Investors & Operators

Liz Weindruch breaks down what makes an AGM work from an LP’s perspective. The result is a practical, no-fluff guide for emerging managers planning their first or next AGM.Topics:Comms Best PracticesUse of Panels & PresentersAI & Technology DiscussionSwag StrategyWhat Makes an AGM Memorable...and so much more.Top TakeawaysDesign the AGM experience around LP value, not GP convenience. The meetings that stand out offer insights LPs can’t get from quarterly reports and meaningful face time with people they rarely interact with, such as operating partners, VPs on the deal teams, or former CEOs who’ve exited a business and want to do it again with the firm. Easy-to-reach locations matter, and portfolio “field trips” are a bonus when feasible.The best structure for AGM materials and portfolio updates. The strongest AGMs follow a clear arc: a concise firm update, current macro and sector context, and a disciplined walk-through of the portfolio. Macro commentary should always be tied to company-level impact. Portfolio deep dives should restate the original thesis, show what has changed since acquisition, and explain how capital structure, timelines, and return expectations have evolved.Swag: What LPs keep vs. what they toss. If you’re giving out clothing, assume it might end up at Goodwill. Fit is hard, branding is risky, and most items won’t get worn. Consumables almost always are a safe bet: high-quality, portable, and waste-free. The best swag ties back to a portfolio company or the firm’s ethos in a thoughtful way. If it feels generic, it probably is.About Liz WeindruchLiz Weindruch is a Managing Director on the Diversified Alternative Equity team at Barings, where she serves on the investment committee and leads global fund, co-investment, and secondary origination and underwriting. With 20+ years in private markets, Liz has reviewed and attended hundreds of AGMs across funds, vintages, and strategies, giving her a front-row view into what actually works from an LP perspective.About BaringsBarings is a global investment management firm headquartered in Charlotte, North Carolina. The firm manages $480B+ across public and private markets—including fixed income, real assets, and alternatives—for institutional, insurance, and intermediary clients across North America, Europe, and Asia Pacific.

Topics:“99% Right Is 100% Wrong” MindsetMaximizing Outcomes in a Sale ProcessPost-Close Seller Regrets...and so much more.Top TakeawaysMake your first deals your brand. Matt emphasizes that early deals define how the market sees you and become proof of your standards and the caliber of clients you can win. That’s why it pays to set a clear bar for what you’ll take on: deal quality, counterparty strength, and your ability to run a clean process.Build an advisory board with a clear purpose. Matt notes that advisory boards only create value when you’re clear on what you want from them At Edgeview, advisors were brought in for credibility, introductions, and high-level guidance. That clarity kept the relationship lightweight and efficient. Decide early whether you need a stamp-of-approval and network board with periodic check-ins or an operator board that requires heavy preparation and greater accountability.Private business owners: not every great outcome is a sale. The best path forward might be a recap, a minority partner, or a keep-and-grow strategy with the right buyer. Before going to market, owners should align on liquidity needs, legacy goals, leadership succession, and employee impact. That clarity reframes value from price alone to after-tax outcomes and long-term fit.Mid-level bankers: don’t get stuck as “the execution person.” If you don’t build a revenue lane, you’ll never leave the trenches. The bankers who create real leverage carve out a clear wedge—a vertical, sponsor set, buyer niche, or unique POV—and spend real time developing deal flow and ideas, not just executing.About Matt SalisburyMatt Salisbury has built, scaled, and exited two successful investment banking firms over a 25+ year career, advising on 100+ M&A and strategic transactions primarily for private business owners. Matt launched EVP Strategic Advisors to focus on helping entrepreneurs navigate complex strategic decisions with clarity and confidence.About EVP Strategic AdvisorsEVP Strategic Advisors is a boutique advisory firm dedicated exclusively to privately held and family-owned businesses. Rather than pushing owners toward a transaction, EVP helps founders clarify their long-term goals, evaluate strategic options, and maximize outcomes across growth, liquidity, and legacy.

