Turns out there is quite a bit to consider with this one. Disabling the Analytics and Xdb are two separate tasks that need to be performed depending on the version of Sitecore.
I ended up creating a new patch.
Sitecore 8.1
Company.Xdb.Config
<configuration xmlns:patch="http://www.sitecore.net/xmlconfig/">
<sitecore>
<settings>
<setting name="Xdb.Enabled">
<patch:attribute name="value" value="false" />
</setting>
<!-- Only disable tracking if you don't need it. Leave enabled if you want to personalize within the session. -->
<setting name="Xdb.Tracking.Enabled">
<patch:attribute name="value" value="false" />
</setting>
</settings>
</sitecore>
</configuration>
Sitecore 8.0
Company.Analytics.config
<configuration xmlns:patch="http://www.sitecore.net/xmlconfig/" xmlns:set="http://www.sitecore.net/xmlconfig/set/">
<sitecore>
<settings>
<setting name="Analytics.Enabled" set:value="false"/>
</settings>
</sitecore>
</configuration>
Other useful links to provide details.