Explore every episode of the podcast The Private Equity Podcast, by Raw Selection

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Cory Steffek, Partner in the Private Equity Division of Ara Partners, to explore value creation in industrial decarbonisation and growth infrastructure.

Cory shares his unconventional journey from PhD chemist and climate-tech venture capital investor into private equity, and explains why successful industrial decarbonisation businesses need to be built around strong economics rather than subsidies, ESG mandates or “green premiums.”

The conversation covers why investors repeatedly overestimate technology and underestimate the cost and complexity of building physical infrastructure, how Ara Partners evaluates techno-economics and differentiates genuine industrial solutions from clever technology, and where the real value creation opportunities lie in waste-to-value businesses.

Cory discusses examples from Ara Partners’ portfolio, including Divert, Continuum, Utility Global and Sedron, and explains how operational execution, infrastructure development, supply chains and long-term offtake agreements can turn innovative technologies into durable, cash-flowing assets.

He also shares the framework that has had the biggest influence on his career: Stage Gate and Front-End Loading (FEL), and why disciplined project development is critical when scaling first-of-a-kind industrial assets.

Timestamps

00:00 – Introduction to Cory Steffek and Ara Partners
02:00 – From PhD chemist to private equity
04:00 – The biggest mistake in industrial decarbonisation investing
06:00 – Why green premiums don't create sustainable businesses
08:00 – What survives without subsidies, carbon credits or ESG mandates?
10:00 – Waste-to-value as an industrial investment opportunity
12:00 – Divert, Continuum and Utility Global: portfolio examples
15:00 – How Ara Partners approaches due diligence
17:30 – The challenge of estimating costs for new physical assets
20:00 – Why flawless execution matters in infrastructure
22:00 – The $500m investment in Sedron
24:00 – Where value creation really comes from
26:00 – Building and scaling physical infrastructure
28:00 – Sedron's waste-to-value model
30:00 – Organic fertiliser and the commercial opportunity
32:00 – Selling a new product into established markets
34:00 – Building the commercial team and securing offtake
36:00 – The importance of long-term supply and offtake agreements
38:00 – The Stage Gate and Front-End Loading framework
40:00 – Why “move fast and break things” doesn't work with infrastructure
42:00 – Final advice and how to connect with Cory Steffek

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Thomas Igeme, Managing Partner at TL Partners, to explore one of the biggest challenges facing private equity firms: understanding whether performance issues are caused by the leader, the operating system around them, or both.

Thomas shares lessons from his time in organisational development, BCG, LinkedIn, ServiceNow and Turn River Capital, where he led the portfolio talent function. He explains why private equity firms can be too quick to replace executives before properly diagnosing the underlying problem and how a clearer value creation thesis can dramatically improve talent decisions.

The conversation covers how AI can reduce the reporting burden on management teams, and why trust can be made observable and measurable through authenticity, logic and empathy.

Key Takeaways

• Diagnose the system before automatically replacing the person.
• Break the value creation thesis into 3–5 critical moves.
• Track leading indicators—not just EBITDA and other lagging metrics.
• Use a weekly cadence to identify drift and course-correct early.
• Give executives clear expectations and a defined timeframe, such as 100 days, to demonstrate progress.
• Shift talent discussions towards the work that actually needs to happen.
• Make management teams part of the diagnosis and development process.
• Understand the risk profile of a leadership team rather than pretending to predict the future.
• Use failed outcomes as valuable information when making future executive hiring decisions.
• Build trust through authenticity, logic and empathy.

Timestamps

00:00 – Introduction to Thomas Igeme and TL Partners
00:27 – Thomas's journey through organisational development and private equity
01:22 – The mistake of testing the most expensive hypothesis first
02:07 – Why diagnosing the system matters before replacing the leader
03:25 – Identifying whether the problem is the leader, system, or both
04:24 – Understanding the real problem before searching for talent
05:19 – Why longer hold periods are changing the talent equation
06:40 – Turn River's “Faster Lapse” operating philosophy
07:06 – Using leading indicators to predict performance
07:57 – Course-correcting the value creation thesis in real time
08:28 – The reporting tax and how AI can help
09:20 – Why weekly reviews can outperform monthly operating rhythms
09:49 – Breaking the value creation thesis into critical moves
11:16 – A practical weekly framework any PE firm can adopt
11:44 – Moving from talent conversations to strategy and work conversations
13:04 – The 100-day experiment for executive performance
14:26 – Measuring investment progress beyond EBITDA
15:23 – Three questions for assessing whether an investment is on track
16:12 – Measuring strategic clarity, execution and coordination
16:57 – Assessing management team risk
17:52 – Evaluating executive capability against the value creation thesis
18:51 – Why development can be the cheapest way to close capability gaps
19:46 – Deciding whether an executive can scale
20:14 – Using a 100-day timeframe to test the hypothesis
21:40 – Why companies often move too slowly on talent decisions
22:37 – Starting the 100-day process from day one
23:34 – Francis Frei, Anne Morriss and the three elements of trust
24:27 – Making “fuzzy” people issues observable and measurable
25:21 – How to connect with Thomas and closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Andrew Weinberg, Founder and CEO of Brightstar Capital Partners, to explore how private equity firms can create value in the middle market while navigating a changing exit environment. 

Andrew explains why culture, apprenticeship and team-based decision-making are central to Brightstar’s approach, and why spending more time upfront thinking about exit pathways can help create stronger outcomes for portfolio companies. 

He also shares how Brightstar is applying AI across the firm, with nearly 100 AI agents already working alongside its team.

The conversation then turns to the middle market and the coming intergenerational wealth transfer. Andrew discusses the succession challenges facing family-owned businesses, the different ownership options available to the next generation, and how private equity can combine capital, debt and operational know-how to provide greater flexibility for owners.

Key Takeaways

• Build an inclusive, team-based culture where everyone has a voice and humility is valued.
• Think about exit pathways from the beginning of an investment rather than waiting for a sale process.
• Use AI to accelerate sourcing, diligence, value creation, risk management and exit planning.
• Treat AI as a thought partner that improves decision-making rather than replacing human judgement.
• Use knowledge transfer across portfolio companies to scale successful AI use cases.
• Prepare for the intergenerational wealth transfer by creating multiple ownership and succession options.
• Give family business owners flexibility around ownership, leadership and liquidity.
• Invest deliberately in training, communication and development across the private equity team.
• Use pattern recognition and post-mortems to learn from both successful and unsuccessful investments.

Timestamps

00:00 – Introduction to Andrew Weinberg and Brightstar Capital Partners
01:27 – Brightstar’s PhD culture and what it means
03:23 – The biggest mistake PE firms make around exits
04:55 – The state of the US middle market
06:46 – How Brightstar is leveraging AI internally
08:41 – Applying AI across portfolio companies
10:08 – Using AI across sourcing, diligence and value creation
11:29 – AI, investment decisions and post-mortems
13:18 – AI use cases across Brightstar’s portfolio
15:12 – The impact of the intergenerational wealth transfer
17:09 – Creating ownership options for middle-market businesses
18:35 – Succession planning and the next generation
20:02 – Why more change can create more opportunity
20:51 – Andrew’s biggest career lessons from Goldman Sachs, Morgan Stanley and Lindsay Goldberg
23:14 – Training and developing private equity professionals
25:39 – Andrew’s influential books and resources
27:30 – How to connect with Andrew

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Konstanze Nardi, Partner at EY and leader of EY’s Global Exit Readiness offering, to explore how private equity firms and portfolio companies can prepare for successful exits and maximise value.

Konstanze shares insights from EY’s Global Private Equity Exit Readiness Study, based on perspectives from 100 PE executives and 100 C-suite executives from recently exited PE-backed companies.

Konstanze and Alex also discuss the importance of starting formal exit preparation 12–24 months before a sale. She explains why consistent KPI reporting, granular data and evidence of value creation need to be built over time, rather than manufactured in the final few months.

Key Takeaways

• Treat exit readiness as a value creation discipline rather than a last-minute transaction exercise.
• Start thinking about the eventual buyer and equity story from the point of acquisition.
• Begin formal exit preparation 12–24 months before a potential sale.
• Build consistent data and evidence around value creation initiatives over time.
• Focus on three core exit levers: evidence, narrative and management credibility.
• Prepare management teams to confidently explain the data and handle difficult buyer questions.
• Consider AI through both a value-creation and risk perspective as part of the equity story.
• Give LPs transparency around value creation, credible exit routes and liquidity plans.
• Strong leadership, trust and people remain fundamental to creating value.

Timestamps

00:00 – Introduction to Konstanze Nardi and EY’s Exit Readiness offering
01:28 – The biggest mistake companies make with exit readiness
02:53 – EY’s Global Private Equity Exit Readiness Study
04:18 – The gap between sponsor and management support
05:17 – When should companies start preparing for an exit?
06:14 – How early preparation can improve valuations
06:49 – The growing role of AI in exit readiness
08:23 – How AI is becoming part of the equity story
09:24 – The three levers that build buyer confidence
10:23 – Building a compelling future value creation story
10:53 – The importance of management involvement
11:21 – LP perspectives on liquidity
13:06 – The experiences that shaped Konstanze’s career
14:10 – Why leadership, trust and people matter
14:40 – How to connect with Konstanze

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Dan Bernoske, Founder and CEO of Cortado Group, to explore how private equity firms and portfolio companies can strengthen go-to-market performance while effectively leveraging AI.

Dan explains why speed matters after an acquisition, particularly when assessing commercial talent, and why firms need to separate emotional attachment to legacy teams from objective performance data. He also explores the importance of treating CRM systems as strategic infrastructure rather than simply another piece of technology.

The conversation then turns to AI. Dan shares practical applications for using call transcripts to coach sales teams at scale, improve qualification, identify performance trends, and ultimately increase win rates. He explains why successful AI adoption starts with the business problem—not the technology—and why portfolio companies should build a strong proprietary “context engine” around their CRM data, call transcripts, buyer personas, and historical wins and losses.

Dan and Alex also discuss how AI is changing organizational design, allowing salespeople to spend more time building relationships with buyers while technology handles lower-value tasks. Crucially, Dan warns against viewing AI as a replacement for human salespeople: poorly deployed automation can damage relationships and even burn entire territories.

Key Takeaways

• Move quickly when evaluating commercial talent, but understand where founder-led strengths still create value.
• Build the sales process first and configure the CRM around it—not the other way around.
• CRM data integrity is essential for reliable pipeline visibility and forecasting.
• Use AI to analyze sales calls, improve qualification, and deliver coaching at scale.
• Create a proprietary context engine before becoming overly dependent on any single AI model.
• Redesign roles by identifying tasks AI can handle while allowing people to focus on empathy, listening, trust, and relationships.
• Don’t automate bad processes. Strong sales fundamentals remain essential regardless of the technology.