Topics:How Sponsors Communicate EfficientlyWhat Investors Look For in First CallsLower Middle Market Buy-and-Build Strategies...and so much more.Top TakeawaysMatch your capital partners to your stage of maturity. Grant notes that choosing the right capital partner upfront prevents misalignment and speeds your path forward. For example, early sponsors gain the most by co-sponsoring with seasoned PE funds to learn what “good” looks like. Sponsors aiming to raise a future fund need co-investors who protect attribution and let them build a clean track record. Lead with the value you’ll create, not the deal you found. Grant sees it all the time: independent sponsors spend 45 minutes on deal mechanics and leave only a few minutes on the plan that actually drives returns. It’s backwards. Investors care far more about the growth thesis, the value levers, the M&A roadmap, and why you are the right person to execute it. VOC + Market Mapping is the new standard for top sponsors. Grant expects more sponsors to invest in structured market studies, especially voice of customer to validate why the company wins, and market mapping to define the actual M&A universe. Most sponsors talk about add-ons, but few can prove how many targets exist, which ones fit, or whether sellers transact. Investors back the sponsors who can quantify this, not just claim it.About Grant Kornman Grant Kornman is a former independent sponsor with more than a decade of experience buying and growing lower-middle-market companies. He co-founded NCK Capital and built a track record across multiple sectors through disciplined investing and operator-level execution. As a Partner at Align Collaborate, Grant brings a sponsor-first approach to equity shaped by a deep understanding of what independent sponsors need to execute and create value.About Align CollaborateAlign Collaborate is an equity partner purpose-built for independent sponsors. Launched by Align Capital Partners in partnership with Grant and Michael Kornman, the firm provides fast, flexible equity for lower middle-market buyouts. Their model is designed around the realities of the IS ecosystem: clean attribution, quick decisions, tailored structures, and the option to leverage ACP’s operational resources.

Topics:Emotional Highs & Lows of FoundersWhy Hire Above Your Skill SetLearning to Spot Opportunities...and so much more.Top TakeawaysFounders: Build a culture of cheap experiments and fast iteration. The first version of BluWave was a platform people liked in theory but hated in execution. That’s when the team leaned on Jim Collins’ “bullets before cannonballs” approach: test small, validate, then scale. Sean ran a series of low-risk experiments to see what actually worked before committing resources. By iterating quickly and scaling only what the market proved out, BluWave went from zero traction to the 2021 Inc. 5000 list of fastest-growing PE firms.Ask for help before you hit a wall. Sean nearly shut the business down because he tried to solve everything alone. Jordan saw the same thing: real breakthroughs only happened after admitting he was stuck. For founders, isolation is dangerous. Build a habit of pulling in outside perspectives early to shorten cycles, avoid blind spots, and make better decisions.Train your brain to see opportunity, not risk. Sean’s team uses the “red car theory”: whatever you train your brain to look for (red cars, opportunities, inefficiencies), you’ll start noticing them everywhere. Most people default to scanning for risks. Great operators do the opposite and train their attention toward leverage points. Practice that habit long enough, and it becomes a real advantage.About Sean MooneySean Mooney is the Founder and CEO of BluWave, a market network built for private equity. After two decades as a PE partner, he left a stable career to solve a recurring bottleneck he saw firsthand: the difficulty of finding reliable, high-quality third-party resources quickly. Today, BluWave serves hundreds of firms and their portfolio companies.About BluWaveBluWave is a Nashville-based platform that connects private equity firms and their portfolio companies with vetted third-party resources for diligence, value creation, and preparation for sale. It combines a curated network with a high-touch matching process to help teams find the specialists they need quickly and reliably.

Topics:Early Fundraising MistakesCulture of Constructive DebateUsing Data for Value Creation ...and so much more.Top TakeawaysSimplicity is a fundraising advantage. New managers often try to stand out with creative structures or mixed strategies. Instead, make it easy for investors to say “yes”: standard 2/20 terms, one defined strategy, three memorable differentiators, and an ongoing dialogue with investors. Predictability builds trust—and trust raises funds.Healthy debate drives better decisions. Rotunda’s culture is built on one principle: “Disrespect the idea, respect the colleague.” Every voice—associate or senior—is encouraged to challenge assumptions and pressure-test deals, but never the person presenting them. And if alignment isn’t there, the deal is dropped. Forcing a divided deal almost always costs more than the opportunity lost.Strategy maps make execution measurable. Before closing a deal, Rotunda aligns with management on a 3- to 5-year vision, defining success through clear EBITDA targets, growth priorities, milestones, etc. Post-close, that strategy map becomes a living document reviewed monthly and used to guide board discussions. Every new opportunity is tested against it. If it’s not on the map, it waits unless the team agrees to revise the plan. The result is sharper alignment, disciplined execution, and fewer “shiny object” distractions.Execution creates optionality. John’s mantra “Get Sh*t Done” captures his belief that motion beats perfection. At Rotunda, that mindset led to bold experimentation: hiring data scientists before it was common, testing new pricing models, and launching analytics projects. Every executed idea broadens perspective and adds insight. Stack enough of them, and you create optionality. About John FruehwirthJohn Fruehwirth is the Managing Partner and co-founder of Rotunda Capital Partners. With 20+ years of experience across debt and equity investing, he’s built a reputation for pairing disciplined execution with data-driven decision-making. Fruehwirth champions a hands-on, collaborative approach, focusing on operational improvement, culture, and measurable value creation.About Rotunda Capital PartnersRotunda Capital Partners is an operationally-oriented private equity firm that partners with founder- and family-owned companies in the lower-middle market. They focus on value-added distribution, asset-light logistics and service-oriented industrial sectors, employing a model built around people, process, technology and data to drive sustainable growth.

