On today’s episode, Kyle Tucker, founder of Tucker’s Farm Corporation, joins Peter Lehrman to share his journey from big league private equity and hedge fund land to creating a unique investment platform focused on roll-ups in the lower middle market. 

Kyle shares how early inspiration from Warren Buffett and experiences in private equity shaped his approach to long-duration, high-compounding investments. They discuss Tucker’s Farm's focus on aggregation strategies, the importance of friction in deal sourcing and in deal execution, and why Kyle prioritizes operational scale over traditional private equity paths.

Discussion Points:

• Kyle Tucker’s early inspiration and career path through Apollo and Viking
• The appeal of value investing and structured private equity strategies
• Discovering the potential of roll-ups and aggregation strategies
• Founding Tucker’s Farm and its focus on high-compounding investments
• Structuring deals for flexibility and identifying true compounders
• Lessons from launching a med spa roll-up and handling early setbacks
• The role of friction in sourcing and why opacity creates opportunity
• How Tucker’s Farm balances operational scale with investment judgment
• The evolving private equity landscape and navigating market saturation
• Kyle’s perspective on staying in the lower middle market while scaling horizontally

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for qualified business owners to confidentially explore growth capital and exit transactions with the lower middle market’s top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Today’s guest is Lance Fenton, a Partner at Serent Capital, a private equity fund investing in bootstrapped vertical market software businesses. In this episode, Lance breaks down Serent’s software investment thesis, how it evolved over time, and how they think about sourcing, returns, hold period, and the future prospects of these niche businesses.

Lance shares how Serent approaches value creation, the importance of high gross retention, the role of pricing optimization, and how they are responding to AI’s arrival as a threat and opportunity across their portfolio. Lance shares an unusually transparent and candid look at Serent’s direct sourcing model, why they prioritize long-term relationships with founders, and what makes an investment business truly great over decades of success.

Discussion Points:

• Serent Capital’s transition from B2B services to vertical market software
• Why high recurring revenue and high ROIC drive investment decisions
• The adoption curve of Vertical Market SaaS: from on-premise to cloud and beyond
• How shifting to SaaS from on-premise improves net revenue retention
• The role of payments in vertical software and its impact on valuations
• How Serent thinks about downturns and risk in underwriting deals
• The key attributes Serent looks for in vertical software investments
• Why pricing strategy is a critical lever for growth
• The role of AI in the evolution of software businesses
• Why Serent prioritizes direct sourcing over intermediated deal flow
• The challenges and advantages of a long-term sourcing approach
• How PE firms evolve and sustain long-term success

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Today’s guest is Rafael "Rafa" Quinn, co-founder and President of Alternative Holdings, a diversified holding company with subsidiaries in food services, retail, industrial sales, and business process outsourcing. 

Rafa’s origin story has already been covered in other podcasts, so we instead begin in 2011 with his first deal, an industrial sales distribution company in Panama. Rafa shares how that first deal helped shape his long-term philosophy on evaluating companies, including the two recent water business acquisitions.

We then proceed to cover topics such as the horizontal Holdco model, advantages of vertical integration, and playing to your strengths as an investor. We close out the conversation with Rafa emphasizing how his strong partnership with his business partner has been critical in both overcoming obstacles and sustaining his ongoing passion and dedication to a career as an investor.

Discussion points:

• Rafael’s first deal and establishing HQ in Panama 
• Adapting to market changes in energy sources
• Inventory consignment vs distribution model
• Horizontal holding companies vs. vertical integration
• Warren Buffett’s approach to post-acquisition incentive alignment 
• The practical application of zero-cost budgeting
• Adding value without being needed in the day-to-day
• Rafael’s philosophy on long-term growth strategies and investment 
• Intangible qualities of good business brokers
• Benefits of finding the right business partner

Masters in Small Business M&A (Subscribe to Masters in Small Business M&A)  is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Subscribe to Masters in Small Business M&A

Resources:

Today’s guest is Matt Plooster, founder and CEO of Bridgepoint, a boutique investment bank based in Omaha, Nebraska. We start the conversation with a background on private credit and its origins. From there we proceed to cover its growth, its arrival in the lower middle market, and how business owners can think about its features, risks, utility and applicability. We close out the conversation by getting into specific lower middle market transactions where private credit has been central to the outcome. 