Timestamps

00:00 – Introduction to Dan Bernoske and Cortado Group
00:57 – Where PE firms and portfolio companies move too slowly
02:54 – Warning signs that commercial talent needs replacing
04:37 – Three fundamentals of an effective CRM
06:34 – How AI can transform go-to-market strategy
08:21 – Using AI to analyze sales calls and coach teams
09:46 – Measuring qualification frameworks such as BANT
11:45 – ChatGPT, Claude and choosing AI technology
13:14 – The three foundations for successful AI implementation
13:40 – Building a proprietary AI context engine
15:03 – How AI is reshaping organizational design
16:34 – Why empathy and relationships remain human advantages
17:24 – The biggest mistakes companies make with AI
18:20 – Why replacing sales reps with AI can burn territories
19:18 – Freeing sales teams to spend more time with buyers
21:14 – Dan’s recommended AI and professional-services resources
23:13 – Why portfolio companies may need an AI innovation advisor
23:42 – How to connect with Dan

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Jeffery Raju, Founder & CEO of Stonehill Business Services.

With 15 years of experience across fund administration, controller, and CFO roles, Jeffery has worked with emerging managers ranging from sub-$10 million funds to multi-billion-dollar platforms.

Jeffery explains why emerging private equity managers must treat their firm as an investment management business rather than simply an investment shop, and how building the right financial infrastructure early can support fundraising, improve decision-making, and create a platform capable of scaling.

They discuss the differences between the finance functions of a $50 million fund and a $1 billion platform, the operational expectations of sophisticated LPs, and why managers should become institutional before expecting institutional capital.

Key Topics

• Why private equity firms must treat finance as a business-enablement tool rather than a compliance exercise.
• How budgeting, forecasting, tax planning, and financial reporting improve decision-making.
• The finance infrastructure differences between emerging funds and billion-dollar platforms.
• Why smaller managers often need fractional financial leadership.
• How LP expectations change as managers move from friends-and-family capital to more sophisticated investors.
• The operational due diligence sophisticated LPs expect.
• Why strong historical returns alone may not be enough to secure institutional capital.
• When emerging managers should begin professionalising their finance function.
• Why becoming institutional should happen before, not after, scaling.
• Jeffery’s recommended books for entrepreneurs and business leaders.

Timestamps

00:00 – Introduction to Jeffery Raju, Founder & CEO of Stonehill Business Services
00:30 – Jeffery’s background across private equity, venture capital, and fund finance
00:56 – The biggest financial infrastructure mistake emerging managers make
02:28 – What operationally mature private equity firms do differently
04:18 – Finance infrastructure: $50M funds vs. $1B platforms
06:04 – How finance and operational maturity impact fundraising
06:24 – High-net-worth investors vs. sophisticated LPs
07:21 – The operational due diligence sophisticated investors expect
08:14 – Why exceptional investment returns aren’t always enough
09:19 – When should a PE firm build an institutional-level finance function?
10:08 – Why firms must become institutional before they can scale
10:34 – Key inflection points for bringing in financial leadership
11:01 – Moving from syndications to a first fund
11:59 – Jeffery’s recommended books and resources
12:40 – How to connect with Jeffery Raju and Stonehill Business Services
13:37 – Closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits.

Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers.

They explore Brian’s approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards.

Brian also discusses his move into the startup world and the significant differences he has observed between startup and private equity environments. While private equity typically maintains a strong focus on financial performance and EBITDA, startups can face competing non-economic priorities, technological milestones, and investor expectations.

The conversation also covers practical ways executives can improve EBITDA. Brian explains why businesses must look beyond unit costs and understand the total lifecycle cost of a product, including the opportunity cost of engineering and product-development resources.

Finally, Brian explains how his engineering background has shaped his leadership style, particularly his habit of repeatedly asking one fundamental question: “What is the problem we’re trying to solve?”

Key Highlights

00:00 – Brian Bishop’s Background
Brian discusses his engineering career, embedded systems expertise, product development experience, and seven- and eight-figure exits.

01:26 – Lessons From M&A and Liquidity Events
Structuring acquisitions, managing earn-outs, retaining critical employees during transitions, and aligning stakeholder interests.

03:18 – Getting Teams Aligned With the Strategy
Why great leaders build a shared plan rather than simply communicating their own vision.

04:29 – Moving From Private Equity Into Startups
Brian explains what attracted him to startups and the surprising influence of non-economic considerations.

07:23 – Burn Rate vs. Financial Performance
How startup expectations around growth and product development can conflict with customer needs and profitability.

08:40 – What Startups Can Learn From Private Equity
Preparing businesses for the point where margins and EBITDA become more important than technological milestones.

09:58 – Advice for PE Portfolio Leaders
Bridging the gap between employees motivated by purpose and investors focused on financial returns.

11:53 – Improving EBITDA and Margin
Why understanding total lifecycle costs and the opportunity cost of engineering resources can transform profitability.

13:45 – Getting Engineers and Accountants on the Same Page
How cross-functional understanding can improve decision-making, margins, and customer outcomes.

14:38 – Engineering as a Leadership Advantage
Brian explains the power of returning teams to the fundamental question: “What is the problem we’re trying to solve?”

16:01 – What Brian Reads
From the Wall Street Journal to engineering content, Brian discusses how reading broadly helps him connect ideas across disciplines.

16:49 – Connecting With Brian
Brian shares how listeners can reach him following the episode.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.

Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.

The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment.

Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business.

Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards.

Key Highlights

00:00 – Paul Golden’s Background
From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits.

01:29 – The Biggest PE Leadership Mistake
Why private equity firms need to make faster decisions about whether the right management team is in place.

03:21 – Identifying the Right Executives
The importance of leaders who are confident enough to be challenged by their teams and boards.

04:44 – What Paul Looks for in Executive Interviews
Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders.

07:05 – The Hardest CEO Decisions
Why firing customers or exiting customer segments can sometimes be harder than changing the management team.

08:28 – What Drives Successful PE Exits
Delighted customers, strong management, and clear opportunities for growth.

11:14 – Lessons From Exit One to Exit Nine
Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months.

14:26 – Changing Founder-Led Cultures
The challenges of accelerating decision-making in businesses shaped by the same founder for decades.

17:28 – Who Stays and Who Goes Post-Acquisition
How to identify advocates for change, potential resistors, and leadership team members who can adapt.

20:55 – Lessons From 20+ Add-On Acquisitions
Why cultural fit becomes increasingly important as the size of an add-on grows.

24:41 – Generating $150M+ in Free Cash Flow
Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash.

29:56 – The Essential Skill for PE-Backed CXOs
Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next.

31:53 – Leadership Frameworks That Shaped Paul
Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces.

34:55 – Connecting With Paul
Paul shares how listeners can reach him after the episode.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market.

Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully.

The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses.

Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy.

Key Topics

• Why moving too quickly can destroy a portfolio company's “secret sauce”
• Avoiding excessive leverage in lower-middle-market businesses
• Creating returns through organic growth rather than financial engineering
• Finding opportunities in markets where less private equity capital is competing
• Reinvesting founder cash flow to accelerate growth
• Why the management team can matter more than the market
• Using DISC and other assessments to de-risk executive hiring
• What Mark learned from billionaire investor Sam Zell
• Becoming a disciplined “professional opportunist”
• Why private equity investors need to think more about exit timing
• Knowing when to leave the next stage of value creation for the next investor

Timestamps

00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners
00:28 – Why Mark always wanted to become an investor
02:27 – From Arthur Andersen to banking and private investing
03:21 – Learning to become a “professional opportunist” from Sam Zell
04:43 – The biggest mistakes in lower-middle-market private equity
06:09 – Why Granite Creek avoids overleveraging businesses
08:19 – Organic growth versus acquisition-led strategies
09:38 – What makes an attractive platform investment
12:00 – Why getting the right management team drives value creation
13:55 – Using assessments to build complementary leadership teams
16:21 – Why personality assessments are a data point, not the answer
17:15 – DISC, Myers-Briggs, and executive assessment
19:12 – Mark’s biggest lessons from Sam Zell
20:12 – Avoiding groupthink and finding markets where you can win
21:37 – Why exit timing matters in private equity
23:04 – Knowing when a successful business is ready to sell
24:59 – When to leave value creation for the next investor
27:20 – Mark’s recommended podcasts and books
28:45 – How to connect with Mark Radzik
29:10 – Closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity.

Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest.

The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing.

Key Takeaways

• Don’t try to perfectly time deployment or exits; invest steadily and price for the environment.
• Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time.
• Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions.
• New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure.
• Permanent capital can provide GPs with strategic stability and longevity.
• Great investments combine moat, management and optionality across both value creation and exit routes.
• The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment.
• Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.”

Timestamps

00:00 – Introduction to Jean-Baptiste Wautier
01:28 – The mistake of trying to time private equity markets
03:21 – When is the right time to exit?
04:17 – DPI, the J-curve and the cost of holding assets
05:15 – The current state and future of private equity
06:42 – Why subscale firms face consolidation
09:39 – Why performance alone is no longer enough
13:04 – Where displaced private equity talent may go next
14:31 – How GPs can scale AUM
16:57 – Why permanent capital is the “Holy Grail”
18:22 – When firms should diversify into new strategies
20:17 – What helped BC Partners scale
23:45 – Where the next investment tailwinds may come from
27:10 – Moat, management and optionality
32:23 – What the best private equity CEOs have in common
35:42 – What makes a strong value-creation strategy
39:03 – How private equity firms are becoming institutions
44:44 – Books and investors that shaped Jean-Baptiste’s thinking
46:33 – How to connect with Jean-Baptiste

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses.

Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it.

The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and ineffective leadership behaviour. Lesley explains why putting a number on these costs can help investors and management teams understand the potential impact on EBITDA.

Lesley also shares practical steps for improving decision-making under pressure, creating a culture where people feel safe speaking up, and helping executives reflect more honestly on how fear and personal financial stakes influence their choices.

Key Takeaways

• How financial pressure affects executive judgement and behaviour
• Why stress can push leaders into fight, flight, or freeze mode
• The early warning signs that a leadership team is becoming overwhelmed
• How slow decision-making creates a hidden cost for portfolio companies
• Why leaders agree in meetings but raise concerns privately afterwards
• How fear-based cultures reduce honesty, engagement, and accountability
• Why repeatedly delayed decisions should be investigated
• How to measure the hidden tax of missed opportunities and employee turnover
• Why executives should reflect on decisions made under pressure
• How open communication can improve performance and value creation

Timestamps

00:00 – Introduction to Lesley Thomas and the Money Confidence Academy
01:25 – The biggest mistake businesses make under financial pressure
03:10 – How pressure affects executive judgement
04:05 – Why decision-making slows in PE-backed businesses
05:02 – The cost of delayed decisions and missed opportunities
06:30 – Early warning signs of executive overwhelm
07:22 – Sideline conversations and hidden disagreement
08:17 – Acting on intuition when behaviour begins to change
09:16 – Approaching difficult conversations with executives
10:14 – Creating genuinely open communication
11:13 – How fear creates protectionism and disengagement
12:08 – Using the experience of long-standing employees
13:05 – How the hidden tax affects EBITDA and performance
13:34 – Measuring lost opportunity and organisational cost
15:03 – Why putting a number on the problem matters
16:30 – Improving decision speed and ownership
17:27 – Investigating decisions that repeatedly return to the board
18:21 – Starting with one unresolved decision
19:47 – Advice for executives making decisions under pressure
21:14 – How cortisol can limit effective decision-making
22:13 – Reflecting on financial decisions
23:40 – Understanding why leaders remain silent
25:12 – Recommended books and podcasts
26:40 – How to connect with Lesley Thomas
27:09 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors.

Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy.

The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth.

Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth should be treated as an interconnected system covering marketing, sales and customer success.

The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively.

Key Highlights

• Why founder-led businesses often struggle to scale
• The risks of founder dependency in sales
• What Brian means by “phase zero” capabilities
• Why firms may need to go backwards before scaling forwards
• How to professionalise a go-to-market strategy
• The importance of route-to-market analysis
• Understanding reach, fit and yield
• Why lower-middle-market businesses hit growth ceilings
• The challenges of integrating founder-led businesses in a roll-up
• Why go-to-market integration should be pre-wired
• The importance of execution fit during due diligence
• Why growth stalls are not always sales problems
• Customer success versus customer support
• How existing customers can drive expansion revenue
• Separating revenue results from the revenue engine
• How operating partners can support commercial transformation
• Why growth initiatives must be sequenced correctly

Timestamps

00:00 – Introduction to Brian Gustason and BG Operating Advisors
01:01 – Common growth challenges in the lower-middle market
01:31 – Founder dependency and underdeveloped commercial capabilities
02:29 – Identifying phase zero go-to-market capabilities
03:56 – Defining a professionalised go-to-market strategy
04:23 – The role of go-to-market strategy in private equity
05:17 – Why route-to-market analysis is often overlooked
05:47 – Understanding reach, fit and yield
07:14 – Why founder-led businesses often lack scalable processes
08:38 – Growth ceilings and limited execution runway
10:05 – Go-to-market challenges in roll-up strategies
11:34 – Pre-wiring go-to-market integration
13:01 – How deal origination affects integration
13:58 – Execution fit and time to integration value
15:51 – Diagnosing the real causes of stalled growth
16:40 – Treating go-to-market as a connected system
17:08 – The role of customer success in recurring revenue
18:33 – Unlocking growth from existing customers
19:53 – Assessing whether the revenue engine can scale
20:22 – Separating revenue performance from revenue capability
21:20 – Evaluating go-to-market maturity
22:42 – Where to play, who to target and how to engage
24:10 – How operating partners can support portfolio companies
24:37 – The operating partner’s role in due diligence
25:35 – Identifying businesses that need growth intervention
26:31 – Sharing best practices and coaching leadership teams
26:59 – Sequencing growth initiatives effectively
27:29 – How to connect with Brian Gustason
27:57 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice.

Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors.

The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort.

Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit.

Key Highlights

• Why continuation vehicles have experienced significant growth
• How dedicated secondary capital has accelerated adoption
• Why many leading private equity firms have completed multiple CV transactions
• The benefits of providing liquidity while retaining high-conviction assets
• Why a continuation vehicle should not be the option of last resort
• How slower distributions have affected LP investment programmes
• The role of secondaries in portfolio optimisation and capital recycling
• How CVs can strengthen sponsor and LP relationships
• The importance of transparency, optionality and LPAC engagement
• The key indicators of a high-quality continuation vehicle
• Career opportunities within the expanding secondaries market

Timestamps

00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice
00:59 – Why continuation vehicles are growing so quickly
01:29 – The evolution of fund restructurings into continuation vehicles
01:58 – Growth in dedicated secondary-market capital
02:25 – Increasing adoption among leading private equity firms
02:53 – Benefits for GPs, LPs and management teams
03:39 – The biggest mistake firms make when considering a CV
04:46 – Longer hold periods, slower exits and fundraising pressure
05:16 – Why LPs are manufacturing their own liquidity
06:14 – Restarting the private markets capital flywheel
06:43 – The contribution of CVs to LP distributions
07:12 – Secondaries as a strategic portfolio-management tool
08:39 – Portfolio optimisation and greater flexibility for LPs
09:37 – How continuation vehicles affect sponsor-LP relationships
10:05 – Giving existing LPs liquidity and rollover optionality
11:03 – What separates a good CV from a bad transaction
11:23 – Building a credible investment narrative
11:52 – Ensuring sufficient upside remains in the asset
12:21 – GP alignment and commitment to the next phase
13:18 – LPAC support and establishing a clear exit strategy
14:10 – Adrian’s recommended reading
14:39 – Careers in secondaries and how to contact Adrian
15:35 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

Upcoming Webinar:

Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process.

Discover how leading firms define roles, assess candidates and build a more effective executive hiring process.

Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies.

Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology.

The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies.

Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment.

Key Takeaways

• Why the right talent is the foundation of scalable revenue growth
• How Adam helped a founder-led company achieve 4X revenue growth
• Why attitude, adaptability, and soft skills can outweigh lengthy industry experience
• How market specialisation can create a dominant competitive position
• When strong demand and long backlogs signal an opportunity to increase prices
• How to position price increases around customer value
• Why sales compensation should reward profitable growth, not revenue alone
• How a standardised go-to-market playbook supports add-on integration
• Tools for assessing salespeople and commercial leaders

Timestamps

00:00 – Introduction to Adam Crandall and Addtronics
00:30 – Adam’s career journey from HR to revenue leadership
01:25 – Quadrupling revenue and exiting a founder-led business
02:19 – The foundations of 4X revenue growth
02:49 – Getting the right people in the right seats
04:08 – Identifying high-growth end markets
05:01 – Hiring for attitude, adaptability, and soft skills
07:48 – Building a team capable of accelerated growth
08:17 – Value creation through market specialisation
09:40 – Pricing as a value creation lever
11:33 – Implementing price increases in founder-led businesses
12:01 – Communicating price increases to customers
14:23 – Shifting the culture toward profitable growth
15:22 – Aligning sales compensation with margin targets
16:49 – Creating a repeatable go-to-market playbook
17:44 – Balancing platform consistency with operating company autonomy
18:11 – What belongs in a scalable commercial playbook
19:36 – Assessing sales talent and commercial leadership
20:33 – Recommended resources for private equity revenue leaders
21:00 – How to connect with Adam Crandall
21:28 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group.

Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs.

The conversation explores why integration is often the hardest part of professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance.

Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers.

Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector.

Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability.

Key Takeaways

• Build professional-services firms as businesses, not simply collections of practitioners.
• Successful acquisitions depend on fast, thoughtful cultural and operational integration.
• Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit.
• Marketing activity should be assessed through measurable returns rather than tradition.
• AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals.
• Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed.

Timestamps

00:00 – Introduction to Zachary Darrow
01:00 – Building a business that happens to be a law firm
01:31 – Navigating the global financial crisis
02:28 – Diversification, marketing and acquisitions
03:25 – Lessons from team lift-outs and firm acquisitions
04:49 – Acquiring people-centric professional-services businesses
05:12 – Treating employees as a second client group
07:01 – Modernising legal-sector business development
07:58 – Measuring conference and sponsorship ROI
08:55 – Content-led digital marketing
11:48 – Lessons from advising founders and investors
12:01 – Why founders must prepare earlier
13:57 – “Make-ready” work before raising or selling
14:56 – Chief Outsiders
16:22 – Private equity’s opportunity in legal services
17:20 – Alternative business structures and MSOs
18:18 – Solving law firms’ capital constraints
20:17 – AI investment and transformation
21:15 – Darrow Everett’s adoption of legal AI
24:01 – AI use case: reviewing large datasets
25:29 – AI use case: strengthening legal documents
27:24 – Zachary’s recommended reading
28:22 – How to contact Zachary Darrow

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies.

Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline discipline, and structured onboarding create scalable performance.

The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin.

Key Takeaways

• Diagnose the commercial engine before adding sales headcount.
• Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts.
• Build systems that make capable salespeople productive rather than relying on individual heroics.
• Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close.
• Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration.

Timestamps

00:00 – Introduction to Bill Bell and Chief Outsiders
00:52 – The biggest commercial mistake private equity firms make
02:17 – Why hiring more salespeople can increase cost, not revenue
02:46 – Diagnose, fix the infrastructure, then add capacity
03:17 – Four areas of commercial maturity to assess
04:46 – What makes an effective sales manager
07:03 – How manufacturing companies typically hire sales talent
08:00 – The danger of relying on a salesperson’s “black book”
08:56 – Building a sales system instead of hiring your way to growth
09:56 – Four foundations to establish before recruiting sales reps
11:24 – What a documented sales process should look like
11:53 – Using stage gates in an 18-month industrial sales cycle
13:43 – The hidden cost of pursuing customers who will not buy
15:40 – Bill’s biggest PE-backed growth success story
17:34 – Recommended books, masterclasses, and podcasts
18:58 – How to contact Bill
19:27 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bobby Ocampo and Sheldon Lewis, co-founders and managing partners of Blueprint Equity.

Following the successful close of Blueprint Equity’s $333 million third fund, Bobby and Sheldon explain how the firm identifies and supports high-growth B2B software companies. They discuss Blueprint’s early growth investment strategy, its direct sourcing infrastructure and the role its six-person operations team plays in supporting portfolio companies.

The conversation also explores the impact of artificial intelligence on software valuations, underwriting and value creation. Bobby and Sheldon explain how Blueprint has integrated multiple AI tools across sourcing, deal evaluation, portfolio operations and internal workflows.

They also share why vertical software businesses with deeply embedded customer workflows may be better positioned to withstand AI disruption than lightweight horizontal software products.

Key Topics

• Blueprint Equity’s early growth investment strategy
• Raising a $333 million third fund
• Investing in B2B vertical software businesses
• Building a large direct sourcing function
• Supporting founders with recruiting, go-to-market and RevOps
• Using AI to identify, prioritise and track investment opportunities
• Connecting multiple AI tools through an integrated technology stack
• Underwriting software businesses in an uncertain market
• Assessing founders in minority growth investments
• Moving quickly without creating employee burnout

Timestamps

00:00 Introduction
00:28 Blueprint Equity and the successful Fund III raise
00:53 The firm’s early growth equity investment thesis
01:43 Building the team and operations function
02:50 Common mistakes made by investment firms
04:21 Underwriting software businesses in the AI era
06:33 How Blueprint structures its value creation team
07:41 Recruiting and institutionalising portfolio companies
08:35 RevOps, reporting and financial visibility
09:53 How Blueprint uses AI internally
10:37 AI-driven sourcing and opportunity prioritisation
11:06 Using proprietary data in underwriting
12:32 Blueprint’s AI technology stack
14:01 Building a genuine direct sourcing strategy
15:24 The resources required for proprietary origination
16:46 Less obvious investment signals
17:14 Assessing the entrepreneur behind the business
18:13 Vertical software and the threat of AI disruption
20:25 Creating a fast-moving culture without burnout
22:09 Recommended private equity news and content
23:34 How to connect with Blueprint Equity

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Isaac, Managing Partner of Isaac Management LLC, about investing in lower-middle-market businesses through a permanent-capital model.

