Topics:

1. How Sponsors Communicate Efficiently
2. What Investors Look For in First Calls
3. Lower Middle Market Buy-and-Build Strategies

...and so much more.

Top Takeaways

1. Match your capital partners to your stage of maturity. Grant notes that choosing the right capital partner upfront prevents misalignment and speeds your path forward. For example, early sponsors gain the most by co-sponsoring with seasoned PE funds to learn what “good” looks like. Sponsors aiming to raise a future fund need co-investors who protect attribution and let them build a clean track record.

1. Lead with the value you’ll create, not the deal you found. Grant sees it all the time: independent sponsors spend 45 minutes on deal mechanics and leave only a few minutes on the plan that actually drives returns. It’s backwards. Investors care far more about the growth thesis, the value levers, the M&A roadmap, and why you are the right person to execute it.

1. VOC + Market Mapping is the new standard for top sponsors. Grant expects more sponsors to invest in structured market studies, especially voice of customer to validate why the company wins, and market mapping to define the actual M&A universe. Most sponsors talk about add-ons, but few can prove how many targets exist, which ones fit, or whether sellers transact. Investors back the sponsors who can quantify this, not just claim it.

About Grant Kornman

Grant Kornman is a former independent sponsor with more than a decade of experience buying and growing lower-middle-market companies. He co-founded NCK Capital and built a track record across multiple sectors through disciplined investing and operator-level execution. As a Partner at Align Collaborate, Grant brings a sponsor-first approach to equity shaped by a deep understanding of what independent sponsors need to execute and create value.

About Align Collaborate

Align Collaborate is an equity partner purpose-built for independent sponsors. Launched by Align Capital Partners in partnership with Grant and Michael Kornman, the firm provides fast, flexible equity for lower middle-market buyouts. Their model is designed around the realities of the IS ecosystem: clean attribution, quick decisions, tailored structures, and the option to leverage ACP’s operational resources.

Topics:

• Emotional Highs & Lows of Founders
• Why Hire Above Your Skill Set
• Learning to Spot Opportunities

...and so much more.

Top Takeaways

• Founders: Build a culture of cheap experiments and fast iteration. The first version of BluWave was a platform people liked in theory but hated in execution. That’s when the team leaned on Jim Collins’ “bullets before cannonballs” approach: test small, validate, then scale. Sean ran a series of low-risk experiments to see what actually worked before committing resources. By iterating quickly and scaling only what the market proved out, BluWave went from zero traction to the 2021 Inc. 5000 list of fastest-growing PE firms.

• Ask for help before you hit a wall. Sean nearly shut the business down because he tried to solve everything alone. Jordan saw the same thing: real breakthroughs only happened after admitting he was stuck. For founders, isolation is dangerous. Build a habit of pulling in outside perspectives early to shorten cycles, avoid blind spots, and make better decisions.

• Train your brain to see opportunity, not risk. Sean’s team uses the “red car theory”: whatever you train your brain to look for (red cars, opportunities, inefficiencies), you’ll start noticing them everywhere. Most people default to scanning for risks. Great operators do the opposite and train their attention toward leverage points. Practice that habit long enough, and it becomes a real advantage.

About Sean Mooney

Sean Mooney is the Founder and CEO of BluWave, a market network built for private equity. After two decades as a PE partner, he left a stable career to solve a recurring bottleneck he saw firsthand: the difficulty of finding reliable, high-quality third-party resources quickly. Today, BluWave serves hundreds of firms and their portfolio companies.

About BluWave

BluWave is a Nashville-based platform that connects private equity firms and their portfolio companies with vetted third-party resources for diligence, value creation, and preparation for sale. It combines a curated network with a high-touch matching process to help teams find the specialists they need quickly and reliably.

Topics:

• Early Fundraising Mistakes
• Culture of Constructive Debate
• Using Data for Value Creation 

...and so much more.

Top Takeaways

• Simplicity is a fundraising advantage. New managers often try to stand out with creative structures or mixed strategies. Instead, make it easy for investors to say “yes”: standard 2/20 terms, one defined strategy, three memorable differentiators, and an ongoing dialogue with investors. Predictability builds trust—and trust raises funds.

• Healthy debate drives better decisions. Rotunda’s culture is built on one principle: “Disrespect the idea, respect the colleague.” Every voice—associate or senior—is encouraged to challenge assumptions and pressure-test deals, but never the person presenting them. And if alignment isn’t there, the deal is dropped. Forcing a divided deal almost always costs more than the opportunity lost.

• Strategy maps make execution measurable. Before closing a deal, Rotunda aligns with management on a 3- to 5-year vision, defining success through clear EBITDA targets, growth priorities, milestones, etc. Post-close, that strategy map becomes a living document reviewed monthly and used to guide board discussions. Every new opportunity is tested against it. If it’s not on the map, it waits unless the team agrees to revise the plan. The result is sharper alignment, disciplined execution, and fewer “shiny object” distractions.

