Ashish Ambwani has spent over 17 years advising on complex transactions across investment banking, cross-border M&A, and private equity.
Having held leadership roles at Lazard and Goldstein Roth & Co., Ashish now serves as Managing Director at InCred Capital. Recently, he guided Dodla Dairy’s ~$30 million acquisition of Osam Dairy — one of the first large-scale M&A deals in eastern India’s dairy sector.
On Masters of the Deal, Ashish shared insights from his career, highlighting six lessons learned from high-stakes dealmaking.
1. The best deals are built over time
In investment banking, rushing rarely works. Ashish emphasizes that every engagement demands patience, whether it’s a small acquisition, cross-border M&A, or large fundraise.
“As a general thumb rule, all deals take time. Realization number one for younger listeners of this podcast: if they are ever interested in the deal business, nothing good ever happens in a jiffy,” he says.
As a general thumb rule, all deals take time.
Ashish Ambwani, Managing Director at InCred Capital
Building strong connections between buyers, sellers, investors, and promoters is a gradual process. Ashish likens it to a marriage: partnerships develop through familiarity and communication. In M&A, this helps each party understand the others’ objectives, motivations, and constraints.
With studies showing that 70-75% of M&A deals fail, this careful evaluation is essential for increasing the chances of success.
2. Trust is earned through honesty
Trust is the currency of M&A, and honesty is its foundation. Ashish stresses that his role is to provide clients with the guidance they need, not the answers they want.
“If a CEO says, ‘I need this problem solved, and I need this kind of money in this kind of time,’ and you know it can’t happen, you’re better served by telling him the truth,” he explains.
He cautions against tactics like the classic “bait and switch,” where advisors promise “twice the valuation in half the time.” While this might win an initial mandate, it quickly undermines trust.
Offering sound advice strengthens relationships and creates opportunities for repeat engagements. As Ashish notes, “If you’ve done a good job and given the right advice consistently, you have a fair shot of working with promoters for multiple transactions.”
3. Pattern recognition is a dealmaker’s superpower
Skilled dealmakers excel at spotting recurring patterns across engagements. “Ultimately, as you spend time, it’s pattern recognition. Once you can pick up patterns, you can basically archetype deals,” Ashish observes.
Repeated exposure across sectors, clients, and financial sponsors helps them identify the most promising opportunities, structure negotiations effectively, and anticipate potential risks. Ashish compares it to running a mental financial model, applying familiar parameters in different contexts to make faster, smarter decisions.
Once you can pick up patterns, you can basically archetype deals.
Ashish Ambwani, Managing Director at InCred Capital
For experienced dealmakers, pattern recognition turns experience into foresight, enabling them to navigate the complexities of M&A with confidence.
4. Talent retention is underrated
Ashish believes that retaining staff is key to a firm’s success. While analyst turnover is common in M&A, it comes at the cost of institutional knowledge.
“Are you better served by churning over your talent every 18 months and finding a fresh crop of guys? Or, are you better served by somebody staying a decade? I think you’ll agree with me that the second one’s more valuable for the firm,” he says.
Long-tenured team members build deep expertise in sectors, client networks, and deal dynamics. This enables the firm to serve clients more effectively and, over time, helps develop its next generation of leaders.
5. Career lows are unavoidable
Even the most accomplished dealmakers face setbacks. Ashish notes, “The world’s greatest investment bankers will inevitably have one and a half bad years out of five. It’s not because they gave the wrong advice, it’s just the variables and the macro environment.”
The key, he says, is maintaining perspective. Market cycles, sector shifts, and client dynamics make challenging periods inevitable, and M&A professionals must remember that one difficult year does not define them.
The world’s greatest investment bankers will inevitably have one and a half bad years out of five. It’s not because they gave the wrong advice, it’s just the variables.
Ashish Ambwani, Managing Director at InCred Capital
Instead of getting caught up in short-term results like annual P&L or bonuses, Ashish concentrates on what he can control — refining his financial analysis skills and deepening client relationships.
6. AI can help, but human judgment remains essential
While AI adoption continues to grow in M&A, Ashish stresses that dealmaking remains fundamentally human: “People run businesses. People have to make decisions. People are influenced by emotions,” he explains.
He views AI as a tool to enhance human capability, not replace it. By handling research and routine tasks, it frees advisors to focus on the more nuanced aspects of their work — building client relationships and navigating complex negotiations.
Ultimately, it’s the combination of efficiency and sharp judgment that sets a skilled dealmaker apart.
Lessons from an M&A master
Ashish Ambwani knows what it takes to succeed in the world of high-stakes M&A.
For a deeper dive into his strategies and insights, listen to our conversation on Masters of the Deal.
