Javier Enrile, Managing Director of M&A at TIAA In this episode, he breaks down the art and science of thinking like a strategic buyer—from building proprietary deal pipelines through relationship-first sourcing to using sophisticated valuation techniques that separate intrinsic value from market noise. Javier reveals why patient relationship building beats aggressive auction processes, how to structure deals that protect against downside risk, and the critical integration between valuation, diligence, and deal structuring that separates successful acquirers from the rest. Things you will learn:

How to build proprietary deal flow through relationship-first sourcing that creates competitive advantages over auction processes
The framework for separating standalone intrinsic value from synergy premiums using DCF analysis, especially in cross-border situations
Deal structuring tools like priority returns, earnouts, and rep & warranty policies that protect buyers when deals underperform

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Episode Timestamps: [00:02:30] From Sell-Side to Buy-Side – Why strategic M&A combines PE rigor with strategic thinking

[00:08:00] Strategy Before Deals – The three-step framework for aligning inorganic growth with business strategy

[00:12:00] Building Proprietary Pipeline – Relationship-first sourcing and managing 10-20 active targets effectively [00:20:30] Valuation Methodology Deep Dive – DCF vs. comps and why intrinsic value drives better decisions

[00:25:00] Cross-Border Valuation Complexity – Modeling currency risk and geopolitical premiums in international deals

[00:29:00] Deal Structuring for Risk Management – Priority returns, earnouts, and protecting against downside scenarios

[00:39:30] The Integration Feedback Loop – How valuation, diligence, and integration planning inform each other

[00:47:00] When Theory Meets Reality – A negotiation story about rational assumptions and irrational responses

Think Like a Buyer: Valuation & Deal Structuring with Javier Enrile