships that convert to proprietary deal flow, structure rollover equity with flexibility, and align seller incentives for lasting outcomes.

Things you will learn:

• How to source proprietary deals by building trust with founders and prioritizing cultural fit

• Why Forsyth avoids traditional PE norms like over-leveraging and fixed exit timelines

• How they structure flexible equity rollovers and provide liquidity without needing to sell

• [00:02:00] From Investment Banking to Building Forsyth with Barry-Wehmiller

• [00:07:00] Why Barry-Wehmiller Created a New Investment Arm Instead of Scaling Internally

• [00:10:00] The Hybrid Equity Model: Strategic Backing + PE Agility

• [00:14:30] Rollover Equity and How Forsyth Structures Flexible Liquidity

• [00:23:30] From Auction Fatigue to Sourcing Proprietary Deals

• [00:26:00] How Forsyth Builds Trust With Sellers (And Wins Deals Off-Market)

• [00:31:00] Why Founders Should Think About Selling Before They're Ready to Retire

• [00:41:00] Structuring Earnouts that Sellers Actually Want to Hit

• [00:49:00] The "Less is More" Approach to Post-Close Integration

• [00:56:00] The Future of M&A: Return Expectations, Capital Saturation, and Deal Discipline

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

Todd Olson, CEO and Co-founder, Pendo

From buying startups to speed up roadmap execution to preserving founder autonomy post-close, Todd breaks down the real levers behind successful acquisitions. This episode dives into how Pendo thinks about M&A without a corporate development team, why it rarely buys for revenue, and how Todd's team avoids common post-close integration mistakes by keeping culture, product, and people at the center.

Things you will learn:

• Why speed and product alignment—not revenue—drive most of Pendo's acquisitions

• The cost of delaying integration and how Todd learned to fix it

• How to retain founder energy post-acquisition without over-relying on cash

________________________

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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• [00:04:30] – Taking a buyer-led approach from day one

• [00:05:30] – When is the right time to do M&A as a startup?

• [00:07:00] – The real reason behind Pendo's first acquisition (spoiler: mobile gap)

• [00:10:30] – How the team visit to Tel Aviv sealed the deal

• [00:15:00] – Why preserving a legacy tech stack was a painful mistake

• [00:19:30] – Walking away from a $1M customer (and why it was worth it)

• [00:23:00] – Choosing smaller, simpler teams over "obvious" targets

• [00:27:30] – Why AI startups are attractive—but only with the right integration mindset

• [00:33:00] – Deal structures that actually retain entrepreneurs

• [00:50:00] – Post-close surprises, real value creation, and the "pink wash" trap

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

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

In Part 2 of our conversation, we go deep into how Beacon is operationalizing M&A. Harrison reveals how they reduced their request list by over 65%, why they require third parties to use their DealRoom, and how integration now begins before the deal is even signed. He also dives into the organization's AI roadmap, their internal CRM transformation, and the surprising challenges of acquiring non-profit organizations. If you want a behind-the-scenes look at building a scalable, tech-forward M&A machine in healthcare, don't miss this episode.

Things you will learn:

• How to build a centralized M&A system across CRM, diligence, and integration

• Why Beacon embeds integration planning before close—and the real cost of waiting

• What it takes to acquire and integrate nonprofit healthcare organizations

[00:02:30] Using third-party compliance audits and chart reviews in diligence

[00:06:00] Evolving the deal process from relationship-building to IOI to close

[00:12:00] Reducing diligence requests from 474 to 147 using DealRoom

[00:14:00] Enforcing platform accountability for both internal teams and sellers

[00:16:00] Managing deal fatigue and broker feedback in seller-heavy processes

[00:21:00] Beacon's shift from siloed M&A to One Beacon integration strategy

[00:26:00] Running diligence and integration in parallel, starting pre-close

[00:29:30] Valuation risks of integration backlog and how Beacon is addressing it

[00:35:00] Centralizing the full M&A lifecycle—from CRM to integration—in one platform

[0:41:00] How to approach acquiring nonprofit organizations (and why it's worth it)

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

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.

________________________

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

_______________

💡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

_______________

💡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

________________________

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.