Middle Market Growth Conversations

This episode is brought to you by QBE North America, a global insurance leader focused on helping customers solve unique risks to enable a more resilient future. *** Companies today face a complex and evolving set of employment practices liability risks. Legal and regulatory changes, along with shifting social norms, remote work and rules that vary state by state, have increased the risk of litigation for businesses of all sizes. Midmarket companies are particularly vulnerable to the growing risk of employment practices liability, say QBE North America's Eden Stark, vice president, claims leader for employment practices liability, and Mary Anne Mullin, senior vice president, fiduciary and employment practices liability product leader. Stark and Mullin join the podcast to discuss how they've seen employment practices liability risk increase over the years and share proactive steps that business leaders can take to protect their organizations. They also offer insight into insurance coverage and how a close partnership with an insurance carrier can help a company avoid common employment practices pitfalls or, in the case of legal action, resolve a lawsuit efficiently and cost-effectively. To learn more about QBE North America, visit https://www.qbe.com/us/acg-members. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Chris Martin, a partner at Twin Brook Capital Partners, joins the podcast to discuss the state of the mid-market. In the interview, Martin reviews transaction activity through the first half of 2022 and explains how market conditions have evolved since the start of the year. He talks about the impact of macroeconomic issues—such as the tight labor market, supply chain disruption, and inflation—on mid-market businesses, and how Twin Brook is working with private equity sponsors and borrowers to navigate the evolving macroeconomic environment. At the end of the conversation, Martin discusses his outlook for the remainder of 2022 and the types of assets and industries he believes are likely to draw PE sponsors' interest over the coming months. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

