Advertise on podcast: The Private Equity Podcast, by Raw Selection

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Thomas Igeme, Managing Partner at TL Partners, to explore one of the biggest challenges facing private equity firms: understanding whether performance issues are caused by the leader, the operating system around them, or both. Thomas shares lessons from his time in organisational development, BCG, LinkedIn, ServiceNow and Turn River Capital, where he led the portfolio talent function. He explains why private equity firms can be too quick to replace executives before properly diagnosing the underlying problem and how a clearer value creation thesis can dramatically improve talent decisions. The conversation covers how AI can reduce the reporting burden on management teams, and why trust can be made observable and measurable through authenticity, logic and empathy. Key Takeaways Diagnose the system before automatically replacing the person.Break the value creation thesis into 3–5 critical moves.Track leading indicators—not just EBITDA and other lagging metrics.Use a weekly cadence to identify drift and course-correct early.Give executives clear expectations and a defined timeframe, such as 100 days, to demonstrate progress.Shift talent discussions towards the work that actually needs to happen.Make management teams part of the diagnosis and development process.Understand the risk profile of a leadership team rather than pretending to predict the future.Use failed outcomes as valuable information when making future executive hiring decisions.Build trust through authenticity, logic and empathy. Timestamps 00:00 – Introduction to Thomas Igeme and TL Partners 00:27 – Thomas's journey through organisational development and private equity 01:22 – The mistake of testing the most expensive hypothesis first 02:07 – Why diagnosing the system matters before replacing the leader 03:25 – Identifying whether the problem is the leader, system, or both 04:24 – Understanding the real problem before searching for talent 05:19 – Why longer hold periods are changing the talent equation 06:40 – Turn River's “Faster Lapse” operating philosophy 07:06 – Using leading indicators to predict performance 07:57 – Course-correcting the value creation thesis in real time 08:28 – The reporting tax and how AI can help 09:20 – Why weekly reviews can outperform monthly operating rhythms 09:49 – Breaking the value creation thesis into critical moves 11:16 – A practical weekly framework any PE firm can adopt 11:44 – Moving from talent conversations to strategy and work conversations 13:04 – The 100-day experiment for executive performance 14:26 – Measuring investment progress beyond EBITDA 15:23 – Three questions for assessing whether an investment is on track 16:12 – Measuring strategic clarity, execution and coordination 16:57 – Assessing management team risk 17:52 – Evaluating executive capability against the value creation thesis 18:51 – Why development can be the cheapest way to close capability gaps 19:46 – Deciding whether an executive can scale 20:14 – Using a 100-day timeframe to test the hypothesis 21:40 – Why companies often move too slowly on talent decisions 22:37 – Starting the 100-day process from day one 23:34 – Francis Frei, Anne Morriss and the three elements of trust 24:27 – Making “fuzzy” people issues observable and measurable 25:21 – How to connect with Thomas and closing thoughts Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Andrew Weinberg, Founder and CEO of Brightstar Capital Partners, to explore how private equity firms can create value in the middle market while navigating a changing exit environment.  Andrew explains why culture, apprenticeship and team-based decision-making are central to Brightstar’s approach, and why spending more time upfront thinking about exit pathways can help create stronger outcomes for portfolio companies.  He also shares how Brightstar is applying AI across the firm, with nearly 100 AI agents already working alongside its team. The conversation then turns to the middle market and the coming intergenerational wealth transfer. Andrew discusses the succession challenges facing family-owned businesses, the different ownership options available to the next generation, and how private equity can combine capital, debt and operational know-how to provide greater flexibility for owners. Key Takeaways • Build an inclusive, team-based culture where everyone has a voice and humility is valued. • Think about exit pathways from the beginning of an investment rather than waiting for a sale process. • Use AI to accelerate sourcing, diligence, value creation, risk management and exit planning. • Treat AI as a thought partner that improves decision-making rather than replacing human judgement. • Use knowledge transfer across portfolio companies to scale successful AI use cases. • Prepare for the intergenerational wealth transfer by creating multiple ownership and succession options. • Give family business owners flexibility around ownership, leadership and liquidity. • Invest deliberately in training, communication and development across the private equity team. • Use pattern recognition and post-mortems