Topics:How to Prepare for a SaleCustomer Diversification as a Growth LeverImportance of Board Culture...and so much more.Top TakeawaysKeep leverage in check for stability. In the ImpactXM deal, David’s team held the company for 10 years and achieved a 21x ROI. When COVID hit, low leverage and a diversified service mix kept the business alive. The lesson for independent sponsors: don’t overextend just to win a deal. A strong balance sheet and disciplined cash management create the runway to survive shocks and capture long-term upside.Get the books in order before diligence. David explains that many deals fall apart because sellers aren’t prepared. Independent sponsors should push for clean reporting, monthly closes, and 13-week cash flows. These basics streamline diligence, build investor confidence, and keep management focused on running the business.Board culture can drive exponential growth. Founder-led businesses often lack formal boards. Independent sponsors can add immediate value by instituting structured board meetings. Simple steps, like setting agendas, tracking follow-ups, and standardizing reporting, can shift a company from reactive to strategic and set the stage for growth.About David AcharyaDavid Acharya is the Managing Partner of Acharya Capital Partners, leading the firm’s investing, strategy, and operations. With 25+ years of investing and transaction experience, he’s known for hands-on value creation. He began his career in investment banking at JPMorgan Chase and Toronto Dominion, where he helped raise $18B+ across telecom, media, consumer, and financial sectors.About Acharya Capital PartnersAcharya Capital Partners (ACP) is a New York–based independent sponsor firm specializing in lower middle-market investments. The firm partners with founders and management teams to drive growth through disciplined buy-and-build strategies, operational enhancements, and professionalized governance. ACP focuses on companies in technology, media and telecommunications, marketing services, and light manufacturing, typically with $3–20 million of EBITDA.

Topics:Thematic Sourcing for Better DealsHow to Fortify the Foundation Post-ClosePeople & Culture as a Value Driver...and so much more.Top TakeawaysBuild a data-driven foundation. Eliot and Jordan agree it’s impossible to manage what you can’t measure. In the first 120 days, Broadwing focuses on defining key KPIs, setting a reporting cadence, and creating a single source of truth for data. This alignment between hard data and management’s intuition drives smarter decisions on sales, costs, and growth. Put people at the center of value creation. Broadwing Capital believes the people inside portfolio companies are the true foundation of growth. That’s why culture should be valued as highly as financial performance. Their mantra—“Onsite early, onsite often”—reflects a hands-on approach where building meaningful relationships accelerates execution.Lead with humility. In an industry known for confidence and control, Broadwing makes humility a core value. They emphasize listening to operators, learning from management teams, and recognizing that sector expertise often runs deeper inside the portfolio company than at the fund. That mindset builds trust and strengthens partnerships.About Eliot KerlinEliot Kerlin is the Founder & Managing Partner at Broadwing Capital, where he leads deal origination and works closely with management teams post-acquisition to deliver transformative results. Active in private equity since 2000, he brings extensive experience in M&A, corporate strategy, performance improvement, and value realization through sales, public offerings, and dividend recapitalizations.About Broadwing CapitalBroadwing Capital is a Dallas-based private equity firm targeting North American companies with $5–30 million in EBITDA. The firm focuses on founder- and family-owned businesses, providing both capital and operational expertise to accelerate growth. Its hands-on approach emphasizes culture, collaboration, and community impact to build more sustainable companies.

Topics:Fundraising Lessons from a $1.6B FundA Carve-Out Playbook That ScalesWhy You Need a One-Page Strategy...and so much more.Top TakeawaysKeep strategy simple. Instead of 50-slide strategy decks, Chris insists on a one-pager with two to four clear priorities. Every team member, from associate to partner, should be able to recite them. Simplicity drives alignment and execution.3 actionable tips for hiring executives. First, focus on three traits: intelligence, hustle, and the ability to lead. Second, use third-party assessment tools to better evaluate candidates. Third, test humility in real life. At Pacific Avenue, that means taking candidates out to a meal and watching the small interactions. If someone can’t treat people well in everyday settings, they won’t be a good leader inside the company.Make it safe to fail, so you can win consistently. Pacific Avenue’s rule: surface mistakes quickly, fix them, and move on. In fundraising, it’s asking for genuine feedback when LPs push back and refining the pitch. In operations, it’s changing course when a carve-out plan isn’t working. As Chris puts it, “It’s okay to be wrong. It's not okay to stay wrong.”Look at the past to plan the future. When assessing carve-outs, Pacific Avenue starts by asking: What did this business look like before the corporate parent? Often, it was a strong, growing standalone that later got deprioritized. That history matters because if the business thrived once, there’s a strong case it can thrive again with the right strategy.About Chris SznewajsChris Sznewajs is the Managing Partner and Founder of Pacific Avenue Capital Partners. A veteran investor in complex carve-outs and special situations, he brings decades of experience in private equity and operational turnarounds. Before launching Pacific Avenue in 2018, he was a Principal at The Gores Group and began his career in Bain & Company’s restructuring practice. About Pacific Avenue Capital PartnersPacific Avenue Capital Partners is an LA-based private equity firm focused on middle-market carve-outs, corporate divestitures, and other complex situations. The firm works hand-in-hand with management teams to unlock value through operational improvements and growth strategies. With the rapid close of its $1.6B Fund II in under four months, Pacific Avenue now manages over $3.8B in AUM.

