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Madrid, Spain Strategy, M&A
Associate
8 years experience
  • Carve-outs
  • Financial Modeling
  • Business Strategy
  • M&A
  • +55
Hire FREDERICK
Abu Dhabi, United Arab Emirates Strategy, M&A
Manager
10 years experience
  • Carve-outs
  • Mergers & Acquisitions
  • Due Diligence
  • Valuation
  • +17
Hire Rajan
Hamburg, Germany M&A, Private Equity
Manager
8 years experience
  • Carve-outs
  • Financial Modeling
  • M&A
  • Corporate Finance
  • +17
Hire Jakob
Zürich, Switzerland Strategy, M&A
Manager
7 years experience
  • Carve-outs
  • M&A
  • Project Management
  • Change Management
  • +7
Hire Nick
Berlin, Germany Strategy, M&A
Senior
6 years experience
  • Carve-outs
  • Business Strategy
  • M&A
  • Business Development
  • +11
Hire David
Germany M&A
Senior
12 years experience
  • Carve-outs
  • Financial Modeling
  • Business Strategy
  • M&A
  • +6
Hire Ruchi
New York, NY, USA M&A
Manager
4 years experience
  • Carve-outs
  • Financial Modeling
  • M&A
  • Valuation
  • +1
Hire Alon
Chicago, IL 60614, USA Strategy, M&A
Associate
7 years experience
  • Carve-outs
  • Financial Modeling
  • Corporate Finance
  • Business Development
  • +2
Hire Andrew
Our carve-out advisors will help you set up a solid financial and commercial structure for your carve-out. Our M&A professionals are experienced with carve-outs and other divestitures.

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Frequently asked questions

What clients usually engage your Carve-Outs Consultants?

We work with clients from all over the world. Our clients range from enterprise and corporate clients to companies that are backed by Private Equity or Venture Capital funds. Furthermore, we work directly with Family Offices, Private Equity firms, and Asset Managers. Most of our enterprise clients have dedicated Corporate Development, M&A, and Strategy divisions which are utilizing our pool of Carve-Outs talent to add on-demand and flexible resources, expertise, or staff to their in-house team.

How is Fintalent different?

Fintalent is not a staffing agency. We are a community of best-in-class Carve-Outs professionals, highly specialized within their domains. We have streamlined the process of engaging the best Carve-Outs talent and are able to provide clients with Carve-Outs professionals within 48 hours of first engaging them. We believe that our platform provides more value for Corporates, Ventures, Private Equity and Venture Capital firms, and Family Offices.

Our Hiring Process – What do ‘Community-Approach’ and ‘Invite-to-Apply’ mean?

‘Invite-to-Apply’ is the process by which we shortlist candidates for the majority of projects on our platform. Often, due to the confidential nature of our clients’ projects, we do not release projects to our whole platform but using the matching technology and expertise of our internal team we select candidates who are the best fit for our clients’ needs. This approach also ensures engagement with our community of professionals on the Fintalent platform, and is a benefit both to our clients and independent professionals, as our freelancers have direct access to the roles best suited to their skills and are more likely to take an interest in a project if they have been sought out directly. In addition, if a member of our community is unavailable for a project but knows someone whose skill set perfectly fits the brief, they are able to invite them to apply for the role, utilizing the personal networks of each talent on our platform.

Which skills and expertise do your Fintalents have?

The Fintalents are hand-picked and vetted Carve-Outs professionals, speak over 55 languages, and have professional experience in all geographical markets. Our Carve-Outs consultants’ experience ranges from 3+ years as analysts at top investment banks and Strategy consultancies, to later career C-level executives. The average working experience is 6.9 years and 80% of all Fintalents range from 3-12 years into their careers.

Our Carve-Outs consultants have experience in leading firms as well as interfacing with clients and wider corporate structures and management. What makes our Carve-Outs talent pool stand out is the fact that they have technical backgrounds in over 2,900 industries.

How does the screening and onboarding of your Carve-Outs talent work?