to learn from both successful and unsuccessful investments. Timestamps 00:00 – Introduction to Andrew Weinberg and Brightstar Capital Partners 01:27 – Brightstar’s PhD culture and what it means 03:23 – The biggest mistake PE firms make around exits 04:55 – The state of the US middle market 06:46 – How Brightstar is leveraging AI internally 08:41 – Applying AI across portfolio companies 10:08 – Using AI across sourcing, diligence and value creation 11:29 – AI, investment decisions and post-mortems 13:18 – AI use cases across Brightstar’s portfolio 15:12 – The impact of the intergenerational wealth transfer 17:09 – Creating ownership options for middle-market businesses 18:35 – Succession planning and the next generation 20:02 – Why more change can create more opportunity 20:51 – Andrew’s biggest career lessons from Goldman Sachs, Morgan Stanley and Lindsay Goldberg 23:14 – Training and developing private equity professionals 25:39 – Andrew’s influential books and resources 27:30 – How to connect with Andrew Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Konstanze Nardi, Partner at EY and leader of EY’s Global Exit Readiness offering, to explore how private equity firms and portfolio companies can prepare for successful exits and maximise value. Konstanze shares insights from EY’s Global Private Equity Exit Readiness Study, based on perspectives from 100 PE executives and 100 C-suite executives from recently exited PE-backed companies. Konstanze and Alex also discuss the importance of starting formal exit preparation 12–24 months before a sale. She explains why consistent KPI reporting, granular data and evidence of value creation need to be built over time, rather than manufactured in the final few months. Key Takeaways • Treat exit readiness as a value creation discipline rather than a last-minute transaction exercise. • Start thinking about the eventual buyer and equity story from the point of acquisition. • Begin formal exit preparation 12–24 months before a potential sale. • Build consistent data and evidence around value creation initiatives over time. • Focus on three core exit levers: evidence, narrative and management credibility. • Prepare management teams to confidently explain the data and handle difficult buyer questions. • Consider AI through both a value-creation and risk perspective as part of the equity story. • Give LPs transparency around value creation, credible exit routes and liquidity plans. • Strong leadership, trust and people remain fundamental to creating value. Timestamps 00:00 – Introduction to Konstanze Nardi and EY’s Exit Readiness offering 01:28 – The biggest mistake companies make with exit readiness 02:53 – EY’s Global Private Equity Exit Readiness Study 04:18 – The gap between sponsor and management support 05:17 – When should companies start preparing for an exit? 06:14 – How early preparation can improve valuations 06:49 – The growing role of AI in exit readiness 08:23 – How AI is becoming part of the equity story 09:24 – The three levers that build buyer confidence 10:23 – Building a compelling future value creation story 10:53 – The importance of management involvement 11:21 – LP perspectives on liquidity 13:06 – The experiences that shaped Konstanze’s career 14:10 – Why leadership, trust and people matter 14:40 – How to connect with Konstanze Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Dan Bernoske, Founder and CEO of Cortado Group, to explore how private equity firms and portfolio companies can strengthen go-to-market performance while effectively leveraging AI. Dan explains why speed matters after an acquisition, particularly when assessing commercial talent, and why firms need to separate emotional attachment to legacy teams from objective performance data. He also explores the importance of treating CRM systems as strategic infrastructure rather than simply another piece of technology. The conversation then turns to AI. Dan shares practical applications for using call transcripts to coach sales teams at scale, improve qualification, identify performance trends, and ultimately increase win rates. He explains why successful AI adoption starts with the business problem—not the technology—and why portfolio companies should build a strong proprietary “context engine” around their CRM data, call transcripts, buyer personas, and historical wins and losses. Dan and Alex also discuss how AI is changing organizational design, allowing salespeople to spend more time building relationships with buyers while technology handles lower-value tasks. Crucially, Dan warns against viewing AI as a replacement for human salespeople: poorly deployed automation can damage relationships and even burn entire territories. Key Takeaways • Move quickly when evaluating commercial talent, but understand where founder-led strengths still create value. • Build the sales process first and configure the CRM around it—not the other way around. • CRM data integrity is essential for reliable pipeline visibility and forecasting. • Use AI to analyze sales calls, improve qualification, and deliver coaching at scale. • Create a proprietary context engine before becoming overly dependent on any single AI