M&A Science: Why Banker Incentives Clash with Buyer Goals
Andrew Morbitzer of Life 360 reveals M&A's hidden conflict: bankers chasing fees vs. buyers seeking long-term value. One banker obscured negative unit economics.
What Buyers Want and Why M&A Pitches Keep Missing It
With Kison Patel, Andrew Morbitzer · Sunday, July 26, 2026
Kison Patel, host of M&A Science, interviews Andrew Morbitzer, VP of corporate development at Life 360, about why M&A deals frequently fail and how pitches often miss what buyers truly need. Morbitzer, with experience on both the buy and sell sides, advocates for a "buyer-led" M&A approach, emphasizing strategic alignment, proactive target identification, and tailored communication from sellers that demonstrates an understanding of the buyer's priorities and culture. The discussion also delves into the conflicting motivations between bankers and buyers and practical strategies for building trust and assessing cultural fit pre-close.
Key takeaways
- Andrew Morbitzer, VP of corporate development at Life 360, highlights a core M&A friction: investment bankers chase swift closing fees, while corporate buyers are judged on the long-term value creation post-close. Read more →
- Andrew Morbitzer, VP of corporate development at Life 360, highlights alarming data from Clayton Christensen, indicating that up to 90% of M&A deals underperform or outright fail to deliver expected value. Read more →
- A significant deal Andrew Morbitzer worked on collapsed when a founder declared, "I don't think I can do this. I just don't trust you," signaling trust as a non-negotiable deal breaker. Read more →
3 articles from this episode
M&A Fails 90%? How 'Buyer-Led' Deals Flip the Script
Andrew Morbitzer challenges reactive M&A, revealing why 90% of deals fail. His buyer-led method drives strategic alignment, impacting valuations & capital allocation.
Life360 VP: Lack of Trust Killed a Major Deal
Life360's Andrew Morbitzer explains how deal trust is built and lost, citing a collapsed deal. Proactive info sharing and informal meals are key for buyers and sellers.
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