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 TakeawaysWhy 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.Timestamps00:00 Paul’s background and the launch of Isaac Management01:27 A permanent-capital approach without a traditional PE fund02:24 The biggest acquisition mistake: overleveraging04:50 Deal trends across the lower middle market06:46 The valuation gap between buyers and sellers08:39 Tariffs, financing costs and portfolio-company pressure11:05 Chief Outsiders12:32 Building an investment firm without institutional backing15:28 From the search-fund concept to permanent capital16:56 Why long-term ownership resonates with business founders19:48 Lessons from seller conversations and dealmaking21:18 Equity rollovers, seller financing and deal preparation23:08 The most effective lower-middle-market growth lever25:03 Talent retention and the true cost of replacing employees26:31 Employee ownership and long-term engagement27:00 Paul’s recommended media and publications27:58 How to contact Paul IsaacRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Russ Roenick, Co-Founder and Managing Partner at Transom Capital, about building a differentiated middle-market investment strategy around carve-outs, special situations and operational complexity.Russ explains how launching Transom shortly before the global financial crisis shaped the firm’s highly hands-on approach. He outlines how Transom identifies businesses with strong underlying industry potential but significant operational challenges, then applies a disciplined value-creation model to improve performance.The discussion covers Transom’s six core operational transformations: salesforce effectiveness, new product innovation, digital transformation, supply-chain improvement, cost reduction, and talent and culture.Russ also shares how the firm structures its operations team, why former portfolio-company CEOs and CFOs can become highly effective operating partners, and how Transom is deploying AI across back-office and commercial functions.Key TakeawaysWhy 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.Timestamps00:00 Introduction to Russ Roenick and Transom Capital00:30 Moving from McKinsey into Private Equity01:26 Transom’s value-oriented investment strategy01:55 Distressed investing versus operational value investing03:16 Using operational and situational complexity04:14 Carve-outs, lender situations and tail-end funds05:14 Launching Transom during the global financial crisis07:04 The importance of adapting while maintaining investment discipline08:29 Why Transom specialised in carve-outs and special situations10:58 Why many firms view carve-outs as excessive risk12:54 Transom’s six operational transformation strategies13:23 Salesforce transformation14:17 New product innovation14:45 Digital transformation and AI implementation15:15 Supply-chain and gross-margin improvement16:13 Cost reduction, talent and culture17:37 Structuring the portfolio operations team18:05 Recruiting former portfolio-company CEOs and CFOs19:59 Transom’s approach to AI adoption20:57 Applying AI across back-office functions21:49 Creating internal AI champions22:48 Common AI use cases across the portfolio24:10 How Russ stays informed25:31 Leadership, decision-making and knowing when to step back25:57 How to contact RussRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Daniel Pianko, Co-Founder of Achieve Partners, about Achieve’s talent-led investment strategy, its $465 million exit of Optimum, and how the firm reached top 5% performance for DPI in Cambridge Associates’ US buyout benchmark.Daniel shares how Achieve Partners invests in businesses where the biggest growth constraint is access to trained talent. Rather than simply competing for experienced hires, Achieve builds apprenticeship-style programmes inside portfolio companies, creating new talent pipelines that drive revenue, margin expansion, retention, and differentiated value creation.The conversation explores the relationship between private equity firms and operators, why data-driven decision-making matters, how Achieve partners with universities and underrepresented talent pools, and why doing good and generating alpha do not need to be in conflict.Key Takeaways:Private equity firms should empower operators to challenge assumptions with data.Achieve invests where talent shortages can be solved through focused training.Apprenticeships can increase capacity, margins, retention and scalability.Optimum shows how training pathways can unlock healthcare IT growth.Strong impact and strong returns can reinforce each other.Timestamps:00:03 – Introduction to Daniel Pianko and Achieve Partners00:29 – Daniel’s career path and linking social impact with financial return01:52 – The mistake PE firms and portfolio companies make in the boardroom03:44 – How to avoid PE investors driving strategy without enough data05:10 – Achieve’s unique strategy: investing where talent shortages constrain growth06:38 – Building apprenticeship programmes to solve supply-demand talent gaps07:08 – Daniel’s Goldman Sachs training experience and how it shaped Achieve’s model08:25 – Rebuilding the talent pyramid in lower middle market companies09:49 – Why Achieve focuses on business services, tech services, and