Paul explains why Isaac Management operates without a traditional fund, predetermined exits or outside investor pressure. He discusses the risks of overleveraging, the importance of understanding a company’s community and culture, and why higher interest rates have created a disconnect between buyer expectations and seller valuations.

The conversation also explores Paul’s journey from banking and private credit to launching his own investment firm, how buyers can build trust with founders, and why operational improvement and talent development often create more sustainable value than financial engineering or acquisition-led growth.

Key Takeaways

• Why excessive leverage and weak market understanding can undermine an acquisition.
• How permanent capital supports patient ownership and long-term decision-making.
• Why lower-middle-market deal activity has slowed as financing costs have increased.
• How transparent communication and flexible deal structures can build seller trust.
• Why operations may offer a stronger value-creation opportunity than pricing or M&A.
• The importance of retaining, developing and incentivising key employees.

Timestamps

00:00 Paul’s background and the launch of Isaac Management
01:27 A permanent-capital approach without a traditional PE fund
02:24 The biggest acquisition mistake: overleveraging
04:50 Deal trends across the lower middle market
06:46 The valuation gap between buyers and sellers
08:39 Tariffs, financing costs and portfolio-company pressure
11:05 Chief Outsiders
12:32 Building an investment firm without institutional backing
15:28 From the search-fund concept to permanent capital
16:56 Why long-term ownership resonates with business founders
19:48 Lessons from seller conversations and dealmaking
21:18 Equity rollovers, seller financing and deal preparation
23:08 The most effective lower-middle-market growth lever
25:03 Talent retention and the true cost of replacing employees
26:31 Employee ownership and long-term engagement
27:00 Paul’s recommended media and publications
27:58 How to contact Paul Isaac

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Russ Roenick, Co-Founder and Managing Partner at Transom Capital, about building a differentiated middle-market investment strategy around carve-outs, special situations and operational complexity.

Russ explains how launching Transom shortly before the global financial crisis shaped the firm’s highly hands-on approach. He outlines how Transom identifies businesses with strong underlying industry potential but significant operational challenges, then applies a disciplined value-creation model to improve performance.

The discussion covers Transom’s six core operational transformations: salesforce effectiveness, new product innovation, digital transformation, supply-chain improvement, cost reduction, and talent and culture.

Russ also shares how the firm structures its operations team, why former portfolio-company CEOs and CFOs can become highly effective operating partners, and how Transom is deploying AI across back-office and commercial functions.

Key Takeaways

• Why operational and situational complexity can create attractive entry points.
• How Transom approaches carve-outs as an opportunity rather than simply additional risk.
• The importance of building repeatable operational capabilities instead of attempting every possible transformation.
• Why operating teams should be involved from underwriting through execution.
• How supply-chain improvements have generated substantial gross-margin expansion.
• Where AI is currently delivering value across accounts payable, receivables, customer service, forecasting and sales.
• Why portfolio companies need internal AI champions to drive adoption.
• How leaders can stay informed without overpowering portfolio-company management teams.

Timestamps

00:00 Introduction to Russ Roenick and Transom Capital
00:30 Moving from McKinsey into Private Equity
01:26 Transom’s value-oriented investment strategy
01:55 Distressed investing versus operational value investing
03:16 Using operational and situational complexity
04:14 Carve-outs, lender situations and tail-end funds
05:14 Launching Transom during the global financial crisis
07:04 The importance of adapting while maintaining investment discipline
08:29 Why Transom specialised in carve-outs and special situations
10:58 Why many firms view carve-outs as excessive risk
12:54 Transom’s six operational transformation strategies
13:23 Salesforce transformation
14:17 New product innovation
14:45 Digital transformation and AI implementation
15:15 Supply-chain and gross-margin improvement
16:13 Cost reduction, talent and culture
17:37 Structuring the portfolio operations team
18:05 Recruiting former portfolio-company CEOs and CFOs
19:59 Transom’s approach to AI adoption
20:57 Applying AI across back-office functions
21:49 Creating internal AI champions
22:48 Common AI use cases across the portfolio
24:10 How Russ stays informed
25:31 Leadership, decision-making and knowing when to step back
25:57 How to contact Russ

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Daniel Pianko, Co-Founder of Achieve Partners, about Achieve’s talent-led investment strategy, its $465 million exit of Optimum, and how the firm reached top 5% performance for DPI in Cambridge Associates’ US buyout benchmark.

Daniel shares how Achieve Partners invests in businesses where the biggest growth constraint is access to trained talent. Rather than simply competing for experienced hires, Achieve builds apprenticeship-style programmes inside portfolio companies, creating new talent pipelines that drive revenue, margin expansion, retention, and differentiated value creation.

The conversation explores the relationship between private equity firms and operators, why data-driven decision-making matters, how Achieve partners with universities and underrepresented talent pools, and why doing good and generating alpha do not need to be in conflict.

Key Takeaways:

• Private equity firms should empower operators to challenge assumptions with data.
• Achieve invests where talent shortages can be solved through focused training.
• Apprenticeships can increase capacity, margins, retention and scalability.
• Optimum shows how training pathways can unlock healthcare IT growth.
• Strong impact and strong returns can reinforce each other.

Timestamps:

00:03 – Introduction to Daniel Pianko and Achieve Partners
00:29 – Daniel’s career path and linking social impact with financial return
01:52 – The mistake PE firms and portfolio companies make in the boardroom
03:44 – How to avoid PE investors driving strategy without enough data
05:10 – Achieve’s unique strategy: investing where talent shortages constrain growth
06:38 – Building apprenticeship programmes to solve supply-demand talent gaps
07:08 – Daniel’s Goldman Sachs training experience and how it shaped Achieve’s model
08:25 – Rebuilding the talent pyramid in lower middle market companies
09:49 – Why Achieve focuses on business services, tech services, and healthcare services
11:12 – Building talent programmes at the portfolio company level
12:10 – Solving the gap between university education and first jobs
13:04 – Why companies should stop searching for “purple squirrels”
14:58 – Partnering with universities and building access to talent
16:44 – The Optimum exit: $465 million sale to Infosys
17:12 – Optimum’s healthcare IT thesis and value creation plan
19:00 – Building healthcare IT training pathways with universities and industry bodies
20:56 – Challenges in expanding Optimum beyond its historic core
22:24 – How Achieve reached top 5% DPI performance
22:50 – Why Achieve sells when the underwriting target is achieved
23:42 – How training programmes create a natural exit point
25:07 – Aligning impact with alpha creation
27:31 – Talent arbitrage, underrepresented communities, and overlooked graduates
29:40 – Why solving major social problems can create superior returns
30:08 – Daniel’s recommended podcasts, books, and shows
31:57 – How to contact Daniel Pianko
32:23 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with David Bell, former Wharton Professor of Marketing and early-stage investor in consumer companies including Diapers.com, Warby Parker, Harry’s and Jet.com. David shares what he looks for in standout consumer brands, why founder insight and capital discipline matter, and how businesses can build emotional and symbolic value around everyday products.

David explains why great consumer companies often begin with a simple frustration: what is wrong with the status quo? From buying diapers online to rethinking eyewear pricing, the best founders identify a clear customer problem, build a strong proposition, and execute with precision. He also discusses why overcapitalisation can damage consumer brands, using Allbirds and Casper as examples of businesses that grew quickly but struggled to sustain value.

The conversation explores omnichannel distribution, brand storytelling, cultural relevance and genuine product innovation. David highlights Touchland, Warby Parker, Native, EOS, Hello and Happy, showing how founders can elevate mundane categories through design, positioning and customer experience.

Key Takeaways:

•  Great consumer investments often start with a visceral customer problem. 
•  Capital efficiency is critical because consumer exits rarely match software-scale outcomes. 
•  Strong brands combine functional, emotional and symbolic value. 
•  D2C alone is rarely enough; winning brands need a measured omnichannel strategy. 
•  The next wave of consumer winners needs real product innovation, not just better go-to-market. 
•  Founder obsession with small details in design, scent, usability and narrative creates differentiation. 

Timestamps:
 00:03 – Introduction to David Bell and his journey from New Zealand to New York
 01:00 – David’s background at Wharton and investing in consumer companies
 01:28 – What attracted David to early winners like Diapers.com
 02:19 – Why Diapers.com solved a fundamental customer pain point
 03:15 – The importance of insight, execution and market size
 03:44 – Lessons from Allbirds and the dangers of overcapitalisation
 05:32 – How great consumer brands scale beyond the early stage
 06:27 – The shift from pure D2C to omnichannel distribution
 07:52 – Why strategic buyers value brands with retail traction
 09:18 – Why some consumer brands fail to sustain momentum
 10:11 – Touchland and the reinvention of hand sanitiser
 11:33 – Cultural relevance, collaborations and emotional connection
 12:03 – Sponsor message from Grata
 12:32 – What makes a brand fundamentally strong
 13:29 – Diapers.com and the power of descriptive branding
 14:26 – Warby Parker’s storytelling, fairness and American heritage
 15:49 – Building cognitive associations through brand activations
 17:40 – How much brand success is intentional versus luck
 18:09 – Opportunities in legacy consumer categories
 19:24 – Why obsessive attention to detail matters
 20:19 – Craig Dubitsky, EOS, Hello and elevating mundane products
 21:15 – Happy Coffee and design-led differentiation
 22:14 – Where the consumer industry is today
 22:43 – Capital-efficient growth and the Native deodorant example
 23:39 – Why real product innovation now matters more than ever
 24:36 – What David reads, watches and listens to
 25:04 – Identifying white spaces in health, wellness and longevity
 26:30 – Consumer opportunities through cultural arbitrage
 27:27 – Lessons from Coca-Cola’s global distribution and brand power
 28:24 – How to connect with David Bell
 28:52 – Closing remarks

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode, Alex Rawlings speaks with Adil Taha, a private equity operator specialising in the UK legal sector. They explore why private equity has struggled to scale law firms, the challenges of buy-and-build strategies, and why many legal businesses are weaker than they appear financially.

Adil shares lessons from rescuing and rebuilding Child & Child, explains why consumer legal services are attracting the most PE interest, and discusses how law firms differ from other professional services businesses. The conversation also covers the impact of AI, rising salary costs, partnership structures, and why the US legal market may offer bigger opportunities for investors.

