The Private Equity Podcast

From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they're tapping into retail capital and AI to scale smarter.[00:03] From Arthur Andersen to launching Borgman Capital in 2017[01:44] Acquisition focus:

Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players. [00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.[02:40] Real leadership is learned in the trenches, not in transactions.[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.[08:20] Built Cresta Fund Services to support early-stage founders.[09:18] Go all-in on early infra—don't dabble.[10:17] Why decarbonization? Deep sector knowledge, big opportunity.[11:44] Focused on waste, ag, logistics, and industry—high emission areas.[12:43] Not impact-first. Returns come from low-cost, proven tech.[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.[15:35] Investing in “dirty” sectors to drive green efficiency and profit.[16:56] Strategy: build from scratch, bridge gap between VC and big infra.[18:21] Targeting the “missing middle” — commercial but small-scale tech.[19:48] De-risk, scale, exit to strategics or infra roll-ups.[21:41] Trends like RNG and biofuels are consolidating—Cresta's in it.[23:37] Long-term contracts appeal to infra buyers—interest growing.[24:01] ESG: take a pragmatic, cost-first approach.[25:27] Climate's real, but so are other global issues—balance the spend.[26:51] Keep climate solutions affordable to avoid wider harm.[27:18] Influences: Founders Podcast, Acquired, stoicism.[29:10] Stoic mindset: control your response, not external events.Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!The discussion in this podcast is for informational purposes and should not be relied on as investment advice or an offer to sell or a solicitation for an offer to buy any securities. Any opinions expressed are those of the speaker and are subject to change. Any discussion of past performance is provided for informational purposes only, is not track record information and should not be relied upon as a guarantee of future performance. Any information regarding the performance of prior companies was discussed in order to illustrate the experience of the partners of the firm and does not reflect the private equity fund management experience of the partners. It should not be assumed that investments made by Cresta will be comparable in quality or performance to the prior companies.

Sam Bendix, Partner at Chicago Pacific Founders, returns to share his framework for capital raising using motivational interviewing. He explains how it uncovers real motivations and qualifies prospects faster—without a hard sell. We cover how it applies to investor meetings, deal sourcing, hiring, and beyond. A practical framework for better conversations and better results. [00:00] Sam Bendix, Partner at Chicago Pacific Founders, shares his capital-raising framework using motivational interviewing. [00:28] Alex praises its use in candidate interviews, prospecting, and deal origination. [00:58] Framework inspired by Sam's wife, a dietitian, helping patients change behavior. [01:53] Sam realized it draws out investor motivations instead of pushing a pitch. [02:51] Ideal for hesitant prospects or those juggling priorities. [04:13] Helps quickly qualify whether someone's worth pursuing. [05:37] Sam uses it on intro calls with LPs at the contemplation stage. [06:33] It's flexible — works even outside of work. [08:30] Four stages: Engage, Focus, Evoke, Plan. [10:15] Key question: "What led you to take this meeting?" [12:09] Use “change talk” to uncover real motivations. [13:59] Always leave with clear next steps. [15:50] Similar to AIDA — build rapport, qualify, find the why, plan action. [17:15] Real-life case study: reframed a real estate pitch to win infrastructure LP interest. [22:28] Even a "no" reveals future opportunities. [25:22] ORS method (Open questions, Reflective listening, Summarizing) is critical. [27:17] Reflect objections back to build clarity and trust.  [28:13] Alex draws parallels with talent assessment — most firms hire for now, not the full journey. [30:40] Exceptional execs have frameworks. If they can't articulate their playbook, you can't scale them. [32:07] Too many firms wing it with clients while being structured with candidates — both need frameworks. [34:29] Sam praises Alex's consultative approach to hiring — problem-finding > solution-pushing. [36:55] Knowing the why behind hiring helps tailor the search to real business needs. [39:47] Ideally, firms would hire 3 execs per hold period — one for each phase. Instead, you need one who can run the full race. [43:10] Negotiation tips: frame your goals around the LP's goals. [45:35] Use three steps: Reflect objections, Reframe as shared objectives, Confirm buy-in. [48:27] Book recs: Negotiation Genius (Harvard), Start with No (Jim Camp), and Quit (Annie Duke).Sam's open to connecting on LinkedIn. Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.[18:21] Jared's recommendations: Bain's Dry Powder, Adam Coffey's Private Equity Playbook, Dan Cremons' Winning Moves.[19:39] Contact Jared at jwiesel@revenueanalytics.com or on LinkedIn.[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso's long-term partnership model is flipping the script on traditional roll-ups.[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition [00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA [00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch [01:50] Lessons from Walmart and foundation of Kelso [02:21] Mistake PE firms make: copying each other, bidding up same assets [03:05] Advice: PE should pursue untapped markets and take first-mover risks [04:21] Kelso's differentiator: deep focus on one long-term strategy [05:49] “All in” mindset and scaling Kelso as one big platform [06:18] First acquisition story: moving to AZ, transition challenges [07:46] Struggles, COVID, and lessons learned from initial takeover [08:43] Pivot to partnership model after burnout and realization [09:42] Defining partnership: skin in the game, shared long-term vision [11:08] Case study: Pancho in Idaho becomes the blueprint for future deals [13:03] Criteria for Kelso partnerships and alignment with long-term goals [14:00] Integration learnings: then vs. now at deal #25 [14:50] Kelso now offers finance, legal, HR, recruiting, and systems support [17:44] Operational push: MEP+ and one-call solution model [18:43] Scale enabling better integration and centralized resources [19:12] Raw Selection salary reports plug [20:11] Top 3 learnings: partnership, finance investment, data center boom [23:23] Walmart story: monetizing eyeballs, retail media, Sam's Club success [26:17] Building a $250M EBITDA business unit through creative thinking [27:42] Why HVAC: passion, mission-critical systems, smartest people on site [28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”Connect with Steve Carroll on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I'm joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.[00:29] Private equity mistake: solving adaptive people problems with technical solutions.[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.[03:49] Change takes time, but skipping the adaptive side slows everything down.[04:45] “Intervention without diagnosis is malpractice.”[05:12] Change process: Transparency (what we know/don't know), Humility (not always right), Authenticity (real conversations).[07:38] Run changes in parallel to prove success before full implementation.[08:33] Adaptive resistance often comes from fear of loss, not logic[09:30] Key issue isn't just communication—it's the resistance behind it.[10:55] Missed clarity of roles and vision derails integration.[12:22] Diligence mistake: confusing deal confirmation with actual diligence.[13:21] Integration failures often come from ignoring cultural misalignment.[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what's dying or holding growth back.[17:08] Win trust early by changing non-critical items that don't affect frontline staff or customers.[19:30] Founders often don't work out post-acquisition—PE firms struggle to make them fit.[20:34] Sellers always experience some remorse—plan for it during diligence.[22:00] Ask: “What does ending well look like for you?” Define success before they exit.[24:23] CFOs and CEOs shouldn't be in the weeds—define direction, context, and outcomes.[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.[29:32] Former founders can still add value via advisory roles or special projects.[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.[38:39] Book recs: Why Should Anyone Be Led by You? – leadership authenticityFalling Upward – personal development and meaningNecessary Endings – pruning for growth[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.[40:58] Falling Upward explores this journey.[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I'm joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.[09:37] Managers should seek upward feedback – your team's opinion matters more than your boss's.[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.[20:39] You don't need fancy systems – role clarity and RACI charts can live in Word and Excel.[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.[24:57] Be transparent with sellers – don't hide your intentions. Build trust from the first call.[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who've done it before.[38:56] Cost isn't just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.Connect with Andrew Here.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast, today I'm joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.Breakdown:[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook. [00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013. [01:13] Private credit's golden era isn't over—higher-for-longer rates mean higher yields for investors. [02:11] Despite growth since 2008, private credit isn't overcrowded—$1.4T credit gap vs equity. [03:36] Add $600B+ in upcoming maturities, and there's a $2T+ opportunity over next 3–5 years. [05:30] Hamilton Lane's deal drivers: add-ons, recapitalizations, and recovering LBO activity. [06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships. [08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity. [11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages. [14:55] Credit shines across market cycles—positive performance every year since 1999. [16:51] Tight performance band and low volatility make credit an all-weather asset. [17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns. [19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures. [21:01] Influences: WSJ daily, Poor Charlie's Almanack, Red Notice, industry reports.  [23:54] Thanks for tuning in—subscribe and keep smashing it.Connect with Nayef Here.Thanks for tuning in!Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Description: In this episode of The Private Equity Podcast, Alex Rawlings sits down with Ben Claremon, Partner at Devonshire Partners, a lower middle-market PE firm investing in micro and nano-cap businesses. Ben shares insights into why PE firms overlook small public companies, how microcap investing presents unique opportunities, and why a hedge fund mindset can be valuable in private equity. He also discusses the challenges of deal competition in the lower middle market, mitigating risks in microcap investments, and how Devonshire builds long-term relationships with business owners.Breakdown:[00:00] Welcome back to The Private Equity Podcast. Today, Alex speaks with Ben Claremon, Partner at Devonshire Partners, focusing on micro and nano-cap investments.[00:30] Ben's journey from real estate and hedge funds to private equity.[01:00] Devonshire's investment focus: $2M–$10M EBITDA, founder/family-led businesses.[01:27] The crowded lower middle market and increased deal competition.[02:25] Why PE firms ignore small public companies and why they shouldn't.[03:48] The lack of institutional capital in microcap public equities—an overlooked opportunity.[05:16] Public vs. private small businesses—why public companies often have better governance.[07:07] Devonshire's hybrid approach: investing in public companies with a private equity mindset.[09:00] How Devonshire builds relationships with microcap companies for long-term deals.[10:28] Risks and challenges in microcap investing—and how Devonshire mitigates them.[12:19] Why small public take-private deals are underexplored by PE.[14:16] Devonshire's screening process to filter out high-risk investments.[16:10] Generalist vs. Specialist Investing—how Devonshire balances both.[19:31] Lessons Ben brought from hedge funds into private equity.[21:57] Ben's podcast recommendations: Capital Allocators, Invest Like the Best, and his own Compounders Podcast.[30:04] Connect with Ben:

Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market's rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market's evolution, offering key insights into future opportunities in this space. Breakdown: [00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.[00:28] Cari's background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.[23:22] Cari's recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.Thank you for tuning in! Connect with Cari here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome Back to another episode of the Private Equity Podcast, In this episode, Alex Rawlings sits down with Tracie Kelly, Director of Marketing at Exellere Partners, to explore the evolving role of marketing within private equity firms. Tracie shares insights into how marketing contributes to deal origination, firm differentiation, and relationship-building with investment bankers, founders, and advisors. She also discusses the increasing importance of internal marketing functions and how private equity firms can leverage branding to stand out in a competitive market.Breakdown:[00:00] – Introduction to the episode and guest, Tracie Kelly, Director of Marketing at Exelir Partners[00:31] – Tracie's background: 20+ years in private equity marketing and origination[01:30] – The common mistakes PE firms make regarding technology adoption[02:36] – The role of marketing in private equity firms vs. traditional deal origination[03:51] – How Tracie's firm integrates marketing with deal sourcing[05:35] – Tracie's journey into private equity marketing and how she shaped the role[07:04] – How KRG Capital (now Mountain Gate) grew from $200M to $2.5B[08:27] – Why private equity firms should consider hiring internal marketing professionals[09:57] – Marketing's role in brand awareness and differentiation in private equity[10:54] – Current market conditions: Post-2021 deal flow and valuation challenges[11:51] – The future of private equity: What to expect in Q2, Q3, and beyond[12:20] – Tracie's book and podcast recommendations for professionals[14:15] – The challenge of diversity in private equity and encouraging women in the industry[16:41] – Why Tracie loves working in private equity and the dynamic nature of investments[18:06] – How to connect with Tracie Kelly (LinkedIn: Tracie Kelly at Exelir Partners)[18:35] – Closing remarks and thank you for tuning inThank you for tuning in!Connect with Tracie HereTo get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane, shares insights on infrastructure growth, key trends, and the 2025 outlook. Tune in for a deep dive into its role in PE. Breakdown:[00:00] Welcome to the Raw Selection Private Equity Podcast with host Alex Rawlings and guest Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane.[00:30] Brent shares his background in infrastructure investing and career journey.[01:22] How Brent's experience in real estate and industrial assets shaped his focus.[02:17] Brent's role in launching a real assets fund and joining Hamilton Lane.[03:06] Growing interest in infrastructure investments and Hamilton Lane's outlook for 2025.[03:59] Increasing allocations to private infrastructure in both private wealth and institutional sectors.[04:56] Infrastructure's role in AI, energy transition, and supply chain optimization.[05:48] Interest rate impacts on infrastructure investments and risk classifications.[07:10] Core plus and value-add infrastructure offsetting interest rate pressures through growth.[08:07] How secondary market pricing and asset valuation have adjusted.[09:29] Breaking down valuation trends in power, transportation, telecom, and environmental assets.[09:57] Data centers and renewable energy—hot sectors with valuation risks.[10:53] Renewable energy valuation trends and cautious investment approaches.[11:48] Stable valuation trends in other infrastructure sectors.[13:14] Political impact on infrastructure investing, including policy shifts in the US and UK.[14:11] Infrastructure growth drivers—data telecom and renewable energy.[15:09] Challenges in expanding data center capacity, including power and water constraints.[15:39] Role of renewable energy tax credits in US policy and investment strategy.[17:02] Historical renewable capacity growth under different US administrations.[18:27] Low likelihood of drastic policy changes affecting renewable energy investments.[20:18] Fundraising challenges and market dynamics in infrastructure.[21:20] Expectations for improved fundraising conditions in 2025.[22:43] How difficult fundraising conditions benefit co-investment strategies.[23:11] Brent's positive outlook for deal flow in 2025 and accountability joke.[23:39] Alex highlights Raw Selection's executive search services for private equity firms.[24:07] Hamilton Lane's evergreen funds expanding access to private infrastructure investments.[24:35] Benefits of infrastructure investments—income, appreciation, and diversification.[26:54] Brent shares his favorite books, podcasts, and influences.[27:21] Recommended business podcasts, including Dry Powder and In Good Company.[27:49] Interest in psychology and behavioral economics through Hidden Brain.[28:49] Books Brent is reading: Atomic Habits, The Comfort Crisis, and Empire of the Summer Moon.[30:41] A mix of professional and entertainment reading for learning and growth.[31:08] How to connect with Brent on LinkedIn for further discussions.[32:02] Closing remarks and thanks to listeners of The Private Equity Podcast. Thanks for listening! Connect with Brent Burnett hereSubscribe on iTunes or Spotify. For questions, email alex.rawlings@raw-selection.com.  

