How AI Is Reinventing M&A by Putting People Back at the Heart of the Deal

After helping transform the HEC Alumni Association, developing digital businesses at Elephant and Webedia, and leading mergers and acquisitions projects, Jérémy Bas founded Human Stories in 2024. His belief is simple: as artificial intelligence takes over an increasing share of the technical work involved in M&A, the real value of an advisor lies more than ever in understanding the people—and the stories—that make businesses what they are.

From Finance to Communities: A Career Shaped by Human Stories

Long before launching Human Stories, Jérémy Bas had already spent much of his career exploring one central question: what truly creates value within an organisation?

A graduate of HEC Paris (M.12) and an engineer by training from ENSGSI, he began his career in finance at Exane BNP Paribas, one of Europe’s leading equity brokers. There, he mastered the technical foundations of corporate finance while discovering another essential dimension of the profession: the power of storytelling.

“I learned how to write and understand financial stories,” he says.

Because behind every company, every valuation and every transaction lies a narrative—a way of expressing a business’s journey, its potential and its ambitions.

He later joined the HEC Alumni Association, serving as Managing Director from 2017 to 2020 during a period of significant transformation. Among other initiatives, he helped redefine the editorial identity of Hommes & Commerce, which evolved into HEC Stories with a renewed editorial vision. He also contributed to the launch of HEC Ventures, helped redesign the alumni membership model, and supported the opening of the HEC community to emerging entrepreneurial ecosystems such as Station F.

Working at the heart of a network of business leaders and entrepreneurs reinforced a conviction that has guided him ever since: organisations are, above all, communities of people.

Human Stories: Making M&A a Meeting of Two Stories

Founded in 2024, Human Stories advises business leaders through every stage of their strategic transactions, from business sales and acquisitions to fundraising and financing operations. Its approach, however, sets it apart from traditional M&A advisory firms. The guiding principle is simple: a successful transaction is never just about the numbers.

“Human Stories brings together two dimensions,” Bas explains. “There’s the story of a business and its financial narrative—the story you tell to make a company attractive to buyers. But above all, there are the stories of the people behind it.”

For Bas, an advisor’s role extends far beyond finding a buyer or securing the highest possible valuation. It begins with understanding what the entrepreneur truly wants.

One question comes up repeatedly in his conversations with founders:

“Once you have a few hundred thousand—or a few million—euros in your bank account, what do you actually want to do next?”

Simple as it may seem, it is a question that traditional M&A processes rarely ask.

Because selling a company is about far more than completing a financial transaction. For many entrepreneurs, it is a deeply personal milestone. They have built a team, shaped a culture and pursued a vision—sometimes over several decades. Finding the right partner therefore means identifying someone who will not simply acquire the business, but carry its story forward.

  Taking the Long View to Unlock a Company’s True Value

This philosophy calls for a different way of working.

Where investment banks typically step in once a transaction is already underway, Human Stories gets involved much earlier—sometimes 18 months to two years before a deal is even on the table. The aim is to give business leaders the time and perspective to consider every possible path.

Should they sell the company outright? Open up the share capital? Bring in a strategic partner? Continue growing independently?

There is no one-size-fits-all answer.

“People rarely give themselves enough time to be certain they’re making the right decision,” says Bas.

His team therefore spends months getting to know a business before discussing valuation. In an industry where speed and execution often take precedence, this deliberately patient approach may seem unconventional. Yet it is precisely what sets Human Stories apart.

The experience of Médoucine perfectly illustrates this philosophy. The healthcare company was led by a founder who, after ten years of building the business, described it as “the project closest to my heart.” Rather than launching a conventional sale process, Human Stories focused first on identifying partners whose ambitions and values aligned with hers.

The outcome was driven less by acquisition logic than by cultural fit and a shared long-term vision. The acquiring company invited the founder to join its Board of Directors, creating the conditions for a new stage of growth.

“Very quickly, she told me, ‘These are the people I want to work with,'” Bas recalls.

His experience has also shown the opposite to be true. Deals that appear financially successful on paper can ultimately become both human and commercial failures when cultures clash or long-term ambitions diverge.

“A successful financial deal can still become a poor human story,” he says. 

Artificial Intelligence Frees Time for Human Intelligence

In an industry that has traditionally relied on significant time and resources, artificial intelligence is fundamentally reshaping the rules of the game.

Preparing an M&A transaction has long involved producing a vast array of documents—from investor presentations and financial analyses to market research and strategic reports. Much of this work is both time-consuming and highly standardised.

For Jérémy Bas, however, AI is not a threat. On the contrary, he sees it as an opportunity to refocus the profession on what truly creates value.

“AI will free up both time and resources, allowing us to focus on what matters most: people.”

The shift could also reshape the competitive landscape between large investment banks and smaller advisory firms. For years, the ability to deploy large teams has given major institutions a clear advantage. Tomorrow, AI-powered tools could enable specialist boutiques to compete on larger transactions while operating with leaner, more agile organisations.

Yet technology alone will never replace human relationships.

Understanding an entrepreneur’s motivations, sensing moments of hesitation, recognising cultural compatibility between two organisations or helping define a shared ambition are all deeply human skills.

“Not everyone can do that,” Bas says. “You have to genuinely want to understand people—to discover what really drives them.”

Towards a More Relationship-Driven M&A Industry

For Jérémy Bas, the role of the M&A advisor is set to evolve. Tomorrow’s dealmakers will no longer be defined solely by their technical expertise. Instead, they will increasingly act as trusted partners, helping to build bridges between entrepreneurs, investors and businesses.

“In the future, we’ll be bringing people together more than simply closing deals,” he says.

The idea reflects the thread running through his own career. Whether leading an alumni community or advising business leaders, Bas has always sought to connect people with projects—and projects with the right people.

What continues to surprise him most is entrepreneurs’ remarkable ability to reinvent themselves in a world of constant change.

“Behind every company and every entrepreneur lies a unique story, full of unexpected encounters and entirely different kinds of energy,” he reflects.

At a time when artificial intelligence is reshaping professions across every sector, Human Stories ultimately champions a simple belief: the more technology advances, the more valuable human insight becomes.   

 

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