Topics Covered

•  PE investment trends in legal services 
•  The Child & Child turnaround 
•  Why law firms are difficult to scale 
•  Problems with traditional partnership models 
•  Why buy-and-build strategies are struggling 
•  Consumer legal services vs full-service firms 
•  The role of AI and rising costs in legal 
•  Why the US market is attracting PE attention 

Timestamp Highlights

• 00:00 – Introduction to Adil Taha 
• 02:29 – Child & Child acquisition and turnaround 
• 09:11 – Where PE is investing in legal 
• 14:55 – The hidden weaknesses in law firms 
• 26:51 – Why professional services are hard to scale 
• 35:23 – Investment strategies that may work in legal 
• 45:05 – Why PE is looking toward the US market 

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode, Alex Rawlings speaks with Shiv Narayanan, CEO of How to SaaS, about how private equity firms can use marketing and AI as value creation levers. They discuss why many B2B companies underinvest in marketing, how AI is changing buyer behavior, and why brand authority and content are becoming critical for growth.

Timestamps

• 00:03 – Introduction to Shiv Narayanan and How to SaaS
• 01:55 – Common marketing mistakes in PE-backed businesses
• 04:15 – Finding the right marketing strategy and spend
• 08:06 – How PE firms should assess CMOs
• 12:49 – AI as a value creation lever
• 14:40 – How AI search is changing buyer behavior
• 16:02 – Why brand authority matters more than ever
• 17:54 – AI agents and the future of marketing teams
• 20:20 – The importance of investing in content
• 22:44 – Why podcasts and video are growing in B2B marketing
• 24:22 – The risk of overusing AI-generated content
• 25:21 – Shiv’s books and final advice

Key Takeaways

• Many B2B companies rely too heavily on sales and underinvest in marketing.
• Strong CMOs focus on revenue, forecasting, and enterprise value creation.
• AI platforms like ChatGPT are reshaping how buyers research solutions.
• Businesses need strong brands and quality content to remain visible.
• Podcasts, YouTube, and thought leadership content are becoming essential.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of the Raw Selection Private Equity Podcast, Alex Rawlings speaks with Christina Haxton about the relationship between private equity firms and portfolio company leadership teams.

They discuss how trust, communication, alignment, and culture impact execution during periods of rapid growth — and why many businesses struggle not because of strategy, but because of leadership friction and organizational disconnect.

Timestamps

00:00 – Introduction to Christina Haxton
01:27 – Common execution and leadership friction points
03:14 – Managing PE expectations vs operational reality
05:10 – Early warning signs of leadership misalignment
07:32 – Why strategy must be co-created
09:27 – Building trust between CEOs and PE firms
11:44 – What makes a compelling company vision
17:34 – Scaling quickly without burning out teams
21:12 – Why speed without alignment creates fragility
23:02 – The importance of constructive conflict
24:53 – Leadership resources and practical tools
29:32 – How to connect with Christina

Key Takeaways
Execution issues often come from unclear accountability and avoided conversations.
PE firms and executive teams need alignment on goals, timelines, and expectations.
Strong culture and trust are essential for sustainable growth.
Vision must emotionally engage teams — not just focus on financial targets.
Speed without alignment creates stress, confusion, and burnout.
Resources Mentioned
Scaling Up by Verne Harnish
The Five Dysfunctions of a Team by Patrick Lencioni
BE 2.0 by Jim Collins

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Episode Summary
Paul Brennan, PE-backed CFO, shares lessons from exiting Lindsay Precast (sold to The Jordan Company), covering exit prep, value creation, and integration.

⏱️ Key Timestamps

00:00 – Intro & Background
CFO experience across PE, public, and family-owned businesses.

01:23 – Common PE Mistake
Lack of clarity on why data requests matter → impacts alignment.

03:13 – Exit Preparation
👉 Prepare every quarter

•  Update data room 
•  Review QoE 
•  Avoid last-minute pressure 

05:07 – Data Insight
Customer profitability analysis revealed hidden value drivers.

06:03 – Sale Process
👉 Management must own the narrative

•  Review CIM as an outsider 

07:46 – Final Exit Lesson
Working capital & closing estimates need tighter focus.

08:44 – Key Win
CRM rollout improved pipeline visibility and buyer confidence.

11:08 – Acquisition (Dutchland)
👉 Weekly integration + team collaboration drove success.

13:57 – Finance Transformation

•  Built FP&A + BI tools 
•  Real-time data for better decisions 

14:51 – Standardisation
Unified processes improved scalability and exit readiness.

🔑 Key Takeaways

•  Align teams by linking actions to value creation 
•  Always be exit-ready 
•  Data visibility = competitive advantage 
•  Own your story in a sale 
•  Integration requires structure and consistency 
•  Strong FP&A drives performance 

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.

⏱️ Timestamps & Key Topics

00:00 – Introduction
Robert’s journey across founding, exiting, and re-entering private equity.

00:30 – Building & Selling a Business

•  Grew to ~80 technicians and exited at 29 
•  Joined a PE-backed roll-up, completing 100+ acquisitions 

01:21 – Biggest PE Mistake: People

•  Misalignment of talent and roles 
•  Importance of matching personal goals with business needs 

02:42 – Off-Market Sale Process

•  Relationship-driven deal (~18 months) 
•  Shared vision and timing were key 

03:40 – Why Sell?

•  Rapid growth (3M → 12M revenue) 
•  Opportunity to scale within a larger platform 

06:57 – Winning Deals

•  Human connection over price 
•  Understanding seller motivations (legacy, growth, people) 

09:18 – Scaling a Roll-Up

•  Leadership staying close to frontline teams 
•  Challenges of tech and data integration 

10:47 – Key Lessons

•  Retaining founders drives value 
•  Equity rollovers create alignment 

12:14 – Frontline Reality

•  Change fatigue is real 
•  Strong leadership needed during integration 

14:13 – Founder Retention

•  Tailor roles to individuals 
•  “Right person, right seat” approach 

16:36 – Buffalo Growth Partners

•  Focus: service businesses (“guys in trucks”) 
•  Operator-led investment model 

18:30 – Off-Market Strategy

•  Dedicated outreach + industry credibility 
•  Aim to be the “first call” when owners sell 

21:21 – Recommendations

•  Brad Jacobs (M&A & scaling) 
•  Alpine Investors (people-first PE) 
•  Bill Gurley – Running Down a Dream

🔑 Key Takeaways

•  People alignment is the biggest driver of success 
•  Trust and credibility win off-market deals 
•  Retaining founders unlocks long-term value 
•  Execution and integration are critical 
•  Operator-led PE is gaining momentum 

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Guest: Michael Arietta
Host: Alex Rawlings

🕒 Key Timestamps

00:00 – Intro
Overview of Garden City Equity’s long-term, people-first model.

00:40 – Biggest PE Mistake
Short-term thinking (IRR focus) limits investment in transformational initiatives like ERP, CRM, and AI.

01:37 – Long-Term Hold Strategy
30-year horizon allows compounding value without forced exits.

03:05 – Holding Company Model
All investors share ownership across all assets—better alignment and flexibility.

05:55 – Leveraging Investor Network
LPs provide deal flow, diligence, and operational expertise.

09:15 – Sourcing Investors
Built بالكامل through personal network—no institutional reliance.

10:42 – Strategic vs Institutional Capital
Strategic investors add value beyond capital.

13:17 – Low Debt Approach
Less leverage = lower risk, more flexibility, and founder alignment.

14:47 – Founder Advantage
Low-debt model appeals to founders seeking stability.

16:21 – Recommended Reads

• Unreasonable Hospitality
• Excellence Wins
• You Can't Hurt Me

🔑 Key Takeaways

•  Long-term ownership drives better outcomes 
•  Strategic capital creates a “virtuous cycle” 
•  Low leverage reduces downside risk 
•  Investor alignment is a competitive advantage 

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Alex Rawlings speaks with Nigel Green on why private equity firms struggle with organic growth and how better hiring, faster execution, and customer focus can unlock value.

⏱️ Timestamps & Key Takeaways

00:00 – Introduction
Nigel’s background and advisory focus

00:29 – Career Highlights

•  Two successful exits before 30 
•  Now advising PE-backed companies on growth 

01:34 – Biggest PE Mistake

•  Weak commercial operators 
•  Overvaluing experience vs. current fit 

03:05 – Growth Challenges

•  Delayed action on underperformance 
•  Lack of urgency from investors 

05:42 – Hiring Better Leaders

•  Avoid “black book” hires 
•  Focus on Character, Chemistry, Competency
•  Hire people with urgency and something to prove 

08:35 – Go-To-Market Strategy

•  Get close to customers early 
•  Avoid internal-only focus 

10:29 – The Real Competitor

•  Most deals are lost to “doing nothing” 
•  Solve customer inertia, not just competition 

12:56 – Interviewing Sales Leaders

•  Conversations aren’t enough 
•  Require candidates to demonstrate ability 

14:38 – Attracting Top Talent

•  Best candidates aren’t applying 
•  Sell the opportunity with honesty and realism 
•  De-risk the move 

23:06 – Driving Growth

•  Small tweaks > big overhauls 
•  Retention often a bigger issue than pipeline 

26:41 – Proactive Sales

•  Remove friction in buying 
•  Simplify and speed up decisions 

30:06 – Great Operating Partners

•  Must still be operators 
•  Help leaders make tough decisions 

34:29 – Final Advice

•  Consume less, execute more 

🔑 Key Themes

•  Hire for drive over experience
•  Focus on execution and speed
•  Growth comes from action, not analysis

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Alex Rawlings speaks with Jeff Helfgott, CEO of Boardroom Salon, about scaling PE-backed multi-unit businesses. They discuss talent strategy, retention, resilience, and how to turn operational fixes into sustainable growth.

⏱️ Key Timestamps

00:00 – Introduction & Jeff’s Background
From barbershop beginnings to PE-backed CEO.

01:04 – Common PE Mistakes
Overlooking talent strategy during diligence.

02:11 – Talent Assessment
Evaluating teams based on current business needs.

05:58 – Hiring Non-Negotiables
Integrity and focus on top 3 priorities.

08:18 – Resilience in Leadership
Navigating crises like COVID.

10:10 – Managing Growth & Change
Using EOS and quarterly planning.

14:11 – Driving EBITDA Growth
Fix retention before scaling revenue.

16:01 – Retention Flywheel
Employee retention → customer retention → growth.

18:24 – Membership Strategy
Aligning offerings with real customer behavior.

21:18 – Finding the Real Constraint
Using data segmentation to identify core issues.

24:31 – Data vs Insight
Combining analytics with customer feedback.

27:33 – KPI Pitfalls
Avoid over-optimising a single metric.

28:02 – PE Thesis vs Reality
Treat strategy as a hypothesis, not fact.

29:12 – Underrated Growth Lever
Talent retention and adaptability.

32:08 – Building Resilient Teams
Supporting middle management and preventing burnout.

35:25 – Resources & Closing

🚀 Key Takeaways

• Assess talent early in diligence
• Integrity and resilience are critical traits
• Retention is a primary driver of growth
• Data must be paired with real customer insight
• Pressure-test your investment thesis
• Middle management drives execution

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Mike Esposito shares his journey from a 30-year career at Goldman Sachs to co-founding Franchise Equity Partners, highlighting their differentiated approach to private equity through franchising and multi-unit retail investing.