model. • Redesign roles by identifying tasks AI can handle while allowing people to focus on empathy, listening, trust, and relationships. • Don’t automate bad processes. Strong sales fundamentals remain essential regardless of the technology. Timestamps 00:00 – Introduction to Dan Bernoske and Cortado Group 00:57 – Where PE firms and portfolio companies move too slowly 02:54 – Warning signs that commercial talent needs replacing 04:37 – Three fundamentals of an effective CRM 06:34 – How AI can transform go-to-market strategy 08:21 – Using AI to analyze sales calls and coach teams 09:46 – Measuring qualification frameworks such as BANT 11:45 – ChatGPT, Claude and choosing AI technology 13:14 – The three foundations for successful AI implementation 13:40 – Building a proprietary AI context engine 15:03 – How AI is reshaping organizational design 16:34 – Why empathy and relationships remain human advantages 17:24 – The biggest mistakes companies make with AI 18:20 – Why replacing sales reps with AI can burn territories 19:18 – Freeing sales teams to spend more time with buyers 21:14 – Dan’s recommended AI and professional-services resources 23:13 – Why portfolio companies may need an AI innovation advisor 23:42 – How to connect with Dan Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Jeffery Raju, Founder & CEO of Stonehill Business Services. With 15 years of experience across fund administration, controller, and CFO roles, Jeffery has worked with emerging managers ranging from sub-$10 million funds to multi-billion-dollar platforms. Jeffery explains why emerging private equity managers must treat their firm as an investment management business rather than simply an investment shop, and how building the right financial infrastructure early can support fundraising, improve decision-making, and create a platform capable of scaling. They discuss the differences between the finance functions of a $50 million fund and a $1 billion platform, the operational expectations of sophisticated LPs, and why managers should become institutional before expecting institutional capital. Key Topics Why private equity firms must treat finance as a business-enablement tool rather than a compliance exercise.How budgeting, forecasting, tax planning, and financial reporting improve decision-making.The finance infrastructure differences between emerging funds and billion-dollar platforms.Why smaller managers often need fractional financial leadership.How LP expectations change as managers move from friends-and-family capital to more sophisticated investors.The operational due diligence sophisticated LPs expect.Why strong historical returns alone may not be enough to secure institutional capital.When emerging managers should begin professionalising their finance function.Why becoming institutional should happen before, not after, scaling.Jeffery’s recommended books for entrepreneurs and business leaders.Timestamps 00:00 – Introduction to Jeffery Raju, Founder & CEO of Stonehill Business Services 00:30 – Jeffery’s background across private equity, venture capital, and fund finance 00:56 – The biggest financial infrastructure mistake emerging managers make 02:28 – What operationally mature private equity firms do differently 04:18 – Finance infrastructure: $50M funds vs. $1B platforms 06:04 – How finance and operational maturity impact fundraising 06:24 – High-net-worth investors vs. sophisticated LPs 07:21 – The operational due diligence sophisticated investors expect 08:14 – Why exceptional investment returns aren’t always enough 09:19 – When should a PE firm build an institutional-level finance function? 10:08 – Why firms must become institutional before they can scale 10:34 – Key inflection points for bringing in financial leadership 11:01 – Moving from syndications to a first fund 11:59 – Jeffery’s recommended books and resources 12:40 – How to connect with Jeffery Raju and Stonehill Business Services 13:37 – Closing thoughts Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits. Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers. They explore Brian’s approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards. Brian also discusses his move into the startup world and the significant differences he has observed between startup and private equity environments. While private equity typically maintains a strong focus on financial performance and EBITDA, startups can face competing non-economic priorities, technological milestones, and investor expectations. The conversation also covers practical ways executives can improve EBITDA. Brian explains why businesses must look beyond unit costs and understand the total lifecycle cost of a product, including the opportunity cost of engineering and product-development resources. Finally, Brian explains how his engineering background has shaped his leadership style, particularly his habit of repeatedly asking one fundamental question: “What is the problem we’re trying to solve?” Key Highlights 00:00 – Brian Bishop’s Background Brian discusses his engineering career, embedded systems expertise, product development experience, and seven- and eight-figure exits. 