Best But Never Final: Private Equity's Pursuit of Excellence

Consolidation strategies are a proven way to create value in fragmented markets, but execution is everything. In this episode, Doug McCormick walks through the key principles of launching and scaling a buy-and-build platform, sharing lessons learned from a real-world example in the lawn care industry. Joining Sean Mooney and Lloyd Metz, Doug dives into the essential elements of consolidation success, from developing the investment thesis to building scalable infrastructure and engaging entrepreneurial owners.The team explores topics like market selection, integration strategies, and how to position a business for the next phase of growth. If you're considering consolidation strategies or looking to optimize your existing approach, this episode is packed with insights for private equity professionals and business leaders alike.Episode Highlights:2:21: Defining core focus areas for consolidation: Subscription revenue, recurring services, and market potential.3:38: Regional dynamics: Why geography matters and how to build density before scaling nationally.4:41: Developing a proven investment thesis: Recognizing white space in competitive markets.9:26: Building the flywheel: How initial acquisitions set the foundation for growth.16:09: Keeping owner-operators engaged: Strategies for rolling equity and aligning interests.24:02: Unlocking the benefits of scale: Efficiency in purchasing, customer acquisition, and operational KPIs.33:37: Integration best practices: Building internal capabilities and avoiding common pitfalls.36:51: Creating long-term buyer appeal: Building a platform that's scalable and ready for future growth.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Private equity is evolving rapidly, and staying ahead requires innovation in both diligence and value creation. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore the latest tools, trends, and strategies that are reshaping the private equity landscape in 2025.The conversation dives into cutting-edge approaches to due diligence, including advancements in data analysis, tech diligence, and digital market studies. They also discuss how private equity firms are reimagining value creation, from leveraging AI to optimize operations, to using data visualization and digital tools to drive portfolio success.Packed with actionable insights and real-world examples, this episode offers private equity professionals a roadmap to thrive in an increasingly competitive and fast-changing environment.Episode Highlights:3:13 - How value creation is taking center stage in private equity, with 75% of activity focused on post-acquisition growth strategies.5:13 - Evolving due diligence: The rise of tech diligence, digital due diligence, and the expanding scope of commercial diligence.12:54 - Opportunities in AI: How firms use data organization and visualization to unlock new growth potential.20:24 - Cutting-edge commercial market diligence: Moving beyond market size to find growth strategies that create alpha.33:37 - Embracing change: Practical steps to adopt game-changing AI tools, from ChatGPT to automated FP&A systems.39:30 - The future of the CFO's office: New tools and approaches to optimize productivity and decision-making with AI and automation.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Tariffs are at the center of a rapidly changing global trade landscape, creating both challenges and opportunities for businesses. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick are joined by Michael Allen, co-founder of Beacon Global Strategies, to explore the state of U.S. trade policy, its impact on private equity, and how businesses can adapt.Michael provides an inside look at the current administration's approach to tariffs, bilateral trade negotiations, and the implications for global supply chains and domestic industries. Together, the panel discusses what companies can do now to manage supply chain disruptions, adjust pricing strategies, and find opportunities amidst uncertainty.This episode is packed with actionable insights for leaders navigating the intersection of trade, policy, and business strategy.Episode Highlights:01:05: Lloyd introduces Michael Allen and his background in Washington policy and intelligence.03:35: The current state of trade policy: Tariffs, geopolitical strategy, and their influence on the global economy.10:07: Bilateral negotiations with 90 countries: Leveraging trade discussions to isolate China and restructure agreements.24:50: Portfolio company impacts: Rising costs, supply chain disruptions, and ripple effects on consumer demand.39:30: Playing to win: Strategic steps for businesses, from diversifying supply chains to leveraging domestic opportunities.For more information on Beacon Global Strategies, go to: https://bgsdc.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Merger integration is a critical component of private equity strategies, especially in buy-and-build models. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick break down what it takes to successfully integrate acquisitions, why careful planning is essential, and the risks that come with getting it wrong.From cultural alignment and change management to IT systems and operational processes, the team provides actionable insights for portfolio companies and investors alike. Whether it's a strategic roll-up or a single add-on, this episode covers the strategies needed to create value and avoid common pitfalls in mergers and acquisitions.1:01: Sean kicks off the discussion with the fundamentals of merger integration and its importance for private equity firms.4:05: Lloyd outlines the key elements of integration planning, including reporting structures, branding, IT systems, and organizational design.7:09: What happens when integration fails? The team discusses the risks of poor execution and how they can destroy value.9:14: Doug shares three common integration scenarios: geographic expansion, product synergies, and improving cost positions.20:48: Why cultural alignment matters: Lloyd and Doug dive into how to blend team dynamics and organizational values effectively.48:02: Solving IT challenges: Doug discusses why unified processes are the backbone of successful ERP systems.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this featured episode, we're excited to share a conversation from Thoma Bravo's Behind the Deal podcast. Join managing partner Holden Spaht as he sits down with Leagh Turner, CEO of Coupa, to explore how Thoma Bravo and Coupa are revolutionizing business spend management, leveraging AI, and driving innovation post-acquisition.Hear how Coupa is transforming inefficiencies in the $33 trillion global trade ecosystem using its $7 trillion transaction dataset and AI-driven insights. Leagh also shares her leadership philosophies, strategies for cultural alignment, and how Coupa continues to set itself apart in business spend management.Discover why Thoma Bravo's $8 billion acquisition of Coupa is a case study in growth, innovation, and leadership.If you enjoy this episode, be sure to follow Thoma Bravo's Behind the Deal for more exclusive stories from the world of private equity and tech investment.0:07: Sean Mooney introduces the episode, featuring Thoma Bravo's Behind the Deal.2:24: The $8 billion acquisition of Coupa and its industry-leading position in business spend management.9:09: AI-powered opportunities: Coupa's use of its $7 trillion dataset to eliminate inefficiencies.12:34: Appointing Leagh Turner as CEO: leadership in scaling organizations and go-to-market expertise.23:54: How Coupa's Inspire event empowers its customer community and sparks innovation.30:43: Leagh's vision for Coupa: redefining global trade through AI and collaboration.For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit Coupa's website: https://www.coupa.