Discussion points: 

• The rise of private credit in the private market 
• How non-bank financing has evolved post-2008 crisis 
• Mezzanine vs. unitranche debt 
• Comparing private credit to traditional bank lending 
• Non-control transaction success with private capital 
• Case study demonstrating the effectiveness of buyout transactions 
• Long-term engagement benefits 
• The appeal of fewer covenants and no personal guarantees 
• Crucial role of pre-market quality of earnings 
• Private credit's future potential for market inefficiencies 

Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research, and connect with top-ranked M&A advisors and capital partners. Masters in Small Business M&A explores the vast world of small business acquisitions, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. 

If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. 

Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. And if you have an interesting guest in mind, feel free to drop us a line.  

Subscribe to Masters in Small Business M&A 

Resources: 

Matt Plooster LinkedIn 

Bridgepoint Investment Banking 

Peter Lehrman LinkedIn 

Axial Website  

In this episode, we interview Bob Falahee, the recently exited founder of SunPro Motorized Awnings & Screens.  

Bob’s entrepreneurial origin story starts in Michigan, where he was a sales leader for a semi-truck trailer manufacturer. Bob and his family left behind the cold winters of Michigan for Florida, where he founded SunPro with $36,000 in seed capital. He went on to expand SunPro from a local retractable awning business to a wholesale manufacturing leader in the category. 

The conversation reviews SunPro's founding story, its strategic growth and his daughters' pivotal involvement on the finance and retail sides of the business. We also dive into the mind of the founder on the exit process.  When did Bob start thinking about exiting?  What drove his timing and thinking?  How did he start learning about what goes into a successful exit? Bob recounts the impact of cultural fit in selecting an investment banker and walk through how he thought about strategic succession planning and M&A preparation. 

Discussion points: 

• Bob’s first exit from a successful Michigan semi-trailer business 
• Family relocation to Florida and the search for a small business 
• Turning a partnership with a local awning business into a new company 
• Growing the business with dealer-centric service 
• Streamlining production via software and improved delivery 
• SunPro's strategic growth and family-driven retail expansion 
• The importance of five-star reviews for business growth 
• Preparing for an exit 
• Cultural and expertise alignment in investment bank selection 
• The structure of the sale to Hunter Douglas 

• Post-exit personal transformation and venturing into new businesses 

Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and capital partners. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. 

If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. 

Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. 

Subscribe to Masters in Small Business M&A 

Resources: 

Bob Falahee LinkedIn 

SunPro Manufacturing 

Peter Lehrman LinkedIn 

Axial Website  

 <...

In this episode, Glenn Oken, Managing Director at Mangrove Equity Partners, sits down with host Peter Lehrman to discuss the evolution of Small Business M&A, from the late ‘80s to present day. 

The conversation starts with Glenn’s entry into the M&A scene, and the challenges and opportunities of closing transactions before the internet. Glenn shares his insights on the major changes in deal sourcing methods over his career, valuation drift, and the growth of sell-side M&A advisory in the lower middle market. The conversation wraps up with a deep dive into the operating partner model, how early Mangrove was in institutionalizing this model, and how significantly it has influenced the firm’s culture and way of partnering with business owners. 

Additional Discussion Points:

• The birth of Florida Capital Partners
• Closing deals in the 90s
• Evolution of private equity investing
• The impact of internal operating partners
• The power of add-on acquisitions
• Integration strategies and dual branding
• Leveraging reputation in competitive transactions
• Sourcing strategies
• Complexities and opportunities in deals
• Advice for young professionals exploring private equity

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform.  In every episode, we seek to explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Glenn Oken LinkedIn

Peter Lehrman LinkedIn

Axial X

Axial Website 

Today’s guest is Clint Fiore, a small business operator turned M&A broker and the President of Bison Business, a Texas-based business brokerage transacting in both Main Street deals and the lower middle market. 

Clint lays out his four different archetypes of business brokers, what makes them tick, and how private equity investors and SMB acquirers can best modify their approaches to successfully close deals with any of them.

Discussion points:

• Why Clint decided to starting his own business brokerage
• The 80/20 rule of brokers
• LOI language tweaks that will resonate with owners and business brokers
• Building relationships to get an angle on a broker’s deals
• How to handle real estate brokers moonlighting as M&A brokers
• The future of M&A brokerage
• Ensuring trust, reliability, and cost-effectiveness in deals

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources: 

Clint Fiore LinkedIn

Clint Fiore X

Peter Lehrman LinkedIn

Peter Lehrman X

Axial Website

In this episode, Mike Botkin, founder and CEO of OneOutdoor Holdings sits down with Peter Lehrman. The conversation starts with the OneOutdoor Holdings origin story (hint: Mike was in bed at the time). Mike goes into how and where he sourced his first deal, how he structured the deal, and OneOutdoor’s strategic shift from residential to commercial landscaping businesses. 