Fintalent.io is an invite-only platform and we believe in the power of referrals and a closed-loop community. Members of our community are able to invite a small number of professionals onto the platform. In addition, our team actively scouts for the best talent who have experience in investment banking or have worked at a global top management consultancy. All of our community-referred talent and scouted talent are subject to a rigorous screening process. As such, over the last 18 months totaling more than 750 hours of onboarding calls, of which only 40% have received an invite-link after the call.

What happens if I am not satisfied with my Carve-Outs consultant’s work?

During your initial engagement with a member of our Fintalent talent pool with no risk. If you are not satisfied with the quality of your hire for any reason then we are able to find a replacement at short notice. There is no minimum commitment per project, but generally projects last at least 5 days and can last 12+ months.

We are a community-based M&A staffing platform.

With our platform, you can fill full-time M&A roles, or staff your team with a Carve-Outs expert when you need an extra hand.

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Everything you need to know about Carve-Outs

What is a Carve-Out?
A carve-out is an alternative form of merger that allows firms to maintain their separate legal identity and financial autonomy while sharing some operations. In business, a carve-out is a mechanism for separating a profitable segment from an organization which is no longer considered to be a “core” part of the company. This type of transaction might occur when one or more divisions have been acquired or merged into the company by purchase, but then becomes less strategically valuable. The term “carve out” originated in 1984 when William J. Abernathy and Kim B. Clark used the term in the Harvard Business Review article “Managing Our Way to Economic Decline”, which was published in 1984. The term has since lost its connection to the original article. The term “carve-out” is an example of functional jargon, which is jargon used to make the language of group-think like managerial language like jargon in order to make it easier for others in the group to understand what they are talking about. Abernathy and Clark argued that the most common reason for failure in companies was that management abandoned their businesses because of poor results. They believed managers needed the autonomy to keep making mistakes, because by making mistakes you can discover exactly where your company is headed.

The underlying principle of “core” businesses is that they are essential to generating revenue for the company as a whole, and as such they should be safeguarded from competition and other threats. In contrast, those businesses that do not generate substantial revenue for the firm are typically less important and might not have much strategic significance at all. An example might include a large company which has been acquired from a small family-owned business.

In the context of corporate mergers and acquisitions, a carve-out is a similar mechanism by which one company acquires another. In this instance, the business to be acquired is divested entirely, and in return the acquirer takes over the profitable part of the company that was previously held by the investors who were divested. This can be a common occurrence when a company acquires a smaller competitor, and the business of the acquiring company is significantly larger than that of the smaller one. In such an instance, it might make little sense for the acquiring company to take responsibility for managing the overall sales and marketing operations of the smaller firm as well as its own, so instead those responsibilities can be carved out into a separate business unit. This type of transaction is common in industrial sectors such as pharmaceuticals and medical devices, where innovation and public relations are integral parts of a company’s business.

In the case of a corporate acquisition, a carve-out can be both an effective and an ethical form of corporate governance. On one hand it is the traditional legal mechanism by which businesses – particularly those that are large, ambitious and successful – can be divided into smaller units for more efficient management. On the other hand it allows those who have lost their investment in the original business to continue to benefit from its ongoing success. For example, in the case of a company acquisition, it might be possible for existing shareholders to disassociate themselves from open market trading in company stock by selling all their stock in the acquired business, thus enabling them to profit from dividends without actually having committed their financial capital to its growth or success.

Nonetheless, while some carve-outs can result in a great deal of value being created for the original shareholders, there are also many situations where this is not true. For example, in the case of a small business that has been acquired from a larger company, the acquired business may not be profitable, and thus it is likely that any new investors who take control of the business will have to spend time and effort trying to turn it around. In addition, some investors may refuse to sell out completely, instead trying to set terms under which they can continue to benefit from the ongoing success of the old company. Thus, one of the downsides of a carve-out is that it can be potentially unsound as a corporate governance mechanism since it can lead to an inefficient and unprofitable business being run by those who brought the firm into being.