Welcome back to The Private Equity Podcast, by Raw Selection. Host, Alex Rawlings speaks with John Dahlgren, VP of Talent at SBJ Capital, about the growing role of internal talent in private equity, portfolio hiring strategies, and using talent partnerships to generate deal flow. John shares insights on hiring trends, common mistakes, and how SBJ Capital optimizes talent operations for long-term success.Breakdown: [00:00] Introduction to the episode and guest John Dahlgren. Overview of hiring trends in PE firms and portfolio companies.[00:29] Rising demand for operating partner talent and how firms can develop a structured hiring approach.[00:59] John's journey from executive search to private equity, his role at SBJ Capital, and their investment focus.[02:22] PE firms sometimes push beyond their core mandate. The importance of patience and focusing on strengths.[04:48] Why internal talent functions are critical. Managing over 45 searches across 12 portfolio companies in a year.[06:46] How SBJ Capital partners with investment professionals to refine hiring criteria and streamline recruitment.[09:11] Building trust with portfolio executives to ensure hiring aligns with their company's needs.[11:15] The importance of hiring PE-experienced executives with adaptability and strategic leadership skills.[13:36] Acting faster on hiring mistakes and recognizing early signs of a mis-hire.[14:46] The cultural impact of hiring at the fund level and promoting from within.[17:16] Using industry experts to source deals via the Origination Partner Program.[19:38] The program has sourced 50-100 deals in 18 months, contributing to SBJ Capital's deal pipeline.[21:11] Working with former CEOs and advisors to generate proprietary deal flow.[23:08] Recommended reads and podcasts: The Catalyst by Jonah Berger, ParkerGale's PE Funcast, and SmartLess.[25:29] How to connect with John via LinkedIn or email.[27:20] Final thoughts on diversifying deal sourcing and ensuring strong talent strategies.[27:50] Closing remarks and call to action to subscribe.Thank you for tuning in!Connect with John here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast, by Raw Selection, hosted by Alex Rawlings. In today's episode, Jordan Burton shares his expertise on hiring, training, and evaluating executives. They discuss common mistakes private equity firms make when hiring portfolio executives, how to improve interview techniques, and the critical role of structured assessment. Jordan also covers the importance of preparing for interviews, aligning stakeholders, and ensuring a thorough evaluation process.Breakdown: [00:00] Introduction to the episode and guest Jordan Burton. Overview of hiring and interviewing in private equity.[00:28] The importance of preparation before an interview. Defining the role clearly and aligning expectations among stakeholders.[01:26] The biggest hiring mistakes in private equity. Why many firms fail to achieve more than a 30% success rate in portfolio hiring.[02:52] Understanding your role in the hiring process. Avoiding generic questions and ensuring structured, targeted assessments.[04:20] How to create an effective scorecard. The value of assessing current leadership strengths and defining key success traits.[06:15] The impact of investor dynamics on hiring success. Recognizing patterns in successful executives and adapting selection criteria accordingly.[07:42] Why “been there, done that” is a flawed hiring approach. Focusing on upward trajectory and capability over past roles.[09:05] The importance of structured note-taking during interviews. Ensuring consistency in feedback and preventing redundant questioning.[11:00] How curiosity and active listening improve interviews. Creating a strong rapport to uncover valuable insights.[12:30] Balancing assessment with selling the opportunity. Tailoring your pitch based on the candidate's motivations and priorities.[14:54] What truly differentiates a PE firm in hiring. How to stand out beyond compensation and equity offers.[17:21] The role of portfolio executives in recruiting. Leveraging their experience to attract and evaluate top talent.[19:49] Why most private equity investors are never trained in interviewing. Steps firms can take to develop better hiring processes.[21:41] How to ask better interview questions. Moving beyond hypothetical questions to uncover real insights.[24:02] Identifying red flags in executive candidates. Evaluating openness, honesty, and past performance patterns.[27:25] The importance of conducting rigorous reference checks. Selecting the right references and verifying past performance.[30:20] Post-interview best practices. Consolidating feedback and structuring hiring decisions effectively.[35:50] The final hiring decision. Aligning stakeholders and ensuring a structured decision-making process.Thank you for tuning in!You can connect with Jordan Burton on LinkedIn by visiting his profile here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to the Raw Selection Private Equity Podcast. Today's guest is Ron Ramanujan, Technology Transformation Operating Partner, discussing value creation, tech transformation, AI, and cybersecurity within Private Equity. Breakdown:{00:30} Ron shares his background, highlighting his extensive experience in enterprise technology, data infrastructure, machine learning, and his time at BCG. {01:28} Discussing common mistakes in private equity, Ron emphasizes that financial engineering alone is no longer sufficient. He highlights the need for early action post-acquisition, leveraging technology, and focusing on value creation from day one.{02:55} The importance of assessing pricing models, margins, and customer experience early in the investment cycle. Ron explains how digital transformation is now a non-negotiable factor for success in private equity.{04:51} Value creation in private equity is often overused as a term. Ron discusses the shift from traditional financial optimization to technology-driven strategies that generate real business impact.{06:16} The role of technology in private equity investments. Ron emphasizes evaluating a target company's tech infrastructure during due diligence and ensuring early integration of digital strategies to maximize growth potential.{08:08} Lessons learned from prior acquisitions—Ron talks about prioritizing high-value use cases, setting clear milestones, and the importance of aligning operational and technological strategies.{09:58} The need for a structured, repeatable framework for tech integration in portfolio companies. Ron explains how operational and tech transformation must go hand in hand to drive efficiencies.{12:22} AI's impact on private equity—how AI-driven solutions can reduce customer churn, optimize costs, and create competitive moats for portfolio companies.{14:08} AI trends and applications—Ron explains how generative AI is transforming businesses, highlighting its impact on productivity, customer service, and operational automation.{16:30} The importance of AI governance and risk management. Ron discusses creating structured frameworks, setting guardrails, and ensuring responsible AI adoption without stifling innovation.{18:25} Experimentation in AI is key—private equity firms must embrace a culture of testing, failing, and iterating to remain competitive in a rapidly evolving market.{19:50} Playbooks for AI in private equity—Ron suggests frameworks that firms should establish at a portfolio level, including AI-driven financial reporting, operational efficiencies, and customer analytics.{23:35} Cybersecurity in private equity—Ron warns that cybersecurity is often overlooked, yet it poses a significant existential risk to businesses. PE firms must incorporate cybersecurity assessments into due diligence.{25:59} Emerging cybersecurity threats—Ron discusses advanced cyber threats, including internal dwellers and nation-state actors, emphasizing the need for proactive security measures.{27:51} Balancing cybersecurity investments—Ron explains how firms can protect their assets without over-engineering security solutions, ensuring efficiency and risk mitigation.{28:21} Ron's reading recommendations—he shares his interest in AI, human neuroscience, and the book Why Machines Learn, which explores the evolution of AI through mathematics.{31:09} Alex thanks Ron for his insights into AI, cybersecurity, and value creation in private equity.Thank you for tuning in!Connect with Ron here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podca

Welcome to The Private Equity Podcast, by Raw Selection. Today's guest is Jeff Wigle, Managing Director at Banyan Capital Partners, a lower-to-middle market private equity firm based in Canada. Jeff shares insights on transitioning portfolio companies from founder-led to data-driven decision-making, leveraging technology, and managing cultural change during these shifts.Breakdown:[00:00] Jeff Wigle discusses his background, Banyan Capital Partners, and his experience transitioning portfolio companies to data-driven decision-making[00:29] Jeff's background from accountant at Ernst & Young to private equity leader, including serving as CEO of a portfolio company at age 31[02:26] Building an evergreen private equity model with the importance of long-term holds and avoiding rushed investment theses[04:22] Common private equity mistakes including rushing transformations, breaking culture, and short-sighted strategies[05:48] Banyan's approach focusing on long-term value creation, rebuilding foundations, and avoiding premature integrations or expansions[07:31] Lessons from being a CEO with the critical importance of having the right people in the right roles[08:52] Characteristics of top performers including clarity, consistency, transparency, and alignment with investor and business goals[10:16] Transitioning to data-driven decision-making by addressing founder-led systems and building scalable processes for growth[11:43] Challenges of upgrading systems with balancing inward focus during upgrades with market opportunities[12:42] Investing in systems and data by upgrading technology to generate actionable insights and improve decision-making[14:09] Starting with manual processes by using limited data to identify profit drivers and inefficiencies before implementing systems[16:05] Managing resistance to change by evolving culture carefully with executive buy-in to avoid breaking businesses[17:41] Leveraging IT consultants and internal resources with strategies for implementing and managing technology upgrades[20:59] Early steps with artificial intelligence including using AI for coding fixes, dynamic pricing, and operational efficiencies[23:22] AI and dynamic pricing with AI to manage large customer bases and product catalogs efficiently[24:50] Staying competitive with AI and how larger businesses lead adoption, but smaller firms must act to avoid falling behind[27:44] AI at the private equity level with AI for research and data compilation, but still validating results manually[29:10] Recommended reading Scaling Up by Vern Harnish, Grit, Good to Great, The Five Dysfunctions of a Team, and Switch[31:00] Podcast recommendations Business Breakdowns, In Good Company, and Michael Lewis's podcast[32:26] Connect with Jeff via the Banyan Capital Partners website for contact details[32:55] Closing thoughts with Alex Rawlings thanking Jeff for sharing his insights on data-driven decision-making and cultural change in private equityTo be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! Connect with Jeff on LinkedIn here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection. Our host, Alex Rawlings is joined by Sanjay Chandra, Managing Partner of Trinity Investors, a Private Equity firm based in Texas. Sanjay brings decades of experience as an operator, entrepreneur, and private equity investor. In this episode, we explore how he scaled businesses from single-digit EBITDA multiples to double-digit exits, his unique journey from operator to investor, and Trinity's focus on domestic manufacturing and industrials.Breakdown: [00:29] Sanjay shares his journey from immigrating to Texas as a child, excelling academically, and starting his career at Arthur Andersen before transitioning into entrepreneurship.[01:58] Founding American Leather, growing it into a $300–$400 million business with 1,600+ employees.[03:24] Sanjay discusses the founding of Trinity Investors, growing it into a $7 billion AUM alternative asset manager, and the firm's focus on operating companies and commercial real estate investments.[07:17] Reflecting on mistakes in private equity, Sanjay emphasizes the importance of exiting troubled investments quickly and shares how Trinity has adjusted its processes to respond to challenges more decisively.[09:46] Sanjay explains how his experience as an operator helps him empathize with founders and better understand the challenges they face in the lower middle market.[11:42] Advice for private equity professionals without operational experience: spend time on the shop floor, listen to management teams, and immerse yourself in the business beyond financial reports.[13:08] Sanjay highlights Trinity's focus on domestic manufacturing in the U.S., explaining why the firm prioritizes single-digit entry multiples with growth potential through operational improvements and strategic investments.[16:04] Insights from growing American Leather: the value of patience in scaling companies, focusing on steady growth, and the compounding benefits of later years in business.[19:29] Sanjay discusses the challenges of implementing infrastructure, upgrading management, and transitioning companies to professional operations, emphasizing the importance of respecting founders' knowledge and contributions.[22:55] Sanjay shares his passion for mentorship, explaining how he invests in the growth and development of leaders across Trinity's portfolio companies and his philanthropic initiatives.[25:21] Sanjay talks about his love for lifelong learning, mentioning his recent exploration of AI and continuous efforts to stay at the forefront of technology and innovation.[28:38] How to reach Sanjay via email or LinkedIn, along with his openness to connecting with new people and sharing his insights.[29:37] Closing remarks from Sanjay, reflecting on his journey and the value of entrepreneurial experiences, followed by Alex thanking him for his time and insights.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! Connect with Sanjay on LinkedIn here or via email at sanjay@trinityinvestors.com. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome to The Private Equity Podcast, by Raw Selection. Host Alex Rawlings interviews Randy Cohen, a lecturer at Harvard Business School, and Jean-Louis Lelogeais, co-founders of PEO Partners. Together, they dive into liquid private equity, its uses, and how it complements traditional private equity.Breakdown:[00:00] Introduction to Randy Cohen and Jean-Louis Lelogeais, founders of PEO Partners, and their experience in private equity and distressed debt[00:30] Randy introduces the concept of liquid private equity, its performance profile, and accessibility benefits[01:00] Jean-Louis highlights his background at SVP Global and their goal to create a liquid private equity solution[01:29] Explaining liquid private equity and how it aims to replicate the benefits of private equity in a liquid vehicle[02:26] Historical private equity performance and its outperformance compared to public markets with less volatility[04:20] Use cases for liquid private equity as a funding asset for capital calls and an accessible option for retail investors[06:16] Liquidity challenges for institutional investors and how liquid PE solves them[08:29] Challenges in achieving buy-in from institutional investors due to AUM requirements and consultant blessings[11:49] Retail investor access and diversification from traditional 60-40 portfolios with liquid PE[12:47] The rise of liquid private equity and why the concept is gaining traction[13:45] BlackRock's acquisition of Preqin and the growing focus on liquid market versions of private equity[16:07] Liquid PE strategy: mimicking leveraged buyouts through public companies, leveraging data, and hedging to reduce volatility[18:25] Steps to replicating PE returns: matching industry tilts, choosing LBOable companies, and implementing derivatives for downside protection[22:39] Challenges and limitations of liquid PE compared to traditional PE, including the inability to perform operational improvements[27:17] How liquid PE matches average private equity returns while offering lower fees and liquidity advantages[32:13] Broad sector diversification versus specialized vehicles in liquid PE portfolios[34:35] Trends in private equity sectors and the dominance of software and services in PE portfolios[37:01] Researching top quartile funds and leveraging insights for better industry selection[39:49] The importance of copying PE's strategic sector allocations instead of predicting trends[41:00] Closing thoughts on liquid private equity and its potential to complement traditional private equity[43:48] Jean-Louis reflects on founding SVP Global and managing $26 billion in assets[47:26] Randy shares his experience teaching at Harvard Business School and learning from PE professionals[49:05] Randy recommends the blog Marginal Revolution for insights on finance, economics, and culture[50:57] Jean-Louis highlights the entrepreneurial journey in Shoe Dog by Phil Knight and insights into building businessesTo be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Randy or Jean-Louis, click here.To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection! Today's guest is Jon Sonnenschein, Private Equity Operating Partner and former SaaS and software CEO. Jon shares insights on driving cultural change in portfolio companies, blending his experience as a CEO and Operating Partner.Breakdown:[00:00] Jon Sonnenschein discusses his experience as a Private Equity Operating Partner and former SaaS CEO, focusing on cultural transformation in portfolio companies.[00:30] From Chicago to Silicon Valley, with 20 years in startups, followed by joining private equity and leading growth at Earth Solutions.[00:59] The "star player bias" in talent acquisition and the importance of aligning cultural dynamics.[01:28] Addressing the balance between legacy culture and private equity-driven professionalization.[03:21] Transitioning from founder-led to private equity-backed and retaining core cultural elements while driving professionalization and growth.[05:18] Jon shares how he elevated long-term employees for cultural continuity while introducing professional FP&A expertise.[06:15] Jon explains his approach to understanding a company's culture by interviewing employees at all levels.[07:44] The role of listening and valuing employee perspectives in identifying growth opportunities.[09:11] Validating feedback through patterns, experiments, and data-driven approaches.[10:57] Testing new markets through structured, accountable experiments to assess viability.[11:56] Jon's methods for influencing cultural change without alienating long-term employees.[13:20] Professionalizing the product organization and using customer feedback to guide decisions.[15:17] Transparency, one-on-ones, and open forums to drive cultural change and employee engagement.[18:11] Creating psychological safety and fostering innovation through direct communication.[19:38] Jon reflects on insights from being an operating partner and how they inform his executive approach.[21:06] The importance of collaboration between operating partners, deal teams, and CEOs.[22:28] Recommended readings include Thinking Fast and Slow by Daniel Kahneman and The Hard Thing About Hard Things by Ben Horowitz.[24:48] Jon emphasizes the importance of tackling culture head-on and shares key takeaways for private equity professionals.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! Connect with Jon on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection! Today, we're joined by Christen Paras, Partner of the Transaction Team at MiddleGround Capital, to explore innovative exit strategies and how MiddleGround is redefining Private Equity practices.Breakdown:[00:03] Christen Paras returns to discuss MiddleGround's unique exit strategy approach.[00:30] Partner at MiddleGround Capital, based in New York City, leading the transaction team.[00:59] Private Equity firms often lack adaptability—Christen emphasizes innovation and agility.[01:26]  MiddleGround's infrastructure, a KPI-driven, collaborative culture for scalable, efficient decision-making.[03:14] Weekly and quarterly meetings ensure team bandwidth and tackle key challenges.[04:32] A dedicated team builds repeatable processes for optimal outcomes.[05:29] Integrating transaction and operations expertise for seamless exits.[06:55] Ensuring readiness and alignment throughout portfolio lifecycles.[07:50] Aligning value creation with buyer expectations to maximize appeal.[10:14] Identifying detractors and enhancing portfolio company readiness.[13:25] Prioritizing actions that align with exit goals and maximize value.[15:37] Process mapping and standardization for exit preparation.[17:03] Metrics-driven timing and customized strategies for individual companies.[21:16] How exit teams enhance focus and drive superior results.[24:30]  Co-investor and lender insights refine exit strategies.[25:27] Industry updates, reports, and relationship-driven knowledge.[26:53] Christen reflects on MiddleGround's approach and her career journey.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Christen on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to the Private Equity Podcast by Raw Selection! Joining me today is Brad Armstrong, Partner at Lovell Minnick, a Private Equity firm celebrating its 25th anniversary. Brad shares insights into value creation, forecasting for 2025, the importance of sticking to your core strengths, and how simplicity done right can drive Private Equity success.Breakdown:[00:00] Sticking to fundamentals, value creation, and staying disciplined in private equity.[00:30] Brad's career journey, Lovell Minnick's 25-year strategy, and their focus on financial services, business services, and fintech.[01:54] The biggest mistake in private equity: failing to decouple capital raising from capital deployment. Why sticking to your strengths and staying disciplined is key.[04:40] “Right to win”: Identifying where you have an edge and staying competitive in a mature private equity market.[06:05] How Brad entered private equity, blending operating, investment banking, and PE experience.[08:58] Trends in financial services and fintech: digital transformation, technology enablement, and specialized outsourcing driven by regulation.[11:46] How Lovell Minnick stays consistent: an “all-weather” strategy, controllable outcomes, and avoiding macroeconomic dependency.[14:09] Lovell Minnick's approach to value creation: custom plans, operating partners, and functional specialists supporting portfolio growth.[16:29] Playbooks and best practices: how Lovell Minnick documents and shares successes across portfolio companies.[17:54] Portfolio collaboration: peer-to-peer teaching, executive summits, and solving challenges together, from cybersecurity to sales infrastructure.[22:08] Forecast for 2025: Brad's take on market clarity, improving fundraising, and a constructive deal-making environment.[25:53] Brad's influences: books like Six Types of Working Genius, Scary Smart (AI), and Outlive by Peter Attia.[27:46] Closing thoughts and gratitude to the audience for record-breaking downloads.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Brad on LinkedIn here.To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome to The Private Equity Podcast, hosted by Alex Rawlings. Today's guest is Seth Auld, VP of Portfolio Management and Deal Origination at Kompass Kapital. Seth shares his insights on building LP relationships, raising capital effectively, and the importance of sector specialization.Breakdown;[00:00] Introduction to Seth Auld and the episode's focus on LP relationships and capital raising.[00:29] Seth's journey from running a family business to private equity, including roles in banking, consulting, and Fortune 500 agribusiness.[03:14] Key mistake: Firms lack focus and fail to define a niche. Seth emphasizes sector specialization, strong operating partners, and avoiding transactional relationships.[05:36] Seth's approach to relationships: Be genuinely curious, ask questions, and build trust. He recommends How to Win Friends and Influence People.[08:45] Importance of narrowing a niche and involving full-time, deeply engaged operating partners with relevant experience for target company size.[11:09] What appeals to LPs: Strong track record, operating partner alignment, and financial commitment to the fund.[13:58] Better LP engagement: Build relationships during the current fund, offer co-investment opportunities, and avoid transactional outreach.[14:58] The challenge of direct outreach to family offices and the value of referrals, conferences, and relationship-building over cold solicitations.[17:21] Closing the right deal: Avoid deal fatigue, revisit your original thesis, and maintain discipline. A broad deal pipeline ensures better options.[20:38] Seth's influences: Wall Street Journal, FRED economic data, trade magazines, and AI developments.[21:07] Connect with Seth on LinkedIn for further insights.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Seth on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Today's guest is Richard Neff, a proven operator and operating partner with decades of experience in private equity and a 25-year career at GE Capital and GE Healthcare. In this episode, Richard shares insights into the investor-operator relationship, the importance of infrastructure, and lessons learned from GE's legendary playbook for growth and transformation.Breakdown; [00:00] Reflecting on 2024 and looking ahead to 2025.[00:28] Introduction to Richard Neff: His background in healthcare, tech-enabled services, industrial services, and 25 years at GE.[00:57] One common private equity mistake: Over-ambitious plans versus focused execution.[02:17] What typically moves the needle in $20M revenue businesses: Human capital and growth initiatives.[03:38] Key areas private equity firms can better align with portfolio executives.[04:36] The gap between evaluators (investors) and doers (operators): Surprises post-acquisition.[06:29] The infrastructure gaps often missed: Sales team depth, product development, and capability issues.[07:53] Why infrastructure and capability investment is underestimated and often delayed.[09:21] Richard's experience at GE Capital: A private equity-style approach to business building.[10:49] How GE executed a structured playbook for M&A, growth, and cultural integration.[11:45] Lessons from managing hyper-growth businesses pre- and post-financial crisis.[12:44] Richard's key takeaways from GE:The value of a structured 100-day plan.Building global networks and talent development.Creating a sense of belonging and shared purpose.[14:36] Applying GE's lessons to smaller portfolio companies: Building camaraderie and engagement.[15:35] The power of networking within private equity portfolio companies.[16:58] Why private equity firms often miss the value of connecting their C-suite leaders.[18:26] Richard's influences: His diverse reading list including Fast Company, Wired, and Financial Times.[19:47] Encouraging problem-solving and situational adaptability through varied experiences.[20:13] How to contact Richard Neff. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! Connect with Richard on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Today's guest is Jon Van Tuin, Managing Director at P4G Capital. With decades of experience in Private Equity, Jon shares his insights on deal origination, building relationships with deal sources, and standing out in an increasingly competitive market. Learn actionable strategies to improve deal flow, develop meaningful relationships, and elevate your firm's positioning as the preferred acquirer. Breakdown:[00:00] The current private equity landscape with over 3,500 funds and $1 trillion in undeployed assets.[00:28] Introduction to Jon Van Tuin and his role at P4G Capital.[00:57] Jon's background: 30+ years in private equity starting in the late 1980s.[01:27] A common mistake private equity firms make: Addressing portfolio issues too slowly.[02:27] The importance of acting quickly and getting the right people into key roles.[03:25] Jon's career reflections and the growth of private equity since the 1980s.[05:23] Jon's approach to deal origination: Focusing on relationships, not transactions.[06:21] Why 80% of P4G's deals come from a select group of intermediaries.[07:43] Adding value to intermediaries: Sharing insights instead of just asking for deal flow.[08:42] The value of a dedicated deal origination professional in private equity.