Since joining Campbell Soup just a year ago as director of corporate development, Emily Waldorf has already worked on the $7.7 billion company's largest deal ever, the $1.5 billion purchase of Bolthouse Farms, a $689 million provider of fresh carrots, beverages and dressings.

During the deal process, Waldorf led the due diligence and valuation efforts and oversaw the complicated project as a whole, ensuring that the acquisition was a good one for shareholders. She always remained ready to say no, she recalls.

“One of the things I was challenged with in the Bolthouse deal, and in every deal, was learning when to walk away, and being able to say no,” Waldorf says. “I think it's one of the hardest things in M&A, knowing when to say no, when to walk away and when the value is destructive. There were multiple times throughout this process, like every other, where we needed to make sure going forward was the right decision. Fortunately, we were able to get the deal done before we got to that point. You need to know when any given deal doesn't make sense. We were lucky to not be tested, and have to say no.”