The 2024 market transitioned into a slower, more uncertain phase. IPO activity slowed, and M&A momentum also tapered off. It was against this backdrop that we closed a significant $4.4 billion transaction.
Over the past five years, we’ve developed a highly robust strategy and execution framework—all focused on customer success and productivity—that has delivered (and can continue to deliver) solid growth rates for years to come. So when the possibility of taking the company private became tangible, it was critical we found a partner aligned with our objectives.
This marked one of the defining moments of my career, ending in a $4.4 billion transaction to take SolarWinds private with Turn/River Capital. These negotiations put my leadership principles to the test, honed my judgment under pressure, and broadened my professional experiences.
Negotiations are a constant in life. Whether it’s discussing your teen’s curfew, your team’s priorities, or your board’s future direction, every negotiation hinges on the same core principles: credibility, balance, stamina, and persistence.
Seven months on, I’ve had time to reflect on what made this negotiation successful—and what business leaders can apply to deals designed for long-term success. The positive result wasn’t down to one person; it was the product of a highly engaged board and an expanded leadership team aligned around a shared vision and disciplined execution.
Credibility Starts with Restraint
My team and I agreed on the importance of avoiding overhyping. While this might seem counterintuitive when you’re in a room negotiating your company’s price or valuation, it’s key to building trust. The spirit of “not overselling” directly reflects your intentions during negotiations. Demonstrate confidence in your company’s worth and your own value as a leader—this can actually lead to a stronger outcome. Moreover, no credible buyer is seeking a “perfect” company. So when you align on its imperfections and the steps needed to improve, even more value can be unlocked.
The last thing you want is to make it difficult for the other party to believe in the value of your services, products, or business by overhyping them. You risk devaluing your offering, and losing credibility can have long-term consequences that extend far beyond the deal itself.
Another critical part of building credibility is identifying a strong “sparring partner” (so to speak) early in negotiations. For me, that was Matthew Amico, Investment Partner at Turn/River Capital. We aligned quickly and prioritized clarity—what we knew for certain, what we were still validating, and where we wouldn’t compromise—giving the other side a reliable foundation to trust. That mindset guided how our teams approached every long day (and night) of discussions.
Why Stamina and Balance Matter Most at the Table
Deal discussions often stretch into odd hours and unpredictable schedules, turning into marathon sessions. This was especially true for our transaction, given how quickly it came together. I remember many stretches during negotiations with Turn/River where talks ran well into the night, followed by more meetings with as little as an hour’s gap—times when it was a struggle to keep going, both mentally and physically.
Tight timelines aren’t an excuse to cut corners. Instead, we need to cultivate the ability to be both thorough and prompt—this demands stamina and the discipline to pace decisions without sacrificing rigor.
There’s always the temptation to throw in the towel just to end the meeting. But this is exactly when it’s most important to persist and stay resilient. When you foresee a challenging stretch in negotiations, remember the fundamentals of resilience—not just as a leader, but as a person. Make sure you’re well-nourished, prioritize rest when you can, and conserve as much energy as possible—because no matter the time of day, you need to remain sharp, focused, and ready to make the best possible decisions for all parties.
Composure as a Strategic Advantage
Emotions can run high during M&A negotiations. Patience wears thin, and even seasoned professionals can lose their composure. In the face of heightened emotions, keeping your balance is extremely valuable.
Achieving this balance can take many forms—whether taking a deep breath during a tense exchange, pausing for a few minutes to reset your perspective, or even stepping away for lunch (or, in some cases, a midnight snack).
When you maintain this balance, it helps keep all parties’ collective success at the heart of every interaction. It also enables each side to negotiate responsibly. Regularly asking, “What problem am I trying to solve?” helped ground our decisions in purpose rather than emotion—keeping the focus on why we were negotiating. If an issue needs to be addressed, offer constructive feedback instead of potentially hurtful or offensive remarks.
Turning a Transaction into a Partnership
Even after a successful large-scale acquisition, there’s still a huge amount of work to do. Negotiation-related emotions may linger, leading people on both sides to wonder who “won” or “lost” the deal. For the transaction to truly succeed, both parties must navigate the post-acquisition phase with careful balance and mutual respect. They also need to keep the core principles mentioned earlier in mind for all discussions. That meant approaching post-close decisions with the same rigor and respect we brought to the negotiation table. It’s crucial to understand that no acquisition—regardless of size—leads to immediate business success. Growth takes time, progress can be gradual, but the long-term rewards make the effort worthwhile.
Looking back, the deal succeeded not because we pushed harder or moved faster—but because we maintained our balance. I hope this experience can help other leaders stay disciplined under pressure and aligned around a shared vision to ensure their own transactions are successful too.