[09:40] How origination teams keep pipelines full and differentiate firms in a crowded market.[10:39] Positioning P4G as a preferred acquirer: Building relationships and delivering on process.[11:07] Jon's multi-pronged approach: Over 700 face-to-face meetings and consistent outreach.[12:57] Staying top of mind: Leveraging tools like DealCloud for digital outreach.[13:25] The demands of travel: 43 weeks on the road to drive deal origination success.[14:22] Jon's influences: Focusing on leadership, culture, and aligning the right teams for success.[16:16] Recommended reading: Insights from McKinsey, Bain, Stephen Covey, and Jim Collins.[17:14] How to contact Jon Van Tuin: Email: jvantuin@p4gcap.comTo be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! You can connect with Jon Van Tuin on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection hosted by Alex Rawlings! Today's guest is Joe Gerber, a proven Operating Partner and transformation expert. In this episode, we explore Driving EBITDA Growth Through Data Metrics. Joe shares actionable strategies on leveraging real-time data, optimizing decision-making, and taking reporting from good to great. Discover how Private Equity firms and portfolio executives can use data to identify inefficiencies, drive operational excellence, and boost EBITDA growth.Breakdown:[00:00] What does good reporting look like? Starting with excellence and working backward.[00:12] Building effective teams without geographical limits.[00:41] Joe's background: Middle-market investment banking, transforming businesses, and PE advisory work.[01:39] The biggest reporting mistakes PE firms make and how to correct them.[02:36] Real-time reporting example: Cutting headcount by 30% and growing EBITDA.[04:32] Metrics to track daily: Real-time insights to forecast performance.[06:50] How real-time data leads to operational pivots and improved decision-making.[09:15] Optimizing working capital to fuel growth and cash flow.[11:33] Taking reporting from good to great: Key improvements PE firms need.[13:01] Assessing management teams early with data-driven insights.[15:46] Where to start: Key data points in multi-location businesses.[18:41] Coaching CEOs: Common gaps and how to address them.[20:19] Joe's influences: The Art of Gathering, personal growth, and daily reads.[22:43] Best way to connect with Joe: LinkedIn.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in! You can connect with Joe Gerber on LinkedIn here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection, In this episode, host Alex Rawlings sits down with Sam Bendix, Partner of Investor Relations at Chicago Pacific Founders. In this episode, we dive deep into what it takes for Private Equity firms to truly stand out in an increasingly competitive market.Sam shares actionable insights on how differentiation can impact talent attraction, capital raising, and deal origination. Sam discusses the importance of building a strong brand, fostering innovation, and effectively communicating your firm's story.[00:00] Brand is a product of the people building it and consistent results.[00:13] Importance of differentiation in attracting talent, capital, and investments.[00:42] Introduction to Sam Bendix, Partner of Investor Relations at Chicago Pacific Founders, and the episode's focus on differentiation in private equity.[01:11] Sam's career journey from investment banking to real estate investments and IR roles across various firms.[04:57] Overview of Chicago Pacific Founders and its healthcare-focused investment strategy.[06:24] The mistake of inconsistent messaging and the importance of cohesive communication.[08:07] Differentiation strategies: strategic positioning, operational strengths, and client-centric innovation.[10:55] Proprietary processes, attracting top talent, and creating barriers to imitation.[12:18] Case study: Proving differentiation through performance and results.[13:12] The role of brand recognition and consistent execution in building a firm's reputation.[14:39] Educating the market as a key element of branding and thought leadership.[16:38] Attracting talent: building a network and aligning with career aspirations.[19:01] Revisiting assumptions and fostering innovation for market differentiation.[19:59] The role of talent in building and maintaining differentiation.[22:26] Alex shares insights on private equity firms' branding and talent strategies.[28:06] Importance of putting yourself out there and documenting over creating for awareness.[33:24] Building trust through transparency and thought leadership.[36:17] Efficiently qualifying leads and fostering trust through shared insights.[38:12] Challenges in communication: sticking to agendas, avoiding jargon, and active listening.[42:03] Tools for effective communication: checklists, frameworks, and structured conversations.[43:27] Recommended communication frameworks: What-So What-Now What and others.[45:23] Sam's book and podcast recommendations for effective communication and decision-making.[46:52] Importance of knowing when to quit and insights from behavioral science.[47:21] Sam invites listeners to connect via email for further discussions.[47:44] Recap of the conversation's key themes and the importance of continuous improvement in differentiation strategies. You can connect with Sam on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection! In this episode, Alex Rawlings welcomes back Adam Coffey, CEO and author of the Private Equity Playbook. Adam shares his strategies for scaling businesses, reducing employee turnover, and building strong company cultures. He emphasizes hiring for future growth, addressing employee concerns, and using hybrid work models to retain top talent. Adam also discusses his updated edition of the Private Equity Playbook, offering new post-COVID business insights.Breakdown: [00:00] Most Private Equity firms report a success rate of only 20-30% with CXO hires, with 30% being quite rare.[00:46] Adam, gives us a brief insight into your background.[01:15] Adam reflects on his time at GE, leading companies through private equity backing, and now helping entrepreneurs grow their businesses.[04:06] Adam talks about the importance of culture in scaling businesses and the challenge of reducing employee turnover from 41%. He highlights how different regions and employee needs required tailored approaches to address issues and improve retention.[07:30] He explains how culture, leadership, and people are fundamental when scaling businesses. Having a strong culture ensures employees stay and grow, making talent the key to driving success.[09:25] Adam dives into how he tackled turnover in different regions, using examples from the Pacific Northwest and Texas, where pay scale and benefits played a role in employee satisfaction.[12:15] By investing in people early on and addressing their needs, Adam quickly reduced turnover to below industry standards. He explains how transparency and early investments helped build trust and boost employee engagement.[15:01] Adam discusses how private equity firms struggle with transitioning founder-led companies to PE-backed environments, emphasizing the importance of communicating career opportunities and company growth potential.[17:49] When acquiring companies, Adam emphasizes how better benefits and career development opportunities within a larger organization can turn acquisition anxiety into employee buy-in.[19:36] Adam addresses the shift in work culture, particularly after COVID-19, and the challenges and benefits of remote work in recruiting talent nationally.[23:16] He highlights how businesses can still maintain flexibility for employees while ensuring productivity and accountability. Companies that find the right balance will be better positioned for growth.[27:24] Adam shares his approach to hiring top executive talent, with a focus on aligning work to be done with the candidate's experience.[33:01] He stresses the importance of hiring leaders who can guide the company through growth and challenges, even if it means making difficult decisions like upgrading talent.[38:10] Adam talks about the importance of culture fit when hiring and how toxic employees can disrupt growth. [41:59] Adam reveals his process for assessing talent within six months.[44:15] Adam announces his updated edition of the Private Equity Playbook, highlighting new insights post-COVID and why it's been a top read for private equity professionals for years.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!You can connect with Adam Coffey on LinkedIn here.To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection, In this episode, host Alex Rawlings sits down with Matt Bodnar, founder and managing partner of Eidolon Capital. They discuss Eidolon's unique deal origination strategies, including innovative approaches like direct mail, and how their flexibility in deal-making helps them close deals where more rigid firms miss out. Matt also shares valuable insights on long-term investing, inspired by Berkshire Hathaway, and offers top recommendations on business, psychology, and deal-making books. Breakdown: [00:00] Matt explains how their market position was inspired by Berkshire Hathaway, leading them to find unique opportunities by being flexible where others are rigid.[00:12] PE firms often miss out on deals due to their rigid criteria; Eidolon benefits from a more flexible approach.[00:26] Matt mentions Extreme Ownership as one of his favorite books and shares it with his management teams.[00:53] Introduction to Matt Bodnar, founder of Eidolon Capital. The conversation covers deal origination, using direct mail, and valuable book recommendations.[01:21] Goldman Sachs, starting Eidolon Capital, and focusing on lower middle market companies with a long-term approach.[02:17] Matt identifies rigid deal structures as a common mistake PE firms make, missing opportunities to tailor deals based on sellers' needs.[03:09] Flexibility in deal-making, like structuring equity rolls and earn-outs, gives Eidolon an advantage over more rigid buyers.[04:34] Matt shares Eidolon's broad deal origination strategies, including cold email, LinkedIn, direct mail, and networking.[07:46] The importance of market positioning and personal outreach from principals to increase deal engagement.[09:39] Why principals contacting sellers directly makes a significant difference in building rapport and closing deals.[10:35] Direct mail as an effective, less crowded method for sourcing deals, especially in old-economy sectors like manufacturing and distribution.[13:23] Eidolon's brand focuses on long-term investing and taking care of all stakeholders, inspired by Berkshire Hathaway.[15:16] Eidolon's flexibility with capital and bespoke deal structures allows them to close deals even in suboptimal conditions where other firms might walk away.[17:09] How taking a long-term view, as opposed to the typical 3-5 year private equity time horizon, results in better decisions and stronger outcomes for companies.[19:25] Matt discusses the importance of staying informed on macroeconomic trends, the Fed, and market cycles to understand the broader impact on investment decisions.[20:48] Book recommendation: How to Make a Few Billion Dollars by Brad Jacobs, a prolific entrepreneur who founded or acquired several billion-dollar companies.[22:41] Matt shares how deep reading into human psychology and decision-making (Charlie Munger's Poor Charlie's Almanac and Robert Cialdini's Influence) shapes his approach to deals and negotiation.You can connect with Matt on LinkedIn by visiting his profile here.  To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, Alex is joined by Robb Powell, an experienced Operating Partner and former CEO who has successfully built and sold two businesses. Robb discusses the deployment of technology and AI in private equity-backed companies, shares insights on driving cultural transformation, and explores the importance of enabling people for business success. Breakdown:[00:00] Robb discusses how private equity firms and portfolio companies can start using AI.[00:12] Introduction to Robb Powell, an operating partner and former founder and CEO. The episode covers tech, AI, and culture.[00:41] Robb shares his background and experience with acquisitions, board work, and leveraging technology for business growth.[01:11] The importance of using technology to drive sales and agility in companies.[02:06] Common mistake in private equity: focusing too much on finances post-acquisition, neglecting team assessments and aligning people with goals.[03:33] Robb's method for assessing management teams, using written responses to understand their thought process.[05:00] Building a culture of success focused on enabling others and creating referral-worthy work.[07:01] The importance of having a clear narrative about the value you're providing in any role.[08:29] Robb's thoughts on aligning people and driving change in organizations, including when it's time to let people go.[11:19] Overview of Robb's technology and digital transformation work with various companies, particularly in sales and service industries.[13:41] Robb shares how AI is being used to transform roles, including automating coding tasks in a tech company.[14:34] Exploring where private equity firms and portfolio companies should start with AI and ChatGPT.[15:59] Robb's advice on using AI tools to help businesses innovate and work more efficiently.[17:54] The future of AI: replacing tasks, not jobs, and making people smarter through automation.[20:19] The potential of using existing tools to implement AI in businesses without needing large consulting firms.[21:46] Robb's current AI project with a high-end wine room business and the value AI adds to search functionality on websites.[22:45] Robb's influences and recommendations for books, podcasts, and thought leaders, including Acquired and Peter Diamandis' work.[26:04] How to connect with Robb Powell via LinkedIn. You can connect with Robb on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, Alex is joined by Andrew Towne, a partner at Olympus Pines and a five-time world record holder. Andrew shares his journey from private equity to breaking world records, including his impressive mountain climbing feats and insights into the private equity industry. Join us as we dive into the mindset and strategies of this remarkable private equity leader.Breakdown:[00:00] Andrew shares his experience climbing Aconcagua during a deadly season.