⏱️ Key Timestamps

00:00 – Introduction
00:30 – Career background and transition to PE
01:45 – Pitfalls of “me-too” PE strategies
03:13 – Leaving Goldman Sachs during COVID
04:41 – Advisory vs ownership mindset
05:36 – Why franchising & multi-unit retail
07:00 – Barriers limiting PE in franchising
08:26 – Unique LP structure with HPS
11:17 – First non-franchise deal (European car wash platform)
13:42 – Why Europe offered better value than the US
16:06 – Minority vs majority investing strategy
17:04 – “Minority, passive, permanent” model
19:28 – Importance of backing the right people
22:24 – Power of a focused investment strategy
24:27 – Using data science for investment insights
26:23 – Contact details

🔑 Key Takeaways

• Focused strategies outperform crowded PE trades
• Franchising offers a large, undercapitalised opportunity
• Minority investing unlocks access to restricted sectors
• Long-term alignment appeals to family-owned businesses
• Europe can offer stronger fundamentals vs overheated US markets
• Data and analytics are key to gaining an edge

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Guest: Meg Pogue, Founder, Mission Squared
Host: Alex Rawlings

Meg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions.

The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and social connection, both of which can feel threatened during periods of change.

Meg explains how the brain’s threat response can lead to defensive behaviours, disengagement, and poor decision-making. Leaders often misinterpret this as resistance or negativity, when in reality it’s a natural psychological reaction to uncertainty.

She shares practical leadership tactics for managing change effectively, including rebuilding trust through authenticity and vulnerability, empowering employees with a sense of control, and communicating the “why” behind transformation.

Meg also introduces simple tools leaders can use during times of change, such as the “1–10 engagement question” and asking employees directly “How can I support you better right now?” — both designed to surface concerns quickly and maintain momentum during transformation.

🕒 Timestamps

00:00 – Introduction to Meg Pogue
00:28 – Meg’s CEO journey and leadership lessons
01:54 – Fear and perception around private equity acquisitions
03:23 – Leadership personality differences during change
05:14 – Why employees feel threatened by transformation
06:44 – Communication and leadership during change
10:59 – Rebuilding trust within teams
13:25 – Empowerment and giving employees control
14:51 – Leading change in fast-paced PE environments
18:40 – Questions leaders should ask their teams
19:07 – The “1–10 engagement” leadership tool
21:30 – Raising standards without creating resistance
24:51 – Leadership book recommendations
26:17 – Meg’s book: The Adversity Hack
27:39 – How to connect with Meg

Key Takeaways

Change triggers threat responses
Most employees prioritize stability and connection, making acquisitions feel risky.

Executives often underestimate psychology
High-drive leaders assume others share their excitement for transformation.

Trust accelerates change
Authenticity and vulnerability help rebuild trust quickly.

Empowerment reduces resistance
Giving employees voice and autonomy improves engagement.

Clear communication matters
Explaining the “why” behind change helps teams align faster.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Guest: David Williams, CEO, Advantage Services Group (ASG)
Host: Alex Rawlings

David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.

Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.

🕒 Timestamps

00:00 – Introduction & David’s background
01:57 – Choosing entrepreneurship through acquisition
02:51 – Why HVAC, plumbing & electrical?
03:48 – Moving to Oregon & first acquisition
04:16 – Growth to $100m+ revenue
07:57 – From small business to scalable platform
08:54 – Pillar 1: Infrastructure
09:50 – Pillar 2: Systems & integration
11:19 – Pillar 3: Building strong GMs
12:16 – Pillar 4: Culture as a CEO responsibility
15:08 – Core belief: Operating with urgency
17:56 – Why integration is about people, not spreadsheets
21:42 – Earning trust post-acquisition
24:05 – Book & podcast recommendations

Key Takeaways

• Durable industry thesis: Large, fragmented, non-discretionary market.
• Integration focus: ASG builds one company with shared systems and culture.
• Leadership bench: Strong GMs drive performance.
• Culture is deliberate: Clear beliefs — not designed for everyone.
• Urgency wins: Speed in customer service and decision-making is core.
• M&A is emotional: Time on the ground builds trust and long-term alignment.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.

After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.

Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.

⏱️ Timestamps

00:00 – Andrew’s background and founding Mauloa
01:10 – Why private equity’s model is flawed
03:02 – Investing without debt or exit pressure
06:18 – Fund structure without institutional capital
07:44 – Incentivising management long-term
10:49 – Free cash flow freedom vs leverage pressure
12:14 – “Piles of money” vs chasing IRR
16:54 – The Middle Market Accelerator
19:16 – What Andrew reads and recommends

Key Themes

• Over-leverage and short hold periods distort decision-making
• Long-term compounding beats short-term IRR optimisation
• Culture and leadership matter more than financial engineering
• Supporting “boring” small and middle-market businesses builds real wealth

If you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.

⏱️ Timestamps

00:00 – Introduction & career overview
00:28 – Life at McLaren & high-performance environments
01:23 – VC due diligence & scaling tech businesses
02:24 – Building and exiting a SaaS company
03:50 – The biggest PE mistake: rigid M&A planning
07:25 – Lessons from Formula One
10:21 – Why professionalising leadership can slow growth
14:23 – How to double EBITDA in a PE cycle
18:56 – Integration lessons from 22 acquisitions
20:19 – Resources & how to connect

🔑 Key Takeaways

• Plan for ambiguity. You can only acquire what exists in the market.
• Not all revenue is equal. Cutting “non-core” products can damage the core.
• Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.
• Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.
• Integration is human. Success comes from winning hearts and minds — not just aligning systems.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.

⏱️ Episode Highlights

00:00 – Intro & Background
James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.

05:22 – Transition to Corporate Finance & First Exit
How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale.

08:47 – Second Exit in Charlotte
Turning around a struggling portfolio company and leading it through a successful 2024 exit.

09:51 – Common CFO Hiring Mistakes in PE
The importance of SOPs, process infrastructure, and cross-functional alignment.

12:13 – Strategic Focus: Quote-to-Cash & Customer Experience
Mapping key processes to maximize customer lifetime value and ROI.

13:35 – Value Creation Before Exit
Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions.

17:26 – Exit Lessons
Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference.

21:17 – Acquiring Smaller Businesses
James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition.

25:37 – Final Advice
Embrace best practices from acquired companies—don’t force your way if theirs is better.

26:32 – Resources
James recommends the Wall Street Journal and CNBC to stay sharp on market trends.

27:28 – Contact
📧 Reach James: jim_carver59@yahoo.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Episode Overview:

In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.

Timestamps & Key Topics:

00:00 – Introduction
Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.

00:54 – Richard’s Background
From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.

03:19 – Why Multi-Location Businesses?
Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.

04:43 – Starting Small, Scaling Big
CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.

06:30 – Specialization as a Differentiator
Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.

08:55 – $1B+ Exit: Sizzling Platter to Bain Capital
Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.

14:03 – Key Learning: Labor-Light Models
Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.

15:27 – Fund VII: First Close Success
How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.

17:44 – Hybrid Capital Strategy
Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.

20:04 – Book Recommendation: Give and Take by Adam Grant
The power of relationships in PE—not just financial modeling.

21:57 – Connect with Richard
Email: rfitzgerald@capitalspring.com
| LinkedIn & website via CapitalSpring.

Top Takeaways:

• Specialization is key in today’s competitive PE environment.
• Hybrid investing (debt + equity) offers flexibility and downside protection.
• Operationally light, multi-unit businesses prove resilient—even in crises.
• Long-term success in PE depends on relationships, not just technical skills.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

🎧 Episode Summary:
In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.

He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.

⏱️ Timestamps:

00:00 – Intro to Chris & Pacific Avenue
01:28 – Key mistakes in PE & portfolio strategy
03:52 – Why Europe? Lessons from expansion
05:47 – Building and integrating cross-border teams
10:57 – Defining “complex transactions”
12:24 – Total Energy carve-out case study
15:17 – Proprietary sourcing via corporate relationships
17:25 – Investing in ops: value creation strategy
20:16 – How their ops team is structured
22:45 – Chris’s interests & offer to connect

💡 Key Takeaways:

• Focus on carve-outs and “unnatural owners” enables deep value creation.
• Expansion to Europe was led by people, not just strategy.
• A proprietary sourcing approach is key in competitive processes.
• Ops team = generalists with deep business acumen who partner with management.
• Carve-outs require patience, resources, and a consistent strategy.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity.

He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines.

⏱ Timestamps

00:00 – Intro to Alex Sabel & THL’s AI Focus
AI at the firm, portfolio, and personal level.

00:55 – Alex’s Background
From public markets to PE, building THL’s research and AI function.

03:12 – Common Mistakes in AI Adoption
Why firms must focus on data foundations first.

04:35 – Real-Time Insight vs. Info Overload
The value of surfacing insights at the right time.

06:02 – Investing in the Global Compute Ecosystem
THL’s thesis: look beyond GPUs to second-order AI winners.

09:19 – THL’s Three-Pronged AI Strategy
Invest in AI, use it internally, and support portfolio adoption.

11:42 – How THL Supports Portfolio Innovation
Roundtables, tech summits, and a vendor ecosystem to foster AI experimentation.

13:36 – Case Studies: Binder, FourKites & Sentria
Examples of AI-driven product innovation and operational efficiency.

17:57 – When AI Fails
Why THL embraces “fail fast” and knows when to build vs. buy.

22:12 – Deciding When to Use AI
Break problems into first principles—GenAI isn’t always the answer.

25:26 – What’s Blown Alex’s Mind
AI organizing and standardizing messy, fragmented enterprise data.

27:45 – Daily Tools & Tips
Coding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights.

31:06 – What to Read
Short term: WSJ, FT, Economist.
Deep dives: SemiAnalysis and top Substacks.

32:31 – Connect with Alex Sabel
Open to collaborating on AI, compute infrastructure, and emerging vendors.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

In this episode, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam’s emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm’s hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.

⏱️ Timestamps:

00:00 – Intro to Giovanni & Maestro Equity
Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.

01:25 – Key Mistakes in Emerging Markets
Investors often misjudge deals by relying on personal experiences or Western legal frameworks without cultural alignment.

03:16 – Who Makes These Errors?
Regional and international funds rushing due diligence or avoiding deeper market engagement.

04:41 – Why Vietnam?
Giovanni's move from the US to Vietnam, spotting talent gaps, and seizing untapped opportunities.

07:30 – Mature vs. Emerging Market Investing
Faster growth, lower costs, and higher returns—but requires entrepreneurial execution.

09:23 – PE in Vietnam is a Different Game
You must own every part of the process—legal, operational, strategic—and be hands-on daily.

11:17 – Due Diligence = Partnership Building
Guide founders through compliance and process; the relationship starts before the investment closes.

14:40 – Post-Investment Involvement
Maintaining founder focus and execution requires credibility, patience, and close collaboration.