Topics:What to Prioritize in Your First DealHow to Vet Founder-Led CompaniesCapital Trends for Independent Sponsors...and so much more.Top TakeawaysBet on grit, not credentials. Dan jokes that both Jordan and Douglas had terrible business ideas when he first met them, but he backed them anyway for their grit and drive. Douglas echoes the same philosophy in his hiring practices. It’s not about Ivy League degrees, but how people show up when things go wrong. Character under pressure beats credentials on paper.Desperation ruins deals—discipline builds reputations. Dan shares how the pressure to close your first deal can cloud judgment. When you're afraid of spooking the seller, it’s tempting to rush diligence and ignore red flags. But one bad deal can damage your reputation for years. His advice: slow down, validate the opportunity, and don’t let emotion override your standards.It's never too early to address gaps. Douglas explains that waiting until after close to address gaps—like ERP systems implementation or CFO hires—can create unnecessary delays. Instead, start those workstreams during diligence. It sets clear expectations, secures buy-in from sellers, and ensures you hit the ground running from day one.About Douglas SongDouglas is the Managing Partner at Prodos Capital and a veteran independent sponsor with decades of experience in restructuring and lower-middle market buyouts. He focuses on founder-led businesses with strong cash flow and growth potential. Douglas was raised in a South Korean immigrant family of entrepreneurs—an experience that shaped the values he brings to his work today.About Prodos CapitalProdos Capital is a New York–based private investment firm operating under the independent sponsor model. It acquires and grows lower middle-market companies with strong cash flow and sustainable advantages. The team partners with management, capital providers, and operating partners to build long-term value without the constraints of a committed fund..About Dan LeeDan Lee is a seasoned investor and operator with experience in private equity, investment banking, and advisory. He recently started his own firm dedicated to serving the independent sponsor community. Dan brings a people-first approach grounded in collaboration, trust, and long-term partnerships.About Pin High StrategiesPin High Strategies is a boutique merchant banking and advisory firm that works with independent sponsors and founder-led businesses. Its services cover the full deal lifecycle, including sourcing, due diligence, structuring, execution, and post-close value creation.

Topics:Hybrid Model: PE + Search FundA Strong Operator ProfileEquity & Structure in Operator Deals...and so much more.Top TakeawaysSuccession is one of the biggest overlooked opportunities in the lower middle market. Over 50% of small business owners in the U.S. are nearing retirement age, but many lack a clear succession plan. For investors and operators, that’s an opportunity. Firms like Novastone Partners are targeting founder-owned businesses with $15M–$40M in enterprise value, where the right leadership transition can unlock serious value.Founders trust operators who’ve walked in their shoes. Founders want someone they can trust to take over. That’s why industry veterans often have an advantage. Operators in their 40s or 50s, with 20+ years in the same industry, can have peer-to-peer conversations with sellers from day one. They’re seen as real successors, not just financial buyers.The search will test you more than the acquisition itself. The search phase is where most aspiring buyers drop off. It’s long, unstructured, and full of dead ends. Even great operators can struggle if they underestimate how different sourcing is from leading. Don’t go it alone. Look for models like Novastone’s that offer salary, hands-on deal support, and a team to help with sourcing, outreach, and diligence. About Maxwell TaylorMaxwell Taylor is Managing Director at Novastone Partners, where he leads operator selection, platform development, and deal execution. With a background in private equity and experience working with mid-career executives, Max helps bridge the gap between operators and business ownership. About Novastone PartnersNovastone Partners is an operator-led buyout firm focused on solving the succession crisis in the lower middle market. The firm backs experienced industry executives to acquire and grow founder-owned businesses with $15M–$40M in enterprise value. Since 2020, Novastone has backed over 70 operators and closed 24+ acquisitions.