[00:19] Introduction to Andrew's investment focus in the American car wash industry and his world records.[01:53] Andrew discusses his career journey, starting in international relations and transitioning to private equity.[02:18] The common mistake private equity firms make: neglecting operations and transformation.[02:45] Why portfolio operations are essential for unlocking value in competitive deals.[03:14] Examples of operational improvements in revenue and cost management within portfolio companies.[05:06] Andrew's consulting background at Boston Consulting Group and his shift into private equity.[06:07] How living abroad in countries like Germany and Kenya shaped Andrew's worldview.[07:34] Moving from consulting to private equity: Andrew wanted to own decisions and manage risk.[09:31] Lessons from world travel: people are more similar than different across cultures.[12:36] A customer's comment at a car wash illustrates how people view different roles in society.[15:05] Why Andrew and his team chose to invest in the evolving American car wash industry.[16:26] Technological innovations and automation driving growth in the car wash business.[17:49] How Andrew's car washes use advanced technology to ensure customer satisfaction.[18:48] Balancing customer service with profitability in the car wash sector.[20:15] The fragmented nature of the car wash industry creates growth opportunities.[21:44] Challenges in building new car washes and scaling operations.[22:25] Andrew's journey from overcoming childhood obesity to breaking world records.[24:47] How rowing at Yale taught Andrew to push through mental barriers and trust himself.[26:09] After completing the Seven Summits, Andrew turned to ocean rowing and set world records.[28:04] Stories from his expeditions, including surviving a deadly earthquake at Everest base camp.[29:02] The story behind Andrew's world-record row from South America to Antarctica.[31:28] Andrew's approach to confronting fears and mental challenges in everyday life.[35:21] Closing remarks from Alex and Andrew summarizing their discussion on private equity, personal growth, and world records. You can connect with Andrew Towne on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection! In this episode, Alex is joined by Beth Pollack, an applied AI and data strategy operating partner with over two decades of experience in building decision systems. Beth works closely with private equity firms and their portfolio companies to drive value through AI and data initiatives. She shares insights on how AI can be effectively implemented in private equity-backed companies, avoiding common mistakes and maximizing opportunities for growth. Breakdown: [00:00] Introduction to Beth Pollack, AI and data expert, discussing AI's role in private equity-backed companies.[00:31] Beth shares her background, with over 20 years of experience in AI and data strategy.[00:59] Beth highlights common mistakes in AI implementation, like starting without clear problem definition and not integrating workflows.[01:50] The importance of aligning AI projects with business goals and involving the right people early is emphasized.[02:49] Beth advises against using large consulting firms without AI expertise.[03:19] She explains the need for selecting the right AI tools beyond ChatGPT.[03:46] Breaking down problems into smaller components helps with AI efficiency.[04:16] Beth shares her journey from data mining to building AI systems.[05:09] A case study shows how AI increased EBITDA in a healthcare company.[06:07] In the healthcare project, AI and machine learning were used to process medical records and improve clinical decision-making.[07:33] AI helped the company enter new markets and improve patient outcomes by identifying conditions that human review may have missed.[07:57] Successful AI implementation begins by identifying workflows, engaging teams, and understanding investment needs.[08:53] Gaining leadership and team trust is crucial for effective AI strategies.[09:50] AI projects should align with broader business goals and focus on problem-solving.[10:46] Speed to value can be achieved by using existing tools and internal resources.[11:42] AI is advancing rapidly, becoming more accessible and cost-effective for businesses.[13:07] Beth discusses how the acceleration of AI innovation is impacting private equity firms.[14:06] Large language models (LLMs) and open-source technology are helping optimize AI for businesses.[15:23] Private equity firms should involve AI experts during the diligence process to assess investments and create value.[16:50] AI can transform not only new investments but also portfolio companies nearing exit.[17:11] Beth recommends staying updated by talking to practitioners and following AI publications and podcasts.[17:41] She shares her favorite podcasts, including Lex Friedman's and "AI on AI."[18:37] You can reach Beth Pollack on LinkedIn for further discussions on AI and data strategy.[19:07] Closing remarks from Alex. You can connect with Beth Pollack on LinkedIn by visiting her profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

In this episode of the Private Equity Podcast, host Alex Rawlings is joined by Paul Adams, an experienced CEO in the home and residential services sector. Paul shares his extensive experience in leading private equity-backed companies through multiple acquisitions and the challenges of navigating a highly fragmented industry. They dive into why private equity is increasingly focused on the residential services sector, what makes it such an attractive investment opportunity, and the importance of managing labor shortages in a people-driven business. [00:00] Introduction of Paul Adams.[00:44] Paul's background in HVAC, electrical, and plumbing services.[01:38] Challenges private equity faces with mom-and-pop shops in home services.[02:08] Importance of patience and strong M&A skills in home services.[02:36] Balancing private equity's need for speed with the slower pace of acquisitions.[03:33] The emotional side of selling a family legacy and employee concerns.[03:59] How generational handovers can create trust issues during acquisitions.[04:28] Building trust and relationships with founders during the process.[04:57] Paul's approach to working with contractors in residential services.[05:26] The people-driven nature of service businesses and their focus on relationships.[05:53] Addressing concerns of sellers about their employees and legacy post-sale.[06:52] Challenges in attracting technicians despite the sector's essential nature.[07:19] Impact of the labor shortage on growth in home services.[08:19] Acquiring companies to meet demand and gain market share.[09:18] Changes in the sector, including energy efficiency and government rebates.[09:48] How government regulations are driving growth in system replacements.[10:17] Increasing profitability through system replacements and upgrades.[10:47] Private equity's interest in home services due to favorable cash flow.[11:15] Low capital requirements and barriers to entry in home services.[11:41] Challenges for small companies to scale due to limited technicians.[12:09] Struggles of small businesses in growth because of labor shortages.[12:35] Fragmentation and integration challenges in residential services.[13:05] Costs of elevating unsophisticated businesses post-acquisition.[14:04] Importance of proper systems to meet customer expectations.[14:33] Paul's strategy in buy-and-build and lessons learned from past experiences.[14:57] Avoiding big announcements and press releases post-acquisition.[15:29] Focusing on investment and continuity to maintain business stability.[16:19] Benefits of working in the background for better performance.[17:17] The power of consistency in building successful businesses.[19:43] Paul's passion for the residential services industry and M&A challenges.[20:12] Alex's closing remarks and a reminder to subscribe to the podcast.You can connect with Paul Adams on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, Alex Rawlings is joined by Richard Brekka, Managing Partner and Co-Founder of Second Alpha. Richard dives deep into the explosive growth of the secondaries market, explaining how his firm provides liquidity to shareholders of private tech companies. The pair discuss the rise of secondary funds, why more companies are staying private longer, and the unique opportunities in the market for smaller, profitable tech companies.  Breakdown: [00:00] Introduction to Richard Brekka, Managing Partner and Co-Founder of Second Alpha.[00:12] Richard explains the secondary market's growth and why 90% of it is in unicorn companies.[01:10] Richard's background and how he got into secondary investing after working in venture capital.[01:37] The common mistake of holding on to investments too long and the importance of realizing value sooner.[02:05] Richard explains the two types of secondary markets: fund secondaries and direct secondaries.[02:58] Growth in secondary funds driven by a lack of liquidity for GPs and the emergence of unicorn companies staying private longer.[03:58] Richard shares why 90% of transactions in the secondary market are focused on unicorn companies.[05:25] Discussion on the $2.3 trillion unicorn market and the trillion-dollar opportunity in companies valued between $100 million and $1 billion.[06:21] How Second Alpha identifies companies for investment by targeting profitable, growing companies over $100 million in revenue.[07:50] Second Alpha's approach to providing liquidity to shareholders and building long-term relationships with CEOs.[08:49] Richard discusses the various reasons shareholders seek liquidity, from personal financial needs to new business investments.[10:12] The value Second Alpha provides to CEOs and how they become a trusted partner in helping companies toward their exit.[11:00] Richard explains the challenges of accessing private companies for investment and how Second Alpha overcomes these obstacles.[11:58] The importance of building trust with CEOs and navigating rights of first refusal in secondary deals.[13:26] Second Alpha's role as a helpful partner to the CEOs, offering introductions, advice, and exit planning support.[14:53] Challenges private companies face after 10 years of growth, including management changes and adapting to market shifts.[16:22] How companies must pivot and develop new products to continue growing and reach their next phase of success.[17:20] Second Alpha's focus on North American technology companies with strong revenue and profitability.[18:46] The advantage of investing in growth-stage companies at a discount through secondary transactions.[20:39] The role of artificial intelligence and cloud technologies in transforming industries and the efficiency opportunities they bring.[22:32] Second Alpha's focus on disrupting industries like data analytics and finding efficiencies in cloud infrastructure.You can connect with Richard Brekka on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

In this episode of the Private Equity Podcast, host Alex Rawlings sits down with Chad Kalland, an experienced CEO in the industrial services sector with multiple private equity-backed exits under his belt. Chad shares his insights on navigating cultural changes, integrating acquisitions, and driving growth in a private equity-backed environment. He also dives into key lessons learned from his successful exits, how to keep teams engaged during times of rapid change, and the importance of choosing the right private equity partner. [00:00] Introduction of Chad Kalland.[00:12] Importance of growing as a platform company with potential runway.[00:41] Chad's experience with private equity-backed exits and acquisitions.[01:46] Mistakes private equity firms make by implementing changes too quickly.[02:16] Understanding business strengths before making changes.[02:43] Evaluating talent and their unique skills in an organization.[03:12] Transitioning from founder-owned businesses to private equity-backed environments.[03:42] Evaluating a company's culture before acquisition to ease integration.[04:11] Incorporating the acquired company's strengths into the platform.[04:39] Fostering a merger mindset instead of a takeover during acquisitions.[05:08] Injecting private equity-backed speed into founder-owned businesses.[05:38] Bringing acquired leadership into the fold to integrate with the platform.[06:07] Key lessons learned in integrating companies, especially service lines.[07:04] Missteps by not integrating acquired companies quickly enough.[08:02] Adding service lines to increase market share.[08:30] Ensuring smooth service line integration for long-term growth.[09:28] Maintaining employee engagement during changes and new processes.[09:57] Motivating technicians and engineers during transitions.[10:27] Developing employees and offering leadership opportunities to improve retention.[11:27] Strategies for retaining employees in a labor-intensive industry.[11:53] Keeping new hires engaged and committed during the first 90 days.[12:23] Onboarding and training to improve retention.[12:52] Lessons from two successful private equity-backed exits.[13:22] Adapting to private equity decision-making processes with new stakeholders.[13:51] Finding the right private equity partner for growth.[14:20] Evaluating private equity partners beyond the highest offer.[14:49] Choosing between remaining a platform or joining a strategic acquirer.[15:17] Benefits of staying on as the platform versus integrating into a larger organization.[16:16] Focusing on high-margin services for profitability.[17:15] Adding organic growth to acquired companies for value creation.[18:09] Understanding employee motivation as a leader.[19:35] Other leadership podcasts and books, like Simon Sinek's work.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!You can connect with Chad Kalland on LinkedIn by visiting his profile here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, our host, Alex Rawlings is joined by Marc Jourlait, a seasoned Private Equity Operating Partner with extensive experience as a former CEO, leading multiple successful exits. Marc shares his unique insights into the role of the Operating Partner, the importance of driving value creation early in the investment cycle, and why private equity firms must act quickly in their hold period.  Breakdown:[00:00] Introduction of Marc Jourlait. [01:36] Overview of Marc's career journey, from Apple to private equity.