Why Integrations Break: TSAs, Carve-Outs & Hidden Dependencies

Donara Jaghinyan – Transformation and Integration Leader

Donara Jaghinyan, joins us to pull back the curtain on why integrations break—and what it actually takes to make them work. With deep experience across healthcare, SaaS, professional services, and financial services in both public and PE-backed environments, Donara has led diligence, post-close integration, TSA execution, and enterprise system implementations. This episode tackles the hard truths about carve-outs, TSA management, day-one readiness, and the cross-functional dependencies that most teams miss until it's too late. If you've ever wondered why integration timelines slip or costs balloon, this conversation delivers the answers.

Things you will learn:

Why TSAs aren't contracts, they're projects with hard deadlines, cost escalations, and integration dependencies that functional teams consistently underestimate
The hidden complexity of carve-outs and how scope, vendor negotiations, and people gaps create surprises even with solid diligence
How Integration Management Offices (IMOs) orchestrate cross-functional dependencies that functional leads can't see

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Donara Jaghinyan

Donara Jaghinyan brings a unique background to M&A integration—starting in international relations in Armenia before transitioning to corporate deals and transformations. Since joining her first Integration Management Office in 2021 during the Harvard Pilgrim and Tufts Health Plan merger, she's lived and breathed M&A, leading diligence, post-close integration, and TSA management across multiple industries. Her operational experience on the ground—not just governance from a distance—gives her a rare perspective on what actually breaks during integration and how to fix it before it's too late.