Topics:Founder Misconceptions About PEFriction Points in Integration Signs a Business Is M&A-Ready...and so much more.Top TakeawaysRoll-ups require a clear playbook or you’ll struggle to scale. Justin shares that Agellus Capital targets fragmented, non-discretionary markets and looks for add-ons with high recurring revenue and complementary services. Without clear acquisition criteria, you risk stitching together unrelated businesses with no strategic fit. That leads to operational headaches, zero synergies, and a portfolio that’s tough to grow or sell.Integration fails when PE firms underestimate founder attachment. Every founder thinks their playbook is the gold standard, which makes cultural and operational alignment tough. Justin warns that without early investment in rebranding, leadership clarity, and shared values, resentment builds fast and integration risks becoming a post-close drag on value.Want to sell in 12–24 months? Focus on building a business that runs without you. Justin explains that to attract private equity buyers, founders need to nail three critical areas before pursuing M&A: scalable systems, consistent and defensible EBITDA, and a strong leadership team that doesn’t rely on the founder. Without these, you’re not selling a business—you’re selling your job.About Justin SmithJustin Smith is Managing Director and Head of Business Development at Agellus Capital. With 13+ years of experience in private equity, M&A advisory, and investment management, he leads the firm’s deal sourcing and relationship-building efforts. In 2025, he was named a “Private Equity BD Professional to Watch” by ACG.About Agellus CapitalAgellus Capital is a lower-middle-market private equity firm focused on essential, non-discretionary services in fragmented industries. The firm targets businesses with $2M–$20M of EBITDA and employs a disciplined buy-and-build strategy. Backed by a $400M debut fund, Agellus is actively scaling platforms across the U.S. through strategic acquisitions.

Topics:Pre-LOI: How Independent Sponsors Win DealsLOI Execution: Structure, Risks, MistakesGood vs. Bad Post-LOI DiligenceWhat Attracts and Repels Capital...and so much more.Top TakeawaysRollover is your edge against strategics. Strategic buyers often can’t offer it. Independent sponsors can—that’s your edge. Typical range is 10–40%, and when structured well, the second bite can be worth more than the first. It aligns incentives, keeps sellers engaged, and shows you’re building with them instead of just buying them out.An LOI isn’t a victory if it’s not fundable. Signing an LOI with mispriced risk, unrealistic earnouts, or soft terms might feel like a win, but it’s not fundable. Capital partners will walk, and worse, re-cutting terms after signing can fracture trust with the seller. John’s advice: pressure-test your LOI with capital providers before it reaches the seller’s desk. Call out red flags early—or risk killing the deal later. Strong diligence starts with a clear timeline, experienced advisors, and structured checkpoints to raise red flags before they become roadblocks. John warns that bad diligence often means avoiding tough conversations about risk. If you're not surfacing problems early, you're setting yourself up for failure post-LOI.Stay exit-ready from day one post-close. Even if you’re planning to hold for five years, act like you’ll sell in two. That means clean financials, documented systems, and clear growth metrics. You never know when the perfect buyer will come knocking. The sponsors who are prepared are the ones who cash in early.Choose advisors who know the IS model, not just deals in general. John shares that many first-time independent sponsors make the mistake of hiring advisors who don’t understand the nuances of independent sponsor deals, like capital stack structuring or running a capital raise alongside diligence. Look for professionals who have worked on multiple independent sponsor transactions and understand the pressure points before and after the LOI.About John KoeppelJohn Koeppel is a Partner at Lippes Mathias, where he leads the firm’s Private Equity and Independent Sponsor practice. With 25+ years of experience, John has structured and closed 250+ deals ranging from $5M to $250M+. His work has earned recognition from Best Lawyers in America, Chambers USA, and Super Lawyers.About Lippes MathiasLippes Mathias is a full-service law firm that advises independent sponsors, family offices, and institutional investors throughout the full lifecycle of a transaction—from LOI to exit. Known for its deep transactional experience and business-first mindset, the firm is a trusted legal partner to dealmakers across the lower middle market and beyond.

Topics:3 Pillars of Growth for Small BusinessesHow to Assess Exit ReadinessTypes of Founder Transitions in PE Deals...and so much more.Top TakeawaysNot all revenue is worth the risk. Jordan shares how 51 Labs landed a $150K recruiting project—but was it smart expansion or just a distraction? Greg’s rule: If an opportunity adds complexity without strengthening your core, it’s a no-go. Instead, focus on adjacent services that deepen customer relationships.Incentives only work when they’re simple and tied to reality. At Argosy, the bonus system relies on two main principles: First, the company must meet a minimum profitability threshold; then, individual bonuses are paid based on specific, trackable KPIs. In smaller businesses, every hour and dollar counts, and your incentive structure should reflect that.You can’t scale what you haven’t stabilized. Founders rush into M&A for growth, but Greg warns: You can’t build the second floor before reinforcing the foundation. Most $1–3M EBITDA companies still lack robust finance, sales, and operations functions. Without those, acquisitions don’t create leverage—they multiply chaos.About Greg MayerGreg Mayer is a Partner and Head of Portfolio Operations at Argosy Healthcare Partners. A former U.S. Marine Corps Armor Officer turned private equity operator, he works hands-on with leadership teams to drive operational improvements and maximize shareholder value.About Argosy Healthcare PartnersArgosy Healthcare Partners is a private equity firm focused on founder-owned healthcare businesses in the lower middle market. Specializing in control transactions, the firm partners with leadership teams to preserve culture, reinvest in operations, and drive sustainable growth.