[02:03] Importance of acting quickly in the hold period to create value.[03:00] Why replacing key personnel, like the CFO, is crucial early in the investment cycle.[03:30] Causes of delay: risk management and decision-making dynamics in private equity.[04:30] The importance of early involvement, even pre-close, to maximize value creation.[04:59] Benefits of operating partners engaging with the management team before deal closure.[05:49] How early engagement can lead to stronger value creation and faster exits.[06:18] The operating partner model and its differences between the US and Europe.[06:46] Riverside's model of using former CEOs as generalist operating partners.[07:37] Operating partners at Riverside: from acquisition to exit, staying engaged.[08:05] Benefits of operating partners serving as board chairmen for governance and guidance.[09:02] Shift in private equity from financial engineering to operational improvements.[09:31] Importance of having a clear value creation roadmap from the start.[10:01] The short five-year hold period in private equity requires fast action.[11:00] European firms' reluctance to invest in operating partners compared to the US.[12:07] How value creation is now more focused on operational improvements over financial strategies.[12:35] Key areas for value creation: pricing, operations, and cost management.[13:04] How private equity firms create a clear story to maximize exit premiums.[14:01] Discussion on employee ownership and its growing adoption in private equity.[14:37] Riverside's involvement with Ownership Works and its impact on employee ownership.[15:07] How Ownership Works offers equity to all employees, driving engagement.[16:12] Employee ownership as a catalyst for company success and value creation.[17:57] Impact of employee ownership on engagement and business performance.[20:14] Marc's enthusiasm for the Ownership Works program and its positive transformation.[22:13] Marc's encouragement for more private equity firms to adopt employee ownership.[22:41] Importance of employee ownership in driving engagement and maximizing value creation.[24:04] Marc's commitment to continuous learning and networking for professional growth.[24:58] Marc invites listeners to connect with him on LinkedIn. You can connect with Marc Jourlait on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome back to The Private Equity Podcast by Raw Selection! Alex is joined by Drew Schardt, Vice Chairman and Global Head of Investment Strategy at Hamilton Lane. Drew brings over 17 years of experience at the firm, sharing valuable insights into the current state of private equity, how the market is evolving, and what's in store for the rest of 2024. He dives into the importance of using data and technology to make informed investment decisions, and how Hamilton Lane is preparing for upcoming opportunities in sectors like healthcare, industrials, and private credit.Breakdown: [00:00] Introduction to Drew Schardt, Vice Chairman and Global Head of Investment Strategy at Hamilton Lane.[00:45] Overview of Drew's role at Hamilton Lane and his background in private equity.[02:09] Key mistake private equity firms make: not acting quickly enough on management changes.[03:06] Importance of transparency and using real-time data for better investment decisions.[04:32] Role of technology and data platforms in improving decision-making in private equity.[05:59] Private equity's recovery after global downturns.[06:42] Lower leverage levels compared to the global financial crisis.[07:37] How private equity evolved with stronger financial resilience and broader acceptance.[09:00] Soft landing vs. recession risks in the economic outlook.[09:58] Emerging deal flow and closing the buyer-seller price gap.[10:56] Impact of global monetary policy on deal-making.[12:09] Stabilized purchase price multiples aiding deal flow.[12:53] Increased exit activity and liquidity in private equity markets.[13:51] Robust deal flow and exits expected in the second half of 2024.[15:50] How interest rate policies influence pricing and deal-making.[16:17] Stabilized purchase price multiples across industries.[17:11] Historical trends showing Q4 as the busiest for deal activity.[17:40] Managing investment risk through asset selection.[18:39] Drew's approach to portfolio diversification and risk management.[19:43] Key sectors of interest for Hamilton Lane, including healthcare and industrials.[20:39] Importance of having multiple levers in value creation strategies.[21:50] Emerging opportunities in private credit, infrastructure, and secondaries.[24:33] Focus on defensive sectors like healthcare and industrials.[26:10] How Hamilton Lane is preparing to capitalize on market opportunities.[31:27] Focus sectors for Hamilton Lane: clinical research, supply chains, and logistics.[33:05] Supply chain automation as an investment area.[34:17] Sector-specific investment strategies for Hamilton Lane.[35:40] How technology is increasing transparency and attracting new investors.[37:09] Drew's reading recommendations: "Radical Candor" by Kim Scott and works by Malcolm Gladwell.[40:00] Closing remarks from Alex.You can connect with Drew Schardt on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome to The Private Equity Podcast, by Raw Selection! Today, we're joined by Kevin McShane, a seasoned Chief Revenue Officer turned Operating Partner, with a wealth of experience from multiple private equity-backed exits. In this episode, Kevin shares insights on his journey, the impact of AI on driving revenue and EBITDA, and his key learnings from successful exits in the technology sector. We'll also dive into the role of AI in private equity and discuss Kevin's transition from CRO to Operating Partner. Breakdown:[00:00] Kevin McShane's Introduction – Overview of Kevin's career in tech, private equity, and his role as an operating partner.[00:10] Kevin discusses how AI can drive revenue and EBITDA growth.[00:39] How portfolio companies are using AI for decision-making and growth.[01:08] 25 years in tech, CRO roles, and his transition to an operating partner.[03:05] Kevin highlights missed opportunities in private equity due to slow AI adoption.[04:00] Examples of AI in sales, demand generation, and customer success.[05:26] How AI implementation led to cost savings and pipeline growth.[06:24] How AI can be cost-effectively integrated into existing CRM and marketing tools.[09:42] Insights on recent stock price dips and tech sector trends.[12:44] Kevin emphasizes the role of strong CFO and leadership relationships in successful exits.[16:52] The importance of relationships and keeping ego in check for team success.[19:44] Kevin's advice on moving from CRO to an operating partner role.[24:00] How Kevin builds trust and guides teams without direct authority as an operating partner.[30:41] Collaboration with leadership to develop and own strategic initiatives.You can connect with Kevin McShane on LinkedIn by visiting his profile here.To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome back to The Private Equity Podcast, by Raw Selection!  In this episode, Alex Rawlings, speaks with Geoff Lurie, Managing Partner at Traub Capital Partners. Geoff brings decades of experience as an operator-turned-private equity investor. He shares his invaluable insights on how private equity firms and portfolio companies can collaborate more effectively for superior results.  Breakdown: [00:00] Geoff Lurie, Managing Partner at Traub Capital Partners, is introduced as an operator-turned-PE investor.[00:25] Geoff emphasizes the need to focus on how price increases are perceived on the other side.[00:55] Alex discusses the tough market conditions for private equity and hints at potential positive changes with increasing hiring and deal flow.[02:18] Geoff explains the issue with PE firms assuming that entrepreneurs must suddenly change how they operate post-acquisition.[02:47] Managing expectations and helping entrepreneurs report to the PE firm without losing their edge.[03:42] Entrepreneurs struggle to adjust to reporting to external investors after being self-reliant.[05:07] The importance of the first 100 days after an acquisition, setting up reporting structures and management.[06:26] The crucial role of the CFO in portfolio companies, and why PE firms often replace them after acquisition.[08:19] Geoff discusses how changing consumer sentiment impacts the success of private equity-backed companies.[11:01] Differences between financial modeling and the practical steps needed to increase margins in portfolio companies.[13:17] The importance of understanding real-world difficulties in implementing changes in portfolio companies.[14:28] Alex asks how young private equity professionals can gain operational understanding without becoming CEOs.[16:26] Alex plugs Raw Selection's services, explaining the firm's focus on executive searches for private equity-backed businesses.[17:24] Geoff discusses the importance of managing debt properly and avoiding over-leverage in portfolio companies.[18:23] Avoiding the mistake of using short-term working capital loans for long-term growth.[19:42] Geoff explains how private equity firms motivate middle management by offering equity incentives.[21:04] The importance of instilling an “enterprise, team, individual” mindset in portfolio companies.[24:20] Geoff shares a personal anecdote about overhearing a young woman discussing her desire for a high-paying job without office work.[26:20] Geoff talks about his transition from operator to private equity investor and why he made the switch.[29:43] The best time to sell a portfolio company is on the way up, not at the top.[31:10] Geoff explains the importance of setting up the right structure to allow CEOs to focus on future growth, not just day-to-day operations.[32:34] Geoff shares that his passion stems from mentoring young professionals and imparting knowledge. You can connect with Geoff Lurie on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome back to the Raw Selection Private Equity Podcast! In this episode of our Playbook series, we're thrilled to have Ted Clark return. Ted, a seasoned chief executive now making waves as a private equity investor with Iron Path Capital, shares invaluable insights into the art of deal origination. Having previously discussed growing enterprise value from $30 million to $1.4 billion, Ted now dives into the strategies that set Iron Path Capital apart in the competitive landscape of private equity. This session is packed with actionable advice for anyone looking to enhance their deal-making prowess. So, let's jump right into another insightful discussion with Ted Clark. Breakdown:[00:00] Introduction of Ted Clark, highlighting his transition from chief executive to private equity investor, focusing on deal origination strategies.[01:11] Overview of specialization trends in private equity and their advantages in deal origination.[02:32] The intersection of specialty chemicals and life sciences in private equity investments.[04:00] Importance of having a clear vision and foundational strategy for where to invest.[05:00] Strategies used by Iron Path Capital to originate deals, emphasizing the importance of a solid investment thesis.[07:26] Leveraging professional networks to gain insights and access potential investment opportunities.[10:00] How Iron Path Capital uses a systematic approach to deal origination to maximize effectiveness.[13:14] Ted Clark explains the benefits of having an operational background in enhancing credibility and understanding in deal negotiations.[18:00] Discussion on the synergy between operational experience and private equity investment strategies.[20:21] Ted Clark shares strategies for effectively leveraging his experience to enhance deal origination and execution.[25:22] Insights into building and maintaining relationships with investment bankers to enhance deal flow.[27:15] Closing remarks and ways to contact Ted Clark for further discussion or collaboration. You can connect with Ted Clark on LinkedIn by visiting his profile here. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to the Private Equity Podcast! In this episode titled host, Alex Rawlings, dives into the insights and strategies of a seasoned executive known for his leadership in multiple private equity-backed exits. Jeffrey Stark discusses his career trajectory, highlighting his transition from corporate America to becoming a pivotal figure in private equity spaces, steering companies through significant growth and successful exits. Breakdown:[00:00] Jeffrey Stark discusses his success with multiple private equity exits. [00:11] He highlights his collaborative leadership approach, emphasizing guidance without micromanagement. [00:40] Stark recounts his transition from corporate roles to significant positions in private equity. [01:09] Focuses on challenges and strategies for leading companies to successful private equity exits. [01:37] Insights into his proactive career approach in the private equity sector. [02:33] The value of independent board members in providing unbiased support and expertise. [03:46] Benefits of experienced board members for guidance in unfamiliar business areas. [04:44] Operational focus on lean manufacturing and quality improvements. [06:09] Discusses the transition from CEO to advisor roles, and the dynamics involved. [07:33] Tactics for building trust with CEOs and preparing them for board meetings. [09:01] How he has guided marketing strategies through CEOs, fostering a partnership approach. [10:17] Stark shares experiences on cultural and operational challenges in mergers and acquisitions. [12:49] The importance of transparent communication during transitions. [14:05] Financial strategies and accountability in managing private equity-backed companies. [15:20] Leadership development within teams to foster a culture of innovation.  [18:14] Insights into global economic factors influencing private equity. [19:05] Ethical considerations and corporate governance in the sector. [20:21] Predictions on the evolving landscape of private equity and the role of technology. [21:40] Advice for aspiring private equity professionals based on extensive experience. [22:58] A case study of a successful exit, detailing strategic decisions involved. [24:15] Discussions on work-life balance and managing stress in leadership roles. [25:30] The role of mentoring and support systems in his career. [26:45] Innovation in maintaining business competitiveness. [28:00] His involvement in philanthropy and corporate social responsibility. [29:15] Strategies for managing international business and cross-cultural teams. [30:30] Thoughts on leadership succession planning. [31:45] Personal and professional development influences. [33:00] Future plans and continued impact on the industry. [34:15] Invitation to connect for further insights and collaboration opportunities. [35:30] Closing remarks. You can connect with Jeffrey Stark on LinkedIn by visiting his profile here.  Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast by Raw Selection! In this episode, our host, Alex Rawlings, is joined by Jordan Burton, co-founder of Talgo. Together, they delve into the intricacies of talent interviewing and assessment within the private equity sector. Jordan brings a wealth of knowledge from his transition from a potential private equity investor to an expert in executive talent assessment. This discussion promises to enlighten those interested in optimizing their hiring processes and understanding the common pitfalls and best practices in recruiting top-tier executives.  [00:00] Introduction to Jordan Burton, specializing in talent interviewing and assessment.[00:16] Discussion on timely decision-making in human capital issues.[00:44] Jordan shares his career transition to executive talent assessment.[01:12] Insights into Jordan's career evolution and the founding of Talgo.[02:11] Importance of proper interviewing techniques in talent acquisition.[03:07] Indicators of when to act on personnel changes.[04:06] Consequences of being overly accommodating in personnel decisions.[05:02] Deep dive into interviewing and hiring processes.[06:01] Setting clear expectations and metrics for new executives.[08:22] Characteristics of effective private equity executives.[10:19] Traits that define a top executive in private equity.[12:15] Importance of quantitative skills in executives.[13:13] Techniques used in interviewing executives about their past experiences.[15:05] Importance of detailed discussions about past roles and achievements.[18:27] Systematic assessment in identifying leadership qualities.[20:26] Nuances of executive onboarding and performance tracking.[22:10] Organizational dynamics and internal politics in hiring.[24:06] Future trends in executive hiring, including technology impacts.[26:01] Importance of adaptability and continuous learning in talent acquisition.[28:26] Final thoughts on the evolution of the talent acquisition field.[30:52] Methodologies for developing leadership pipelines in portfolio companies.[33:18] Common pitfalls in the executive search process and avoidance strategies.[35:44] Role of diversity and inclusion in executive hiring.[38:09] Jordan reflects on the mentors who shaped his career.[40:33] Tips for building a career in talent management within private equity.[42:57] Advice for maintaining a competitive edge through strategic talent management.[44:31] Closing remarks by Alex, encouraging listener engagement and subscription. You can connect with Jordan Burton on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to the Private Equity Podcast! In this episode, we explore the nuances of building and scaling businesses within the private equity realm. Alex excited to welcome back Brendan Anderson, Managing Partner of ScaleCo Capital. [00:00] Brendan emphasizes the importance of having the right people and vision for successful business ventures.[00:11] Discussion on enhancing value through strategic customer engagement and supplier relations.[00:21] Insight into the shift from gut feeling to data-driven decision-making in business strategies.[00:50] How ScaleCo Capital scales smaller businesses often overlooked by larger firms.[01:20] Focus on B2B service providers and manufacturers that require scalability.[02:18] Initial challenges in acquiring and transforming small-cap companies.[03:16] The significance of entrepreneurs stepping back from central operations to improve scalability and attractiveness.[05:35] Exploration of the Entrepreneurial Operating System (EOS) for aligning management teams.[06:56] Importance of team alignment in realizing business visions through EOS.[08:16] Breakdown of ScaleCo's five pillars of business transformation.[11:02] Integration of technology in customer and supplier engagement.[12:53] Mention of ScaleCo's partnership with Grata, highlighting data-driven processes.[15:17] Challenges and strategies in building effective sales teams.[19:25] Impact of robust financial reporting on business strategy.[20:49] Essential financial metrics and practices for new acquisitions.[21:19] Brendan discusses the importance of accessing real-time financial data to drive strategic decisions.[22:41] How deep insights into financial data can reveal new growth avenues within existing customer bases.[24:06] Strategies for empowering leadership teams to take initiative and drive growth independently.[25:24] Plans for integrating operational changes within 18 to 36 months to ensure sustainable growth.[26:16] Challenges of effectively managing and growing businesses and how private equity provides crucial support.[27:13] The necessity of continuous self-development and adaptation for businesses to evolve.[28:11] The strategic focus on local investments to enhance relationship building and operational oversight.[29:04] Geographic focus and its impact on investment success rates and operational effectiveness.[30:01] The importance of local networks and relationships in managing and supporting businesses effectively.[31:27] Brendan offers contact information for those interested in connecting or learning more about ScaleCo Capital.[32:17] Discussion on building networks between talented individuals and promising businesses to foster growth and operational excellence in the private equity space.[32:46] Closing remarks by Alex, thanking Brendan for his insights and inviting listeners to subscribe for more private equity discussions You can connect with Brendan Anderson on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to the Private Equity Podcast! In this episode, Alex Rawlings welcomes back Brad Nathan, a seasoned private equity firm founder, to dive into the intricacies of starting and managing a PE firm. Brad shares first-hand experiences, detailing the triumphs and tribulations he's encountered and offering a comprehensive guide for navigating the competitive private equity landscape.Episode Timestamps:[00:00] Introduction of today's topic and guest, Brad Nathan.[01:15] Exploration of Brad's early career and the motivations behind starting his private equity firm.[03:30] Challenges faced during the initial setup of the firm, including capital raising and team assembly.[06:45] Strategies Brad implemented to overcome initial failures and secure the firm's first successful deals.[10:20] Key decisions and strategies that fueled the firm's growth and expansion.[13:50] Insights into the recruitment, culture building, and leadership styles vital for a successful PE firm.[18:30] Stories of the highest highs and lowest lows in managing the firm.[22:10] The most valuable lessons learned throughout Brad's career and advice to aspiring private equity firm founders.[25:40] Predictions on emerging trends and the evolution of the private equity industry.[29:00] Listener Q&A session with Brad on specific challenges and advice on various scenarios in private equity.[33:15] Summary of key insights shared by Brad and closing remarks. You can connect with Brad Nathan on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to the Private Equity Podcast! In this episode, we dive into the intricate dynamics of managing relationships between CEOs and private equity firms with our guest, Matt Sharrers, founder of ETJ Advisory. Matt shares his extensive experience and insights on how executives can effectively navigate the transition into private equity-backed roles, focusing on the critical aspects of cultural change, value creation, and team management.[00:00] Welcome back to the Private Equity Podcast by Raw Selection. [00:59] Matt Sharrers discusses his background and current role at ETJ Advisory, including his past experiences with SBI and his diverse career path.[01:28] Common errors by private equity firms and portfolio companies. Matt highlights the importance of understanding cultural impacts during CEO succession and aligning with private equity goals.[01:57] Matt's book “The Second CEO” and its focus on helping new CEOs navigate the challenges of taking over from a founder and creating value.[02:25] Advice on managing cultural shifts from a founder-led organization to a private equity-backed company.[03:20] Strategies for defining and implementing new company culture effectively, including the role of top executives and culture champions.[05:10] The importance of defining and communicating company culture and values. How to make culture an active mechanism in hiring, performance reviews, and onboarding.[07:01] The role of the CEO in driving cultural change and the mistakes to avoid, such as deferring too much to private equity firms.[09:56] Involving different levels of the organization in shaping culture and creating buy-in across the board.[11:08] Challenges faced by first-time private equity-backed executives and the importance of understanding private equity models and support.[13:08] Advice on balancing the information advantage of running the business with the guidance and input from private equity partners.[15:34] Insights on how to approach value creation, with a focus on sustainable growth and the importance of a strong team.[18:00] The necessity of adapting team composition as the company scales and evolves, including the need for new talent at different milestones.[19:26] Advice on evaluating and developing talent within the organization to align with growth and value creation goals.[23:20] When to make decisions about team changes and the importance of having the right team in place by mid-year two.[24:20] Matt shares his reading and listening preferences, including books by Arthur Brooks, gratitude journaling, meditation, and sports interests.[25:46] Alex thanks Matt for the insightful discussion on transitioning from founder-led to private equity-backed leadership. You can connect with Matt Sharrers on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast! In this episode, we're diving deep into the world of investments with a focus on sub $5M EBITDA companies. Our guest is Mason Myers, Founder and Managing Partner of Greybull Stewardship. Mason's expertise lies in navigating and scaling smaller, often overlooked businesses, and he's here to share valuable insights on how to unlock potential and drive growth in this niche market. [00:00] Alex Rawlings introduces the podcast and today's focus on investing in sub $5M EBITDA companies with guest Mason Myers.[00:13] Discussion on Grable Stewardship's Gravel Strategy, targeting pre-middle market businesses with less than $5M in profit.[00:24] Alex welcomes Mason Myers, Founder and Managing Partner of Greybull Stewardship, to the podcast.[00:48] Alex invites listeners to connect on LinkedIn before diving into the conversation with Mason.[01:13] Mason shares his background from journalism to founding Greybull Stewardship, his experience with startups, acquisitions, and his shift to private equity.[02:34] Mason highlights common mistakes by private equity firms and portfolio companies, stressing the need to listen to founders and choose intermediaries carefully.[04:27] Mason explains Greybull Stewardship's focus on pre-middle market businesses, the firm's mission, and its commitment to this underserved space.[06:44] Mason addresses unique risks in sub $5M EBITDA investments and how Greybull manages these risks, focusing on sustainable business models.[09:08] Mason discusses strategies for scaling businesses post-investment, improving operational fundamentals, and expanding management teams.[10:12] Mason details Greybull's diligence process and collaboration with management teams to enhance business value.[12:29] Mason emphasizes the role of operating partners in creating value over financial engineering, noting Greybull's focus on operating experts.[16:12] Mason advises businesses on increasing value before engaging with private equity, covering accounting practices, revenue predictability, and growth initiatives.[19:29] Mason shares strategies for maintaining deal flow in a slow market and how Greybull uses referrals and intermediaries to find opportunities.[20:27] Mason offers tips on selecting the right intermediary and invites a 20-minute brainstorming session to assist business owners.[21:26] Mason discusses his influences, including Warren Buffett and Charlie Munger, and his interest in biographies and historical figures.[24:17] Alex concludes the podcast. You can connect with Mason Myers on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to the Private Equity Podcast!  In this episode, we explore "Private Equity and Technology Transformation" with Alan Williamson. Alan, a seasoned CTO and operating partner, shares insights from his journey—from embedded engineering to navigating Enterprise Java and PE due diligence. He emphasizes crucial operational details affecting portfolio companies, such as cybersecurity and data ownership, and discusses the evolving role of technology in PE.[00:10] Social engineering is still the number one way to hack a company.[00:17] Introduction of guest Alan Williamson, CTO, operating partner, and author.[00:46] Discussion on technology transformation, pitfalls in private equity, and opportunities pre and post-deal.[01:13] Shares background from embedded engineer to Java development and entry into private equity.[02:08] Discusses common mistake in portfolio companies: neglecting operational details like domain ownership and software subscriptions.[03:30] Anecdote on operational oversight challenges in companies due to misplaced responsibilities.[04:29] Highlights key red flags in due diligence, emphasizing over-reliance on individual technical knowledge within companies.[05:53] Discussion on technology enablement in private equity and the evolving role of specialized operating partners.[08:17] Contrasts in-house technical expertise with external consultancy services in private equity firms.[09:44] Pre-deal considerations including data ownership and regulatory compliance.[10:37] Security concerns in acquisitions, emphasizing cybersecurity diligence and compliance across different states.