Deal-Making Under Pressure

Hey, it’s David

In high-stakes M&A, deals rarely go as planned. When the pressure’s on, it’s the leaders who can adapt, decide quickly, and keep their teams aligned that close the toughest deals. 

In today’s newsletter, I’d like to share a story that has inspired our approach.

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M&A From the Plane… Somebody forgot their book in the seatback.

You know the feeling. You settle in for a long flight, reach for some in-flight reading, and realize someone left behind an old, dog-eared book. Curious, I picked it up, and before long, I was hooked on a story I wasn’t expecting, a story like Ernest Shackleton’s.

This guy wasn’t leading a company; he was leading men stranded in the frozen Antarctic for nearly two years with nothing but their will to survive.

At perhaps their most desperate point, Shackleton and only five of his crew set off on a dire 800-mile journey across the world’s most dangerous seas in a small lifeboat. When they miraculously reached land, he was faced with a brutal 30-mile trek over uncharted mountains, all to find help for his stranded men. No one died under his leadership. Not one.

It’s the kind of story that sticks with you. Shackleton’s relentless focus, adaptability, and courage under pressure are lessons any leader - especially in M&A - can apply. Deals, like Shackleton’s expedition, rarely go as planned. The ability to adapt when the unexpected happens, to keep your team aligned and motivated, is the real mark of a leader.

Leadership Lessons from Shackleton for M&A:

1. Vision with Flexibility
   Shackleton set out to cross Antarctica, but when disaster struck, he shifted his mission to keeping his men alive.
   In M&A: Have a clear goal for your transaction but be ready to pivot when conditions change.

2. Resilience in the Face of Adversity
   For nearly two years, Shackleton kept his men focused despite overwhelming odds.
   In M&A: Your resilience during deal delays or challenges keeps your team aligned and focused on the outcome.

3. Decisiveness in High-Stakes Moments
   Shackleton made swift decisions that saved lives.
   In M&A: In critical moments, your ability to make fast, informed decisions can mean the difference between success and failure.

4. Empathy and Understanding
   Shackleton understood his crew’s emotional and physical needs, keeping morale high.
   In M&A: Understand the pressures on your team and stakeholders. Empathy builds trust and drives cooperation.

5. Optimism Grounded in Reality
   Shackleton projected confidence but didn’t hide the harsh realities.
   In M&A: Be optimistic about closing the deal but transparent about risks. Trust is built on honesty.

6. Adaptability and Innovation
   Shackleton survived by adapting to new circumstances no matter how harsh they were.
   In M&A: Flexibility in deal structures or financing options can turn challenges into opportunities.

7. Lead From the Front
   Shackleton didn’t just give orders; he faced the same hardships as his men.
   In M&A: Be involved, understand the details, and show your team you’re fully invested in the outcome.

The Bottom Line

Just like Shackleton's expedition, navigating an M&A deal requires more than strategy… it demands resilience, adaptability, and decisive leadership.

The ability to lead your team through uncertainty, while staying focused on the end goal, is what separates a good leader from a great one.

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David