• Execution creates optionality. John’s mantra “Get Sh*t Done” captures his belief that motion beats perfection. At Rotunda, that mindset led to bold experimentation: hiring data scientists before it was common, testing new pricing models, and launching analytics projects. Every executed idea broadens perspective and adds insight. Stack enough of them, and you create optionality. 

About John Fruehwirth

John Fruehwirth is the Managing Partner and co-founder of Rotunda Capital Partners. With 20+ years of experience across debt and equity investing, he’s built a reputation for pairing disciplined execution with data-driven decision-making. Fruehwirth champions a hands-on, collaborative approach, focusing on operational improvement, culture, and measurable value creation.

About Rotunda Capital Partners

Rotunda Capital Partners is an operationally-oriented private equity firm that partners with founder- and family-owned companies in the lower-middle market. They focus on value-added distribution, asset-light logistics and service-oriented industrial sectors, employing a model built around people, process, technology and data to drive sustainable growth.

Topics:

• How to Prepare for a Sale
• Customer Diversification as a Growth Lever
• Importance of Board Culture

...and so much more.

Top Takeaways

• Keep leverage in check for stability. In the ImpactXM deal, David’s team held the company for 10 years and achieved a 21x ROI. When COVID hit, low leverage and a diversified service mix kept the business alive. The lesson for independent sponsors: don’t overextend just to win a deal. A strong balance sheet and disciplined cash management create the runway to survive shocks and capture long-term upside.

• Get the books in order before diligence. David explains that many deals fall apart because sellers aren’t prepared. Independent sponsors should push for clean reporting, monthly closes, and 13-week cash flows. These basics streamline diligence, build investor confidence, and keep management focused on running the business.

• Board culture can drive exponential growth. Founder-led businesses often lack formal boards. Independent sponsors can add immediate value by instituting structured board meetings. Simple steps, like setting agendas, tracking follow-ups, and standardizing reporting, can shift a company from reactive to strategic and set the stage for growth.

About David Acharya

David Acharya is the Managing Partner of Acharya Capital Partners, leading the firm’s investing, strategy, and operations. With 25+ years of investing and transaction experience, he’s known for hands-on value creation. He began his career in investment banking at JPMorgan Chase and Toronto Dominion, where he helped raise $18B+ across telecom, media, consumer, and financial sectors.

About Acharya Capital Partners

Acharya Capital Partners (ACP) is a New York–based independent sponsor firm specializing in lower middle-market investments. The firm partners with founders and management teams to drive growth through disciplined buy-and-build strategies, operational enhancements, and professionalized governance. ACP focuses on companies in technology, media and telecommunications, marketing services, and light manufacturing, typically with $3–20 million of EBITDA.

Topics:

• Thematic Sourcing for Better Deals
• How to Fortify the Foundation Post-Close
• People & Culture as a Value Driver

...and so much more.

Top Takeaways

• Build a data-driven foundation. Eliot and Jordan agree it’s impossible to manage what you can’t measure. In the first 120 days, Broadwing focuses on defining key KPIs, setting a reporting cadence, and creating a single source of truth for data. This alignment between hard data and management’s intuition drives smarter decisions on sales, costs, and growth. 

• Put people at the center of value creation. Broadwing Capital believes the people inside portfolio companies are the true foundation of growth. That’s why culture should be valued as highly as financial performance. Their mantra—“Onsite early, onsite often”—reflects a hands-on approach where building meaningful relationships accelerates execution.

• Lead with humility. In an industry known for confidence and control, Broadwing makes humility a core value. They emphasize listening to operators, learning from management teams, and recognizing that sector expertise often runs deeper inside the portfolio company than at the fund. That mindset builds trust and strengthens partnerships.

About Eliot Kerlin

Eliot Kerlin is the Founder & Managing Partner at Broadwing Capital, where he leads deal origination and works closely with management teams post-acquisition to deliver transformative results. Active in private equity since 2000, he brings extensive experience in M&A, corporate strategy, performance improvement, and value realization through sales, public offerings, and dividend recapitalizations.

About Broadwing Capital

Broadwing Capital is a Dallas-based private equity firm targeting North American companies with $5–30 million in EBITDA. The firm focuses on founder- and family-owned businesses, providing both capital and operational expertise to accelerate growth. Its hands-on approach emphasizes culture, collaboration, and community impact to build more sustainable companies.

Topics:

• Fundraising Lessons from a $1.6B Fund
• A Carve-Out Playbook That Scales
• Why You Need a One-Page Strategy

...and so much more.

Top Takeaways

• Keep strategy simple. Instead of 50-slide strategy decks, Chris insists on a one-pager with two to four clear priorities. Every team member, from associate to partner, should be able to recite them. Simplicity drives alignment and execution.