Topics:Why Sellers Walk Away Last MinuteHow to Avoid Post-Sale RegretWhy Early Exit Planning Matters...and so much more.Top TakeawaysSelling a business is more than just a transaction. Most owners think they’re ready to sell—until they realize they’re walking away from more than just a company. Their business has been their routine, their problem to solve, their social circle, and their purpose. Without it, what gets them out of bed in the morning? That uncertainty breeds fear and hesitation, leading sellers to unconsciously derail deals with impossible demands. Denise emphasizes that the smoothest exits are both financially prepared and emotionally planned.M&A needs a human touch. For many owners, selling a business isn’t just a transaction. It’s letting go of something they built, nurtured, and sacrificed for. Yet, M&A language couldn’t be colder. Getting a “tombstone” to mark the sale can feel tone-deaf to someone selling their life’s work. Denise and Jordan agree: a little empathy, thoughtful communication, and recognizing the emotional weight of an exit can make the seller feel respected and understood.The key to a happy exit? Planning early. Most owners wait too long to think about selling—until burnout, personal changes, or an unexpected offer forces a rushed decision. The happiest exits happen when owners plan years in advance. Denise advises starting with two key steps: define what a successful exit looks like for you and identify what work provides beyond money. The sooner you know what you’ll need to replace, the smoother the transition will be.About Denise LoganDenise Logan knows what keeps business owners up at night. A former lawyer, mental health professional, and entrepreneur, she helps founders navigate the emotional side of selling their businesses. Her bestselling book “The Seller’s Journey” explores why owners struggle to let go and how advisors can help them transition smoothly.

Topics:5-Element Hiring FrameworkHiring for Attributes vs. ExperienceMoneyball Thinking for Smart Hiring...and so much more.Top TakeawaysWhat happens when you work and lead with passion?Vern and Michael emphasize that passion is crucial for both business success and leadership. Passion keeps teams committed through challenges and drives both personal and professional growth. For leaders, it means embracing a growth mindset, being open to feedback, and fostering team development. Passion is just one element in Vern’s hiring framework—and a key predictor of success.Scorecards help you hire without the guesswork. Hiring practices often rely on gut feelings, making them prone to bias. Michael advocates using scorecards with measurable criteria like technical skills, cultural fit, and soft skills, along with clear performance expectations. This approach makes it easier to assess candidates objectively and sets the stage for accountability. When new hires understand what’s expected, they can focus on the right things to succeed in the role. When paying more helps small businesses scale faster. Vern and Jordan acknowledge that small and medium-sized businesses often hesitate to offer higher salaries. But hiring top-tier talent for critical roles is an investment in expertise that can drive results quickly. This aligns with Michael’s Moneyball approach to hiring. Just as the Moneyball thinking in baseball focuses on overlooked metrics to build a winning team, in business, the idea is to invest in key roles that might be costly upfront but will have outsized returns over time.About Vern DavenportVern Davenport is a partner at QHP Capital, a growth equity firm focused on healthcare, life sciences, and technology. He has held executive leadership roles at Misys Healthcare, Medfusion, M*Modal, and Allscripts, specializing in business transformation and operational execution. Vern is also one of the creators of The Management System, a structured framework for scaling businesses.About Michael CurryMichael Curry is the co-chairman and co-CEO of Lullwater & Co., an investment firm specializing in entrepreneurship through acquisition. A search funder turned investor, he is an experienced operator in the healthcare space. Michael scaled a healthcare services company through M&A and is now focused on building the next stage of his investment firm.DisclaimerThe opinions expressed herein are those of QHP Capital, L.P. (“QHP Capital”) and are subject to change without notice. Past performance is not indicative of future results. QHP Capital is a registered investment adviser with the U.S Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