healthcare services11:12 – Building talent programmes at the portfolio company level12:10 – Solving the gap between university education and first jobs13:04 – Why companies should stop searching for “purple squirrels”14:58 – Partnering with universities and building access to talent16:44 – The Optimum exit: $465 million sale to Infosys17:12 – Optimum’s healthcare IT thesis and value creation plan19:00 – Building healthcare IT training pathways with universities and industry bodies20:56 – Challenges in expanding Optimum beyond its historic core22:24 – How Achieve reached top 5% DPI performance22:50 – Why Achieve sells when the underwriting target is achieved23:42 – How training programmes create a natural exit point25:07 – Aligning impact with alpha creation27:31 – Talent arbitrage, underrepresented communities, and overlooked graduates29:40 – Why solving major social problems can create superior returns30:08 – Daniel’s recommended podcasts, books, and shows31:57 – How to contact Daniel Pianko32:23 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with David Bell, former Wharton Professor of Marketing and early-stage investor in consumer companies including Diapers.com, Warby Parker, Harry’s and Jet.com. David shares what he looks for in standout consumer brands, why founder insight and capital discipline matter, and how businesses can build emotional and symbolic value around everyday products.David explains why great consumer companies often begin with a simple frustration: what is wrong with the status quo? From buying diapers online to rethinking eyewear pricing, the best founders identify a clear customer problem, build a strong proposition, and execute with precision. He also discusses why overcapitalisation can damage consumer brands, using Allbirds and Casper as examples of businesses that grew quickly but struggled to sustain value.The conversation explores omnichannel distribution, brand storytelling, cultural relevance and genuine product innovation. David highlights Touchland, Warby Parker, Native, EOS, Hello and Happy, showing how founders can elevate mundane categories through design, positioning and customer experience.Key Takeaways: Great consumer investments often start with a visceral customer problem.  Capital efficiency is critical because consumer exits rarely match software-scale outcomes.  Strong brands combine functional, emotional and symbolic value.  D2C alone is rarely enough; winning brands need a measured omnichannel strategy.  The next wave of consumer winners needs real product innovation, not just better go-to-market.  Founder obsession with small details in design, scent, usability and narrative creates differentiation. Timestamps: 00:03 – Introduction to David Bell and his journey from New Zealand to New York 01:00 – David’s background at Wharton and investing in consumer companies 01:28 – What attracted David to early winners like Diapers.com 02:19 – Why Diapers.com solved a fundamental customer pain point 03:15 – The importance of insight, execution and market size 03:44 – Lessons from Allbirds and the dangers of overcapitalisation 05:32 – How great consumer brands scale beyond the early stage 06:27 – The shift from pure D2C to omnichannel distribution 07:52 – Why strategic buyers value brands with retail traction 09:18 – Why some consumer brands fail to sustain momentum 10:11 – Touchland and the reinvention of hand sanitiser 11:33 – Cultural relevance, collaborations and emotional connection 12:03 – Sponsor message from Grata 12:32 – What makes a brand fundamentally strong 13:29 – Diapers.com and the power of descriptive branding 14:26 – Warby Parker’s storytelling, fairness and American heritage 15:49 – Building cognitive associations through brand activations 17:40 – How much brand success is intentional versus luck 18:09 – Opportunities in legacy consumer categories 19:24 – Why obsessive attention to detail matters 20:19 – Craig Dubitsky, EOS, Hello and elevating mundane products 21:15 – Happy Coffee and design-led differentiation 22:14 – Where the consumer industry is today 22:43 – Capital-efficient growth and the Native deodorant example 23:39 – Why real product innovation now matters more than ever 24:36 – What David reads, watches and listens to 25:04 – Identifying white spaces in health, wellness and longevity 26:30 – Consumer opportunities through cultural arbitrage 27:27 – Lessons from Coca-Cola’s global distribution and brand power 28:24 – How to connect with David Bell 28:52 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode, Alex Rawlings speaks with Adil Taha, a private equity operator specialising in the UK legal sector. They explore why private equity has struggled to scale law firms, the challenges of buy-and-build strategies, and why many legal businesses are weaker than they appear financially.Adil shares lessons from rescuing and rebuilding Child & Child, explains why consumer legal services are attracting the most PE interest, and discusses how law firms differ from other professional services businesses. The conversation also covers the impact of AI, rising salary costs, partnership structures, and why the US legal market may offer bigger opportunities for investors.Topics Covered PE investment trends in legal services  