• 3 actionable tips for hiring executives. First, focus on three traits: intelligence, hustle, and the ability to lead. Second, use third-party assessment tools to better evaluate candidates. Third, test humility in real life. At Pacific Avenue, that means taking candidates out to a meal and watching the small interactions. If someone can’t treat people well in everyday settings, they won’t be a good leader inside the company.

• Make it safe to fail, so you can win consistently. Pacific Avenue’s rule: surface mistakes quickly, fix them, and move on. In fundraising, it’s asking for genuine feedback when LPs push back and refining the pitch. In operations, it’s changing course when a carve-out plan isn’t working. As Chris puts it, “It’s okay to be wrong. It's not okay to stay wrong.”

• Look at the past to plan the future. When assessing carve-outs, Pacific Avenue starts by asking: What did this business look like before the corporate parent? Often, it was a strong, growing standalone that later got deprioritized. That history matters because if the business thrived once, there’s a strong case it can thrive again with the right strategy.

About Chris Sznewajs

Chris Sznewajs is the Managing Partner and Founder of Pacific Avenue Capital Partners. A veteran investor in complex carve-outs and special situations, he brings decades of experience in private equity and operational turnarounds. Before launching Pacific Avenue in 2018, he was a Principal at The Gores Group and began his career in Bain & Company’s restructuring practice. 

About Pacific Avenue Capital Partners

Pacific Avenue Capital Partners is an LA-based private equity firm focused on middle-market carve-outs, corporate divestitures, and other complex situations. The firm works hand-in-hand with management teams to unlock value through operational improvements and growth strategies. With the rapid close of its $1.6B Fund II in under four months, Pacific Avenue now manages over $3.8B in AUM.

Topics:

• What to Prioritize in Your First Deal
• How to Vet Founder-Led Companies
• Capital Trends for Independent Sponsors

...and so much more.

Top Takeaways

• Bet on grit, not credentials. Dan jokes that both Jordan and Douglas had terrible business ideas when he first met them, but he backed them anyway for their grit and drive. Douglas echoes the same philosophy in his hiring practices. It’s not about Ivy League degrees, but how people show up when things go wrong. Character under pressure beats credentials on paper.

• Desperation ruins deals—discipline builds reputations. Dan shares how the pressure to close your first deal can cloud judgment. When you're afraid of spooking the seller, it’s tempting to rush diligence and ignore red flags. But one bad deal can damage your reputation for years. His advice: slow down, validate the opportunity, and don’t let emotion override your standards.

• It's never too early to address gaps. Douglas explains that waiting until after close to address gaps—like ERP systems implementation or CFO hires—can create unnecessary delays. Instead, start those workstreams during diligence. It sets clear expectations, secures buy-in from sellers, and ensures you hit the ground running from day one.

About Douglas Song

Douglas is the Managing Partner at Prodos Capital and a veteran independent sponsor with decades of experience in restructuring and lower-middle market buyouts. He focuses on founder-led businesses with strong cash flow and growth potential. Douglas was raised in a South Korean immigrant family of entrepreneurs—an experience that shaped the values he brings to his work today.

About Prodos Capital

Prodos Capital is a New York–based private investment firm operating under the independent sponsor model. It acquires and grows lower middle-market companies with strong cash flow and sustainable advantages. The team partners with management, capital providers, and operating partners to build long-term value without the constraints of a committed fund..

About Dan Lee

Dan Lee is a seasoned investor and operator with experience in private equity, investment banking, and advisory. He recently started his own firm dedicated to serving the independent sponsor community. Dan brings a people-first approach grounded in collaboration, trust, and long-term partnerships.

About Pin High Strategies

Pin High Strategies is a boutique merchant banking and advisory firm that works with independent sponsors and founder-led businesses. Its services cover the full deal lifecycle, including sourcing, due diligence, structuring, execution, and post-close value creation.

Topics:

• Hybrid Model: PE + Search Fund
• A Strong Operator Profile
• Equity & Structure in Operator Deals

...and so much more.

Top Takeaways

• Succession is one of the biggest overlooked opportunities in the lower middle market. Over 50% of small business owners in the U.S. are nearing retirement age, but many lack a clear succession plan. For investors and operators, that’s an opportunity. Firms like Novastone Partners are targeting founder-owned businesses with $15M–$40M in enterprise value, where the right leadership transition can unlock serious value.

• Founders trust operators who’ve walked in their shoes. Founders want someone they can trust to take over. That’s why industry veterans often have an advantage. Operators in their 40s or 50s, with 20+ years in the same industry, can have peer-to-peer conversations with sellers from day one. They’re seen as real successors, not just financial buyers.

• The search will test you more than the acquisition itself. The search phase is where most aspiring buyers drop off. It’s long, unstructured, and full of dead ends. Even great operators can struggle if they underestimate how different sourcing is from leading. Don’t go it alone. Look for models like Novastone’s that offer salary, hands-on deal support, and a team to help with sourcing, outreach, and diligence. 

About Maxwell Taylor

Maxwell Taylor is Managing Director at Novastone Partners, where he leads operator selection, platform development, and deal execution. With a background in private equity and experience working with mid-career executives, Max helps bridge the gap between operators and business ownership. 

About Novastone Partners

Novastone Partners is an operator-led buyout firm focused on solving the succession crisis in the lower middle market. The firm backs experienced industry executives to acquire and grow founder-owned businesses with $15M–$40M in enterprise value. Since 2020, Novastone has backed over 70 operators and closed 24+ acquisitions.

Topics:

• Founder Misconceptions About PE
• Friction Points in Integration 
• Signs a Business Is M&A-Ready

...and so much more.

Top Takeaways

• Roll-ups require a clear playbook or you’ll struggle to scale. Justin shares that Agellus Capital targets fragmented, non-discretionary markets and looks for add-ons with high recurring revenue and complementary services. Without clear acquisition criteria, you risk stitching together unrelated businesses with no strategic fit. That leads to operational headaches, zero synergies, and a portfolio that’s tough to grow or sell.

• Integration fails when PE firms underestimate founder attachment. Every founder thinks their playbook is the gold standard, which makes cultural and operational alignment tough. Justin warns that without early investment in rebranding, leadership clarity, and shared values, resentment builds fast and integration risks becoming a post-close drag on value.

• Want to sell in 12–24 months? Focus on building a business that runs without you. Justin explains that to attract private equity buyers, founders need to nail three critical areas before pursuing M&A: scalable systems, consistent and defensible EBITDA, and a strong leadership team that doesn’t rely on the founder. Without these, you’re not selling a business—you’re selling your job.

About Justin Smith

Justin Smith is Managing Director and Head of Business Development at Agellus Capital. With 13+ years of experience in private equity, M&A advisory, and investment management, he leads the firm’s deal sourcing and relationship-building efforts. In 2025, he was named a “Private Equity BD Professional to Watch” by ACG.

About Agellus Capital

Agellus Capital is a lower-middle-market private equity firm focused on essential, non-discretionary services in fragmented industries. The firm targets businesses with $2M–$20M of EBITDA and employs a disciplined buy-and-build strategy. Backed by a $400M debut fund, Agellus is actively scaling platforms across the U.S. through strategic acquisitions.

Topics:

• Pre-LOI: How Independent Sponsors Win Deals
• LOI Execution: Structure, Risks, Mistakes
• Good vs. Bad Post-LOI Diligence
• What Attracts and Repels Capital

...and so much more.

Top Takeaways

• Rollover is your edge against strategics. Strategic buyers often can’t offer it. Independent sponsors can—that’s your edge. Typical range is 10–40%, and when structured well, the second bite can be worth more than the first. It aligns incentives, keeps sellers engaged, and shows you’re building with them instead of just buying them out.

• An LOI isn’t a victory if it’s not fundable. Signing an LOI with mispriced risk, unrealistic earnouts, or soft terms might feel like a win, but it’s not fundable. Capital partners will walk, and worse, re-cutting terms after signing can fracture trust with the seller. John’s advice: pressure-test your LOI with capital providers before it reaches the seller’s desk. 

• Call out red flags early—or risk killing the deal later. Strong diligence starts with a clear timeline, experienced advisors, and structured checkpoints to raise red flags before they become roadblocks. John warns that bad diligence often means avoiding tough conversations about risk. If you're not surfacing problems early, you're setting yourself up for failure post-LOI.

• Stay exit-ready from day one post-close. Even if you’re planning to hold for five years, act like you’ll sell in two. That means clean financials, documented systems, and clear growth metrics. You never know when the perfect buyer will come knocking. The sponsors who are prepared are the ones who cash in early.

• Choose advisors who know the IS model, not just deals in general. John shares that many first-time independent sponsors make the mistake of hiring advisors who don’t understand the nuances of independent sponsor deals, like capital stack structuring or running a capital raise alongside diligence. Look for professionals who have worked on multiple independent sponsor transactions and understand the pressure points before and after the LOI.

About John Koeppel

John Koeppel is a Partner at Lippes Mathias, where he leads the firm’s Private Equity and Independent Sponsor practice. With 25+ years of experience, John has structured and closed 250+ deals ranging from $5M to $250M+. His work has earned recognition from Best Lawyers in America, Chambers USA, and Super Lawyers.

About Lippes Mathias

Lippes Mathias is a full-service law firm that advises independent sponsors, family offices, and institutional investors throughout the full lifecycle of a transaction—from LOI to exit. Known for its deep transactional experience and business-first mindset, the firm is a trusted legal partner to dealmakers across the lower middle market and beyond.