01:26 – Lessons From M&A and Liquidity Events Structuring acquisitions, managing earn-outs, retaining critical employees during transitions, and aligning stakeholder interests. 03:18 – Getting Teams Aligned With the Strategy Why great leaders build a shared plan rather than simply communicating their own vision. 04:29 – Moving From Private Equity Into Startups Brian explains what attracted him to startups and the surprising influence of non-economic considerations. 07:23 – Burn Rate vs. Financial Performance How startup expectations around growth and product development can conflict with customer needs and profitability. 08:40 – What Startups Can Learn From Private Equity Preparing businesses for the point where margins and EBITDA become more important than technological milestones. 09:58 – Advice for PE Portfolio Leaders Bridging the gap between employees motivated by purpose and investors focused on financial returns. 11:53 – Improving EBITDA and Margin Why understanding total lifecycle costs and the opportunity cost of engineering resources can transform profitability. 13:45 – Getting Engineers and Accountants on the Same Page How cross-functional understanding can improve decision-making, margins, and customer outcomes. 14:38 – Engineering as a Leadership Advantage Brian explains the power of returning teams to the fundamental question: “What is the problem we’re trying to solve?” 16:01 – What Brian Reads From the Wall Street Journal to engineering content, Brian discusses how reading broadly helps him connect ideas across disciplines. 16:49 – Connecting With Brian Brian shares how listeners can reach him following the episode. Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions. Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value. The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment. Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business. Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards. Key Highlights 00:00 – Paul Golden’s Background From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits. 01:29 – The Biggest PE Leadership Mistake Why private equity firms need to make faster decisions about whether the right management team is in place. 03:21 – Identifying the Right Executives The importance of leaders who are confident enough to be challenged by their teams and boards. 04:44 – What Paul Looks for in Executive Interviews Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders. 07:05 – The Hardest CEO Decisions Why firing customers or exiting customer segments can sometimes be harder than changing the management team. 08:28 – What Drives Successful PE Exits Delighted customers, strong management, and clear opportunities for growth. 11:14 – Lessons From Exit One to Exit Nine Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months. 14:26 – Changing Founder-Led Cultures The challenges of accelerating decision-making in businesses shaped by the same founder for decades. 17:28 – Who Stays and Who Goes Post-Acquisition How to identify advocates for change, potential resistors, and leadership team members who can adapt. 20:55 – Lessons From 20+ Add-On Acquisitions Why cultural fit becomes increasingly important as the size of an add-on grows. 24:41 – Generating $150M+ in Free Cash Flow Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash. 29:56 – The Essential Skill for PE-Backed CXOs Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next. 31:53 – Leadership Frameworks That Shaped Paul Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces. 34:55 – Connecting With Paul Paul shares how listeners can reach him after the episode. Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market. Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully. The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses. Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy. Key Topics Why moving too quickly can destroy a portfolio company's “secret sauce”Avoiding excessive leverage in lower-middle-market businessesCreating returns through organic growth rather than financial engineeringFinding opportunities in markets where less private equity capital is competingReinvesting founder cash flow to accelerate growthWhy the management team can matter more than the marketUsing DISC and other assessments to de-risk executive hiringWhat Mark learned from billionaire investor Sam ZellBecoming a disciplined “professional opportunist”Why private equity investors need to think more about exit timingKnowing when to leave the next stage of value creation for the next investorTimestamps 00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners 00:28 – Why Mark always wanted to become an investor 02:27 – From Arthur Andersen to banking and private investing 03:21 – Learning to become a “professional opportunist” from Sam Zell 04:43 – The biggest mistakes in lower-middle-market private equity 06:09 – Why Granite Creek avoids overleveraging businesses 08:19 – Organic growth versus acquisition-led strategies 09:38 – What makes an attractive platform investment 12:00 – Why getting the right management team drives value creation 13:55 – Using assessments to build complementary leadership teams 16:21 – Why personality assessments are a data point, not the answer 17:15 – DISC, Myers-Briggs, and executive assessment 19:12 – Mark’s biggest lessons from Sam Zell 20:12 – Avoiding groupthink and finding markets where you can win 21:37 – Why exit timing matters in private equity 23:04 – Knowing when a successful business is ready to sell 24:59 – When to leave value creation for the next investor 27:20 – Mark’s recommended podcasts and books 28:45 – How to connect with Mark Radzik 29:10 – Closing thoughts Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity. Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest. The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing. Key Takeaways Don’t try to perfectly time deployment or exits; invest steadily and price for the environment.Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time.Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions.New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure.Permanent capital can provide GPs with strategic stability and longevity.Great investments combine moat, management and optionality across both value creation and exit routes.The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment.Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.”Timestamps 00:00 – Introduction to Jean-Baptiste Wautier 01:28 – The mistake of trying to time private equity markets 03:21 – When is the right time to exit? 04:17 – DPI, the J-curve and the cost of holding assets 05:15 – The current state and future of private equity 06:42 – Why subscale firms face consolidation 09:39 – Why performance alone is no longer enough 13:04 – Where displaced private equity talent may go next 14:31 – How GPs can scale AUM 16:57 – Why permanent capital is the “Holy Grail” 18:22 – When firms should diversify into new strategies 20:17 – What helped BC Partners scale 23:45 – Where the next investment tailwinds may come from 27:10 – Moat, management and optionality 32:23 – What the best private equity CEOs have in common 35:42 – What makes a strong value-creation strategy 39:03 – How private equity firms are becoming institutions 44:44 – Books and investors that shaped Jean-Baptiste’s thinking 46:33 – How to connect with Jean-Baptiste Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses. Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it. The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and ineffective leadership behaviour. Lesley explains why putting a number on these costs can help investors and management teams understand the potential impact on EBITDA. Lesley also shares practical steps for improving decision-making under pressure, creating a culture where people feel safe speaking up, and helping executives reflect more honestly on how fear and personal financial stakes influence their choices. Key Takeaways How financial pressure affects executive judgement and behaviourWhy stress can push leaders into fight, flight, or freeze modeThe early warning signs that a leadership team is becoming overwhelmedHow slow decision-making creates a hidden cost for portfolio companiesWhy leaders agree in meetings but raise concerns privately afterwardsHow fear-based cultures reduce honesty, engagement, and accountabilityWhy repeatedly delayed decisions should be investigatedHow to measure the hidden tax of missed opportunities and employee turnoverWhy executives should reflect on decisions made under pressureHow open communication can improve performance and value creationTimestamps 00:00 – Introduction to Lesley Thomas and the Money Confidence Academy 01:25 – The biggest mistake businesses make under financial pressure 03:10 – How pressure affects executive judgement 04:05 – Why decision-making slows in PE-backed businesses 05:02 – The cost of delayed decisions and missed opportunities 06:30 – Early warning signs of executive overwhelm 07:22 – Sideline conversations and hidden disagreement 08:17 – Acting on intuition when behaviour begins to change 09:16 – Approaching difficult conversations with executives 10:14 – Creating genuinely open communication 11:13 – How fear creates protectionism and disengagement 12:08 – Using the experience of long-standing employees 13:05 – How the hidden tax affects EBITDA and performance 13:34 – Measuring lost opportunity and organisational cost 15:03 – Why putting a number on the problem matters 16:30 – Improving decision speed and ownership 17:27 – Investigating decisions that repeatedly return to the board 18:21 – Starting with one unresolved decision 19:47 – Advice for executives making decisions under pressure 21:14 – How cortisol can limit effective decision-making 22:13 – Reflecting on financial decisions 23:40 – Understanding why leaders remain silent 25:12 – Recommended books and podcasts 26:40 – How to connect with Lesley Thomas 27:09 – Closing remarks Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors. Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy. The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth. Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth should be treated as an interconnected system covering marketing, sales and customer success. The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively. Key Highlights Why founder-led businesses often struggle to scaleThe risks of founder dependency in salesWhat Brian means by “phase zero” capabilitiesWhy firms may need to go backwards before scaling forwardsHow to professionalise a go-to-market strategyThe importance of route-to-market analysisUnderstanding reach, fit and yieldWhy lower-middle-market businesses hit growth ceilingsThe challenges of integrating founder-led businesses in a roll-upWhy go-to-market integration should be pre-wiredThe importance of execution fit during due diligenceWhy growth stalls are not always sales problemsCustomer success versus customer supportHow existing customers can drive expansion revenueSeparating revenue results from the revenue engineHow operating partners can support commercial transformationWhy growth initiatives must be sequenced correctlyTimestamps 00:00 – Introduction to Brian Gustason and BG Operating Advisors 01:01 – Common growth challenges in the lower-middle market 01:31 – Founder dependency and underdeveloped commercial capabilities 02:29 – Identifying phase zero go-to-market capabilities 03:56 – Defining a professionalised go-to-market strategy 04:23 – The role of go-to-market strategy in private equity 05:17 – Why route-to-market analysis is often overlooked 05:47 – Understanding reach, fit and yield 07:14 – Why founder-led businesses often lack scalable processes 08:38 – Growth ceilings and limited execution runway 10:05 – Go-to-market challenges in roll-up strategies 11:34 – Pre-wiring go-to-market integration 13:01 – How deal origination affects integration 13:58 – Execution fit and time to integration value 15:51 – Diagnosing the real causes of stalled growth 16:40 – Treating go-to-market as a connected system 17:08 – The role of customer success in recurring revenue 18:33 – Unlocking growth from existing customers 19:53 – Assessing whether the revenue engine can scale 20:22 – Separating revenue performance from revenue capability 21:20 – Evaluating go-to-market maturity 22:42 – Where to play, who to target and how to engage 24:10 – How operating partners can support portfolio companies 24:37 – The operating partner’s role in due diligence 25:35 – Identifying businesses that need growth intervention 26:31 – Sharing best practices and coaching leadership teams 26:59 – Sequencing growth initiatives effectively 27:29 – How to connect with Brian Gustason 27:57 – Closing remarks Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice. Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors. The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort. Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit. Key Highlights Why continuation vehicles have experienced significant growthHow dedicated secondary capital has accelerated adoptionWhy many leading private equity firms have completed multiple CV transactionsThe benefits of providing liquidity while retaining high-conviction assetsWhy a continuation vehicle should not be the option of last resortHow slower distributions have affected LP investment programmesThe role of secondaries in portfolio optimisation and capital recyclingHow CVs can strengthen sponsor and LP relationshipsThe importance of transparency, optionality and LPAC engagementThe key indicators of a high-quality continuation vehicleCareer opportunities within the expanding secondaries marketTimestamps 00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice 00:59 – Why continuation vehicles are growing so quickly 01:29 – The evolution of fund restructurings into continuation vehicles 01:58 – Growth in dedicated secondary-market capital 02:25 – Increasing adoption among leading private equity firms 02:53 – Benefits for GPs, LPs and management teams 03:39 – The biggest mistake firms make when considering a CV 04:46 – Longer hold periods, slower exits and fundraising pressure 05:16 – Why LPs are manufacturing their own liquidity 06:14 – Restarting the private markets capital flywheel 06:43 – The contribution of CVs to LP distributions 07:12 – Secondaries as a strategic portfolio-management tool 08:39 – Portfolio optimisation and greater flexibility for LPs 09:37 – How continuation vehicles affect sponsor-LP relationships 10:05 – Giving existing LPs liquidity and rollover optionality 11:03 – What separates a good CV from a bad transaction 11:23 – Building a credible investment narrative 11:52 – Ensuring sufficient upside remains in the asset 12:21 – GP alignment and commitment to the next phase 13:18 – LPAC support and establishing a clear exit strategy 14:10 – Adrian’s recommended reading 14:39 – Careers in secondaries and how to contact Adrian 15:35 – Closing remarks Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. Upcoming Webinar: Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process. Discover how leading firms define roles, assess candidates and build a more effective executive hiring process. Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies. Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology. The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies. Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment. Key Takeaways Why the right talent is the foundation of scalable revenue growthHow Adam helped a founder-led company achieve 4X revenue growthWhy attitude, adaptability, and soft skills can outweigh lengthy industry experienceHow market specialisation can create a dominant competitive positionWhen strong demand and long backlogs signal an opportunity to increase pricesHow to position price increases around customer valueWhy sales compensation should reward profitable growth, not revenue aloneHow a standardised go-to-market playbook supports add-on integrationTools for assessing salespeople and commercial leadersTimestamps 00:00 – Introduction to Adam Crandall and Addtronics 00:30 – Adam’s career journey from HR to revenue leadership 01:25 – Quadrupling revenue and exiting a founder-led business 02:19 – The foundations of 4X revenue growth 02:49 – Getting the right people in the right seats 04:08 – Identifying high-growth end markets 05:01 – Hiring for attitude, adaptability, and soft skills 07:48 – Building a team capable of accelerated growth 08:17 – Value creation through market specialisation 09:40 – Pricing as a value creation lever 11:33 – Implementing price increases in founder-led businesses 12:01 – Communicating price increases to customers 14:23 – Shifting the culture toward profitable growth 15:22 – Aligning sales compensation with margin targets 16:49 – Creating a repeatable go-to-market playbook 17:44 – Balancing platform consistency with operating company autonomy 18:11 – What belongs in a scalable commercial playbook 19:36 – Assessing sales talent and commercial leadership 20:33 – Recommended resources for private equity revenue leaders 21:00 – How to connect with Adam Crandall 21:28 – Closing remarks Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group. Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs. The conversation explores why integration is often the hardest part of professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance. Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers. Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector. Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability. Key Takeaways • Build professional-services firms as businesses, not simply collections of practitioners. • Successful acquisitions depend on fast, thoughtful cultural and operational integration. • Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit. • Marketing activity should be assessed through measurable returns rather than tradition. • AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals. • Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed. Timestamps 00:00 – Introduction to Zachary Darrow 01:00 – Building a business that happens to be a law firm 01:31 – Navigating the global financial crisis 02:28 – Diversification, marketing and acquisitions 03:25 – Lessons from team lift-outs and firm acquisitions 04:49 – Acquiring people-centric professional-services businesses 05:12 – Treating employees as a second client group 07:01 – Modernising legal-sector business development 07:58 – Measuring conference and sponsorship ROI 08:55 – Content-led digital marketing 11:48 – Lessons from advising founders and investors 12:01 – Why founders must prepare earlier 13:57 – “Make-ready” work before raising or selling 14:56 – Chief Outsiders 16:22 – Private equity’s opportunity in legal services 17:20 – Alternative business structures and MSOs 18:18 – Solving law firms’ capital constraints 20:17 – AI investment and transformation 21:15 – Darrow Everett’s adoption of legal AI 24:01 – AI use case: reviewing large datasets 25:29 – AI use case: strengthening legal documents 27:24 – Zachary’s recommended reading 28:22 – How to contact Zachary Darrow Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies. Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline discipline, and structured onboarding create scalable performance. The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin. Key Takeaways • Diagnose the commercial engine before adding sales headcount. • Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts. • Build systems that make capable salespeople productive rather than relying on individual heroics. • Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close. • Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration. Timestamps 00:00 – Introduction to Bill Bell and Chief Outsiders 00:52 – The biggest commercial mistake private equity firms make 02:17 – Why hiring more salespeople can increase cost, not revenue 02:46 – Diagnose, fix the infrastructure, then add capacity 03:17 – Four areas of commercial maturity to assess 04:46 – What makes an effective sales manager 07:03 – How manufacturing companies typically hire sales talent 08:00 – The danger of relying on a salesperson’s “black book” 08:56 – Building a sales system instead of hiring your way to growth 09:56 – Four foundations to establish before recruiting sales reps 11:24 – What a documented sales process should look like 11:53 – Using stage gates in an 18-month industrial sales cycle 13:43 – The hidden cost of pursuing customers who will not buy 15:40 – Bill’s biggest PE-backed growth success story 17:34 – Recommended books, masterclasses, and podcasts 18:58 – How to contact Bill 19:27 – Closing remarks Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com