As managing director and head of technology within the investment banking group at Stout, Tricia Salinero helps clients navigate the ever-more complex world of technology M&A. In this episode, ACG's digital editor, Carolyn Vallejo, has a wide-ranging discussion with Salinero about valuations and pricing, promising sectors, and advice for buyers and sellers. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Pete Notter, a partner at Twin Brook Capital Partners, joins the podcast to discuss the current state of the market and how experience and consistency have been particularly valuable to sponsors and borrowers in today's environment. In the interview, Notter talks about what deal activity looked like in late 2021 and into the first quarter of 2022, including the pace of activity and the types of M&A transactions underway. He also shares how Twin Brook has been working with sponsors and borrowers through supply chain disruption, labor shortages and other ongoing macroeconomic issues. Additionally, Notter points to the increasing demand for accelerated deal timelines and discusses how Twin Brook's high-touch, relationship-focused approach has helped it support sponsors as they look to close deals quickly. The conversation wraps up with a discussion about the outlook for the remainder of 2022 and what Notter expects to see in the coming months. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and consulting firm focused on the middle market. It's part of a four-part series that looks at how to optimize business performance through the lens of cybersecurity, IT, finance and human capital. *** Marni Rozen, director of management consulting for human capital at RSM, joins the podcast to talk about trends and challenges for talent management today, and how organizations can take a more strategic approach to human capital. Rozen talks about the varying impact that the Great Resignation has had on companies depending on their industry and size, along with ways to mitigate the risk of attrition. She also discusses how current talent trends are impacting M&A, and key steps to take post-transaction to help smooth the integration. At a time when human resources departments are under intense strain, Rozen points to outsourcing and other ways to relieve some of the burden. Finally, she talks about wage inflation, and how employers can be proactive rather than reactive when designing employee benefits programs. More insight into the challenges facing human resources can be found in RSM's recent Middle Market Business Index: Changing Work Patterns in the Middle Market special report. https://realeconomy.rsmus.com/wp-content/uploads/2022/01/mmbi_back-to-work_special_report_jan22-002.pdf To learn more about RSM, visit https://rsmus.com/our-insights/business-optimization.html?cmpid=ola:754855-acg-podcast-series:bb01. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and consulting firm focused on the middle market. It's part of a four-part series that looks at how to optimize business performance through the lens of cybersecurity, IT, finance and human capital. *** RSM Directors Kristen Oats and Cody Roth join the podcast to talk about how finance and accounting departments are adapting to remote work, supply chain disruption, talent shortages and increased M&A activity. Oats and Roth, who work within RSM's management consulting, CFO advisory services group, share how they've seen finance and accounting teams bridge their talent gaps, and when to consider temporary or fractional resources. They also discuss how strains on the finance department are affecting M&A activity in the middle market, and what finance teams should focus on post-transaction. The conversation closes with a look at the trends to watch in the year to come, and how rising input costs, salaries and interest rates are affecting forecasts. To learn more about RSM, visit https://rsmus.com/our-insights/business-optimization.html?cmpid=ola:754855-acg-podcast-series:bb01. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and consulting firm focused on the middle market. It's part of a four-part series that looks at how to optimize business performance through the lens of cybersecurity, IT, finance and human capital. *** Mike Banks, director of technology consulting in the complex infrastructure delivery M&A group at RSM, joins the podcast for a conversation about the evolution of IT, the strategic function it serves within an organization, and ways to leverage technology more effectively across the enterprise. Banks outlines the trends shaping the industry, from the shift to cloud, to talent shortages and more. He points to IT-related areas to focus on before and after a transaction, and pitfalls such as technical debt that buyers should be aware of. The conversation includes a look at the next phase of cloud migration and how Banks expects IT to evolve in the future. To learn more about RSM, visit https://rsmus.com/our-insights/business-optimization.html?cmpid=ola:754855-acg-podcast-series:bb01 *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and consulting firm focused on the middle market. It's part of a four-part series that looks at how to optimize business performance through the lens of cybersecurity, IT, finance and human capital. *** Cybersecurity gaps can threaten businesses of all sizes, but for middle-market firms busy with growth and M&A, these lapses can be especially dangerous. Malia Mason, manager of governance risk strategy at RSM, joins the podcast to discuss ways cybersecurity has changed since the start of the pandemic and how the middle market can protect itself from the cyber risks facing businesses today. She also talks about the intersection of cybersecurity and M&A, why threat actors are targeting companies undergoing an acquisition, and what buyers can do after a transaction to ensure they have the right cybersecurity infrastructure in place. Mason points to cybersecurity trends she's watching in the coming year, and she offers concrete ways that companies can enhance their security posture through smarter budgeting and by building a company-wide culture around cybersecurity. To learn more about RSM, visit https://rsmus.com/our-insights/business-optimization.html?cmpid=ola:754855-acg-podcast-series:bb01. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and advisory firm focused on the middle market. RSM develops multi-generational relationships with family offices by providing tailored advisory services to help sustain the family's vision in an evolving, digitally driven world. It's part of a five-part series highlighting issues relevant to family offices. *** In this episode, Tony Wood, RSM's global practice leader for family office, joins the podcast to discuss succession planning and intergenerational wealth transfer. Wood begins by talking about what he's observed among the family offices he works with in terms of their understanding of succession planning and how far along they are in the process. He offers insight into what works when creating a succession plan, and how to avoid conflict among family members in what can be an emotional process. There are also ways families can prepare the next generation for involvement in the organization, including through tailored education and real-world experience working with carved-out assets. Succession planning extends beyond the family itself, and Wood encourages families to create plans for roles held by non-family members as well. As family offices fill positions at the top of the organization, Wood notes a growing trend toward hiring leaders with legal backgrounds. The conversation closes with a discussion about environmental, social and governance priorities and how ESG intersects with succession planning. To learn more about RSM's family office advisory services, visit rsmus.com/familyoffice. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and advisory firm focused on the middle market. RSM develops multi-generational relationships with family offices by providing tailored advisory services to help sustain the family's vision in an evolving, digitally driven world. It's part of a five-part series highlighting issues relevant to family offices. **** This episode features a discussion about technology, and how it can be used to address common challenges within family offices, like disparate systems that don't communicate with each other, manual processes and more. Joining the podcast for this episode are Mike Johnson, RSM partner from the firm's Family Office Enterprise, and leader of the firm's family office technology efforts; and Lauren Demas, a principal with RSM who works on PartnerSight and FamilySight—a suite of offerings for single and multi-family offices. In the interview, Johnson and Demas talk about how integrated technology solutions can help family offices cope with the talent shortage, provide tailored data based on individual needs, and integrate data to make it work for the organization. The two also discuss FamilySight, including how its capabilities can be used by different roles within a family office. Plus, Johnson and Demas provide real-world examples of how family offices have used the platform to improve operations and outcomes for their organization. To learn more about RSM's family office advisory services, visit rsmus.com/familyoffice. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and advisory firm focused on the middle market. RSM develops multi-generational relationships with family offices by providing tailored advisory services to help sustain the family's vision in an evolving, digitally driven world. It's part of a five-part series highlighting issues relevant to family offices. **** In this episode, RSM's Global Family Office Markets Leader Bill Bijesse joins the podcast to discuss governance, and how creating a constitution and educating family members contributes to the family office's long-term success. Bijesse, who also leads global family office governance and best practice efforts for RSM, outlines the three steps a family office should take to set a solid foundation for its governance. He also talks about the role a constitution plays in establishing a framework for decision-making, codifying the family's values and history, mitigating conflict and more. Finally, Bijesse discusses education, and why the younger generation isn't the only group to focus on when educating family members. Throughout the interview, he shares anecdotes from his work advising families that underscore the human element of governance and why it can be an emotional exercise. To learn more about RSM's family office advisory services, visit rsmus.com/familyoffice. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US, a leading audit, tax and advisory firm. RSM develops multi-generational relationships with family offices by providing tailored advisory services to help sustain the family's vision in an evolving, digitally driven world. It's part of a five-part series highlighting issues relevant to family offices. **** In this episode, RSM's family office tax leaders Ben Berger and Tommy Wright join the podcast to discuss five key areas that family offices should focus on. They explain potential tax policy changes related to charitable giving and estate planning and offer various strategies that family offices can use as they plan for 2022 and beyond. Berger also walks through the implications for a family office's choice of entity, and Wright explains why succession planning and governance are especially important for family offices today. (Succession planning and governance will each be discussed further in later episodes of this podcast series.) Finally, the two talk about planning, reporting and the role of technology, and how integrated tools like RSM's FamilySight can address the needs of modern family offices. To learn more about RSM, visit rsmus.com/familyoffice . **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US LLP, a leading audit, tax and advisory firm focused on the middle market. It's part of a five-episode series highlighting issues relevant to family offices. **** Christina Churchill, principal and family office consulting leader for RSM, joins the podcast to talk about the structuring options available to family offices, and what to consider when choosing a location. In the interview, Churchill outlines the pros and cons of establishing a single, multi- or virtual family office, along with key questions to ask when deciding on a structure. She also talks about outsourcing and how to determine which functions belong in-house. The conversation closes with a discussion about the trend toward global expansion among family offices, and technology's role in supporting operations. Churchill offers a list of questions family offices can use to identify the technological tools that fit their needs, and she explains the benefits of using an integrated platform like RSM's FamilySight—a topic that will be explored further in a later episode of the five-part series. To learn more about RSM, visit rsmus.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Pete Notter, a partner at Twin Brook Capital Partners, joins the podcast to discuss middle market deal activity in 2021 and how businesses and industries have fared throughout the year. In the interview, Notter describes the state of the market today and shares his perspective on how elevated levels of M&A activity are affecting deal processes and timelines. He also points to observed trends in private equity sponsor behavior. Notably, as investment bank auction processes have become more exclusive, sponsors are getting more engaged earlier on and financing partners are often being brought in at a later stage than they have in the past. Notter talks about how Twin Brook has been able to accommodate those tighter timelines and the role that strong pre-existing relationships with clients play in today's active deal environment. The episode closes with a discussion about Notter's outlook for the middle market and M&A activity in the year ahead. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US LLP, a leading audit, tax and advisory firm focused on the middle market. **** George Douvris, a partner in RSM's M&A tax practice and the leader of the firm's business acquisition and sale advice practice, joins the podcast to talk about the role that M&A tax plays in creating value in a private equity deal and why it's a growing area of focus for investors. In the interview, Douvris explains what private equity firms should consider when structuring a deal, and the tax attributes that they tend to focus on. He breaks down tax considerations for buyers as well as for sellers, and he shares best practices for when tax issues should be addressed during a transaction—including real-life success stories of how he helped clients deliver more value to their LPs. Douvris also discusses proposed federal tax changes and the impact that new legislation could have on M&A tax. To learn more about RSM, visit rsmus.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Drew Guyette, chief credit officer and senior partner at Twin Brook Capital Partners, joins the podcast to discuss how a high-touch approach to underwriting and portfolio management supports a lender's ability to serve sponsors and borrowers, and why team infrastructure and human capital is an integral part of that. In the interview, Guyette describes the segmentation within the middle market and how relationship management and lines of communication differ across those segments. He also addresses the critical role of data, examining how a robust control set of deals and archive of information can position a lender to move more quickly and effectively in support of sponsors and borrowers. The episode closes with a discussion about lender differentiation and what private equity firms and their portfolio companies are focused on when it comes to lender selection. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market.  **** Lauren Demas, a principal with RSM who works on the firm's tax compliance technology tool, PartnerSight, joins the podcast to talk about what private equity firms should be doing with their tax data.  Demas previously worked at a top-five asset management firm, where she managed all of its U.S. tax compliance filings, and she has seen firsthand how tax data is employed throughout the lifecycle of the deal. In the interview, she offers her perspective as both a client and a provider to explain why tax data is something that firms are looking at closely, the benefits of managing tax data more effectively, and the types of resources required to improve data management across the organization. To learn more about RSM, visit rsmus.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Randy Schwimmer, co-head of senior lending at Churchill Asset Management and the founder and publisher of the Lead Left, joins the podcast to talk about the state of private credit today, including how inflation, rising interest rates and increased M&A activity could impact the asset class. Schwimmer also discusses Churchill's portfolio and how it was positioned heading into the COVID-19 crisis, and he shares what he believes to be the greatest opportunities and challenges facing the middle market today. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Garrett Ryan, partner and head of capital markets at Twin Brook Capital Partners, joins the podcast to discuss how deal activity has evolved since last March and the current state of middle market M&A. In the interview, Ryan talks about the types of transactions that are moving forward in today's environment, including leveraged buyouts, add-on acquisitions and change of control situations. He also discusses lending terms, the broadly syndicated market's impact on the upper middle market, and the relationship-based nature of the lower middle market, where Twin Brook focuses. The episode closes with a discussion about expectations for deal activity through the rest of 2021 and industries that are poised for an uptick in M&A. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