From there, Mike reveals how he kept his acquisitions on track with a simple “main thing” due diligence playbook, focusing on contracts, talent, equipment, and high quality candid conversations with sellers. The episode concludes with a deep dive on leadership talent and, more specifically, the intangible and nuanced considerations that are associated with retaining every owner post-closing.

Discussion points:

• Trade business career progression and property management
• Impulsive purchase of landscaping business
• Thoughts on an employee quitting for self-employment
• Differences and value in commercial landscaping
• Seller profiling in business acquisition
• Building strong relationships in business
• Relationship and expansion in the landscaping market
• Next steps and expansion plans
• The pursuit beyond money

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources: 

Michael Botkin LinkedIn 

Peter Lehrman LinkedIn 

Axial Website  

Today Peter Lehrman speaks with Emily Holdman, the Managing Director at Permanent Equity, about the intricacies of due diligence. The conversation delves into the importance of creating a powerful diligence team when preparing to sell a business, highlighting the roles of an M&A attorney and an M&A advisor. Emily also discusses the concept of internal diligence and the importance of forging strong relationships in buyer-seller dynamics. She emphasizes the significance of trust-building and ethical behavior for successful deals. The discussion also touches upon the importance of understanding the source of funding and anticipating changes in financial projections during the diligence period.

Permanent Equity invests in private companies deliberately built for long-term success. The company commits for the long haul with 30-year funds, no intention of selling, and rarely uses debt.

Discussion points:

• The recent exhaustive document on due diligence by Permanent Equity
• Roles and strategies for creating a powerful diligence team
• Importance of an M&A attorney and advisor in the process
• Internal diligence in business selling
• Trust-building and ethical behavior in deal success
• Understanding funding sources and anticipating financial changes
• Assembling a business selling team
• Advantages of hiring a professional M&A advisor and attorney
• The process of assembling a diligence team for business selling
• Building trust in buyer-seller relationships and understanding the source of funding
• Ethical behavior during the diligence process
• Strategic art of business sale preparation
• Contact us with your podcast topic ideas!

We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there a...

In today’s episode, Peter Lehrman sits down with Chris Gallagher, CEO of Gallagher Fluid Seals, a family-owned distributor and manufacturer of fluid sealing products. Chris worked in the family business on the factory floor in his teens and returned to the business after a significant chapter in strategy consulting. In January 2017, the company executed the next phase of its succession plan, with Chris’ uncle retiring and Chris becoming Gallagher’s next CEO.    

In a wide-ranging and highly authentic conversation, Chris discusses: 

• The stop and start acquisition history of Gallagher and why that’s changing
• Lessons learned from the first acquisition Chris led
• How Chris navigates family-owned shareholder dynamics 
• Techniques for winning deals and building relationships in M&A
• Re-investing in Gallagher versus distributing dividends
• Strategies for effectively sourcing and integrating acquisitions
• The impact of outside board members on Chris’ development as a CEO

We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, M&A advisor rankings, and lots of other useful information for owners exploring exits and acquisitions. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Chris Gallagher LinkedIn

Gallagher Fluid Seals

Peter Lehrman LinkedIn

Axial Website

Today, we’re publishing Peter Lehrman’s conversation with Max Artz, a search fund expert and Partner at Peterson Search Partners, a professional investment firm focused on backing the top search fund talent. 

Max shares insights on the world of small business mergers and acquisitions including strategies for securing the best deals, the importance of understanding an owner's willingness to sell, and how traditional bidding techniques have evolved. He also highlights the crucial role of trust and chemistry in successful acquisitions. The conversation delves into the current state of searcher outreach and how Peterson Search Partners supports the searchers they back by removing growth hurdles. Additionally, Artz discusses changes in the search / EtA market and offers advice for those considering taking over a small business.

