Josh Springer, head of M&A for Hawke Media, discusses the acquisition and integration strategies he has used in closing 18 deals over the past 4 years, offering sellers a perpetual revenue share instead of a lump-sum payment. He shares insights into how this approach works, the benefits for sellers, lessons learned for the acquirers, how creative deal-making can beat market multiples, and how this strategy aims to provide stability and growth opportunities for sellers. This is all about the art of M&A.
“The M&A world is often stuck in its own ways. It’s okay to be creative. It’s okay to take risks. You just need to make sure that everybody who’s sitting at the table understands what they are getting into, and then from there, cool things can happen.”
Josh Springer
What You’ll Learn
Benefits of creative deal-making: Flexibility and creativity in deal structures are key to meeting sellers’ unique needs and goals beyond just maximizing financial terms.
Keys to successful integration: Integrating acquired companies requires a focus on preserving culture, client relationships, and expertise, not just optimizing costs.
Developing win-win acquisitions: Understanding the seller’s motivations and long-term vision, not just their financial expectations, is crucial for crafting mutually beneficial transactions.
Examples in case study format: A case study offers a detailed look at how this creative approach to M&A impacts the seller’s long-term finances, integration into a larger company, and the growth of the business.
Topics Covered
Why is creative deal-making necessary sometimes? How can this benefit sellers? [1:50]
A case study example. [5:01]
How are earnouts structured when integration has an earnout component? [10:18]
What kind of companies does Hawke Media purchase? What does an M&A deal look like? [15:06]
How does a company’s integration into Hawke Media impact the seller’s earnout? [23:01]
What motivates sellers and gets them excited about this approach? [32:30]
Advice to sellers – how can entrepreneurs make their companies more successful? [41:03]
Head of Corporate Development | San Diego, California
Josh Springer leads the Hawke Media team and is responsible for all agency acquisitions and M&A transactions. Prior to joining Hawke in 2020, Josh spent several years with a boutique M&A advisory firm, managing deals for mid-market private equity funds and strategic investors.
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