16:35 – Lean but Deep Team
A 10-person team making fewer, more impactful investments with long-term vision.

17:59 – Vietnam’s Outlook
More consolidation, founder maturity, and market sophistication ahead—making it ripe for growth and future competition.

20:19 – Giovanni’s Recommendations
🎧 All-In Podcast
📘 The Game – Alex Hormozi
📘 The 5 Types of Wealth

21:40 – Connect with Giovanni
📧 giovanni@maestroequity.com

🔗 Giovanni Zangani on LinkedIn

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Sam and Taavo from CEO Advantage return to dive into the 5X CEO Assessment—a diagnostic tool developed from two years of research into top-performing private equity-backed CEOs who delivered 5x+ MOIC.

The conversation explores how the 5X model—comprised of Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, and Energized Culture—is used not just as a conceptual framework, but as a practical tool to evaluate and upgrade leadership team performance.

🔑 Key Discussion Points

▶ 5X Model Overview

• Built from studying CEOs with 5x+ returns
• Five components: Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, Energized Culture

▶ How the Assessment Works

• Each component includes 10–12 statements to rate by importance and performance
• Includes open-ended responses for actionable feedback
• Results are color-coded (Red-Yellow-Green) for fast clarity and prioritization
• Used with leadership teams and optionally with boards or PE partners

▶ Strategic Clarity

• Aligning the CEO, leadership, and board on the value creation plan
• Communicating strategy throughout the organization—down to the receptionist
• The role of repetition in embedding strategy (11x rule)

▶ Energized Culture

• Holding people accountable for behavior, not just results
• Measuring employee engagement and culture with data (e.g. eNPS)
• Example: CEOs who stack-rank team collaboration to highlight friction and teamwork

▶ Scalable Talent

• Focus on A-players in critical value-driving roles, not just execs
• Using 9-box performance vs. potential models, shared with boards
• CEOs with strong HR leaders outperform—talent as a strategic function

▶ Relentless Focus

• Simplifying execution to “do now, do next, don’t do”
• Avoiding shiny object syndrome and internal distraction
• Ensuring alignment on key initiatives and managing PE firm inputs

▶ Disciplined Execution

• Tracking both leading and lagging KPIs tied to the value creation plan
• Establishing a management cadence and operating system
• Example: AI-driven measurement of customer conversations to boost growth
• Tying metrics directly into compensation and incentive systems

▶ How PE Firms Use the Tool

• As part of diligence or onboarding of new CEOs
• To drive annual CEO performance reviews
• To create a shared language between CEOs and sponsors on team performance

📘 Resources Mentioned

• Book: The 5X CEO – Available on Amazon and Audible
• The Private Equity Playbook series by Adam Coffey
• Move by Sandy Ogg (Talent to Value)
• Works by Patrick Lencioni on leadership and clarity

🌐 Learn more about the 5X model and CEO Advantage at www.AdvantageCEO.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Tim Schulte, Value Creation Partner at Council Capital, a Nashville-based private equity firm investing in healthcare businesses across tech-enabled services, outsourced services, and provider platforms.

Tim brings a unique blend of consulting, operational, and investing experience. He shares how Council Capital drives value creation through collaboration, leadership development, and a structured yet flexible approach to talent and operations.

🔑 Key Highlights:

00:00 – Introduction
Tim’s background: consulting → startup growth → private equity. At Council for 6+ years, focused on scaling healthcare companies.

01:15 – Common Mistake in PE
Reinventing the wheel. Tim advocates for leveraging shared knowledge and collaboration across portfolio companies instead of starting from scratch.

02:12 – Three PE Value Creation Models
Tim outlines three styles:

1. Collaborative but shallow
2. Substantive but rigid
3. Collaborative and substantive – Council Capital’s approach

03:37 – Collaboration in Practice
Council’s CEO Council is made up of 30+ senior leaders who are both advisors and investors. Their involvement creates mentorship and alignment without top-down pressure.

05:02 – Council’s Value Creation Team
A large internal team supports portfolio companies with tailored toolkits (not rigid playbooks) across growth, ops, and talent.

06:11 – Hiring Top Executives
Talent is central to value creation. Council uses:

• Topgrading
• Aptitude & personality assessments
• In-depth referencing
• Case studies
  ...to ensure fit and long-term success.

09:05 – Role of Assessments
Assessments aren’t used to screen candidates out, but to guide interview questions and identify fit. Council tracks data across hundreds of hires to correlate traits with performance.

12:27 – Broader Talent Support
Beyond the C-suite, Council helps portfolio teams:

• Implement HR tech
• Refine hiring processes
• Improve onboarding
• Structure incentive plans

14:38 – First 100 Days for CEOs
New CEOs are expected to:

1. Align on strategy
2. Build out the right team
3. Ensure reliable data systems to track performance

16:58 – Recommended Resources
Tim recommends:

• Acquired – for business case studies
• Founders – for leadership traits & human stories

17:52 – Connect with Tim Schulte
Best via LinkedIn or at Council Capital

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

🎧 Guest: Maxwell Nee – Chairman, Family Office Insider & Managing Partner, Black Mountain Capital
🌍 Episode Theme: 10X Deals, Market Gaps & Global Investing

In this episode, Alex Rawlings is joined by Maxwell Nee to explore how thinking bigger—10X bigger—can simplify investing and unlock outsized returns. Maxwell shares his 3-leg framework for identifying high-potential opportunities and dives into emerging trends across waste-to-value, renewables, and infrastructure.

You’ll hear about:

• What 10X deals really mean and why they’re often easier to execute
• The 3 key components of any game-changing opportunity
• Turning waste (like avocado seeds or Guinness beer) into profits
• Where Maxwell is putting capital now: mining, energy, biofuels
• How family offices differ from traditional PE firms
• Lessons from global dealmaking and the role of geopolitics

⏱️ Time Stamps:

00:00 – Intro to Maxwell Nee
01:00 – Founding Family Office Insider during COVID
02:30 – Common PE mistakes: overextension, distraction
04:00 – What makes a 10X deal
07:00 – The 3-leg framework: Market Gap, Team, Funding
08:30 – Real examples: bioplastics, energy, solar
11:00 – Investing globally & understanding country strengths
18:50 – PE vs. Family Office mindsets
21:00 – Book recs: How to Make a Few Billion Dollars, Time is a Tool
22:30 – Connect with Maxwell on LinkedIn

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this powerful episode, Marc Adams shares his remarkable journey from a stage 4 cancer diagnosis to a full recovery—and how that experience inspired him to rethink private equity. Now leading Acquisitions for You, Marc helps business owners double their company’s value and cash out tax-free—without debt, dilution, or outside capital.

With 40+ years in leadership, IPOs, and M&A, Marc discusses his “Double and Keep It” framework, raising over $350M to support non-traditional exits, and how PE firms can create more value by going deeper into operations. He also shares how a question from his 10-year-old son sparked a mission to help business owners keep more of what they’ve built.

⏱️ Timestamps

00:00 – Intro to Marc & his corporate background
01:27 – Life-changing cancer diagnosis during the pandemic
05:34 – A pivotal question from Marc’s son: “Who helps the business owners?”
07:01 – Miraculous recovery and new purpose
09:24 – Writing a bestselling book to help owners increase value
10:16 – The “Double and Keep It” framework explained
11:43 – $350M raised to support exits without debt or dilution
13:08 – How structuring right helps owners keep 70–90% post-sale
15:01 – Helping younger founders take chips off the table
18:52 – From $140M to $1B valuation: how it was done
22:09 – Case study: $0 to $950M in 18 months
23:36 – Why PE must engage with operating teams
25:26 – Reducing founder resistance and aligning incentives
27:49 – Leaving room for buyers’ value creation
30:09 – Example: $6B tech buyer building value via synergy
32:29 – When forced changes from PE go wrong
34:28 – Why personal brand and social media matter more than ever
37:21 – 19-year-old entrepreneur’s turnaround and success
40:38 – Helping overlooked businesses unlock true value
42:02 – How to connect with Marc and access his free resources

📘 Resources

• Contact Marc: marc@acquisitionsforyou.com
• Visit: acquisitionsforyou.com
• Free tools & book via Marc’s Linktree (shared in episode)

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Overview:
In this high-energy episode, Alex Rawlings is joined by Brad Pilcher, Partner and Co-Founder at Bonaccord Capital Partners, a leading mid-market GP Stakes investor. Brad shares his fascinating journey from aspiring concert pianist to private equity investor, and dives deep into how the private equity world is evolving — particularly around culture, capital, talent, and growth.

They explore how mid-market firms can scale successfully, the five principles guiding Bonaccord’s strategy, and why “professionalization” is now essential across PE — from investor relations and origination to team structuring and multi-product growth.

🔑 Key Topics:

• [00:00] Brad’s background & founding Bonaccord Capital Partners
• [01:54] Lessons from Bridgewater: culture, ambition, client-focus
• [06:34] Brad’s 5 core principles for investing and business success
• [13:05] Why Bonaccord targets the mid-market: stability + growth
• [17:38] Institutional capital shift towards mid-market PE
• [20:29] Mistakes PE firms make: lack of evolution, strategy, or value creation
• [24:17] Fundraising playbook: off-cycle marketing, transparency, and LP engagement
• [31:18] The professionalization of private equity – talent, IR, and origination
• [36:07] State of the GP Stakes market & why liquidity concerns are overblown
• [42:04] Surge in control acquisitions & how it impacts GP Stakes
• [44:50] What Brad reads: quarterly reports, Bridgewater research, biographies & astrophysics

📌 Notable Quotes:

📚 Resources & Mentions:

• Bonaccord Capital Partners – bonaccordcapital.com
• Brad Pilcher on LinkedIn – Connect Here
• Edgar SEC Filings, Bridgewater macro research, A.V. Loeb’s astrophysics work

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, host Alex Rawlings speaks with Eric Wiklendt, Managing Director at SpeySide Equity, a private equity firm focused on lower middle-market manufacturing businesses.

Eric shares his “fix and build” value creation strategy, the key elements of successful human capital alignment, and why cost accounting is the hidden killer in many portfolio companies. With deep operational experience, Eric offers a grounded perspective on how to avoid overcomplicating PE value creation.

🔍 Key Highlights:

• Fix & Build Framework: Phase 1 focuses on EBITDA improvement; Phase 2 drives growth.
• Top Phase 1 Levers:
  • Aligning and incentivizing management
  • Rationalizing the revenue portfolio
  • Optimizing the operational footprint
• Biggest Friction Point: Getting the people side right—human capital alignment and talent quality.
• Always an Issue: Poor cost accounting systems that impact pricing and margins.
• Hiring Better Leaders: SpeySide’s edge comes from having “been there, done that” as former operators.
• Walk-Away Red Flag: Dishonesty or lack of transparency in due diligence.
• Industry Mistake: Relying on too many value levers—hope is not a strategy.