This podcast is produced by Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked small business M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you’re enjoying the podcast, spread the word and give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Discussion points:

• Max Artz background and previous careers
• Search fund investing and state of searcher outreach
• Traditional bidding techniques in small business M&A
• Understanding an owner's willingness to sell for success
• How Peterson Partners supports searchers and sources talent
• Trust and chemistry in successful business acquisitions
• Changes in the search market and sourcing talent beyond business schools
• Impact of pricing on a deal
• Advice for those interested in taking over a small business
• Importance of taking a break in the relentless search process
• Emphasizing trust, relationship building, and search beyond the top MBA schools

Resources:

Max Artz

Peterson Partners

Peter Lehrman LinkedIn

Axial Website

Today Peter Lehrman sits down with Dzmitry Miranovich and Dr Bill Wagner, co-founders of Associated Veterinary Partners (AVP), a holding company rollup acquiring and partnering with American veterinary clinics.  Dr. Wagner Dzmitry share their approach, structures and key decisions rolling up independently owned and operated American veterinary clinics. They delve into the financial structure, partnership incentives and incentive design, the operational investments that enable a more repeatable programmatic M&A and the pros and cons of certain key post-closing integration decisions. 

They also discuss the complexities of practice management software, the recruitment processes of veterinary professionals and its keyman risk, and the growing role of software in veterinary clinics. They highlight the importance of understanding the key players in a business, their culture, and the dynamics of the practice. Lastly, they explore emerging markets, services, and approaches to pet care.

Associated Veterinary Partners began when ex-Carlyle Group investment professional Dzmitry Miranovich and entrepreneur and practicing veterinarian Dr. Bill Wagner connected on the shared idea that veterinary clinic owner-operators need a new and better capital partner and exit partner than what was presented by the status quo.  

This podcast is produced by Peter Lehrman and the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked pre-vetted M&A advisors and potential acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we interview professionals that work at the intersection of small business operations and small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, please spread the word by giving us a review on Apple or Spotify.  It helps us grow the reach of the podcast. If you’d like to go deeper, we invite you to visit Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner exploring an exit or a professional acquirer or M&A advisor, you can create a free profile and start using Axial for free at Axial.com.

Discussion points:

• What it means to build “veterinarian-centric” roll-up
• Transitioning the administrative burden that veterinary owner operators bear
• Diving into the specifics of AVP’s partnership and incentive structures
• Eductating veterinarians on key financial decisions as part of the M&A process
• AVP's model for shared financial success
• Practice management software decisions and complexities across vet clinics
• Recruitment and transition of veterinary professionals
• Exploring emerging services and pet care approaches
• High-growth areas in veterinary services
• Avoiding low-margin categories like pharmacy and inventory sales
• Discussing the potential of boarding, geriatric care, and end-of-life care

Resources:

This episode features guests Royce Yudkoff and Richard (Rick) Ruback, co-authors of the Harvard Business Review Guide to Buying a Small Business, and professors at Harvard Business School (HBS). Royce and Rick have spent more than 15 years teaching Entrepreneurship Through Acquisition (EtA) and have witnessed the category evolve from a niche MBA pursuit into a mainstream career path for mid-career professionals and beyond. 

The conversation covers how EtA has expanded beyond elite MBA programs, the shifting dynamics of self-funded vs. funded search, the evolution of financing options, and the role of small business acquisition as an alternative to traditional career paths. Royce and Rick share insights on how self-funded search has become a dominant trend, the growing diversity in the EtA space, and what the future holds for small business ownership.

Discussion Points:

• Introduction to HBS professors Royce Yudkoff & Richard Ruback
• The rise of interest in the EtA category, both in and outside MBA programs
• Success stories helping legitimize EtA as a mainstream career path
• How the financing landscape for EtA has evolved over the past decade
• Advantages of SBA loans and the common misconceptions of personal guarantees
• Balancing family considerations and relocation decisions when executing a search
• The impact of institutional capital entering the EtA market and its effect on returns
• The rise of self-funded search as the preferred model among Harvard MBAs
• Commercial acumen, EQ, and sales skills - key traits in small business success
• How mid-career professionals can transition into EtA (without leaving their jobs)
• The importance of embedding yourself in the business community before you buy
• Predictions for the future of EtA and how the category will continue evolving

Masters in Small Business M&A (sign up for the podcast here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market

Today Peter Lehrman welcomes Accordion’s CEO and founder Nick Leopard onto the podcast. Nick started Accordion after prior chapters in investment banking and private equity / mezzanine lending. Accordion has become a leading financial consulting firm focused exclusively on serving the office of the private equity-backed CFO. Their clients, which include investment leaders Bain, Apollo, Hellman & Friedman, Golden Gate, Thoma Bravo, and many others, speaks for itself.  

