The Private Equity Podcast, by Raw Selection

Mentored by a Billionaire: How to Invest, Create Value and Exit at the Right Time

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

BC Partners’ Former CIO: When to Sell, What Creates Value and Where Private Equity Goes Next

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

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The REAL Cost of Fear, Ego and Slow Decisions in Private Equity

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

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How Private Equity Firms Can Build a Scalable Go-to-Market Engine

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

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Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co

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

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How a PE-Backed CRO Drove 4x Revenue Growth

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

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Building Professional Services Firms for Growth: Private Equity, Acquisitions and AI

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

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How the Best Companies Design and Deploy a Scalable Sales Engine

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

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How Private Equity Is Investing in Founder-Led Software Businesses

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

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Insights into the Private Equity Lower-Middle Market

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

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Building Value Through Carve-Outs, Operational Transformation and AI

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

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$465M Exit and how to get to the top 5% in US Buyouts

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

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From Warby Parker to Diapers.com: David Bell on Consumer Brand Success

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

Are law firms ripe for Private Equity investment

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

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Why Most PE-Backed Companies Are Invisible to AI Search

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

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How to manage the priorities between the executive team and the investor

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

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The Hidden Mistakes Killing PE Value (And How to Fix Them)

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.

From Founder to Three Exits Building a Services Company and Selling to Private Equity

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.

A different approach to Private Equity with Michael Arrieta

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.

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How to Drive Organic Growth in a Private Equity Backed Company

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.

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