David Magdol, president and chief investment officer of Main Street Capital, a business development company, joins the podcast to talk about deal activity over the past year, how the public markets treated Main Street Capital's stock, and the flexibility that comes with investing as a BDC. Main Street Capital has a long history of investing in the lower middle market, and Magdol describes why this continues to be an attractive segment for the firm. He also talks about how Main Street approaches conversations with family-owned businesses as they consider selling, and the firm's philosophy for structuring deals. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Sun Capital Partners' Managing Director Dan Florian and Principal Stephen Cella join the podcast to talk about their firm's approach to health care investing. Florian and Cella speak in depth about the firm's strategy for investing in health care, one of Sun Capital's target sectors. The two discuss the patient-focused mindset they look for in the businesses that Sun Capital backs, and how the firm helps its companies adopt consumer best practices. They describe working with the management team at ClearChoice, a dental implant provider that Sun Capital has since sold, to improve call center operations and scheduling, which ultimately led to better appointment utilization and greater efficiency. Florian and Cella also discuss how they measure the effectiveness of initiatives designed to improve the patient experience at Sun Capital's health care businesses. Sun Capital was highlighted in a recent Middle Market Growth cover story about the trend of health care consumerization, "Health Care's Retail Revolution." Read it here: https://middlemarketgrowth.org/health-cares-retail-revolution/ *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Organizations are waking up to the call for greater diversity, equity and inclusion (DEI), and middle-market companies and financial services firms are no exception. In this episode, Cornelia Cheng, managing director of Western region investments for Brightwood Capital Advisors, and Rich Grant, director of business development for Northlane Capital Partners, discuss the importance of DEI and how firms can become more diverse and inclusive. Cheng and Grant are both members of ACG's DEI Task Force. They talk about the role of that group in driving change, and their own experiences benefiting from and contributing to DEI initiatives. They also share ways that businesses and individuals can contribute to diversity and inclusion, from rethinking hiring practices and what they look for in candidates, to investing in minority-owned businesses. ACG's DEI policy and resources, developed by the DEI Task Force, are available online here: https://www.acg.org/about/dei-policy-resources This episode is brought to you by ACG JobSource, a job board and career resource for the middle market. Find your next role or post an open position here: https://www.acg.org/membership-tools/acg-jobsource The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Paul Carbone, president and managing partner at Pritzker Private Capital, a family investment firm based in Chicago, joins the podcast to talk about his firm's investment activity over the past year, the opportunities and risks created by the pandemic, and the benefits of flexible capital. Carbone also discusses several new initiatives from Pritzker Private Capital, including the Pritzker Private Capital Advisory Board and PPC University. Plus, he talks about the advantages for founders of partnering with family investors, how Pritzker Private Capital's committed club strategy works, and whether he expects direct investing by families to continue. *** Find more family office-related content at https://www.acg.org/networks/family-offices/family-office-content-series. Learn more about RSM US LLP, the sponsor of ACG's Family Office Series, at www.rsmus.com. The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is part of ACG's Family Office content series, brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market.  *** In this episode, Michael Beduze, managing partner of Da Vinci Global Consulting, and Tom Stewart, chief knowledge officer at AchieveNext, discuss the family dynamics that can impact the success of a family office. Beduze and Stewart talk about why family dynamics are frequently overlooked, why advisers should delve into so-called "soft" issues to ensure a better outcome for their family office clients, and how to address family dynamics when a business is involved. They also point to ways that families can develop their non-financial wealth, and how to engage members of the younger generation to instill a stewardship mentality needed for multigenerational growth and success. Learn more about our guests' firms: Da Vinci Global Consulting: https://www.davincigc.com AchieveNext: https://www.achievenext.com *** Find more family office-related content at https://middlemarketgrowth.org/category/middle-market-trends/family-office/. Learn more about the series sponsor, RSM, at www.rsmus.com. The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Kevin Depew, RSM US LLP's deputy chief economist and leader of the firm's national industry eminence program, returns to the podcast to discuss the state of the U.S. economy in the fourth quarter and his outlook for 2021. Depew discusses RSM's forecast of 4% GDP growth next year and the upside risk to those projections, and whether the sentiment of middle-market business leaders aligns with optimism about broader economic performance next year. During the conversation, Depew also weighs in on the recent jobs numbers and the potential economic impact of a declining labor participation rate. He also discusses policy-related issues that could affect the middle market, including the Treasury Department's move to end several federal aid programs, and the potential for a multitrillion dollar infrastructure bill. Plus, he offers insight into the Biden administration's economic policies based on the president-elect's cabinet appointments. **** This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. www.rsmus.com The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This fall, Middle Market Growth magazine announced its first-ever awards and recently extended the application deadline to December 15. On this bonus episode of the podcast, Middle Market Growth Editor-in-Chief Katie Mulligan gives a brief overview of the awards categories, who's eligible, the recognition for winners, and how to apply. Learn more about the Middle Market Growth Awards and find all application materials at https://middlemarketgrowth.org/middle-market-growth-awards/