Topics:How to Free Up Leadership BandwidthThe Power of Mission, Vision & ValuesPitfalls in Implementing The Management System...and so much more.Top TakeawaysWant more freedom? Get more structure and discipline. Many founders resist structure, fearing it will slow them down. In reality, a well-defined system brings clarity, accountability, and autonomy. As an SMB founder, Michael knows firsthand that clear roles and a problem-solving framework allow companies to move faster and focus on growth instead of firefighting. Vern describes The Management System as liberating. It removes dysfunction and unnecessary complexity, creating an environment where talented people can thrive.Middle management is the backbone of scalable companies. Great companies scale by empowering middle management, not by keeping decisions at the top. The Management System ensures that middle managers understand the bigger vision, their role in achieving it, and how their success is measured. And if someone resists this level of accountability and transparency, the system reveals it fast. Efficient teams track fewer metrics—and get more done. Vern suggests ditching 50-slide reports for clear, actionable tools. Tracking sheets keep teams focused on 10 or fewer key metrics—green means you’re on track, red means it’s time to act. Tools like the A3 condense problem-solving into a one-page plan outlining the issue, root cause, and next steps. With these tools, teams leave meetings not just informed, but aligned and ready to execute.Teamwork makes the dream work. Podcasts and books often highlight solo journeys to success, but Michael emphasizes that true success comes when a team unites for something bigger than themselves. What matters more than personal wins is a shared mission and a willingness to support each other through the highs and lows. When a group shares that purpose, success follows naturally.Recommended Reads from This Episode“Accelerating Growth” by Vern Davenport: Unpacks how a structured system can help companies scale by improving execution, accountability, and leadership alignment.“Getting the Right Things Done” by Pascal Dennis: Teaches how to apply lean management principles to eliminate inefficiencies.“The Founder’s Dilemma” by Noam Wasserman (Harvard Business Review article): Explores the trade-off between control and financial success that founders face as they scale.About Vern DavenportVern Davenport is a partner at QHP Capital, a growth equity firm focused on tech-enabled life sciences and pharma services. He created The Management System, a structured framework designed to scale businesses. With executive leadership experience at Misys Healthcare, Medfusion, M*Modal, and Allscripts, Vern specializes in business transformation and operational execution.About Michael CurryMichael Curry is the co-chairman and co-CEO of Lullwater & Co., an investment firm specializing in entrepreneurship through acquisition. A search funder turned investor, he is an experienced operator in the healthcare space. Michael scaled a healthcare services company through M&A and is now focused on building the next stage of his investment firm.Disclaimer:The opinions expressed herein are those of QHP Capital, L.P. (“QHP Capital”) and are subject to change without notice. Past performance is not indicative of future results. QHP Capital is a...

Topics:How to Avoid Mid-Career BurnoutConfusing Activity with ProductivityBuilding Mental Resilience Through Endurance...and so much more.Top TakeawaysWrite your own eulogy to reframe success. Professionals often hit a mid-career plateau where work feels less fulfilling. Kevin shares practical exercises to help reframe your purpose. One standout is the "Tombstone Exercise": write what you'd want on your tombstone or in your eulogy. This helps separate transactional accomplishments from transformational impacts. After all, most people want to be remembered as a good father, husband, mentor, or community leader—not just a top-performing MD.Energy management beats time management. Time is finite, but energy can be optimized. Kevin, Marc, and Jordan agree that true productivity doesn’t come from packed calendars or inbox zero. It comes from understanding when and how your energy peaks and protecting it for the moments that matter most—like deep work sessions or family time. Try this: audit your schedule for the next week, identify your high-energy hours, and reserve them for your most important tasks.The Dirt Bike Rule: How to navigate through life’s toughest ruts. When you hit a professional or personal rut, sometimes the best approach is to stay put. Marc uses a dirt bike analogy: on a rough trail, gripping the handlebars too tightly or forcing your way out often makes things worse. Stay loose, focus on the process, and ride it out. Moments like these build the patience, resilience, and perspective you need for long-term success.Recommended Reads from This Episode“Never Enough” by Mike Hayes: Reframes success as aligning your life with a deeper mission rather than endlessly chasing more.“Happier” by Tal Ben-Shahar: Explains how balancing present enjoyment with future purpose leads to greater happiness.“Deep Work” by Cal Newport: Teaches how to structure your time for focus, creativity, and high-impact work.“The Psychology of Money” by Morgan Housel: Challenges the idea that wealth is about income, emphasizing control over time instead.“The Comfort Crisis” by Michael Easter: Explores how embracing discomfort—rather than fighting it—can lead to growth.About Kevin StarkKevin Stark is a former Navy SEAL with 20+ years of experience, including time as a BUD/S instructor. Now a leadership coach, speaker, and ultra-endurance athlete, Kevin brings the same grit and mental toughness from his military career into his coaching. His programs help people reconnect with their core values and find meaning in the work they do every day.About Marc CabreraMarc Cabrera is a former investment banker with 25+ years of experience, including multiple PE exits and board positions. After a successful career on Wall Street, Marc stepped away from finance to focus on family, community, and personal growth. He now serves as a volunteer firefighter and uses his experience to mentor others. 

