How Experienced Buyers Actually Make M&A Work

Carlos Cesta, Partner at Makanta Services

M&A isn’t just about closing deals, it’s about making the deal actually work. 

Carlos Cesta, M&A advisor and founder of his own boutique advisory practice, spent 30 years on the buy-side at Verizon, Dentsu, Presidio, and NP Digital. He's worked 125+ deals across telecom, advertising, and digital marketing. Now he's flipped to advisory, bringing that buy-side operator mindset to entrepreneurs preparing for exit.

In this episode of the M&A Science Podcast, Carlos Cesta, Partner at Makanta Services, breaks down how seasoned buyers really think about M&A. Not as a linear process, but as a series of decisions that constantly reshape one another.

Carlos shares why strategy is as much about what not to pursue, and he also explains why one-size-fits-all deal templates fail, how earnouts are often misused, and what experienced buyers do differently to protect value after closing.

Things You'll Learn

• Why M&A strategy also means defining what you WON’T buy 
• The deal spiral model experienced buyers use
• How to start integration planning before LOI
• How to structure earnouts that actually work
• Using deal structure earnouts as a risk management tool

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