The Child & Child turnaround  Why law firms are difficult to scale  Problems with traditional partnership models  Why buy-and-build strategies are struggling  Consumer legal services vs full-service firms  The role of AI and rising costs in legal  Why the US market is attracting PE attention Timestamp Highlights00:00 – Introduction to Adil Taha 02:29 – Child & Child acquisition and turnaround 09:11 – Where PE is investing in legal 14:55 – The hidden weaknesses in law firms 26:51 – Why professional services are hard to scale 35:23 – Investment strategies that may work in legal 45:05 – Why PE is looking toward the US market Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode, Alex Rawlings speaks with Shiv Narayanan, CEO of How to SaaS, about how private equity firms can use marketing and AI as value creation levers. They discuss why many B2B companies underinvest in marketing, how AI is changing buyer behavior, and why brand authority and content are becoming critical for growth.Timestamps00:03 – Introduction to Shiv Narayanan and How to SaaS01:55 – Common marketing mistakes in PE-backed businesses04:15 – Finding the right marketing strategy and spend08:06 – How PE firms should assess CMOs12:49 – AI as a value creation lever14:40 – How AI search is changing buyer behavior16:02 – Why brand authority matters more than ever17:54 – AI agents and the future of marketing teams20:20 – The importance of investing in content22:44 – Why podcasts and video are growing in B2B marketing24:22 – The risk of overusing AI-generated content25:21 – Shiv’s books and final adviceKey TakeawaysMany B2B companies rely too heavily on sales and underinvest in marketing.Strong CMOs focus on revenue, forecasting, and enterprise value creation.AI platforms like ChatGPT are reshaping how buyers research solutions.Businesses need strong brands and quality content to remain visible.Podcasts, YouTube, and thought leadership content are becoming essential.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of the Raw Selection Private Equity Podcast, Alex Rawlings speaks with Christina Haxton about the relationship between private equity firms and portfolio company leadership teams.They discuss how trust, communication, alignment, and culture impact execution during periods of rapid growth — and why many businesses struggle not because of strategy, but because of leadership friction and organizational disconnect.Timestamps00:00 – Introduction to Christina Haxton01:27 – Common execution and leadership friction points03:14 – Managing PE expectations vs operational reality05:10 – Early warning signs of leadership misalignment07:32 – Why strategy must be co-created09:27 – Building trust between CEOs and PE firms11:44 – What makes a compelling company vision17:34 – Scaling quickly without burning out teams21:12 – Why speed without alignment creates fragility23:02 – The importance of constructive conflict24:53 – Leadership resources and practical tools29:32 – How to connect with ChristinaKey TakeawaysExecution 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 MentionedScaling Up by Verne HarnishThe Five Dysfunctions of a Team by Patrick LencioniBE 2.0 by Jim CollinsRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

Episode Summary Paul Brennan, PE-backed CFO, shares lessons from exiting Lindsay Precast (sold to The Jordan Company), covering exit prep, value creation, and integration.⏱️ Key Timestamps00:00 – 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.⏱️ Timestamps & Key Topics00:00 – 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Guest: Michael Arietta Host: Alex Rawlings🕒 Key Timestamps00:00 – 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 ReadsUnreasonable HospitalityExcellence WinsYou 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Alex Rawlings speaks with Nigel Green on why private equity firms struggle with organic growth and how better hiring, faster execution, and customer focus can unlock value.⏱️ Timestamps & Key Takeaways00:00 – Introduction Nigel’s background and advisory focus00:29 – 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 analysisRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Alex Rawlings speaks with Jeff Helfgott, CEO of Boardroom Salon, about scaling PE-backed multi-unit businesses. They discuss talent strategy, retention, resilience, and how to turn operational fixes into sustainable growth.⏱️ Key Timestamps00:00 – Introduction & Jeff’s Background From barbershop beginnings to PE-backed CEO.01:04 – Common PE Mistakes Overlooking talent strategy during diligence.02:11 – Talent Assessment Evaluating teams based on current business needs.05:58 – Hiring Non-Negotiables Integrity and focus on top 3 priorities.08:18 – Resilience in Leadership Navigating crises like COVID.10:10 – Managing Growth & Change Using EOS and quarterly planning.14:11 – Driving EBITDA Growth Fix retention before scaling revenue.16:01 – Retention Flywheel Employee retention → customer retention → growth.18:24 – Membership Strategy Aligning offerings with real customer behavior.21:18 – Finding the Real Constraint Using data segmentation to identify core issues.24:31 – Data vs Insight Combining analytics with customer feedback.27:33 – KPI Pitfalls Avoid over-optimising a single metric.28:02 – PE Thesis vs Reality Treat strategy as a hypothesis, not fact.29:12 – Underrated Growth Lever Talent retention and adaptability.32:08 – Building Resilient Teams Supporting middle management and preventing burnout.35:25 – Resources & Closing🚀 Key TakeawaysAssess talent early in diligenceIntegrity and resilience are critical traitsRetention is a primary driver of growthData must be paired with real customer insightPressure-test your investment thesisMiddle management drives executionRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Mike Esposito shares his journey from a 30-year career at Goldman Sachs to co-founding Franchise Equity Partners, highlighting their differentiated approach to private equity through franchising and multi-unit retail investing.