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle-market private equity community. *** Rich Christensen, a senior partner with Twin Brook Capital Partners, joins the podcast to discuss how his firm has been working with private equity sponsors to navigate the disruption caused by COVID-19 as well as some of the deal and lending trends underway. Christensen looks back on 2020, recapping Twin Brook and the broader market's activity throughout the year. Many of the sponsors his firm has worked with are longstanding relationships, which benefited both parties through open communication and trust—even during the first peak of COVID in the spring. He builds on his comments about the importance of strong lending relationships through both good times and bad that were featured in a recent Middle Market Growth magazine profile of Twin Brook. The episode closes with a discussion about the industries that have proven most resilient throughout the year. The Middle Market Growth profile of Twin Brook is available here: https://middlemarketgrowth.org/in-focus-in-challenging-times-lender-relationships-are-key/ To learn more about Twin Brook, visit https://twincp.com/. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by QBE North America, part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. *** Eric Sanders, QBE North America's head of claims, joins the podcast to discuss the role of an insurance claims department as an "economic first responder," and he offers ways that businesses can tap into the expertise and resources offered by the claims team before a crisis occurs. Sanders outlines best practices for what to do in various loss scenarios, plus how to achieve the best claim results. He stresses the importance of building rapport with one's claims professional, and describes how to strengthen that relationship. He also highlights emerging risk areas for 2021 that business leaders should keep an eye on. Earlier podcast episodes featuring QBE leaders highlighted the risks to middle-market companies revealed by the "Mid-size Company Risk Report," based on a survey conducted by QBE and ACG, as well as the drivers behind increased liability and litigation risk. Listen to previous podcast episodes featuring QBE professionals: Surveying Risk in the Middle Market with QBE: https://middlemarketgrowth.org/podcast-surveying-risk-in-the-middle-market-with-qbe/ Rising ‘Social Inflation’ Is Putting Midsize Businesses at Risk. Here’s Why: https://middlemarketgrowth.org/podcast-qbe-on-litigation-and-liability-risk/ Find the full risk report on QBE's website: www.qbe.com/us/risk-report. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Michael Ewald, the global head of private credit at Bain Capital Credit, joins the podcast to discuss how private credit has fared during the pandemic and emerging trends he's watching within the asset class, including a shift toward greater protections for lenders. Ewald, who serves as portfolio manager for the Middle Market Credit and Senior Direct Lending strategies at Bain, and as a member of the firm's Credit Committee, also speaks about his group's strategy during the crisis, how they've applied lessons learned through previous downturns, and the ways he expects the events of 2020 to shape the investment environment in the future. At the end of the conversation, Ewald talks about the role that environmental, social and governance factors play in Bain Capital's investment decisions, as well as the firm's commitment to racial equity and social justice. More details about their position and initiatives is available at baincapital.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by QBE North America, part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. *** John Beckman, QBE North America's chief underwriting officer, joins the podcast to discuss the risks to businesses posed by liability and litigation. Together, they represent the top risk facing midsize companies, according to findings from a recent QBE survey that examined risk in the middle market. In the second of three podcast episodes featuring QBE leaders, Beckman explains the concept of "social inflation," a key driver for increased liability and litigation risk. He also outlines what businesses can do to protect themselves, and the technology solutions available to help mitigate risk. An earlier podcast episode featured Tom Fitzgerald, president of QBE North America’s Specialty & Commercial business, who described the top macro risks revealed by the survey: https://middlemarketgrowth.org/podcast-surveying-risk-in-the-middle-market-with-qbe/ Check back in the coming weeks to hear the final interview with QBE and a further exploration of risk in the middle market. Find the full risk report on QBE's website: https://www.qbe.com/us/risk-report. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Two co-founders of Vertical Bridge, Alex Gellman and Bernard Borghei, join the podcast to discuss the pandemic’s impact on telecommunications infrastructure and on their company, which owns and manages 288,000 sites nationwide, including wireless and broadcast towers, rooftops, land parcels and billboards. A privately held company based in Boca Raton, Florida, and the focus of Middle Market Growth‘s January/February 2020 cover story, Vertical Bridge was founded in 2014, although Gellman and Borghei have been active in the space for much longer. They talk about the evolving state of wireless communications, recent M&A activity, threats posed by the “digital divide,” and opportunities for private capital to participate in the industry’s growth. The company also recently became carbon neutral, the first tower company to do so. Gellman and Borghei talk about how Vertical Bridge achieved that distinction, its philosophy around corporate citizenship, and its charitable giving through the Vertical Bridge Charitable Network. More info is available here: https://www.verticalbridge.com/vertical-bridge-charitable-network-0 Read the Middle Market Growth cover story featuring Vertical Bridge here: https://middlemarketgrowth.org/cover-bridging-the-21st-century/ **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Kevin Depew, RSM's deputy chief economist and leader of the firm's national industry eminence program, returns to the podcast to discuss the state of the U.S. economic recovery, one that has revealed an underlying K-shaped economy. Depew also explains the impact of recent policy changes from the Federal Reserve, along with the top concerns weighing on middle-market business leaders. He assesses the federal policy response to the pandemic, including how the Main Street Lending program could be improved to better support midsize businesses. As business leaders think about the future, Depew recommends that they anticipate greater government involvement in the economy akin to that of the 1960s and 1970s—and why that might not be a bad thing. **** This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