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, Sean Mooney, Doug McCormick, and Lloyd Metz are joined by Carl Press of Thoma Bravo and Kevin MacDonald, CEO of Bluesight, to share a behind-the-scenes look at scaling a software company from a bootstrap startup to a private equity-backed category leader. Kevin reflects on his fourteen-year journey, from self-funding and navigating tough markets to leveraging venture capital and eventually partnering with private equity to drive growth and achieve ambitious goals. Carl provides insights from Thoma Bravo's perspective, highlighting the power of strategic M&A, operational constraints, and value creation planning.Together, they discuss the importance of alignment between CEOs and private equity partners, integrating acquisitions, and managing growth with clarity and focus. Whether you're a founder, an executive, or a private equity professional, this episode dives deep into the challenges and successes of scaling a business for long-term impact.Episode Highlights1:01: Sean introduces Carl Press (Thoma Bravo) and Kevin MacDonald (Bluesight), setting the stage for a discussion on scaling software companies.3:13: Kevin shares Bluesight's origin as a self-funded startup and the challenges of selling to hospitals in its early days.9:38: The transition to venture capital funding and the mindset shift toward speculative, growth-oriented investments.13:23: Carl explains how Thoma Bravo recognized Bluesight's potential and invested, merging it with Metasys on day one to kickstart its M&A strategy.23:03: How Kevin and Carl aligned on a four-year value creation plan, identifying where to focus and doubling down on proven opportunities.30:45: The operating cadence for Bluesight and Thoma Bravo, including structured board meetings and continuous collaborative interactions.41:40: Advice for CEOs and private equity partners on setting clear expectations, establishing cultural alignment, and navigating growth together.For more information on Thoma Bravo, go to https://www.thomabravo.com/For more information on Bluesight, go to https://bluesight.com/For more information on Carl Press, go to https://www.linkedin.com/in/carlpressFor more information on Kevin MacDonald, go to https://www.linkedin.com/in/kitcheckkevinmacdonaldFor more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this insightful conversation, Doug McCormick, Lloyd Metz, and Sean Mooney tackle the transformative role of artificial intelligence (AI) in private equity and beyond. Sean shares how his company, BluWave, has leveraged AI to streamline operations, enhance decision-making, and create proprietary competitive advantages. The discussion explores actionable ways entrepreneurs, private equity firms, and portfolio companies can implement AI for immediate ROI, from creative assistance to operational efficiency. The group also examines the broader policy, regulatory, and workforce implications of AI, tackling challenges like privacy, cybersecurity risks, and organizational change management. Whether you're a business owner, private equity professional, or simply curious about AI's potential to reshape industries, this episode offers both practical tips and thought-provoking future predictions.Episode Highlights02:10: Sean explains BluWave's adoption of AI, including why 2022 marked a breakthrough for implementing proprietary AI tools.9:44: Practical advice for entrepreneurs and small business owners on getting started with AI tools like ChatGPT and Snowflake.23:16: Using visualization platforms like Sigma and HEX to make data actionable and gamify business metrics.41:26: Doug and Sean discuss the biggest opportunities for private equity firms to integrate AI, from deal sourcing to portfolio company optimization.55:10: Sean highlights the growing risks of voice deepfakes and fraud, offering insights into protecting businesses against AI-enabled threats.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

This special replay highlights an essential episode on how private equity firms identify where to invest and how to strategically source opportunities. Doug McCormick and Lloyd Metz join Sean Mooney to explore the art of specialization, building investment theses, and balancing focus with innovation. They share insights into why focus matters for both LPs and success in deal-making, how sourcing strategies evolve from industry expertise, and why relationships with investment bankers and direct outreach are critical. Whether you're a business owner or a private equity professional, this episode outlines the foundational strategy behind deal selection and sourcing.Episode Highlights2:07: Doug and Lloyd discuss why staying within an investment thesis matters for LPs and how firms develop their areas of focus.8:46: The importance of specialization: How focus, relationships, and expertise enhance credibility with business owners and deal sources.19:48: Building investment theses: Tracking data, trends, and customer behavior to unlock adjacent opportunities.34:08: Strategies for deal sourcing: Working with investment bankers, targeting specific sectors, and building long-term credibility.50:52: The future of private equity marketing: How firms can build brands, leverage new tools, and attract opportunities directly.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Kicking off a new series on emerging investment themes, Lloyd Metz, Doug McCormick, and Sean Mooney examine the profound effects of geopolitical complexity on private equity. This episode explores the growing trend of supply chain reshoring, the rise of infrastructure services, and how enterprises are grappling with heightened risks in today's dynamic environment. Lloyd shares insights from a portfolio company aiding corporations in navigating federal policies and mitigating geopolitical challenges, while the group discusses what makes these businesses scalable, cash-generating, and attractive for investment.Episode Highlights2:27: Lloyd and Doug break down methods for sorting through massive amounts of information to uncover actionable investment ideas.10:35: A focused thesis on how geopolitical tensions are shifting supply chains and driving demand for new infrastructure.19:48: Deep dive into a portfolio company addressing enterprise risks and helping corporations adapt to government policies.28:14: Building scalable professional services firms: From partnership models to enterprise value creation.37:32: Leveraging insight into geopolitical dynamics for future investment opportunities and emerging industry trends.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, Golub Capital's Senior Managing Director, Greg Cashman, joins Lloyd Metz, Doug McCormick, and Sean Mooney to uncover the critical role of direct lenders in private equity. Greg shares Golub's transition from private equity to direct lending, the importance of alignment between lenders and PE sponsors, and their underwriting strategies for companies and sponsors. Explore how private credit markets have evolved, what makes the best sponsors stand out, and why 2025 is shaping up to be a pivotal year for M&A. Packed with insights from decades of experience, this is an essential listen for private equity professionals and investors.Episode Highlights2:20: Greg shares Golub Capital's origin story and its strategic pivot from private equity to direct lending.8:48: The benefits of specialization: Why Golub focuses on private equity-backed lending and the advantages sponsors bring to transactions.20:32: Underwriting sponsors: How Golub evaluates private equity firms and builds trust through transparency and long-term partnerships.29:08: The rise of private credit markets post-2021 and how Golub positions itself to support sponsors through tailored debt solutions.37:32: Managing underperformance: The importance of transparency, trust, and creative problem-solving between sponsors and lenders.47:46: 2025 predictions: Why improving capital markets, favorable economic trends, and M&A momentum could make it a banner year for private equity.For more information on Golub Capital, visit https://golubcapital.