There is one certainty in life and that is if you choose any metaphor, Toby Tester can link it to M&A, and he doesn't even blink.In today's podcast, Toby manages to draw a distinction between the behavioral characteristics of pirates of old and those of several modern-day corporate heavyweights such as Rupert Murdoch, Elon Musk, and Lord Hansen. Toby's view is that just like pirates of old, modern-day pirates possess a number of valuable behavioral traits i.eDare to think like a pirateDare to do things differentlyDon’t listen to naysayers.Surround yourself with people not afraid to step out of their comfort zone.Be a mentor to othersAvoid people who complain a lot.Approach life with positivity and optimism Don’t be afraid of failure. Moreover,  during their conversation, Robert and Toby conclude with several recommendations that the modern pirate (CEO) should add to their M&A toolkit.Look at opportunities to deliver value beyond due diligence estimates.Don’t accept the synergies defined pre-deal are the only synergies to be delivered- there’s always more, alot more.Get people in involved in a joint treasure hunt by running synergy workshopsUses M&A as a catalyst to transform.Adopt a transformation (not transaction) mindsetTurn the M&A exercise into a treasure-hunting game.Take an activist approach to managing risks.And Remember: there’s buried treasure in every M&A deal.