In July, law firm Katten published a report about private equity activity in the animal care sector, based on survey responses from private equity investors and animal care operators. Kimberly Smith, a partner and co-chair of the Mergers & Acquisitions and Private Equity practice at Katten, joins the podcast to walk through those survey findings and what they reveal about how investors' outlook on the industry was impacted by the pandemic, and why animal care operators' sentiment toward private equity is changing. Smith also points to emerging opportunities in the animal care industry, what animal care practice owners say they want to hear from prospective buyers, and how an influx of investors is affecting the market. Katten's full report, "Pets a Good Bet: Private Equity Zeroed In on Animal Care, Survey Finds," is available here: https://katten.com/webfiles/PrivateEquityAnimalCareReport.pdf. Middle Market Growth magazine's September/October issue explored private equity's interest in a related industry, pet products. That article is available here: https://middlemarketgrowth.org/the-round-resilient-pet-industry-shows-private-equity-is-barking-up-the-right-tree/ The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

The economic crisis caused by COVID-19 has led many businesses to focus on challenges related to working capital, supply chain, or the accelerated shift from brick-and-mortar to e-commerce. Yet alongside these urgent priorities, talent planning continues to be important, particularly as companies position themselves for the post-pandemic future. Bob Ryan, a partner at Shields Meneley Partners, and Keith Goudy, the managing partner at Vantage Leadership Consulting, return to the podcast to discuss the pressing issues related to talent management and hiring that business leaders and private equity owners are grappling with today. Drawing on their experience working with clients, Ryan and Goudy describe how the COVID crisis has changed what companies are looking for in their leaders, and how to lead effectively when employees are working from home. They offer actionable tips for advancing diversity and inclusion initiatives in a virtual work environment, and they explain why succession planning is now more important than ever. Ryan and Goudy first appeared on the Middle Market Growth Conversations podcast last year, in an episode titled "How to Get Hired at a Private Equity-Owned Company," available here: https://middlemarketgrowth.org/podcast-get-hired-at-a-private-equity-owned-company/ The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by QBE North America, part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. *** Tom Fitzgerald, president of QBE North America’s Specialty & Commercial business, joins the podcast to discuss a recent survey that explores the risks and concerns facing midsize companies in 2020. Commissioned by QBE in partnership with the Association for Corporate Growth, the survey identifies which macro risks are weighing heaviest on the minds of middle-market leaders, along with their unmet risk-management needs. In the first of three podcast episodes, Fitzgerald outlines the top macro risks revealed by the survey, and he describes some of the specific risks related to the pandemic, including worker safety and rehiring processes. Check back in the coming weeks to hear the next two interviews with QBE and a further exploration of risk in the middle market. Find the full risk report on QBE's website: https://www.qbe.com/us/risk-report The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Closing a deal in 2020 can be challenging, particularly when the parties involved operate in different countries. Yet HKW announced in July that its portfolio company Fresh Direct Produce, a fresh produce importer in Western Canada, had acquired Mike & Mike's Organics, a distributor of fresh certified organic fruits and vegetables headquartered in Woodbridge, Ontario. On the podcast, HKW Partner John Carsello and Vice President Tom Shaw describe how they moved the deal forward during the pandemic, despite restrictions on travel to Canada from Indianapolis, where HKW is based, and why Mike & Mike's was an attractive target. Carsello and Shaw are joined by Davis Yung, Fresh Direct Produce's president and co-founder. Yung describes his company's growth trajectory leading up to COVID-19 , and how it has dealt with supply chain and safety challenges. He also offers insight into the Canadian grocery market, and how it compares with its U.S. counterpart. The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

The COVID-19 outbreak has wreaked havoc on the consumer products industry, prompting apparel and beauty brands to find ways to remain relevant. Meanwhile, many food brands and grocery retailers have seen unprecedented demand from customers who are now eating more meals at home. In this episode of the podcast, Robert von Furth, a managing director in Stout’s Investment Banking group, discusses how various categories within the consumer product space are coping with disruption, and which will be most attractive to buyers. He also describes what he's seeing in the middle-market deal environment more broadly, including the availability of credit, valuation challenges, and how the pandemic is changing due diligence. The podcast interview expands on themes that von Furth writes about in the September/October edition of Middle Market Growth magazine, which ACG members will receive later this month.Access the archive here: https://issuu.com/middlemarketgrowth The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Fewer than one-third of companies that come to market end up selling successfully. Deal-makers have long sought to improve the odds by adding to their contact lists, but Denise Logan argues that establishing deeper relationships is a better solution. Logan is the author of "The Seller's Journey," a book she wrote based on her work advising business owners and their professional teams as they navigate the complex emotional journey of selling a business. On the podcast, Logan describes how a lack of trust causes many deals to fall apart and offers tips for how private equity firms and investment banks can establish better working relationships. She cites examples of deals imperiled by family strife behind the scenes and professional vendettas between parties on both sides of the table. Ultimately, the trust required to close a deal successfully hinges on building stronger relationships, and Logan offers tips for how deal-makers can shift away from collecting new contacts and toward deepening their existing relationships. She suggests following the lead of basketball legend Michael Jordan, whose efforts to connect with referees paid off on the court. "The Seller's Journey" is available for purchase through Logan's website, deniselogan.com/the-sellers-journey. *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Melissa Mounce, a managing director focused on leadership talent at private equity firm GTCR, discusses human capital management and recruitment strategies, and why this is an area where more and more private equity firms are focusing. During the conversation, Mounce describes GTCR's approach to talent within its portfolio, and she points to the attributes that make a portfolio company leader successful--and which qualities tend not to be a good fit. She weighs in on how the leadership skill set has evolved over the years as businesses adapt to new technology and digitization. Mounce also comments on current talent and workforce trends, including record-high unemployment, the shift toward more permanent remote-work arrangements, and the continued importance of diversity and inclusion initiatives. *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. Last week, the Labor Department published a jobs report that showed stronger employment numbers than expected. Yet soon after the report's release, it became clear that the unemployment rate was likely much higher than official figures suggested. Kevin Depew, RSM's deputy chief economist and leader of the firm's national industry eminence program, returns to the podcast to give an economic update for the second quarter, including a look at the labor market and why the most recent government unemployment figures were too low. He also explains why the stock market continues to reflect optimism despite pain in the real economy, and how that dislocation could impact economic growth. Depew goes on to describe sentiment among middle-market business leaders and how the crisis has hastened new investments in technology, and he offers his prediction for the shape of an eventual economic recovery.

This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. It features an extended interview with Anthony DeCandido, a partner in RSM's financial services practice, and Michael Fanelli, a transaction advisory services partner with RSM. Originally broadcast as a video interview on ACG's GrowthTV, the interview addresses the state of M&A in the middle market, including a look at deal activity, industries where deals are happening and valuation trends. Additional topics covered on the podcast include alternative data and where deal-makers are looking for new sources of information; how to analyze business performance in today's environment; and proposals coming out of Washington that would restrict M&A activity. To watch the video interview and access ACG's full video library, visit acg.org/growthtv. To learn more about RSM, visit rsmus.com *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit acg.org.

Mitch Cahn, president of Unionwear, a maker of custom branded accessories, spoke with ACG Global CEO Tom Bohn about the new sales strategy that prompted ACG New Jersey to honor Unionwear with a Corporate Growth Award. Unionwear's business, like many others, has changed over the past few months, including a shift to producing personal protective equipment, and Cahn describes how they were able to pivot. Unionwear's products also include baseball hats, backpacks, binders and more, and it manufacturers them all in the United States using union labor, making it attractive to presidential campaigns looking to order swag. At the end of the interview, Mitch hints at whose hats, Biden's or Trump's, are expected to sell fastest and why an election year is good for business. This interview was originally broadcast on ACG's GrowthTV. Watch it at acg.org/growthtv. *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Tyler Brennan, founder and CEO of RaceDayQuads, spoke with Middle Market Growth about how he started his e-commerce business, which sells components for drones, with a focus on the first-person-view drone racing market. Brennan founded the company five years ago while he was a 21-year-old college student, and he's managed its warehouse in Florida remotely for most of that time. He continues to lead the business, which has grown to 30 employees, even as he serves full time in the U.S. Air Force as a first lieutenant and fighter pilot stationed in North Carolina. Many business leaders have been forced to manage their operations remotely, and Brennan offers advice based on his own experience. He also talks about the impact of COVID-19 on RaceDayQuads' supply chain, and he discusses the regulatory challenges facing the industry. *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This week's podcast episode features Jane Miller, CEO of Lily's, a maker of sugar-free chocolate. Originally broadcast on ACG's GrowthTV, Miller speaks with ACG CEO Tom Bohn about leading Lily's through the disruption caused by COVID-19 and the support the business has received from its private equity backer, VMG Partners. Although the company is in a strong financial position, Miller says Lily's has had to act quickly to protect the safety of employees. She also describes how her leadership style has changed at a time when everyone is working remotely, and how the company has adapted its digital marketing efforts and messaging in the current environment. Lily's was featured in the March/April cover story of Middle Market Growth magazine, which highlighted VMG and the entrepreneur-led brands it has helped scale, including Spindrift, Justin's, Perfect Snacks and many others. That article is available in the MMG archive: middlemarketgrowth.org/cover-growing-a-healthy-portfolio/. To watch interviews with Jane Miller and many other business leaders, visit acg.org/growthtv.