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Hosts Lloyd Metz, Doug McCormick, and Sean Mooney review the major themes shaping private equity in 2024, including liquidity challenges, market shifts, and investor dynamics. They discuss strategies to prepare for 2025 amid potential changes in interest rates, inflation, and emerging opportunities in industrials, food, and infrastructure services. With insights into M&A activity, CEO evaluations, and aligning investor expectations with portfolio performance, this episode offers practical knowledge for private equity professionals, investors, and business owners.Episode Highlights1:36 - Reflecting on 2024 as a challenging year for private equity, with discussions on liquidity pressures and subdued deal activity.8:02 - The divergence between market performance and economic realities, and its implications for private equity investment strategies.18:54 - Exploring opportunities in emerging sectors like niche food products and infrastructure services as areas for growth in 2025.26:03 - CEO evaluations and insights on balancing leadership, decision-making, and performance improvement within portfolio companies.35:58 - Looking ahead to 2025: inflation risks, interest rate concerns, and expectations for M&A activity and sector performance.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, hosts Lloyd Metz, Doug McCormick, and Sean Mooney are joined by Paul Ryan, former Speaker of the House and Vice Presidential Candidate, now a partner at Solamere Capital. Speaker Ryan delves into his transition from a distinguished career in public service to the private equity sector, highlighting his enduring passion for economics and his strategic choice to focus on lower middle market private equity. The discussion explores the unique value private equity brings to liquidity provision, business growth, and its broader economic impact. He also shares his perspective on the current political landscape, regulatory shifts, labor supply significance in manufacturing, and the critical role of private equity in economic stabilization and growth. This episode not only sheds light on Speaker Ryan's journey from Capitol Hill to capital growth but also on the intersection of policy, economics, and private equity's influence on business and society.Episode Highlights • 2:48: Ryan's transition to private equity and focus on lower middle market. • 14:17: Discussion on business owners' perspectives on private equity partnerships. • 18:08: The convergence of policy, economics, and private equity. • 24:42: The importance of labor supply and immigration policy for economic growth. • 31:10: The role of private equity in stabilizing and enhancing the economy. • 37:28: Advice on communicating the value of private equity to policymakers. • 40:09: Final thoughts on the future economic outlook and potential risks. For more information on Solamere Capital, go to https://www.solamerecapital.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this encore presentation from February 20th, Lloyd Metz, Doug McCormick, and Sean Mooney discuss the strategic considerations behind exiting a private equity investment. With an anticipated wave of deals in the coming year, understanding when to sell and how to do it effectively is crucial. This episode covers the importance of exit timing, various exit mechanisms including dividend recaps, partnership deals, and ESOPs, and how to prepare for a successful sale. Whether considering selling now or seeking insights into exit strategies, this episode provides valuable information on making informed decisions that maximize returns.Episode Highlights:2:34 - Discussing the impact of timing on returns and market challenges.8:14 - Approaches to building a business that attracts buyers.19:23 - Ways private equity firms return capital and extend company options.34:51 - Exploring ESOPs as a tool for incentive alignment and employee empowerment.38:28 - Common pitfalls in the exit process and the importance of early preparation.43:35 - Final thoughts on skills for successful ownership and selling.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Lloyd Metz, Doug McCormick, Sean Mooney, and operating partners Mary Rachide from ICV and Bob Hund from HCI delve into value creation in private equity. They discuss the role of operating partners in enhancing portfolio company growth, from due diligence to strategic execution. The episode covers aligning company vision with actionable strategies, the importance of stakeholder collaboration, and the balance between innovation and risk management. Mary and Bob share their experiences in driving transformation and the challenges and rewards of their roles in achieving exceptional outcomes.Episode Highlights1:25 - Introduction to value creation and the role of operating partners.1:52 - Mary Rachide outlines her path to becoming an operating partner at ICV, focusing on strategy and execution.3:33 - Bob Hund discusses his journey to HCI, emphasizing process improvement and risk mitigation.6:45 - The integration of operating partners in due diligence and value creation planning.15:18 - Managing stakeholder collaboration and communication within the private equity ecosystem.37:39 - The rewarding aspects of being an operating partner, including working with entrepreneurs and seeing tangible results.44:48 - Challenges of the role, such as prioritizing initiatives and navigating change management.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Lloyd Metz, Doug McCormick, and Sean Mooney share pivotal experiences from their private equity careers, focusing on due diligence surprises, the impact of personal challenges on professional relationships, and complex business scenarios. They emphasize the importance of comprehensive background checks, cultural sensitivity in international deals, and strategic problem-solving in high-stakes situations. This episode provides insights into the nuanced world of private equity, where unexpected challenges often lead to valuable lessons.Episode Highlights:2:11 - Lloyd Metz emphasizes the necessity of thorough background checks with a story about a CEO's undisclosed past.5:08 - Doug McCormick discusses the significance of transparency and trust in forming business partnerships.10:21 - The importance of open communication in overcoming personal and professional challenges is highlighted.22:55 - Lloyd shares a challenging experience with a corporate carve-out in Japan, stressing cultural sensitivity.33:41 - Doug talks about managing complexity in deals and the strategic value of risk mitigation.42:20 - Sean recounts overcoming a supply chain challenge through innovation and strategic negotiation.