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.
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Episode Timestamps00:00 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