[14:37] Discusses social engineering as a primary hacking method in corporate security breaches.[15:00] Post-deal implementation strategies including securing operations and aligning with PE firm objectives.[18:58] Maximizing data value through machine learning and leveraging historical data for business insights.[21:23] Personal influences and recommendations, highlighting interests in movies and older business literature.[23:46] Alex Rawlings wraps up the podcast. You can connect with Alan Williamson on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Send us a Text Message.Welcome to the Private Equity Podcast! In this episode, join us as we delve into intentional business growth strategies with Tim O'Reilly. Learn key insights for success. [00:11] Tim discusses the influence of certain books on shaping strategies.[01:19] Introduction to Tim O'Reilly and focus on intentional business growth strategy.[02:17] Reflections on Frontier Service Partners' successful exit and the importance of strategy.[03:17] Tim elaborates on the intentional strategy at Guild Garage Group.[04:11] Key elements of successful business strategy, including leadership alignment.[05:03] Analogies are drawn from crew dynamics to highlight clear leadership importance.[06:00] Success story from Frontier Service Partners, emphasizing leadership impact.[07:48] Discussion on transferring successful strategies to future endeavors.[09:14] Importance of culture and consistency in delivering exceptional service.[10:07] Utilizing weekly leadership meetings for consistency and accountability.[11:07] Reference to "Atomic Habits" by James Clear and daily habits' significance.[12:59] Transitioning to intentional strategy at Guild Garage Group, emphasis on leadership development.[14:25] Focus on sustainable business strategy beyond financial goals.[15:21] Prioritizing leadership development and employee training.[16:47] Investing in leadership training and development programs.[18:15] Discussion on employee experience and its impact on customer satisfaction.[19:39] Creating career paths and supporting employees' growth.[20:38] Driving brand loyalty through consistent, high-quality customer experiences.[21:58] Anticipating referrals and exponential business growth through service excellence.[22:58] Balancing cost optimization with growth strategies.[23:27] Mention of partnership with Grata for data-driven deal flow enhancement.[23:55] Focus on leadership development plans and training initiatives.[24:22] Basic principles of leadership development.[24:50] Understanding personal goals of leaders and aligning them with work objectives.[26:16] Insights on time management and personal well-being for effective leadership.[27:42] Tools for assessing strengths and consistent leadership training importance.[29:07] Importance of documenting personal and work goals.[29:34] Aligning leadership training with business needs.[31:54] Evolving leadership training programs to address business challenges.[33:20] Commitment to strength-based leadership.[34:45] Regular reassessment of strengths for alignment.[37:35] Tim's advice on transitioning from CFO to CEO.[42:42] Encouragement for aspiring leaders to seek growth opportunities.[43:36] Tim shares his contact information for further assistance.[44:06] Conclusion and invitation to subscribe to the Private Equity Podcast. You can connect with Tim O'Reilly on LinkedIn by visiting his profile here. Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Send us a Text Message. Welcome to the Private Equity Podcast! In this episode, host Alex Rawlings dives into a rich conversation with Nathan Sanders. From navigating financial constraints during the pandemic to tackling add-on acquisitions and integrating technology effectively, Nathan shares valuable insights gained from his extensive experience in leading Private Equity-backed businesses. Tune in to glean lessons on leadership, growth strategies, and the importance of a growth mindset in the world of Private Equity. [00:12] Introduction to the episode, highlighting Nathan Sanders' experience as a Private Equity-backed CEO in various industries.[01:35] Nathan Sanders introduces himself as a value-driven leader, emphasizing his focus on transformation and continuous improvement.[02:32] Discussion on the common mistake of focusing too much on short-term challenges rather than long-term value creation in Private Equity-backed companies.[04:52] Strategies for shifting focus towards long-term value creation during the middle phase of Private Equity investments.[08:04] Nathan shares lessons learned from leading Brooke Furniture through challenges and towards a successful exit.[12:17] Processes implemented to gather intelligence on customer service needs, including direct interactions with customers and team members.[15:32] Refinement of processes to automate simpler tasks, allowing the team to focus on addressing exceptions and improving service delivery.[16:29] Nathan Sanders discusses the impact of understanding customer needs and team alignment on business success, leading to increased KPIs and decreased variable costs.[17:29] Sanders talks about tackling financial constraints during the pandemic and other industry headwinds by redeploying resources and focusing on revenue growth.[20:09] Discussion on mitigating financial risks during challenging times and leveraging opportunities for revenue growth through strategic decision-making.[20:38] Sanders shares advice for portfolio executives on managing acquisitions, emphasizing the importance of understanding the purpose behind acquisitions and building in risk factors.[26:56] Insights from Sanders on successful integration strategies for acquisitions, including understanding the end goal, focusing on process mapping, and fostering a growth mindset within the team.[29:46] Sanders discusses lessons learned from working with both large and small companies, highlighting the importance of technology implementation and process mapping in driving efficiency and growth.[32:34] Discussion on prioritizing technology investments based on customer-facing needs and optimizing processes for maximum impact on revenue growth.[36:22] Recommendations from Sanders on books and podcasts, including "The Fixed Versus Growth Mindset" by Carol Dweck, "What Got You Here, Won't Get You There" by Marshall Goldsmith, and the Founders Podcast with David Sentra.[42:05] Insights from Sanders on fostering a growth mindset within teams, effective communication strategies, and recommendations for further engagement through LinkedIn and personal email.You can connect with Nathan Sanders on LinkedIn by visiting his profile here.Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, sen

Send us a Text Message. Welcome to the Private Equity Podcast! In this episode, host Alex Rawlings engages in a dynamic discussion with Nick McLean, founder of Four Pillars Investors, on the topics of servant leadership and disruptive marketing in the Private Equity sector. Join us as we delve into Nick's insights and experiences in navigating the complexities of the industry. [00:00] Hosted by Alex Rawlings, featuring Nick McLean. Discussion on servant leadership and disruptive marketing in Private Equity.[00:12] Nick McLean, founder of Four Pillars Investors and creator of Nick McLean Private Equity YouTube channel.[00:42] Nick McLean, co-founder of Four Pillars Investors, targeting lower middle market companies with untapped growth potential.[01:09] Not all firms are equal; some are overly spreadsheet-driven. Four Pillars Investors prioritizes entrepreneurial problem-solving over rigid financial analysis.[03:03] Nick's shift from business operator to Private Equity investor, emphasizing portfolio growth and development.[04:52] Prioritize relationship-building; establish rapport before closing deals. Four Pillars Investors focuses on strong, pre-existing relationships.[07:41] Named after core values: Relationships, Servant Leadership, Challenge the Status Quo, Persistence.[09:27] Focus on helping team members succeed; create positive work environments and prioritize career development.[14:49]  Nick's decision to start a YouTube channel differentiates Four Pillars Investors, aims to provide valuable content and build relationships.[18:17] Content creation and branding are long-term investments; intent and commitment are crucial for success.[22:09] Studying leadership principles; recommended book: "Influence: The Psychology of Persuasion" by Robert Cialdini.[24:30] Contact details for Nick - Email: nmclean@example.com; YouTube Channel: Nick4FourPillars.[25:55] Thank you to Nick McLean for sharing insights; subscribe to the Private Equity Podcast for weekly episodes.To connect with Nick, visit his LinkedIn profile at: Nick McLean LinkedIn Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Send us a Text Message.Welcome to The Private Equity Podcast! In this episode, host Alex Rawlings discusses the critical factors behind deal failures and how to steer clear of them. Brian Scanlon from DealGen Partners shares insights on deal origination and sales processes. He stresses prep and presentation, akin to staging a house for sale. Brian pinpoints reasons for deal failures: unprepared sellers, messy finances, and unrealistic valuations. He also covers effective deal structures, boosting multipliers, and seller challenges like cultural clashes and prolonged due diligence. Key takeaway: swift action and clear communication are vital to keep deals on track. Tune in for expert advice on selling a company successfully and avoiding pitfalls.[00:00] Alex Rawlings introduces the topic of selling a company and the challenge of achieving high multipliers. He welcomes Brian Scanlon, noting his previous podcast on deal origination.[01:18] Brian Scanlon discusses the common reasons deals fail, primarily due to sellers being unprepared. He explains the importance of proper preparation and packaging, akin to staging a house for sale.[03:40] Brian estimates that nearly all proprietary deals are unprepared and outlines why private equity funds prefer these deals despite the lack of preparation.[04:39] Brian highlights the role of investment bankers in managing the sale process efficiently, similar to selling a house, and stresses the need for sellers to be upfront about financials and issues.[07:30] Brian identifies the lack of clean financials and unrealistic valuation expectations as major reasons deals fail. He emphasizes the importance of accurate financial statements and realistic deal structures.[09:52] Brian explains typical deal structures, including cash at close, earnouts, and equity rollovers, and stresses the importance of understanding these structures before going to market.[11:17] Brian discusses factors that increase a company's multiplier, such as recurring revenue, customer retention, and quality contracts. He uses the staffing industry as an example to illustrate these points.[14:13] He explains the challenges of project-based businesses with high customer churn and declining revenue, which generally have lower multipliers.[16:06] Brian talks about why sellers back out of deals, citing cultural misalignment, process frustration, and the length of the due diligence period as primary reasons.[19:56] He notes that tighter debt markets and more rigorous due diligence are causing deals to take longer, increasing the risk of the business not appearing as attractive by the closing date.[22:50] Brian emphasizes the importance of effective communication to keep deals moving and shares examples where delays led to deals falling through. He advises completing the due diligence period quickly to avoid deal collapse.[25:46] Alex asks for top advice.  [26:20] Alex thanks Brian for joining him on the podcast. To connect with Brian, visit his LinkedIn profile: Brian Scanlon LinkedIn Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Send us a Text Message.Welcome to The Private Equity Podcast! In this episode, host Alex Rawlings is joined by Paul Swaney, Managing Director of Swaney Group Capital. Formerly with Partners Group and a veteran of McKinsey and Amazon, Paul dives into the intricate world of value creation from an operator turned investor perspective. He shares his journey from the military to the forefront of private equity, discusses the innovative use of media for business growth, and details the strategic operational frameworks that have shaped his successful career. Join us as Paul provides a deep dive into his approach to enhancing portfolio company performance and his insights on the pivotal role of transformation governance in private equity.Breakdown: [00:00] Introduction to Paul Swaney, discussing his transition from Partners Group to founding Swaney Group Capital.[00:10] How Paul uses media to enhance his Private Equity firm's outcomes.[00:22] Mention of a successful investment initiated from Twitter.[00:25] Overview of Paul's career and insights into his value creation strategies in Private Equity.[00:55] Paul provides a detailed background of his diverse experiences from military service to corporate roles and Private Equity.[01:24] Insights into applying lean system in a chemical plant and his recruitment by McKinsey.[02:21] Challenges of starting his own Private Equity firm during peak deal flow times and growing his team.[03:17] Common mistakes in Private Equity from deal processing to post-acquisition management.[04:45] Lessons from Partners Group and the importance of transformation governance post-acquisition.[06:04] Introduction to the Swaney Group Operating System, focusing on operational excellence.[07:30] Discussion on maintaining flexibility and strategic planning in business operations.[09:25] Paul's effective use of social media for deal origination and brand building.[10:24] Emphasis on the initial 100-day observational period post-acquisition to understand business intricacies.[12:16] Typical patterns observed in founder-led businesses and strategic advice for potential acquisitions.[14:43] Importance of strategic operational assessments in Private Equity investments.[18:27] Paul discusses leveraging media for enhancing visibility and deal flow in Private Equity.[19:25] Success stories from using Twitter for business development and investment opportunities.[21:17] Closing thoughts on the integration of operational systems within Private Equity to enhance performance.To connect with Paul, you can visit his LinkedIn profile at Paul Swaney LinkedIn.Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.