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.

Topics:

• 3 Pillars of Growth for Small Businesses
• How to Assess Exit Readiness
• Types of Founder Transitions in PE Deals

...and so much more.

Top Takeaways

• Not all revenue is worth the risk. Jordan shares how 51 Labs landed a $150K recruiting project—but was it smart expansion or just a distraction? Greg’s rule: If an opportunity adds complexity without strengthening your core, it’s a no-go. Instead, focus on adjacent services that deepen customer relationships.

• Incentives only work when they’re simple and tied to reality. At Argosy, the bonus system relies on two main principles: First, the company must meet a minimum profitability threshold; then, individual bonuses are paid based on specific, trackable KPIs. In smaller businesses, every hour and dollar counts, and your incentive structure should reflect that.

• You can’t scale what you haven’t stabilized. Founders rush into M&A for growth, but Greg warns: You can’t build the second floor before reinforcing the foundation. Most $1–3M EBITDA companies still lack robust finance, sales, and operations functions. Without those, acquisitions don’t create leverage—they multiply chaos.

About Greg Mayer

Greg Mayer is a Partner and Head of Portfolio Operations at Argosy Healthcare Partners. A former U.S. Marine Corps Armor Officer turned private equity operator, he works hands-on with leadership teams to drive operational improvements and maximize shareholder value.

About Argosy Healthcare Partners

Argosy Healthcare Partners is a private equity firm focused on founder-owned healthcare businesses in the lower middle market. Specializing in control transactions, the firm partners with leadership teams to preserve culture, reinvest in operations, and drive sustainable growth.

Topics:

• Why Sellers Walk Away Last Minute
• How to Avoid Post-Sale Regret
• Why Early Exit Planning Matters

...and so much more.

Top Takeaways

• Selling a business is more than just a transaction. Most owners think they’re ready to sell—until they realize they’re walking away from more than just a company. Their business has been their routine, their problem to solve, their social circle, and their purpose. Without it, what gets them out of bed in the morning? That uncertainty breeds fear and hesitation, leading sellers to unconsciously derail deals with impossible demands. Denise emphasizes that the smoothest exits are both financially prepared and emotionally planned.

• M&A needs a human touch. For many owners, selling a business isn’t just a transaction. It’s letting go of something they built, nurtured, and sacrificed for. Yet, M&A language couldn’t be colder. Getting a “tombstone” to mark the sale can feel tone-deaf to someone selling their life’s work. Denise and Jordan agree: a little empathy, thoughtful communication, and recognizing the emotional weight of an exit can make the seller feel respected and understood.

• The key to a happy exit? Planning early. Most owners wait too long to think about selling—until burnout, personal changes, or an unexpected offer forces a rushed decision. The happiest exits happen when owners plan years in advance. Denise advises starting with two key steps: define what a successful exit looks like for you and identify what work provides beyond money. The sooner you know what you’ll need to replace, the smoother the transition will be.

About Denise Logan

Denise Logan knows what keeps business owners up at night. A former lawyer, mental health professional, and entrepreneur, she helps founders navigate the emotional side of selling their businesses. Her bestselling book “The Seller’s Journey” explores why owners struggle to let go and how advisors can help them transition smoothly.

Topics:

• 5-Element Hiring Framework
• Hiring for Attributes vs. Experience
• Moneyball Thinking for Smart Hiring

...and so much more.

Top Takeaways

• What happens when you work and lead with passion?Vern and Michael emphasize that passion is crucial for both business success and leadership. Passion keeps teams committed through challenges and drives both personal and professional growth. For leaders, it means embracing a growth mindset, being open to feedback, and fostering team development. Passion is just one element in Vern’s hiring framework—and a key predictor of success.

• Scorecards help you hire without the guesswork. Hiring practices often rely on gut feelings, making them prone to bias. Michael advocates using scorecards with measurable criteria like technical skills, cultural fit, and soft skills, along with clear performance expectations. This approach makes it easier to assess candidates objectively and sets the stage for accountability. When new hires understand what’s expected, they can focus on the right things to succeed in the role.

• When paying more helps small businesses scale faster. Vern and Jordan acknowledge that small and medium-sized businesses often hesitate to offer higher salaries. But hiring top-tier talent for critical roles is an investment in expertise that can drive results quickly. This aligns with Michael’s Moneyball approach to hiring. Just as the Moneyball thinking in baseball focuses on overlooked metrics to build a winning team, in business, the idea is to invest in key roles that might be costly upfront but will have outsized returns over time.

About Vern Davenport

Vern Davenport is a partner at QHP Capital, a growth equity firm focused on healthcare, life sciences, and technology. He has held executive leadership roles at Misys Healthcare, Medfusion, M*Modal, and Allscripts, specializing in business transformation and operational execution. Vern is also one of the creators of The Management System, a structured framework for scaling businesses.

About Michael Curry

Michael Curry is the co-chairman and co-CEO of Lullwater & Co., an investment firm specializing in entrepreneurship through acquisition. A search funder turned investor, he is an experienced operator in the healthcare space. Michael scaled a healthcare services company through M&A and is now focused on building the next stage of his investment firm.