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of 'Best But Never Final,' Lloyd Metz, Doug McCormick, and Sean Mooney discuss the importance of strategic talent management in private equity. They explore the transition from traditional HR to advanced human capital strategies, emphasizing the critical role of hiring, team building, and organizational design in driving business success. The conversation covers practical strategies for hiring, including preparation, execution, and effective onboarding, providing private equity professionals with insights to leverage human capital for competitive advantage and sustainable success in their portfolio companies.2:20 - The critical role of human capital in private equity.4:16 - The shift from financial arbitrage to business transformation through talent.10:39 - Preparing for successful hires with a detailed scorecard and aligning talent strategy with business goals.16:32 - Utilizing specialized recruiters and assessment tools for optimal cultural and skill fit.26:23 - Innovative onboarding practices for new hires' success.33:28 - Leveraging hiring advisors and assessment firms for deeper candidate insights.41:04 - Tips and pitfalls in hiring, emphasizing quick decision-making and systematic approaches.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this engaging episode of 'Best But Never Final,' hosts Lloyd Metz, Doug McCormick, and Sean Mooney welcome David Freed, a seasoned professional with extensive experience across the private equity, technology, and operational landscapes. Freed shares his journey from operating roles within portfolio companies to co-founding CP Energy Holdings, focusing on carbon reduction investments. The discussion delves into the strategic use of technology to drive business growth, the importance of cybersecurity, and the necessity of embracing technological advancements to stay competitive. Freed's insights offer valuable lessons on integrating technology with business strategy to achieve sustainable success in today's rapidly evolving market.Episode Highlights2:06 - Introduction of David Freed and his diverse background in technology, operations, and private equity.6:19 - Freed's transition from Eight Rivers to HCI and the challenges of integrating technology in traditional industries.16:55 - The role of technology in driving value creation and operational efficiency at MSI, a portfolio company.26:11 - The defensive and offensive uses of technology in business, from cybersecurity to enabling growth.44:30 - Freed's approach to evaluating and implementing technology in SMBs to fuel growth and innovation.53:59 - The risks of ignoring technological advancements and the importance of proactive adoption for competitive advantage.For more information on Critical Point Holdings, go to https://cpeh.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

We're in the heart of private equity's busiest season with Lloyd Metz, Doug McCormick, and Sean Mooney in this episode of 'Best But Never Final.' They tackle the fall deal rush, a period brimming with new deals and rigorous due diligence. The hosts share insights on efficiently assessing opportunities, focusing on key tools like Quality of Earnings Reviews, market studies, and management assessments. This episode is a must-listen for those new to the private equity deal rush, offering a clear view of the strategies and challenges involved in due diligence and value creation.Episode Highlights:1:53 - The fall deal rush in private equity explained, highlighting its significance.5:47 - The pivotal role of Quality of Earnings Review in evaluating company performance.7:37 - Importance of market studies for understanding competitive landscapes and growth potential.12:10 - Why management assessments are crucial for gauging leadership effectiveness.17:12 - The private equity firm's role in synthesizing due diligence findings into actionable strategies.34:47 - Discussion on the importance of legal, IT, and insurance due diligence in the transaction process.46:10 - Reflections on the predictive power of due diligence in investment success and the value of management alignment.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Join Lloyd Metz, Doug McCormick, Sean Mooney, and special guest Rob Brown, CEO of Lincoln International, as they discuss the significant changes in private equity and investment banking from the early 2000s to today. This episode covers the pivotal role of company culture in driving growth, adapting to economic shifts, and the strategic use of technology and talent acquisition during downturns. Listen for an in-depth analysis of market trends, the impact of COVID-19, and predictions for the M&A landscape's future.Episode Highlights:2:09 - Rob Brown reflects on the transformation of private equity and investment banking since the 2000s.7:12 - The growth story of Lincoln International and the critical role of culture.16:55 - Economic trends post-2008 and adjustments leading up to the COVID-19 era.26:05 - The significance of office presence for culture and mentorship.32:54 - Utilizing downturns for talent acquisition and investing in AI.40:58 - Current M&A market conditions and expectations for recovery in 2025.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Explore the critical aspects of capital structure in the private equity sector with insights from Lloyd Metz, Doug McCormick, and Sean Mooney. This episode breaks down the strategic use of debt versus equity, the implications of leveraging, and the nuances of maintaining lender relationships. It offers a focused look at how private equity professionals navigate risk and optimize returns through smart capital structure choices, essential listening for investors and business owners aiming to understand the financial underpinnings of successful investments.1:18 - Introduction to the importance of capital structure choices in private equity. 3:16 - Exploring the balance between risk and return in optimizing capital structure.6:43 - The leverage effect of using debt in private equity explained through a home-buying analogy.12:14 - Strategies behind determining the amount of debt to use in private equity investments.21:29 - Discussion on the types of lenders and the evolving lending landscape. 33:29 - The influence of capital market health on debt cost and the call for simplicity in capital structure decisions.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of Best But Never Final, join Lloyd Metz, Doug McCormick and Sean Mooney as they delve into the seasonal nuances of the private equity world during the summer months. This episode offers a candid look at how private equity professionals balance the demands of work with personal time, reflecting on the impact of summer on investment activities and portfolio management. From discussing the rhythm of deal flows to sharing personal strategies for recharging, the trio provides insights into how the industry adapts and plans for the latter half of the year amidst the backdrop of recurring seasonal patterns and unexpected market dynamics.Episode Highlights:0:37 - Introduction to the seasonal dynamics of private equity during summer.1:59 - Personal reflections on summer activities and balancing work with family time.5:08 - Insights into how private equity professionals navigate the quieter deal market of summer while staying prepared for the bustling activity post-Labor Day.8:23 - Discussion on the cyclical nature of deal flows and portfolio company initiatives throughout the year.15:01 - Examination of how summer provides a strategic pause for reflection and planning ahead of the busy fall season.19:33 - Consideration of external factors, such as election years, that can influence private equity activities and market sentiment.25:20 - Anticipation of deal market recovery and the readiness of lenders to support transactions in the latter half of the year. This episode is an invaluable resource for anyone interested in understanding the ebb and flow of the private equity industry and how professionals within the field strategically navigate these seasonal shifts. Join us for a thoughtful discussion on making the most of the summer slowdown while gearing up for the opportunities and challenges that lie ahead.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, hosts Lloyd Metz, Doug McCormick, and Sean Mooney, alongside their expertise in private equity, delve into the nuanced practice of granting equity to employees within portfolio companies. They discuss the strategic importance of aligning incentives, attracting top talent, and instilling an ownership mindset throughout the organization. From stock options to profit interests, explore the mechanisms private equity firms utilize to distribute equity and the impact this has on fostering value creation.Key Highlights::37 - Setting the stage for the discussion on equity ownership in private equity.10:23 - Examining the reasons behind granting equity to portfolio company employees.20:48 - Detailing the initial phase of value creation and strategic investments.31:04 - Discussing various methods for equity distribution and their implications.39:14 - Addressing the challenges and keys to successfully implementing equity programs.Listen in to understand how equity ownership serves as a fundamental aspect of the private equity model, promoting a culture of collaboration and success across portfolio companies.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Dive into an insightful exploration of the critical decision-making process within private equity regarding the timing of exits. Hosts Lloyd Metz, Doug McCormick, and Sean Mooney dissect the lifecycle of a deal, emphasizing the strategic considerations that guide private equity firms in determining the optimal moment to sell. From the initial value creation phase to the meticulous preparation for sale, this episode unveils the art and science behind maximizing returns and successfully navigating the complex M&A landscape.Key Highlights::37 - Introduction to the episode's focus on the lifecycle of a deal and the timing of exits.2:26 - Discussion on current market perceptions and the inclination towards buying or selling.7:15 - Examination of major value creation categories and their timing in the investment phase.20:48 - Insights into holding deal teams accountable for progress and meeting value creation plans.28:53 - Internal processes for making the sell decision, including considerations and signals.36:09 - The impact of portfolio construction on individual deal performance and fund optimization.47:06 - Addressing the influence of individual track records on fund management and exit strategies.This episode offers a deep dive into the nuanced strategies that underpin private equity's approach to deal exits, providing valuable lessons on fund management, portfolio optimization, and the intricacies of the sell-side process.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Episode Description:Explore the complexities of private equity's strategic approaches to buying and selling across fluctuating market cycles in this episode of "Best But Never Final." Hosts Lloyd Metz, Doug McCormick, and Sean Mooney unpack the essence of private equity operations amidst economic uncertainties, offering a rich discussion on how to maximize outcomes regardless of the market's condition. From the anticipation of black swan events to the tactical maneuvers for both acquisition and divestment, this conversation provides a foundational understanding of private equity's resilience and adaptability.Key Highlights:2:26 - Current Market Analysis: Lloyd and Doug share their perspectives on being net buyers or sellers in today's economic environment.15:46 - Strategies for Selling: Unveiling tactics to enhance asset value amidst market fluctuations.27:42 - Acquiring with Intent: Discussing the structuring of deals to ensure success in an uncertain market.37:49 - Valuation and Engagement: Highlighting the importance of accurate valuation and building strong relationships for effective deal-making.45:07 - Deal Structuring and Capital Strategy: Exploring innovative approaches to capital and transaction structuring within private equity.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of "Best But Never Final," hosts Lloyd Metz, Doug McCormick, Sean Mooney, and special guest Dave Roberts from Houlihan Lokey explore the shifting landscape of M&A markets and the strategic maneuvers private equity firms employ in response.Episode Highlights:1:04 - Introduction of Dave Roberts and the evolving M&A market's impact on deal flows.9:47 - Performance insights of private equity portfolios amid economic fluctuations.15:11 - Examination of the backlog in deal introductions and the disconnect between buyer and seller expectations.22:00 - The critical role of sponsor coverage in investment banking for bridging between private equity firms and market opportunities.38:03 - Strategies for private equity firms to effectively engage with sponsor coverage professionals and optimize deal outcomes.For more information on Houlihan Lokey, go to https://hl.com/For more information on Dave Roberts, go to https://www.linkedin.com/in/dave-roberts-hlFor more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of "Best But Never Final," join Lloyd Metz, Doug McCormick, and Sean Mooney as they navigate the choppy waters of today's economic landscape and its implications for private equity portfolio companies. Amidst moderate inflation, groundbreaking technological advancements, and significant geopolitical risks, our hosts dissect how these factors are influencing the strategic direction and operational decisions within their portfolio companies. From analyzing consumer sentiment to unraveling the resilience found within the lower middle market, this episode offers a panoramic view of economic resilience and adaptability.Listeners will gain insights into:1:27 - An overview of current economic indicators and their impact on the private equity sector.3:35 - The paradox of strong consumer sentiment amidst economic headwinds and what it signals for businesses.9:47 - Real-world reflections on portfolio company performance in the face of economic flux, shared by Doug and Lloyd.15:19 - Strategic moves made by portfolio companies during economic downturns, emphasizing the value of investing in top-tier talent and cutting-edge technology.22:24 - Approaches to nurturing revenue growth and enhancing operational efficiencies during uncertain times, with a focus on innovative pricing and marketing strategies.34:11 - A deep dive into optimizing operations and managing costs, highlighting the importance of continuous process improvement and prudent capital allocation.41:29 - Examining the role of acquisitions and capital structure strategy as tools for navigating economic uncertainty, advocating for a conservative approach to leverage and emphasizing the importance of banking relationships.This episode is essential listening for anyone looking to grasp the economic nuances affecting private equity and how seasoned veterans like Lloyd, Doug, and Sean utilize this knowledge to strengthen and expand their portfolio companies. Tune into "Best But Never Final" for an insightful journey into the strategies that guide private equity through today's economic challenges and opportunities.