There is one certainty in life and that is if you choose any metaphor, Toby Tester can link it to M&A, and he doesn't even blink.

In today's podcast, Toby manages to draw a distinction between the behavioral characteristics of pirates of old and those of several modern-day corporate heavyweights such as Rupert Murdoch, Elon Musk, and Lord Hansen. Toby's view is that just like pirates of old, modern-day pirates possess a number of valuable behavioral traits i.e

• Dare to think like a pirate
• Dare to do things differently
• Don’t listen to naysayers.
• Surround yourself with people not afraid to step out of their comfort zone.
• Be a mentor to others
• Avoid people who complain a lot.
• Approach life with positivity and optimism 
• Don’t be afraid of failure. 

Moreover,  during their conversation, Robert and Toby conclude with several recommendations that the modern pirate (CEO) should add to their M&A toolkit.

• Look at opportunities to deliver value beyond due diligence estimates.
• Don’t accept the synergies defined pre-deal are the only synergies to be delivered- there’s always more, alot more.
• Get people in involved in a joint treasure hunt by running synergy workshops
• Uses M&A as a catalyst to transform.
• Adopt a transformation (not transaction) mindset
• Turn the M&A exercise into a treasure-hunting game.
• Take an activist approach to managing risks.

And Remember: there’s buried treasure in every M&A deal.