⏱️ Key Timestamps00:00 – Introduction 00:30 – Career background and transition to PE 01:45 – Pitfalls of “me-too” PE strategies 03:13 – Leaving Goldman Sachs during COVID 04:41 – Advisory vs ownership mindset 05:36 – Why franchising & multi-unit retail 07:00 – Barriers limiting PE in franchising 08:26 – Unique LP structure with HPS 11:17 – First non-franchise deal (European car wash platform) 13:42 – Why Europe offered better value than the US 16:06 – Minority vs majority investing strategy 17:04 – “Minority, passive, permanent” model 19:28 – Importance of backing the right people 22:24 – Power of a focused investment strategy 24:27 – Using data science for investment insights 26:23 – Contact details🔑 Key TakeawaysFocused strategies outperform crowded PE tradesFranchising offers a large, undercapitalised opportunityMinority investing unlocks access to restricted sectorsLong-term alignment appeals to family-owned businessesEurope can offer stronger fundamentals vs overheated US marketsData and analytics are key to gaining an edgeRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Guest: Meg Pogue, Founder, Mission SquaredHost: Alex RawlingsMeg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions.The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and social connection, both of which can feel threatened during periods of change.Meg explains how the brain’s threat response can lead to defensive behaviours, disengagement, and poor decision-making. Leaders often misinterpret this as resistance or negativity, when in reality it’s a natural psychological reaction to uncertainty.She shares practical leadership tactics for managing change effectively, including rebuilding trust through authenticity and vulnerability, empowering employees with a sense of control, and communicating the “why” behind transformation.Meg also introduces simple tools leaders can use during times of change, such as the “1–10 engagement question” and asking employees directly “How can I support you better right now?” — both designed to surface concerns quickly and maintain momentum during transformation.🕒 Timestamps00:00 – Introduction to Meg Pogue00:28 – Meg’s CEO journey and leadership lessons01:54 – Fear and perception around private equity acquisitions03:23 – Leadership personality differences during change05:14 – Why employees feel threatened by transformation06:44 – Communication and leadership during change10:59 – Rebuilding trust within teams13:25 – Empowerment and giving employees control14:51 – Leading change in fast-paced PE environments18:40 – Questions leaders should ask their teams19:07 – The “1–10 engagement” leadership tool21:30 – Raising standards without creating resistance24:51 – Leadership book recommendations26:17 – Meg’s book: The Adversity Hack27:39 – How to connect with MegKey TakeawaysChange triggers threat responsesMost employees prioritize stability and connection, making acquisitions feel risky.Executives often underestimate psychologyHigh-drive leaders assume others share their excitement for transformation.Trust accelerates changeAuthenticity and vulnerability help rebuild trust quickly.Empowerment reduces resistanceGiving employees voice and autonomy improves engagement.Clear communication mattersExplaining the “why” behind change helps teams align faster.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Guest: David Williams, CEO, Advantage Services Group (ASG) Host: Alex RawlingsDavid Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.🕒 Timestamps00:00 – Introduction & David’s background 01:57 – Choosing entrepreneurship through acquisition 02:51 – Why HVAC, plumbing & electrical? 03:48 – Moving to Oregon & first acquisition 04:16 – Growth to $100m+ revenue 07:57 – From small business to scalable platform 08:54 – Pillar 1: Infrastructure 09:50 – Pillar 2: Systems & integration 11:19 – Pillar 3: Building strong GMs 12:16 – Pillar 4: Culture as a CEO responsibility 15:08 – Core belief: Operating with urgency 17:56 – Why integration is about people, not spreadsheets 21:42 – Earning trust post-acquisition 24:05 – Book & podcast recommendationsKey TakeawaysDurable industry thesis: Large, fragmented, non-discretionary market.Integration focus: ASG builds one company with shared systems and culture.Leadership bench: Strong GMs drive performance.Culture is deliberate: Clear beliefs — not designed for everyone.Urgency wins: Speed in customer service and decision-making is core.M&A is emotional: Time on the ground builds trust and long-term alignment.