I think the first is run your company well. And people thought I was gonna start doing deals immediately. I was like, no, we suck. We don't we haven't earned the right to run someone else's company yet. When we're running a good company, we can merge with somebody.

And what we when I looked at, I had given my board I think it's I think the first is run your company well.

31:37 / 32:16

I didn't value it in the deal. And what we when I looked at, I had given my board I think it's I think the first is run your company well. And people thought I was gonna start doing deals immediately. I was like, no, we suck. We don't we haven't earned the right to run someone else's company yet. When we're running a good company, we can merge with somebody and but I but the first thing I looked at was business logic, and that every business we had a consumer business, they had a consumer business, we had a credit card business, they were both terrible. They had a credit card business, they had a big investment bank, we had a big US corporate bank that needed some of those investment banking services. We both had a wealth management business. I knew we could save a lot of cost saves, so the business logic would be impeccable.

Why this clip

Contrarian take on M&A strategy with brutal self-assessment ('we suck'). Provides clear framework for when to pursue acquisitions, with refreshing honesty about capabilities.

31:37 - 32:1639sPractical Framework

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