Most private equity firms claim to use a leather-bound "value creation" bible nobody's allowed to touch. The truth? It's more of a Cheesecake Factory menu. In this episode, Paul and Jim break down what operating partners actually do once the deal closes — the three buckets that matter (revenue, cost, risk), why many software companies leave revenue on the table with their existing customers, and what "don't buy a company you can't sell" looks like in practice.