📚 Eric Recommends:

Books on economics, behavioral psychology, and sociology to better understand how people think and make decisions.

💼 Connect with Eric:

• LinkedIn: Eric Wiklendt
  
  
• Website: www.speysideequity.com
  
  

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

📍 Episode Overview:
Alex Rawlings welcomes Taavo Godtfredsen and Sam Allison, co-founders of Advantage CEO, to discuss insights from their two-year research study of over 50 private equity-backed CEOs who averaged 6.2x MOIC. They break down the habits, systems, and mindset that separate high-performing CEOs from the rest—and introduce their proven 5X CEO Model.

⏱️ Key Timestamps:

00:00 – Introductions
Taavo and Sam share their backgrounds and transition into executive coaching for PE-backed CEOs.

01:50 – Common CEO Mistakes

• Strategy gets stuck at the top
• Trying to do too much
• Holding onto average talent too long

04:30 – How Top CEOs Handle Talent

• Identify A-players for mission-critical roles
• Use litmus test: “Would I rehire this person today?”
• Design roles to be winnable, not overwhelming

09:00 – Quarterly Talent Reviews

• Simple red/yellow/green assessments
• Use of the Nine Box model for performance and potential
• Succession planning: Who’s ready now vs. in 1-2 years?

12:56 – Research Behind the 5X CEO Model

• 50+ CEOs and 25 PE leaders interviewed
• Focused on repeatable, values-based leadership
• 900+ years of combined PE experience

17:03 – The 5X CEO Model

1. Strategic Clarity – Clear, compelling vision beyond EBITDA
2. Scalable Talent – A-players in critical roles
3. Relentless Focus – Prioritize top value drivers
4. Disciplined Execution – Systems to track, adapt, and perform
5. Energized Culture – Engage employees to drive growth

25:38 – Practical Tools from Top CEOs

• Reverse Executive Session for feedback
• Blank Sheet Strategy to identify disruption risks
• Using AI to detect performance issues faster

29:47 – CEOs as System Designers

• Build systems that scale, not just solve problems
• Use tech and tools to extend leadership capacity

32:14 – Recommended Resources

• The 5X CEO (Taavo & Sam)
• Five Dysfunctions of a Team – Patrick Lencioni
• MOVE – Sandy Ogg
• The Private Equity Playbook – Adam Coffey

33:09 – How to Connect with Taavo & Sam
🌐 advantageceo.com

📧 taavo@advantageceo.com
| sam@advantageceo.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Note: The securities mentioned in this podcast are not considered a recommendation to buy or sell and once should not presume they will be profitable.

In this episode of The Private Equity Podcast, Alex Rawlings welcomes Scott Neuberger, Co-Founder and Managing Partner of Karmel Capital, a private equity firm investing in late-stage software and AI companies. Scott shares deep insights into how Karmel Capital leverages AI within its investment process, how they identify and evaluate late-stage tech businesses, and why they’re placing strategic bets in the infrastructure layer of AI.

Scott explains the firm's capital efficiency-focused strategy, how they rank companies, and what metrics truly distinguish iconic businesses from the rest. He also discusses how AI is transforming internal operations and why firms must go beyond the hype to truly implement impactful AI solutions.

Later in the conversation, Scott offers practical advice to portfolio company leaders on how to begin leveraging AI meaningfully—starting with labor-intensive areas like customer support. He finishes by outlining Karmel’s top-down investment approach to sectors like cybersecurity and why infrastructure plays offer value and growth.

Whether you're investing in tech, operating a portfolio company, or just curious about how AI intersects with private equity, this episode is packed with real-world insight.

⌛ Episode Highlights & Time Stamps:

00:03 – Introduction to Scott Neuberger and Karmel Capital
 01:00 – Scott’s journey: entrepreneur turned investor
 02:19 – The mistake of investing too early in venture capital
 03:47 – Why Karmel focuses on measurable, repeatable metrics
 04:45 – How they assess capital efficiency in tech companies
 06:41 – Key metrics and importance of experienced management teams
 08:38 – Evaluating human capital and talent within portfolio companies
 10:05 – Zooming out: The “mosaic theory” of identifying strong investments
 10:33 – How Karmel Capital uses AI internally for data collection & analysis
 13:22 – AI investing: why infrastructure is Karmel’s focus
 15:49 – Pick-and-shovel strategy: betting on infrastructure vs. applications
 17:44 – Advice for portfolio execs on where to begin with AI
 18:43 – Customer support as a high-impact AI use case
 21:09 – Navigating noise in AI investing: how Karmel decides where to play
 22:34 – Case study: AI in cybersecurity and the top-down analysis approach
 24:59 – The arms race in cybersecurity: AI on both offense and defense
 25:29 – Scott’s reading and listening habits (inc. 20VC podcast)
 26:56 – How to contact Scott

Connect with Scott Neuberger:
📧 Email: scott@karmelcap.com

🌐 Website: www.karmelcapital.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

🗣️ Guest: Carola Kamuff – Presentation Coach | Author of Quick Guide Management Presentation
🎧 Host: Alex Rawlings, Founder of Raw Selection

⏱️ Key Topics & Timestamps:

00:00 – Meet Carola Kamuff
Former M&A exec turned expert in coaching management teams for exit presentations.

01:54 – Why Communication Matters
Carola explains her shift from numbers to narratives and why people—not just slides—drive deal success.

02:49 – The Biggest Mistake
Teams often prepare too little, too late—focusing on slides, not delivery or messaging.

04:15 – Rehearsal ≠ Training
Rehearsals test flow. Training transforms behavior, delivery, team dynamics, and confidence.

06:41 – Crafting a Powerful Story
From stats to storytelling—how real examples bring presentations to life and increase credibility.

09:35 – Even Experienced Execs Benefit
Exit presentations are high-stakes. Even confident leaders gain clarity, alignment, and polish from coaching.

12:51 – Does it Really Move the Needle?
Yes—Carola shares a real example where coaching turned around investor perception and revived interest.

14:47 – High Impact, Low Time Commitment
Just a few focused sessions over weeks can significantly improve presentation outcomes.

16:14 – Three Keys to Success

1. Storyline that resonates
2. Cohesive team delivery
3. Objective, external feedback

18:38 – Carola’s Recommended Reads & Listens
📚 Resonate, Slide:ology, Talk Like TED
🎧 Think Fast, Talk Smart, The Moth
📘 German: Quick Guide Management Presentation by Carola Kamuff

20:05 – Connect with Carola
Find her on LinkedIn: Carola Kamuff

Key Takeaway:
Your management presentation can boost—or break—your valuation. Great slides aren’t enough. Confidence, storytelling, and preparation make the difference.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Jamyn Edis, digital transformation expert, former VC-backed CEO, and NYU professor. Jamyn shares actionable insights on using AI, data, and automation to drive performance across private equity firms and their portfolio companies.

From dynamic pricing models and A/B testing to agentic AI and accelerating product cycles, Jamyn explains how to cut through the hype, identify real opportunities, and turn AI into measurable value.

⏱️ Episode Highlights

00:00 – Meet Jamyn Edis
30+ years in consulting (Accenture), corporate (HBO, Take-Two), startups, and teaching at NYU. Focused on the intersection of tech, data, and private equity.

02:23 – Common Mistake in PE
Most firms treat data as plumbing, not strategy. Shift from backward-looking reporting to predictive and prescriptive analytics.

03:48 – AI That Delivers ROI
AI must be embedded into daily operations, not stuck in R&D. Productize, operationalize, and commercialize—or risk irrelevance.

05:15 – How AI Builds on Data
AI is powered by historical data but creates forward-looking insights. Use it to improve pricing, marketing, and operations.

06:42 – Case Study: Take-Two Interactive
Jamyn led data science initiatives to optimize pricing and marketing—replacing gut decisions with data-driven experimentation.

08:08 – AI as PE’s Next Value Driver
AI is the new operating system for PE. After leverage and digital transformation, the next edge is intelligence at scale.

09:31 – Advice to PE Firms
Skeptical? “Get out before the business gets out of you.” Overwhelmed? Start small, build prototypes, and focus on real use cases.

11:04 – Agentic AI in Action
Jamyn shares examples of cutting development cycles, boosting campaign ROI, and improving customer service with AI agents.

13:26 – From Problem to Prototype
Diagnose real pain points, create business and technical requirements, and build targeted AI tools that solve specific problems.

14:50 – AI Won’t Replace Humans, But...
Those who use AI will outperform those who don’t. Jamyn explains Jevons Paradox and why productivity leads to new jobs.

18:46 – How Jamyn Diagnoses Opportunities
Structured discovery process, stakeholder interviews, and clear roadmaps to identify where AI and tech can drive value.

22:10 – Every PE Firm Needs an AI Stack
Soon, AI tools will be as essential as data teams or web developers. Invest now in people, platforms, and processes.

23:06 – The Future is AI + Human Judgment
Firms that embed AI deeply—and pair it with operator judgment—will unlock the next generation of alpha.

24:21 – Jamyn’s Book: The Fifth Horseman
An exploration of how AI mirrors humanity and transforms the way we live and lead. AI is trained by us—and reflects us.

29:07 – What Jamyn Reads & Recommends
Books: The Hard Thing About Hard Things, Understanding Media
Podcasts: Pivot, Ezra Klein
TV: Succession – “Still the best corporate training program ever made.”

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Guest: Brian Gustason, Operating Partner at Craig Group
Host: Alex Rawlings, Founder of Raw Selection

🔍 Episode Summary:

In this episode, Brian Gustason shares practical insights on building scalable go-to-market (GTM) strategies for lower-middle-market, PE-backed companies. With over 25 years of operating and advisory experience, Brian explains how to move beyond traditional, backward-looking due diligence and implement forward-focused GTM strategies across marketing, sales, and customer success.

He walks through a real-world case study of transforming a $30M founder-led business—covering ICP development, sales process creation, lead qualification, and customer retention. Brian also discusses how marginal gains across key sales metrics (win rates, ACVs, churn) can compound into significant growth and how CEOs, sales leaders, and boards can drive accountability and execution.

⏱️ Timestamps:

00:00 – Brian’s background and role at Craig Group
 01:30 – Why traditional due diligence often fails to assess growth
 03:00 – Real-world GTM transformation of a founder-led distributor
 06:00 – Building ideal customer profiles (ICPs) and prioritising markets
 09:00 – Improving lead qualification and using pre-suasion techniques
 14:00 – Structuring an effective, trainable sales process
 17:30 – Playbooks, documentation, and AI tools to support sales
 20:00 – Importance of coaching and ongoing process evolution
 23:00 – Growth 2.0: Compounding small improvements across KPIs
 27:00 – Who owns GTM? Role of CEO, sales leaders, and the board
 29:00 – Brian’s content recommendation: The 80/20 Principle and his LinkedIn series

📚 Resources:

• Craig Group: www.craiggroup.io
• Connect with Brian on LinkedIn: Brian Gustason
• Book Recommendation: The 80/20 Principle by Richard Koch

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

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