Topics:Why PE Should Hire VeteransNavigating the Challenges of Growing CompaniesHow Mentors Play a Role in Breaking into PE...and so much more.Top TakeawaysWhat do your company and a brontosaurus have in common? As businesses grow, founders often struggle with transitioning from generalist roles to more focused leadership. Professor Carter Cast’s HBR article describes the Dinosaur Diagnostic that uses the brontosaurus' long neck to illustrate the growth curve. This diagnostic helps you pinpoint when it’s time to hire functional experts and stick to just your leadership hat. Understanding when and how to make this shift is essential for setting a company up for scalable success.Acquisitions often stumble when integration begins. To avoid the "merger of equals" trap, establish clear leadership early, define KPIs, and integrate companies under one unified identity. Without proper management and measurable goals, acquisitions risk chaos, with overlapping teams and conflicting cultures. A dedicated integration team ensures smooth execution and helps keep everything on track.Tip for transitioning veterans: start early and build a strong network. Transitioning from military to civilian life takes planning, so start at least a year in advance. Also, a mentor can make the process smoother by providing guidance and industry insights. In mentoring sessions, be ready to connect your military skills to civilian roles and ask thoughtful questions that show your genuine interest in the industry. With the right support, veterans can thrive in finance, offering fresh perspectives and strong leadership.About Paul W. Swaney IIIPaul W. Swaney III is a seasoned industrials investor and founder of Swaney Group. His diverse background spans military service in the U.S. Navy, roles at McKinsey & Company, and Amazon. Paul is passionate about supporting veterans transitioning to civilian careers through initiatives like SkillBridge. He is also the host of the LeverUp podcast, a community dedicated to demystifying banking, consulting, and PE for young professionals.About Swaney GroupSwaney Group is a private equity firm with a focus on the industrial sector. The firm revitalizes struggling businesses and enhances successful ones through its proprietary Swaney Group Operating System (SGOS). SGOS optimizes management, tech systems, and culture to maximize value for both portfolio companies and investors.

Topics:2025 US Economic OutlookTransparency in Managing Investor MoneyWhen Hesitation Costs More Than Failure...and so much more.Top Takeaways“First loss, best loss”—why smart investors (and leaders) know when to cut bait. Know when to cut your losses and move on fast. One of Sal’s main investing principles: first loss, best loss. He never doubles down on or gets emotionally attached to a losing investment. If the market signals he’s wrong, he exits. The same goes for leadership—holding on to bad hires, failing strategies, or misaligned partnerships can cost you more in the long run. The best investors think like elite athletes. Always think multiple steps ahead. Sal compares investing to sports—the best players anticipate, not just respond. Like a second baseman reading the game before the ball is hit, great investors and leaders plan for every possible outcome, including the worst. AI and tech help, but in the end, success comes from decisiveness, adaptability, and trusting your process.Trust is built in tough moments. Be upfront, especially when things go wrong. Managing other people’s money is a big responsibility—families and futures are on the line. Sal and Jordan agree that communicating openly and quickly earns trust that lasts far beyond a single deal. Because people may forget what you said, but they’ll always remember how you made them feel.About Sal NaroSal Naro is a seasoned leader with 4+ decades of experience. As Chief Investment Officer and Senior Managing Director of Coherence Credit Strategies at Tiptree Advisors, a division of Tiptree Inc., he has led high-performing investment teams and strategies. Most recently, he oversaw a top-performing liquid long/short credit hedge fund that has earned multiple accolades for its success.

Topics:Common Challenges for CEOsHow to Empower Teams to Take OwnershipHaving an Athlete Mindset in Business...and so much more.Top TakeawaysAdapt skills to scale. In the early days, success often comes from being hands-on and wearing multiple hats. But as the business grows, Jared points out that leaders need to evolve their skill sets and shift focus from execution to strategy. It’s not always easy to let go of control, but if you don’t, you risk becoming the bottleneck in your own business. Scaling isn’t just about growing the company—it’s about growing as a leader.Set clear priorities and goals to stay focused. Jordan shares how a culture focused on delivering commitments—rather than chasing every shiny object—keeps his team on track. Jared adds that defining goals as an “X on the map” gives everyone direction. This clarity cuts down on the stress of constantly shifting focus and ensures resources are used wisely to deliver consistent results.Sustain performance with predictable systems and routines. Just like endurance athletes rely on cycles of intensity and recovery, businesses thrive on consistent systems and routines. Jared and Jordan agree that clear workflows and documented processes empower teams to take ownership and keep things running smoothly, especially during periods of growth or leadership changes.