Nick and Peter dive deep into the finance function and what the best acquirers and operators do beyond the nuts and bolts of accounting and financial statements to get real strategic leverage and value from the office of the CFO.  Specifically, they talk about:

• How the up-market PE leaders professionalize the portfolio company finance function
• What business owners can unlock if you hire a great CFO earlier than one typically does
• Exploring the concept of ‘Exit Readiness' and why it’s so valuable for owners to prioritize it
• Accordion’s own M&A story and why they turned to acquisitions alongside organic growth
• What Nick has learned watching the best PE firms transform the CFO function
• Some potentially easy wins operators can achieve with simple technology and process discipline

This podcast is produced by the team at Axial (www.axial.com). Axial is an online deal-sourcing platform that makes it easy for small business owners to confidentially explore transactions and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Nick Leopard LinkedIn

Peter Lehrman LinkedIn

Axial Home Page

Axial for Business Owners

Accordion Home Page

In this episode, host Peter Lehrman sits down with Brad Smith, Co-Founder and Managing Director of specialist healthcare investment bank Vertess Advisors. Brad shares his journey from employee to CEO of a durable medical equipment provider to co-founding Vertess. We discuss the challenges entrepreneurs face in the complex industry of healthcare mergers and acquisitions. Smith highlights the importance of home care, the potential opportunities in fragmented markets, and the necessity for managing directors to have a background in operations, entrepreneurship, or clinical work to add value. The impacts of COVID on the healthcare landscape and the importance of cultural fit and terms in business deals are also explored.

Vertess is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sell their own company or grow through acquisition. Their expertise spans the healthcare vertical, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, life sciences, and other specialized services and products.

This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and professional acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you're enjoying the podcast, drop us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where we make available dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information for buyers and builders. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Discussion points:

• Brad’s intro and background, transition from employee to CEO
• Importance of empowering employees and making their own decisions
• Benefits of inorganic growth strategies through acquisitions
• The transition from employee to entrepreneur in healthcare
• Private equity's changing landscape over the past two decades
• Brad’s unconventional business exit and how it came about
• Importance of home care and long-term sustainable approach
• Potential opportunities in fragmented markets for healthcare
• Streamlining businesses and promoting innovation through private equity
• Prioritizing cultural fit and terms over price in deals
• Uncovering new opportunities with a fresh M&A perspective
• Brad’s take on search funds
• Brad’s grandfather’s business acumen and work ethic as his inspiration

In this episode, Peter Lehrman sits down with Walker Deibel, a serial acquisition entrepreneur, successful small business M&A advisor and author of the canonical work Buy Then Build, How Acquisition Entrepreneurs Outsmart the Startup Game. Walker is also the founder of Acquisition Lab, an acquisition entrepreneur incubator. He has acquired seven companies over ten years and co-founded several startups. His bestselling book, Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game, was recognized by Forbes as “one of the top 7 books all entrepreneurs must read,” and is currently being used in many universities.

Walker discusses his journey into the world of acquisition entrepreneurship and the creation of the Acquisition Lab. You’ll hear his experiences in acquiring and building businesses, and how he has developed tools and resources for aspiring entrepreneurs seeking success in small business M&A. The Acquisition Lab supports potential business buyers by providing a common language, tools, and analysis, as well as case studies and peer group support.

This podcast is produced by the team at Axial (www.axial.com). Axial is a trusted online M&A platform that makes it easy for small business owners and their M&A advisors to confidentially research and connect with vetted acquirers and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, I explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, pls consider giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Discussion points:

• The genesis of the idea for "Buy, Then Build"
• Walker’s grandfather warned against certain business practices
• Conducting interviews to create foundational frameworks
• Creation of the Acquisition Lab and its curriculum
• Building a common language, tools, and analysis for potential business buyers
• World-class winners in the business of M&A
• Coaching around record-keeping and accounting in small businesses
• The importance of having a broker in the small business M&A process
• Valuation gaps and understanding private capital markets
• The future of acquisition entrepreneurship and the impact of network externalities on the M&A space
• Contact us with your podcast topic ideas!

Resources:

Book: Buy, Then Build

Acquisition Lab

My guest today is David Eshaghian, Founder of Panther Equity Group. Panther Equity pursues investments in lower middle market businesses generally providing mission-critical services, products, and solutions.

