3:10 What growth strategies fall under corporate development? |
4:00 What is your stance on corporations buying vs. building in stable tech environments to move faster and gain a commercial presence? |
6:00 Why partner vs. acquiring a company? |
7:00 What types of companies do you acquire? |
9:30 How does corporate venture capital work? |
10:25 Why would a target sell a minority interest, as opposed to selling a majority interest? |
13:25 How do you structure a partnership with a potential target? |
16:00 How common is it that a partnership turns into a full acquisition? |
16:45 Why does Culligan pursue inorganic growth such as acquisitions? |
17:45 How is an inorganic growth strategy formed? |
19:20 How messy is the strategic planning process? |
22:00 What’s your advice to a seller of a business that may sell to a strategic buyer? |
24:30 What are the most common concerns sellers have when they are approached by a strategic buyer? |
26:30 How important is the seller’s team? |
28:00 To what extent do you integrate companies? |
29:00 What are some of the top challenges when working with sellers of businesses? |
34:35 How far in advance should the seller begin preparing their business for sale? |
36:00 How is there information asymmetry? |
37:20 How can such a large company consider making such small acquisitions? |
38:45 How do you determine fit? |
40:10 How does a seller determine the validity of an unsolicited offer? |
41:45 What is your outreach strategy? |
43:00 How prepared should a seller be for an unsolicited offer? |
45:30 How many meetings, on average, do you require before you submit an LOI? |
49:15 How do you value a potential target? |
51:00 What is a typical deal structure? |
52:15 What is your take on earnouts? |
53:45 How often do you use seller notes? |
54:00 How often do you use holdbacks? |
56:15 Do you include a financing contingency? |
57:50 How important is it to retain the owner(s)? |
59:00 How do you handle an owner who wants to retire? |
1:00:10 How intense are negotiations? |
1:02:15 How long do negotiations normally take? |
1:06:15 What is the impact of COVID on valuations? |