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Dive deep into the heart of private equity diligence processes with Lloyd Metz, Doug McCormick, and Sean Mooney in this insightful episode of "Best But Never Final." The trio unravels the complexities of third-party diligence, shedding light on the essential tools that private equity firms employ to assess, verify, and envision the potential of their investments. From the critical Quality of Earnings review to comprehensive market studies and management assessments, this episode covers the gamut of due diligence activities that underpin successful private equity transactions.Listeners will explore:1:00 - The pivotal role of third-party diligence in private equity, including the moments that can induce heart palpitations as significant sums are spent without guarantee of a deal closure.8:15 - An in-depth look at the major categories of third-party diligence: Quality of Earnings, market studies, management assessments, legal work, IT diligence, and insurance.15:30 - The nuanced differences between an audit and a Quality of Earnings review, and why the latter is crucial for understanding the true financial performance of a business.22:45 - How market studies (commercial due diligence) and management assessments play a critical role in evaluating the potential and leadership of target companies.30:00 - The sequencing of diligence activities and the strategic importance of each in the investment process, including the evolving landscape of legal, IT, and insurance diligence.Join Lloyd, Doug, and Sean as they navigate through the diligence landscape, offering invaluable insights into the tools and strategies that define the investigative phase of private equity. Whether you're a seasoned professional or new to the private equity world, this episode provides a comprehensive understanding of the diligence process, highlighting its significance in avoiding pitfalls and unlocking transformative growth opportunities.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this engaging episode of "Best But Never Final," hosts Lloyd Metz, Doug McCormick, and Sean Mooney demystify the pivotal role of the Chief Financial Officer (CFO) within the private equity (PE) landscape. As they navigate through the multifaceted responsibilities and evolving nature of the CFO role, the discussion illuminates why a strategic CFO is indispensable for PE-backed companies. From being the co-pilot to the CEO to mastering the art of translation between financials and business operations, this episode explores the journey from a competent to a strategic CFO and the essential traits that define success in this dynamic role.Listeners will discover:1:45 - The foundational responsibilities of a CFO in PE and the significance of evolving beyond financial reporting to strategic partnership.3:09 - Analogies that capture the essence of the strategic CFO role, comparing it to key figures in military and cinematic narratives.7:47 - The challenges and opportunities in the career progression of a CFO within the fast-paced environment of PE-backed companies.14:24 - How PE firms approach the selection process for a CFO, emphasizing the importance of intellectual horsepower, experience, and interpersonal skills.21:08 - Key strategies for CFOs to excel in their role, highlighting loyalty to the enterprise, integrity, and the ability to be a resource across the organization.35:54 - The nuanced reporting structure of CFOs in PE, including the direct and dotted line reporting to the CEO and the PE firm, respectively."Best But Never Final" offers a deep dive into the critical role of the CFO in steering PE-backed companies towards growth and success. Whether you're an aspiring CFO, a seasoned financial leader, or simply fascinated by the strategic interplay within private equity, this episode provides valuable insights into making impactful contributions in the high-stakes world of private equity.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of "Best But Never Final," delve into the evolving landscape of career entry points into the private equity industry with hosts Lloyd Metz, Doug McCormick, and Sean Mooney. The trio, seasoned in the nuances of private equity, dissect the journey from traditional roles in investment banking and consulting to the increasingly recognized value of operational expertise. This conversation offers a candid look at the prerequisites for a successful career in private equity, emphasizing the significance of intellectual curiosity, the strategic advantage of an MBA, and the diverse skill sets required to thrive.Listeners will gain:00:00 - An understanding of how foundational roles shape a professional's readiness for private equity challenges.12:30 - Insights into the strategic pivot points offered by business school for those transitioning into or within the private equity space.25:15 - A broadened perspective on the variety of pathways into private equity, highlighting the importance of operational roles in today's market.37:00 - Actionable advice for those aspiring to break into private equity, focusing on the necessity of passion, resilience, and a unique mindset.44:00 - Recommendations on literature that encapsulates the core principles of investment, business strategy, and life skills crucial for anyone aiming to make their mark in private equity.Join "Best But Never Final" for a thought-provoking discussion that demystifies the private equity sector and offers guidance for those plotting their course in this competitive arena.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of Best But Never Final Lloyd Metz, Doug McCormick, and Sean Mooney dive into the heart of private equity's strategic decision-making and deal sourcing processes. This episode peels back the layers on how private equity firms identify their investment focus, align with Limited Partners' (LPs) expectations, and navigate the competitive landscape to source potential opportunities. Through a detailed discussion, the trio elucidates the evolution from generalist approaches to the specialized strategies that now define the industry, highlighting the critical role of deep market knowledge and network building in successful deal sourcing.Episode Highlights:0:36 - Opening discussion on the strategic focus of private equity investments and the imperative of specialization.1:26 - Doug McCormick outlines how private equity firms delineate their investment areas and craft detailed investment theses.3:12 - The significance of adhering to LPs' expectations and the move towards specialization for competitive advantage.10:02 - Insights into the journey from being industry generalists to adopting specialized investment strategies.13:31 - The art of saying 'no' and the importance of focus in the selection of investment opportunities.24:27 - Exploring adjacent markets for new investment opportunities and forming new investment theses.43:32 - Differentiating between sourcing strategies for platform investments and add-on acquisitions.51:08 - Discussing the future of private equity branding and the potential for direct engagement with investment targets."Private Equity Focus: Shaping Investment Strategies and Sourcing Excellence" offers an enlightening journey through the strategic considerations that guide private equity investments. Lloyd Metz, Doug McCormick, and Sean Mooney share their expert insights on the evolution of investment focus, the criticality of specialization, and the nuanced approaches to sourcing deals in today's competitive market. This episode is an invaluable resource for anyone interested in the behind-the-scenes workings of private equity, from industry newcomers to seasoned professionals looking to refine their strategic approach. Join us as we navigate the intricacies of private equity investment strategies and sourcing excellence.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

About the Episode: In this enlightening episode of "Best But Never Final," hosts Doug McCormick, and Sean Mooney delve into the intricate process of value creation within the private equity landscape, from the perspective of both the PE firm and the portfolio company CEO. Featuring Scott Milberg, CEO of AmerCareRoyal, a portfolio company of HCI Equity Partners, the conversation explores the transformative journey of AmerCareRoyal from a family-owned business to a leading supplier in the food service industry. This episode offers a rare glimpse into the collaborative dynamics between a private equity firm and its portfolio company, highlighting the strategies, challenges, and successes that drive exponential growth and value creation.Episode Highlights:00:35 - Introduction to the episode's focus on value creation within private equity.01:30 - Scott Milberg shares the history and evolution of AmerCareRoyal.07:05 - Discussion on HCI's approach to value creation and portfolio company growth.18:59 - The role of job creation in private equity's contribution to the economy.24:53 - Scott Milberg outlines four pillars of AmerCareRoyal's value creation strategy.38:13 - Best practices for CEOs working with private equity firms.41:36 - Future challenges and opportunities in continuing the path of value creation.For more information on AmerCareRoyal, go to www.amercareroyal.comFor more information on Scott Milberg, go to www.linkedin.com/in/scott-milberg-92b56018/In this episode, listeners are treated to an in-depth conversation that spans the initial acquisition of a family-owned business by HCI, through the strategic expansions and operational enhancements that catapulted AmerCareRoyal to nearly a billion in revenue. Scott Milberg's firsthand account provides valuable insights into the CEO's role in navigating the partnership with a private equity firm, emphasizing the importance of alignment, transparency, and a shared vision for growth. Doug McCormick's contributions shed light on HCI's philosophy towards fostering sustainable growth and the critical role of human capital in achieving transformational success. This episode is a testament to the power of strategic private equity partnerships in driving innovation, growth, and economic impact.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

About the Episode: In this episode of "Best But Never Final," Lloyd Metz, Doug McCormick, and Sean Mooney dissect the intricate incentive structures and financial mechanics at the heart of the private equity world. They embark on a detailed exploration of how limited partners (LPs) kickstart the momentum within the private equity sphere, influencing strategies and operations down to the portfolio companies. This episode is an essential listen for those looking to grasp the strategic foundations of private equity, offering a thorough understanding of the sector's dynamics from investment initiation to portfolio company transformation.Episode Highlights:[00:00:34]: Introduction to the dynamics of private equity and the pivotal role of limited partners (LPs).[00:06:47]: Insights into the critical financial metrics of IRR (Internal Rate of Return) and MOIC (Multiple of Invested Capital).[00:13:04]: Examination of how LP expectations shape private equity firm strategies.[00:21:17]: Discussion on the operational and strategic implications for portfolio companies within the private equity ecosystem.[00:28:29]: The evolution of value creation strategies beyond financial engineering in private equity.[00:34:35]: Reflections on the broader economic impact of private equity, including job creation and market efficiency.This episode peels back the layers of private equity, revealing the financial principles and incentive systems that drive the industry. Starting with the role of LPs in setting the stage for private equity investments, the hosts delve into the importance of IRR and MOIC in guiding private equity firms' strategies. They discuss the evolving nature of value creation within the industry, highlighting the shift towards operational and strategic enhancements. Through engaging dialogue, the hosts illuminate the alignment of incentives across the private equity value chain, underscoring the industry's significant contributions to economic growth and job creation. This comprehensive discussion offers valuable insights for professionals within the private equity sector and those curious about its inner workings.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this insightful episode of "Best But Never Final," join hosts Sean Mooney, Doug McCormick, and Lloyd Metz as they delve into the critical phase of private equity – the exit strategy. Learn how seasoned professionals approach the endgame of their investment journey, ensuring they've built businesses that can withstand market volatility and attract the right buyers. The trio shares their wisdom on timing the market, fostering durable business models, and the importance of long-term value creation over short-term gains. They also explore innovative financial tools like continuation vehicles and partnership deals that provide both liquidity and the opportunity for sustained growth.Key takeaways include:1:29 - The impact of exit timing on total return profiles.7:20 - Strategies to build businesses that thrive through market cycles.17:19 - The nuanced art of balancing investor IRR expectations with long-term business health.25:44 - Bringing in a General Partner (GP) to help prepare for an exit.36:05 - Common pitfalls to be aware of when considering an exit.Listeners will gain a deeper understanding of the private equity landscape, from assessing macroeconomic indicators to geopolitical risks, and how these factors influence exit planning. This episode is a treasure trove of actionable advice for business owners considering PE investment, limited partners, and rising PE professionals looking to sharpen their acumen and navigate the complexities of the private equity world.Don't miss the next episode, where we'll discuss aligning management incentives with equity ownership, and how this drives company performance and successful exits. Tune in to "Best But Never Final" for unparalleled industry insights that keep you ahead of the curve.For more information on the podcast, visit https://www.bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Welcome to the third episode of "Best But Never Final," where private equity (PE) veterans Sean Mooney, Doug McCormick, and Lloyd Metz usher in the new year with a candid discussion on the lessons learned and the strategies for the future. As we turn the calendar page, our hosts delve into the significance of year-end reflection, the importance of process optimization before technology adoption, and the anticipation of trends shaping the investment landscape in 2024.This episode serves as a masterclass for limited partners, business owners considering private equity investment, and rising private equity professionals. It offers a unique blend of personal introspection from our hosts and their professional acumen, providing a holistic approach to business and life. Discover how they evaluate the past year's successes and setbacks, and how these insights inform their forward-looking plans.Listen as the conversation covers the value of mindfulness and gratitude in personal life, the impact of AI technology on business processes, and the tactical steps businesses take to future-proof against an ever-evolving economic backdrop. The hosts share their perspectives on the macroeconomic indicators that guide their investment decisions and the importance of staying agile in a world of geopolitical uncertainties.This episode is not just about setting resolutions but about actionable strategies that will resonate with anyone aiming to navigate the complexities of the private equity world with confidence. Tune in to "Best But Never Final" and join a community that values the power of reflection, the pursuit of growth, and the wisdom to embrace change.For more information on the podcast, visit https://www.bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Dive into "Best But Never Final," where hosts Sean Mooney, Lloyd Metz, and Doug McCormick unfold the blueprint for transformative growth in private equity (PE). This episode, a beacon for investors and entrepreneurs