David’s responsibilities at Panther include deal sourcing and qualification, transaction execution, firm strategy, portfolio management, and investor relations. Before Panther Equity Group, David was the CEO of a Managed IT Services Provider (MSP), formerly known as The Tech Info Group (‘TTIG’) which he acquired in 2017 through a self-funded search fund vehicle. In 2020, David merged TTIG with a California-based ISP / CLEC to create a comprehensive Technology Service Provider – ‘InfoNetworks’. Previously, David was an M&A banker at Guggenheim advising both public and private companies on strategic transactions. David is a California native and graduated magna cum laude from the University of Southern California’s Marshall School of Business.

In this episode, we walk through David’s origin story chapter by chapter, starting with his self-funded search fund. We cover deal sourcing and how he sourced TTIG, how outsourcing customer service functions to Serbia saved 70% in labor costs, the exit story for TTIG, and how he is orienting the development of his investment firm Panther Equity Group.

This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Discussion points:

●  David’s background and war stories as a CEO

●  Biggest changes as CEO - standardizing SLAs with customers

●  Leveraging remote talent in Serbia for most customer service issues

●  Hiring executive-level talent to build an organization beyond David

●  2020 - the exit timeline, Covid, and going remote

●  How TTIG merged with a key vendor came

●  The decision to found Panther Equity Group

●  2022’s interest rate increases and their impact on deal structure

●   David’s thoughts and plans for Panther Equity Group

Resources:

David Eshaghian LinkedIn
Panther Equity Group

My guest today is Nathan Chandrasekaran, Co-Founder and Partner at Columbia River Partners (CRP). We start by discussing the impetus that pushed Nathan to leave behind a comfortable and prestigious career path in NYC at middle market private equity firm TZP Group.  From there, we hear all about the entrepreneurial risks, opportunities and considerations associated with building an independent private equity sponsor. 

You’ll hear about the point at which Nathan decided to start his own firm, advice for others considering this type of career move, and hear Nathan’s very detailed answers to some questions around the processes his team has established for deal sourcing, raising LP capital, and generally defining priorities at CRP. Discussion points include:

●  Nathan’s background and decision to leave

●  Nathan’s thoughts on how to go out on your own

●  Developing investment themes and criteria at CRP

●  Deal-by-deal structure vs. fund model considerations

●  Prioritizing new deals vs add-ons in 2023

●  Raising LP capital and the terms that matter - economics, governance, reference

●  Previous and current approaches to winning deals

●  Seller financing, avoiding long difficult earnouts, creating a larger incentive pool

●  Talent and building the team at CRP

CRP now has multiple companies under its umbrella including Sagetech Avionics, Tinifiber, and Business Solution Partners. The firm focuses on industries like Hardware Components/Manufacturing, Hardware/Software Distribution, Industrial Technology, and IT Services - all in North America. CRP is passionate about people and introducing technology to traditional business models.

This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and vetted capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can get started using Axial for free at Axial.com.

Resources:

Nathan Chandrasekaran LinkedIn

Columbia River Partners 

Peter Lehrman LinkedIn

Axial Website

Do you love your home “IT and AV guy”? We didn’t think so.  

In this episode, Peter Lehrman sits down with Hagan Kappler, co-founder of Daisy, an emerging national player leader in home technology installation, integration, and servicing. Daisy has acquired eight companies in roughly 12 months, and is beginning to integrate franchise opportunities into the buy-and-build M&A playbook.  

The conversation is all about Hagan, her team, her authentic history of operating and transacting in related categories, and Daisy’s unique approach to combining M&A and franchising. 

Hagan details how her team is drawing lessons from other home services markets, how they’re experimenting with new recurring revenue business models, and how they’re tackling other challenges that plague the residential A/V and smart home categories. 

Discussion Points:

• The Daisy origin story and the idea of a national smart home services model
• The market opportunity: A $30 billion industry with no national brand
• Hagan’s transition from home services to smart technology
• Differentiating through service with the recurring "Daisy Care" model
• Building a brand and operational infrastructure: CRM, training, and call centers
• Balancing M&A and franchising strategies for scale
• Strategic geographic expansion and post-acquisition value-add initiatives
• The unfair advantage of an experienced M&A team in home services
• The importance of optionality in financing and operational models
• Franchising as a growth engine: improving owner quality of life and increasing business valuation
• Recurring service offerings as a key differentiator
• Aligning the business for 2025: Scaling recurring services and brand identity

Masters in Small Business M&A (sign up for the podcast here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league table rankings

In this episode, Peter Lehrman sits down with Adam Breslawsky, founding partner and managing director of lower middle market investment bank Oberon Securities. Adam shares Oberon's origin story, detailing its humble beginnings, initial challenges, early clients and eventual growth into what is now a firm of 80 bankers across the U.S. 

