M&A Lawyer Ray Dolben speaks on Deal Risk, Deferred Payments, No-Money-Down Myths, and Why AI Can Derail SPAsOn the Acquisition Collective podcast, host Charlie interviews M&A lawyer Ray Dolben, the founder and CEO of “Mud Up,” an M&A-focused firm he founded in 2018 after leaving traditional law practice, now having advised on roughly 230 deals typically in five- to eight-figure ranges. Ray explains his direct, human approach to advising clients, emphasizing risk balancing, clear options, and the value of constructive solicitor-to-solicitor relationships to avoid deals stalling in legal negotiations. They discuss common deal structures such as deferred consideration (often 50–75% paid on day one with the rest over 2–3 years), protections like security documents and insurance, and why “no money down” acquisitions are often oversimplified. They also cover lender expectations, leverage, cash-flow turbulence post-acquisition, and warn against using non-specialist lawyers and relying on AI-drafted legal documents, sharing examples of AI causing major drafting and negotiation issues.00:00 Welcome and Guest Intro01:26 Ray’s Background and Approach05:33 Client Advice and Risk Balance08:29 Dealing With Difficult Lawyers14:10 Specialists and Building a Team16:07 Fees and No Money Down Myth20:09 Deferred Payments and Seller Expectations22:57 First-Time Buyers and Credibility27:35 Finding Off-Market Deals28:57 Lazy Outreach With AI29:32 Buying From Owners You Know31:12 Planting Seeds Off Market32:17 Stick To Your Sector33:49 Small Deals Are Everywhere35:41 Acquisition Loans And Deposits37:40 Leverage Limits And Lenders38:23 Broker Incentives Red Flags40:52 Turbulence After Acquisition43:05 Deferred Payments Safety Buffers45:29 Why Lawyers Hate AI Drafts46:56 AI SPA Horror Story55:45 Legal AI Tools And Templates59:02 CoCounsel Prompts And Training59:36 Wrap Up And Break