Terry Graunke, chairman and CEO of Erie Street, an independent advisory firm based in Chicago, spoke with Middle Market Growth last week about how he's leading his firm through the economic disruption caused by the coronavirus outbreak. Graunke launched his first business in college. He has gone on to found 11 startups and has been involved with 43 separate operating businesses over the course of his career as an operator and investor. He describes what he's learned leading companies through past downturns and how he's applying those lessons today—from offering fitness perks to employees to communicating difficult news honestly and transparently. Erie Street recently rebranded from Erie Street Capital and Graunke explains the value creation philosophy behind that change, and how the firm supports businesses through its advisory and consulting services and capital investment. *** The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Today's episode is brought to you by RSM US LLP, a provider of audit, tax and consulting services focused on the middle market. It features Kevin Depew, RSM's deputy chief economist and leader of the firm's national industry eminence program. Depew provides an overview of the monetary and fiscal policy response to the coronavirus outbreak, and how it compares to the stimulus package implemented during the financial crisis over a decade ago. He also describes the unique challenges facing midsize businesses and the programs that could help them stay afloat. Ahead of Thursday's jobs report, Depew offers a preview of what we should expect, along with other real-time indicators that he's watching to gauge the economic damage. He likens current events to a natural disaster and makes the case for a rapid recovery for the middle market, once the public health crisis is addressed and businesses can reopen their doors—although when that will happen remains unclear. Middle Market Growth will continue to report on the fallout from the coronavirus and its impact on the economy, so check middlemarketgrowth.org regularly. Meanwhile, ACG and its chapters are also offering content and resources for ACG members. Visit acg.org to see the latest. RSM is also providing information for middle-market business leaders. Check out the Real Economy blog at realeconomy.rsmus.com, where you can subscribe for daily updates. RSM will also be increasing the frequency of its Middle Market Business Index to monthly for the next several months, and it has built a COVID-19 resource center with insights for midsize businesses. All of that is available at rsmus.com

After the ACG Chicago Middle Market Manufacturing Conference, Middle Market Growth sat down with Craig Smith, an enterprise executive with Plex Systems, to talk about cloud-based systems, leveraging data and the skills gap facing midsize manufacturers today. In this episode, Smith describes how Plex’s solutions can help manufacturers cope with supply chain disruptions, something that’s especially relevant today because of the coronavirus outbreak, which has had a major impact on manufacturing and global supply chains. Find more content about trends facing midsize businesses and deal-makers at middlemarketgrowth.org.

During the ACG Chicago Middle Market Manufacturing Conference, Middle Market Growth sat down with Jon Walker, business development manager at EOS North America, a provider of 3D printing solutions that include systems, software, materials and services. Walker explains how 3D printing and additive manufacturing differ from traditional manufacturing techniques, and how they can be used in applications ranging from aerospace and automotive to medical devices. The U.S. is the No. 1 market for industrial-grade 3D printers, and according to Walker, additive manufacturing is the “great equalizer” for American companies in the face of international competition. He also describes how the technology is evolving with respect to applications and materials, and he points to areas of opportunity for additive manufacturing in the future.

Jennifer Fondrevay, founder and chief humanity officer of Day1 Ready, describes her research into why so many mergers and acquisitions fail, and how acquirers and investors can address workforce considerations earlier in the M&A process. Fondrevay has interviewed a number of C-level leaders, HR professionals and PE investors, and she's written on the topic for Harvard Business Review. In late 2019, Fondrevay published her book, "NOW WHAT?: A Survivor's Guide for Thriving Through Mergers & Acquisitions," currently available for order on Amazon. https://www.amazon.com/NOW-WHAT-Survivors-Thriving-Acquisitions-ebook/dp/B07ZQ7SXDP This episode was first broadcast in August 2018. Learn more about Fondrevay and her research at https://jenniferjfondrevay.com/.

This week's episode features Chris Voss, the FBI's former lead international hostage negotiator and CEO of The Black Swan Group, which advises Fortune 500 companies on performing complex negotiations. Voss addressed the key elements that all negotiations share, from a middle-market M&A transaction to a high-stakes hostage crisis. He also suggested strategies for setting up a negotiation for success, red flags to watch for, and the best way to relay bad news. Plus, he shared real-world anecdotes from his time in the FBI. To learn more about the topic, pick up Voss' book, “Never Split the Difference: Negotiating as if Your Life Depended on It,” or subscribe to The Black Swan Group's newsletter, "The Negotiation Edge," at blog.blackswanltd.com/the-edge. This episode was originally released on Dec. 18, 2018.

During the Toronto ACG Capital Connection, Middle Market Growth sat down with Elmer Kim, who has spent more than 25 years working with family offices. He currently serves as chief investment officer for the Hyatt Bangia Family Office. In this episode, Kim describes how he works with families to craft their investment strategy. He also spoke about how the family office model in Canada has evolved and the growing trend of direct investing. For advisers looking to work with family offices, Kim offers his perspective on how to break into the space, and he outlines some of the challenges faced by young investment professionals who work in a family office environment. Visit acg.org to learn more about the family office programs offered by ACG chapters, and check out intergrowth.org for details about the Family Office Summit on the final day of InterGrowth, ACG's annual conference.