Joe Covey, a serial CEO and acquirer, and investor since 1992.  Matthew Davidge, is the co-owner of the NBC Affiliate WVNC (Watertown, NY) and several other stations around the country. This episode is sponsored by the M&A Science Academy. If you’re looking to improve your in-house training, we have corporate training plans provided. Give your team members access to the best-in-class courses, templates, and networking opportunities in the industry. Our academy was designed to lead practitioners to outdo M&A practices. It’s also a great way to show your support for M&A Science. If you’re interested in learning more about individual or team plans, visit this page. Episode Timestamps 00:00 Intro  06:43 Buy-side carve-out deals               10:35 Key approach to due diligence                11:52 Unbinding a company                 13:51 Why carve-outs are difficult                 15:41 Conversations with the right people         19:05 Key things to consider when doing a carve-out 22:58 Walking away from a deal 23:59 Considerations in the carve-out model 26:32 Challenges on the buy-side of carve-outs 27:58 You have to surround yourself 30:21 Evolving the operating model  34:37 The right time to exit 35:55 How working with an investment bank is different 37:48 Bank process vs. Proprietary deals  39:21 Key lessons 40:55 Timing 42:14 Communications 43:34 Alignment on post-close operations 45:27 Advice for first-time sellers 47:57 Negotiation considerations 49:59 Craziest thing in M&A