The conversation dives into the intricacies of recruiting and retaining top investment bankers, the evolving art and science of investment banking, the transformation in the buyer landscape and its implications for competitive deal dynamics, and how Oberon endeavors to be exceptional. Adam also weighs in with his advice on what business owners must focus on when preparing for an exit and how they should evaluate and hire an M&A banker.

Discussion Points:

• The founding story of Oberon Securities and its early challenges
• The success-based compensation model, recruiting, and fostering banker retention
• Attributes that distinguish the average banker from the excellent banker
• The old-school approach to generating leads by building quality relationships
• The evolving buyer landscape and how Adam assesses buyer suitability for his clients
• Advice for business owners planning an exit: timing, preparation, and banker selection
• Putting together the right pitch to win a business owner engagement
• Oberon's commitment to staying focused on its core mission

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources

Adam Breslawsky LinkedIn

Oberon Securities Website

Peter Lehrman LinkedIn

Peter Lehrman X

Axial Website

In this episode, Peter Lehrman sits down with Sam Rosati, founder of Pursuant Capital and the original sponsor of Perimeter Solutions Group (PSG), to explore his approach to scaling a single commercial fencing business in the Tampa, FL region and scaling growth across the sunbelt stages through five acquisitions and meaningful organic growth.

Sam gets into the unique dynamics of the commercial fencing industry, the importance of aligning with strong operational teams, and Sam’s orientation to back management teams rather than retiring owners. Sam also reflects on his experience partnering with Chris Kliefoth, his co-founder and operating partner, and the role of thoughtful deal sourcing in shaping PSG’s success. The conversation dives into add-on acquisitions, the challenges of scaling a service-based business, and the value of getting face-to-face with sellers ASAP in the deal-sourcing funnel. 

The conversation finishes up with Sam talking about his search for a new lower middle market acquisition in 2025 and how he is thinking about this next big chapter. 

Discussion Points:

• Sam Rosati’s background and his transition from big law to small business M&A
• The inception of Perimeter Solutions Group (PSG) and the decision to focus on commercial fencing
• Key advantages of commercial fencing, including its project lifecycle and customer relationships
• Sourcing the deal in Tampa, and how it came into focus
• Building a successful partnership between an operating partner and a dealmaker
• The importance of a strong team in scaling operations and managing growth
• Strategic acquisitions to expand geographic reach and service capabilities
• Maintaining a balance between growth and operational excellence
• The impact of a recapitalization on PSG’s future growth plans
• Evolving strategies for deal sourcing, including inbound, outbound, and relationship-building
• The potential for younger management teams to drive success in blue-collar services
• The future of independent sponsors and the opportunities for young operators in the lower middle market
• The significance of long-term partnerships with family offices and flexible capital providers

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and...

In this episode, Peter Lehrman sits down with Michael Arrieta, founder of Garden City, to discuss his unique journey from a successful career in tech with companies like DocuSign to founding a people-first holding company focused on service-based businesses. Michael shares insights into his decision to leave tech, the principles guiding Garden City, and the impact of a values-driven approach to business acquisition and management.

The conversation also examines Garden City's investment thesis, focusing on B2B nationwide services, and how Michael's team is bringing mission-aligned shareholders into the fold. This episode is packed with actionable insights for anyone interested in small business acquisitions and the human side of M&A.

Discussion Points:

• Michael Arrieta’s transition from tech to small business acquisitions.
• The inspiration behind founding Garden City and its core mission.
• Garden City’s focus on service-based businesses with B2B nationwide services.
• The importance of mission-aligned shareholders and building trust-based relationships.
• Challenges faced in the lower middle market and the importance of simplicity in business models.
• The development of the 3F program (Faith, Family, and Finances) for enriching employees' lives.
• The role of community and shareholder engagement in Garden City’s success.
• Insights into the process of deal flow management and strategic acquisition.
• Lessons learned from five years of running Garden City, including the importance of focus and team structure.