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.⏱️ Timestamps00:00 – Andrew’s background and founding Mauloa01:10 – Why private equity’s model is flawed03:02 – Investing without debt or exit pressure06:18 – Fund structure without institutional capital07:44 – Incentivising management long-term10:49 – Free cash flow freedom vs leverage pressure12:14 – “Piles of money” vs chasing IRR16:54 – The Middle Market Accelerator19:16 – What Andrew reads and recommendsKey ThemesOver-leverage and short hold periods distort decision-makingLong-term compounding beats short-term IRR optimisationCulture and leadership matter more than financial engineeringSupporting “boring” small and middle-market businesses builds real wealthIf you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.⏱️ Timestamps00:00 – Introduction & career overview 00:28 – Life at McLaren & high-performance environments 01:23 – VC due diligence & scaling tech businesses 02:24 – Building and exiting a SaaS company 03:50 – The biggest PE mistake: rigid M&A planning 07:25 – Lessons from Formula One 10:21 – Why professionalising leadership can slow growth 14:23 – How to double EBITDA in a PE cycle 18:56 – Integration lessons from 22 acquisitions 20:19 – Resources & how to connect🔑 Key TakeawaysPlan for ambiguity. You can only acquire what exists in the market.Not all revenue is equal. Cutting “non-core” products can damage the core.Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.Integration is human. Success comes from winning hearts and minds — not just aligning systems.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.⏱️ Episode Highlights00:00 – Intro & Background James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.05:22 – Transition to Corporate Finance & First Exit How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale.08:47 – Second Exit in Charlotte Turning around a struggling portfolio company and leading it through a successful 2024 exit.09:51 – Common CFO Hiring Mistakes in PE The importance of SOPs, process infrastructure, and cross-functional alignment.12:13 – Strategic Focus: Quote-to-Cash & Customer Experience Mapping key processes to maximize customer lifetime value and ROI.13:35 – Value Creation Before Exit Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions.17:26 – Exit Lessons Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference.21:17 – Acquiring Smaller Businesses James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition.25:37 – Final Advice Embrace best practices from acquired companies—don’t force your way if theirs is better.26:32 – Resources James recommends the Wall Street Journal and CNBC to stay sharp on market trends.27:28 – Contact 📧 Reach James: jim_carver59@yahoo.comRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Episode Overview:In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.Timestamps & Key Topics:00:00 – Introduction Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.00:54 – Richard’s Background From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.03:19 – Why Multi-Location Businesses? Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.04:43 – Starting Small, Scaling Big CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.06:30 – Specialization as a Differentiator Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.08:55 – $1B+ Exit: Sizzling Platter to Bain Capital Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.14:03 – Key Learning: Labor-Light Models Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.15:27 – Fund VII: First Close Success How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.17:44 – Hybrid Capital Strategy Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.20:04 – Book Recommendation: Give and Take by Adam Grant The power of relationships in PE—not just financial modeling.21:57 – Connect with Richard Email: rfitzgerald@capitalspring.com | LinkedIn & website via CapitalSpring.Top Takeaways:Specialization is key in today’s competitive PE environment.Hybrid investing (debt + equity) offers flexibility and downside protection.Operationally light, multi-unit businesses prove resilient—even in crises.Long-term success in PE depends on relationships, not just technical skills.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

🎧 Episode Summary: In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.⏱️ Timestamps:00:00 – Intro to Chris & Pacific Avenue 01:28 – Key mistakes in PE & portfolio strategy 03:52 – Why Europe? Lessons from expansion 05:47 – Building and integrating cross-border teams 10:57 – Defining “complex transactions” 12:24 – Total Energy carve-out case study 15:17 – Proprietary sourcing via corporate relationships 17:25 – Investing in ops: value creation strategy 20:16 – How their ops team is structured 22:45 – Chris’s interests & offer to connect💡 Key Takeaways:Focus on carve-outs and “unnatural owners” enables deep value creation.Expansion to Europe was led by people, not just strategy.A proprietary sourcing approach is key in competitive processes.Ops team = generalists with deep business acumen who partner with management.Carve-outs require patience, resources, and a consistent strategy.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires.