Google Ventures, now known as GV, was an investor. They knew our financials and had always been extremely supportive, so I wasnât worried about the number. I was worried about which teams weâd work with, what technology weâd share, what products weâd build. Nest wasnât joining Google for the moneyâwe were joining to accelerate our mission. So it was always mission first, money second.
Together with Google, we went through every single functionâmarketing, PR, HR, sales, every part of the company. We established where we could create synergies and where we couldnât, figured out which managers would be assigned to us, how we would do the hiring, which perks people would get, which salaries they could expect, which teams would be working together closely, and how those relationships would be established.
It took a lot of time. In fact I was starting to get a lot of eye rolls. âReally, Tony? You want to get into the details of this now?â Yes, yes, I do. Itâs important.
And it wasâcritically important and usually overlooked.
Most acquisitions are driven and overseen by bankers, and bankers only make the real money if the deal goes through, so theyâre motivated to move fast and get paid. They donât care about getting every detail of what happens to employees right. They donât really care about cultural fit. Not deeply.