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors, strategic acquirers, and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources: 

• Michael Arrieta LinkedIn
• Michael Arrieta X
• Peter Lehrman LinkedIn

Today’s conversation is with Ryan Sullivan, Managing Director and Co-Founder at North Park Group (https://northparkgroup.com/), a Chicago-based private investment firm focused on acquiring and operating US-based manufacturing and distribution businesses for the very long-term. 

Ryan was a multi-chapter manufacturing operator and CEO and North Park Group reflects this operator DNA.  He shares his experience and investment perspectives on the resilience and adaptability of US-based manufacturing, how he and his team get comfortable taking an extremely long-term view of U.S. manufacturing, his unconventional approach to personal guarantees and leverage, LP liquidity, and the importance of taking care of every employee. 

The key topics we cover in this 60-minute conversation include: 

• Manufacturing in America in 2040 — A 15+ Year View 

• What Separates Winners and Losers in the U.S. Manufacturing Space 

• The North Park Model: De-Risking Transactions and Taking the Conservative Approach 

• The Labor Spectrum and Why Every Employee Counts  

• The Emotional Impact of M&A: Why an Anti-Climatic Transition is the Best Transition 

• Providing LP Liquidity with Indefinite Hold Periods 

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. 

If you’d like to go deeper, head to Axial.com, where we make available Axial’s member directories, downloadable tools for dealmakers, the Axial lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. 

Subscribe to Masters in Small Business M&A 

Resources: 

Peter Lehrman on LinkedIn 

Follow Peter Lehrman on X 

Ryan Sullivan LinkedIn 

North Park Group 

Axial Website 

Today’s conversation is with Tom Barber, Co-Founder and Managing Partner at SBJ Capital (https://www.sbjcap.com), a California-based private equity firm investing into the consumer and business services verticals. 

In this episode, Tom dives into how he and his team continue to build SBJ Capital, paying special attention to some of the firm’s most unconventional beliefs and organizational design decisions. Tom is remarkably and refreshingly an “open book” about how he and SBJ have gone about building and differentiating their firm.

In this 50-minute conversation, we cover the following topics: 

• What it Took to “Win” in the 2000s vs. What it Takes Today
• The Evolution of Teams & Talent in Private Equity
• How to Avoid Unintended Consequences with the Operating Partner Model
• SBJ Capital’s “Sourcing Partner” Program 
• Investing in the “Boring” Supply Chain That Power Consumer Brands

And then we go into two case studies and some advice for young professionals

• The Perfect Purée: A Case Study in Substantial Growth via GTM and Sales Channels 
• Troy Lee Designs: Tripling EBITDA in a Hyper-Niche Consumer Market
• How the Perfect Private Equity Resume is Changing for Young Professionals

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Subscribe to Masters in Small Business M&A

Resources:

Peter Lehrman on LinkedIn

Follow Peter Lehrman on X

Tom Barber LinkedIn

SBJ Capital

Axial Website

Today’s guest is Marshall Lockton. Marshall spent 15 years in sales, sales strategy and sales training roles within his family’s storied private insurance brokerage business (Lockton) before leaving to acquire his first business. In October 2023, he acquired Knight Agency, a specialized consultancy that helps organizations unlock performance by uniquely connecting a company’s purpose, story, values, people and products. 

Marshall’s journey as an acquirer is just beginning, but his prior career building sales and sales training programs inside one of the most successful private insurance brokerage companies gives him a mid-career operator’s advantage over many newly minted MBAs pursuing EtA. 

Marshall discusses his experiences in the family business, the personal considerations he had to weigh by joining the business, the value of establishing purpose before investing, and the lessons learned at Lockton around culture, autonomy, and nailing sales incentives.

The conversation concludes with Marshall getting into the details of the Knight Agency acquisition, highlighting the strategic importance of long-term vision, building relationships, and shared focus on people and purpose-driven work.

Discussion Points:

• Marshall’s decision to join the family-owned insurance brokerage
• Family business dynamics, honest feedback, growth, and community
• Establishing your personal core and opus ~ identity, values, principles, and vision
• Marshall's purpose-driven approach in starting Meraki Investments
• How Private Equity misses the opportunity to unlock purpose after the acquisition
• Impact of connecting culture, purpose and employees to create business success

Masters in Small Business M&A (sign up for podcast drops here) is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Marshall Lockton LinkedIn (