Ben & David are joined by special guest Taylor Barada, VP and Head of Corporate Development & Strategic Partnerships at Adobe, to discuss how large tech acquirers approach buying companies. This episode is full of great insights for startups & entrepreneurs who might find themselves navigating the M&A process, as well as anyone curious about the craft of dealmaking and the strategic approach of large acquirers.

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Topics covered include: • How conversations begin between startups and acquirers • The importance of building a relationship with acquirers over time and " investing in lines, not dots • ” (just like raising VC) • The often under-appreciated role of culture fit between acquirers and acquisition targets • How entrepreneurs should evaluate acquirers throughout the M&A process • Two examples of successful acquisitions Taylor completed at Yahoo in Citizen Sports • and IntoNow • The M&A process at large technology acquirers, from initial conversations to LOI, due diligence and the definitive merger agreement • The relative roles of Corp Dev, business/product owners and executive sponsors in the M&A process • Common mistakes startups (and VC’s) often make in the M&A process • Different “categories” of M&A that acquirers think about, and the relative risks & opportunities of “core" acquisitions vs transformative new businesses • What percentage of deals Adobe looks at actually happen, and the importance of being willing to say no • M&A as a tool for strategy, and the different M&A cultures & approaches at different companies • Tech themes Taylor and Adobe think about as part of their M&A strategy • Evaluating the longterm success of deals and the importance of the M&A integration function

Followups:

• Ben & David’s quick take on Instagram Stories • !

The Carve Out:

• Ben: Why the Concorde failed • by Vox • David: Simone Biles • , the greatest gymnast of all time • Taylor: Mindset by Carol Dweck • , Shoe Dog by Phil Knight • , Originals: How Non-Conformists Move the World by Adam Grant • None this week… coverage of Instagram Stories • to come next time!