alike, reveals how PE experts craft a future of prosperity for potential investments before the ink dries on the deal.Uncover the strategies that align investor visions with entrepreneurial aspirations, ensuring a partnership that thrives on mutual goals and trust. Learn how candid conversations and understanding the entrepreneur's mindset are crucial in setting the stage for success. Our hosts discuss the importance of not only recognizing what a business is but also envisioning what it could become with the right resources and guidance.The dialogue delves into the functional areas ripe for innovation, such as pricing strategies, operational efficiencies, and IT systems. Discover how these areas can be leveraged to fuel growth and scale businesses effectively. The episode also highlights the role of the CFO as the strategic navigator, providing CEOs with data-driven insights essential for steering the company's course.When it comes to team building, the conversation challenges the stereotype of PE as cost-cutters, showcasing how firms actively invest in talent to drive transformation. The hosts explore the nuances of identifying and nurturing an entrepreneur's skills, leading to significant role changes that align with the company's growth trajectory.As we conclude, the episode sets the stage for the next topic—preparing for a successful exit. Stay tuned for strategic insights on ensuring a company is not just ready for acquisition but is an attractive prospect for its future steward.Subscribe to "Best But Never Final" on Apple Podcasts for a journey through the PE landscape, offering invaluable insights into the strategic thinking that underpins transformative growth.For more information on the podcast, visit https://www.bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Welcome to the inaugural episode of "Best But Never Final," the podcast that grants you exclusive access to the private equity (PE) playbook, unlocking the secrets of market mastery, business model optimization, and team excellence. Join our esteemed hosts—Lloyd Metz, Doug McCormick, and Sean Mooney—as they guide you through the corridors of private equity, unveiling the strategies that shape successful investments and drive business innovation.In this episode, our hosts, each a titan of the private equity realm, share their profound insights and diverse experiences. Lloyd Metz, a partner at ICV Partners, delves into the importance of market dynamics and the significant role they play in propelling businesses forward. Doug McCormick, co-founder and managing partner of HCI Equity, discusses the critical aspects of business models and how they serve as a foundation for sustainable value propositions. Sean Mooney, founder and CEO of BluWave, provides a unique perspective, bridging his extensive PE background with the entrepreneurial challenges of starting and scaling a business.Our discussion begins with an exploration of market evaluation—how private equity professionals assess the competitive landscape and identify growth opportunities. Learn why a strong market can carry all participants and how identifying the right market can set your investment up for unparalleled success.Next, we dissect the essence of a robust business model. Understand the financial indicators that signal a company's potential and the underpinnings of high-margin operations. Our hosts highlight the necessity of aligning business models with firm strategies and the significance of adapting organizational designs for transformative growth.But what fuels the engine of private equity success? People. The episode emphasizes the critical role of team evaluation in PE investments. Our hosts discuss the art of assessing leadership and the importance of cultural alignment, grit, and perseverance. Discover why financial performance is often a lagging indicator of a team's effectiveness and how a culture of continuous improvement can be the difference between good and great.As we peel back the layers of private equity, it becomes clear that the path to success is not linear. It's a complex journey requiring a nuanced understanding of market trends, business structures, and human capital. "Best But Never Final" embodies the notion that private equity is a relentless quest for excellence, where strategy, culture, and execution intersect to create extraordinary outcomes.This episode is a masterclass for anyone looking to navigate the private equity landscape, from mid-level professionals to CEOs and business owners. Whether you're an investor seeking to enhance your portfolio or an entrepreneur aiming to scale your enterprise, the insights shared here will equip you with the knowledge to leverage private equity principles to your advantage.For more information on the podcast, visit https://www.bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

The "Best But Never Final" podcast is a treasure trove of actionable insights for business builders, presented by a trio of seasoned private equity veterans. This podcast is an essential resource for mid-level, early-career private equity professionals, founders, CEOs, and anyone interested in the transformative power of private equity.Our hosts bring a wealth of experience to the table. Doug McCormick, managing partner and CIO at HCI Equity Partners, has nearly two decades of experience in the firm, specializing in creating significant value in lower middle market companies. Lloyd Metz, Managing Director at ICV Partners, brings over twenty years of expertise in guiding companies at the lower end of the middle market to achieve their full potential. Completing the trio is Sean Mooney, founder and CEO of BluWave, who, as a long-term private equity investor, has extensive experience as a deal team member and investment committee partner at a leading private equity firm."Best But Never Final" is more than just a podcast—it's a journey into the minds of private equity experts. Listeners will gain a deep understanding of how private equity professionals think and operate. For CEOs, the podcast is a guide on how to collaborate effectively with PE sponsors and leverage the private equity playbook to augment the value of their companies.The show goes beyond just private equity mechanics; it also provides valuable context by discussing key trends in the business world, the economy, and private capital markets. Understanding how the private equity world navigates economic cycles to advantage their companies is crucial. The hosts will share insights on creating opportunities out of challenges and how business builders can thrive in various economic climates.The podcast's name, "Best But Never Final," encapsulates the essence of private equity—a sector that is perpetually striving for excellence, where the term 'best and final offer' is merely a starting point. In private equity, as in life, the work truly begins post-investment, and adapting to an ever-changing landscape is paramount. This name reflects the relentless pursuit of excellence and the understanding that in business, as in life, one is never truly done; there is always room for improvement and growth.Doug and Lloyd echo this sentiment, emphasizing that the pursuit of excellence is a continuous journey, not a destination. This philosophy is not confined to private equity alone; it's a principle that can be applied to all aspects of life and business.Listeners of "Best But Never Final" can expect a series that is not only informative and educational but also engaging and inspiring. The podcast promises to add value to its audience by equipping them with the knowledge and strategies to excel in the private equity space.For more information on the podcast, visit https://www.bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net