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In this conversation, Steve Love, a seasoned CFO with over $1 billion raised from VCs and $2 billion in M&A transaction experience, pulls back the curtain on high-stakes M&A. Love shares his insights from overseeing complex acquisitions like Heap's purchase of a complementary "session replay" company and Heap's eventual sale to ContentSquare. He candidly discusses navigating challenges, aligning stakeholders, prepping for diligence, and making strategic M&A decisions as a CFO. Whether you're a CFO, finance professional or simply M&A-curious, Love's tactics for evaluating targets, modeling forecasts, negotiating terms, and executing integrations provide a rare behind-the-scenes look at what it really takes to architect successful transactions.
In this conversation, Steve Love, a seasoned CFO with over $1 billion raised from VCs and $2 billion in M&A transaction experience, pulls back the curtain on high-stakes M&A. Love shares his insights from overseeing complex acquisitions like Heap's purchase of a complementary "session replay" company and Heap's eventual sale to ContentSquare. He candidly discusses navigating challenges, aligning stakeholders, prepping for diligence, and making strategic M&A decisions as a CFO. Whether you're a CFO, finance professional or simply M&A-curious, Love's tactics for evaluating targets, modeling forecasts, negotiating terms, and executing integrations provide a rare behind-the-scenes look at what it really takes to architect successful transactions.
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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
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LINKS:
X/SOCIAL:
@sashaorloff (Sasha)
@SteveLoveCFO (Steve)
TIMESTAMPS:
(00:00:00) Intro and preview
(00:01:24) Steve Love's impressive background
(00:02:39) Diving into M&A: When and why to acquire
(00:03:34) Case study: Heap's product acquisition
(00:05:17) Evaluating market players and integration challenges
(00:08:20) Operational considerations post-acquisition
(00:10:22) The role of the CFO in M&A
(00:13:29) Integration and transition best practices
(00:17:43) Sponsor: NetSuite | Attio
(00:20:21) The biggest surprise after acquisition
(00:22:33) The first thing CFOs do after signing
(00:24:34) Acquihire vs. product acquisition
(00:32:29) Sponsor: Beehiiv | Brave
(00:33:02) Negotiating severance packages
(00:35:02) Pre-negotiating terms at hiring
(00:37:34) Executing a sell-side transaction
(00:37:55) Handling market checks and bankers
(00:39:26) Preparing for M&A discussions
(00:43:10) Navigating first meetings with acquiring CFOs
(00:45:01) Challenges in cross-border acquisitions
(00:49:52) Differences between private and public company sales
(00:53:08) Maximizing buyer interest and value
(00:55:23) Lessons from previous M&A experiences
(00:58:36) Career reflections and advice for aspiring CFOs
(01:02:13) Biggest misconceptions about a CFO's role
(01:03:03) Wrap