In addition, many carve-outs also naturally take place in industries where businesses are naturally cyclical, such as that of “cyclical” or fashion industries. For example, a corporation might decide to sell off a non-valued division to reduce their overall operating expenses. However, what would ordinarily happen is that the company’s revenue would decrease instead of increase because the value of its inventory decreases. In this sense, start-ups are seen as a form of carve-out. Rather than having resources to address all aspects of business at once, the focus is narrowed to enabling the core business function. It is not uncommon for smaller firms to invest in firms yet to be carved out. This can result in future economic value being created within the markets served by the start-up and the other firm.

The concept of internalization is vital to understanding carve-outs, because it is basically “internalization” that enables the two concepts to be combined into one tool for management. The idea of internalization is that the corporate management team needs to be more focused on the firm’s core business, and can not allow individual divisions to run amok. In particular, Abernathy and Clark believed that it would be a mistake for a company to try to grow through acquisitions, because it would distract managers from managing their core business.

They also believed that companies should carve-out not only parts of their businesses, but whole divisions or companies. Fidelity had spun-off its mutual funds division because it believed that the management team could not effectively direct what they viewed as an asset/liability bottom line like mutual funds. On the other hand, if Fidelity had carved-out its brokerage business, the relationship between the company’s market activities and it management team would have been more direct.

Abernathy and Clark argued that managers needed to make mistakes because by making mistakes they could discover exactly where their company was headed. It is basically this same argument that is used by start-up firms that seek to carve out a niche in some market or industry. Firms that manage to carve out new markets are sometimes referred to as “disruptive innovators.”

It can be seen from this example that Abernathy and Clark were not arguing against corporate acquisitions. Big companies can acquire other companies for value, and the management team should be capable of running the new company too. However, they believed that acquisitions should not be pursued for efficiency purposes.

Abernathy’s and Clark’s core idea was that there are many good uses for carve-outs because they give managers the focus to do the kind of things that you want them to do. Abernathy and Clark believe that by focusing on their core business, managers will not only achieve better financial results, but also achieve better results in other areas like innovation. It can however be argued that while this may happen in some cases, carving out other parts of a company does not necessarily improve or preserve core value creation processes or sustainable competitiveness.

The term “carve out” is used by firms to describe internal policies which allow them to avoid duplication of work. The aim of the policy is usually to lower internal cost, increase efficiency and improve profitability. However, if the policies are implemented incorrectly or fail to deliver value then it could put profits at risk. An example of this problem is when companies follow conventional wisdom in costing functions by simply adding up costs without costing for different types of service. For example, the firm may expect that its number crunchers will require the same level of training as its sales team will require without considering differences between work styles or how tasks are performed.

carve outs in business are important as they can help businesses trim up for effectiveness The most important thing is recognizing a business would benefit from a Carve-Out and carrying out the procedure effectively with the precision of a surgeon. Firm’s do not carry out Carve outs every other day as businesses rarely have need to do so. This means the process is highly specialized with few persons boasting of past experience in carrying out the procedure. Fintalent, the hiring and Collaboration platform for tier-1 strategy and M&A professional is your go-to platform when looking for experienced Carve-out consultants. Fintalent Consultants will carry out expert Business Analysis to determine the most effective Operational Strategy for your business and carry out appropriate Due Diligence to ensure a potential Carve-Out succeeds.

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Case studies

Want to become a Fintalent?

»I’ve experienced the struggle to staff talent with real industry expertise firsthand. Fintalent solves that gap with super fast staffing for M&A projects, and offers a sustainable project pipeline for professionals as well.«

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Valentín Rivas Vera
Strategy Director at Lyntia​

»Inorganic growth is a big part of our strategy. We were looking for a global partner to help us with our buy-side M&A projects, and found Fintalent. From first contact to project start took less than 2 weeks. The quality of talent is exceptional. Now, we’re already talking to potential targets.«

Bart van Acker
Bart van Acker
CEO, QbD Group

»I worked in Corporate M&A for more than a decade and wish a platform like Fintalent would have existed years ago! Fintalent provides a very flexible, cost- and time-efficient way to deal with our buy-side transaction staffing requirements with top tier M&A experts.«

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Alexander Mora, CFA
Partner at Ingeniam, former COO/ Head of M&A of DWS Group