Disclaimer

The opinions expressed herein are those of QHP Capital, L.P. (“QHP Capital”) and are subject to change without notice. Past performance is not indicative of future results. QHP Capital is a registered investment adviser with the U.S Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

Topics:

• How to Free Up Leadership Bandwidth
• The Power of Mission, Vision & Values
• Pitfalls in Implementing The Management System

...and so much more.

Top Takeaways

• Want more freedom? Get more structure and discipline. Many founders resist structure, fearing it will slow them down. In reality, a well-defined system brings clarity, accountability, and autonomy. As an SMB founder, Michael knows firsthand that clear roles and a problem-solving framework allow companies to move faster and focus on growth instead of firefighting. Vern describes The Management System as liberating. It removes dysfunction and unnecessary complexity, creating an environment where talented people can thrive.

• Middle management is the backbone of scalable companies. Great companies scale by empowering middle management, not by keeping decisions at the top. The Management System ensures that middle managers understand the bigger vision, their role in achieving it, and how their success is measured. And if someone resists this level of accountability and transparency, the system reveals it fast. 

• Efficient teams track fewer metrics—and get more done. Vern suggests ditching 50-slide reports for clear, actionable tools. Tracking sheets keep teams focused on 10 or fewer key metrics—green means you’re on track, red means it’s time to act. Tools like the A3 condense problem-solving into a one-page plan outlining the issue, root cause, and next steps. With these tools, teams leave meetings not just informed, but aligned and ready to execute.

• Teamwork makes the dream work. Podcasts and books often highlight solo journeys to success, but Michael emphasizes that true success comes when a team unites for something bigger than themselves. What matters more than personal wins is a shared mission and a willingness to support each other through the highs and lows. When a group shares that purpose, success follows naturally.

Recommended Reads from This Episode

• “Accelerating Growth” by Vern Davenport: Unpacks how a structured system can help companies scale by improving execution, accountability, and leadership alignment.
• “Getting the Right Things Done” by Pascal Dennis: Teaches how to apply lean management principles to eliminate inefficiencies.
• “The Founder’s Dilemma” by Noam Wasserman (Harvard Business Review article): Explores the trade-off between control and financial success that founders face as they scale.

About Vern Davenport

Vern Davenport is a partner at QHP Capital, a growth equity firm focused on tech-enabled life sciences and pharma services. He created The Management System, a structured framework designed to scale businesses. With executive leadership experience at Misys Healthcare, Medfusion, M*Modal, and Allscripts, Vern specializes in business transformation and operational execution.

About Michael Curry

Michael Curry is the co-chairman and co-CEO of Lullwater & Co., an investment firm specializing in entrepreneurship through acquisition. A search funder turned investor, he is an experienced operator in the healthcare space. Michael scaled a healthcare services company through M&A and is now focused on building the next stage of his investment firm.

Disclaimer:

The opinions expressed herein are those of QHP Capital, L.P. (“QHP Capital”) and are subject to change without notice. Past performance is not indicative of future results. QHP Capital is a registered investment adviser with the U.S Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

Topics:

• How to Avoid Mid-Career Burnout
• Confusing Activity with Productivity
• Building Mental Resilience Through Endurance

...and so much more.

Top Takeaways

• Write your own eulogy to reframe success. Professionals often hit a mid-career plateau where work feels less fulfilling. Kevin shares practical exercises to help reframe your purpose. One standout is the "Tombstone Exercise": write what you'd want on your tombstone or in your eulogy. This helps separate transactional accomplishments from transformational impacts. After all, most people want to be remembered as a good father, husband, mentor, or community leader—not just a top-performing MD.

• Energy management beats time management. Time is finite, but energy can be optimized. Kevin, Marc, and Jordan agree that true productivity doesn’t come from packed calendars or inbox zero. It comes from understanding when and how your energy peaks and protecting it for the moments that matter most—like deep work sessions or family time. Try this: audit your schedule for the next week, identify your high-energy hours, and reserve them for your most important tasks.

• The Dirt Bike Rule: How to navigate through life’s toughest ruts. When you hit a professional or personal rut, sometimes the best approach is to stay put. Marc uses a dirt bike analogy: on a rough trail, gripping the handlebars too tightly or forcing your way out often makes things worse. Stay loose, focus on the process, and ride it out. Moments like these build the patience, resilience, and perspective you need for long-term success.

Recommended Reads from This Episode

• “Never Enough” by Mike Hayes: Reframes success as aligning your life with a deeper mission rather than endlessly chasing more.
• “Happier” by Tal Ben-Shahar: Explains how balancing present enjoyment with future purpose leads to greater happiness.
• “Deep Work” by Cal Newport: Teaches how to structure your time for focus, creativity, and high-impact work.
• “The Psychology of Money” by Morgan Housel: Challenges the idea that wealth is about income, emphasizing control over time instead.
• “The Comfort Crisis” by Michael Easter: Explores how embracing discomfort—rather than fighting it—can lead to growth.

About Kevin Stark

Kevin Stark is a former Navy SEAL with 20+ years of experience, including time as a BUD/S instructor. Now a leadership coach, speaker, and ultra-endurance athlete, Kevin brings the same grit and mental toughness from his military career into his coaching. His programs help people reconnect with their core values and find meaning in the work they do every day.

About Marc Cabrera

Marc Cabrera is a former investment banker with 25+ years of experience, including multiple PE exits and board positions. After a successful career on Wall Street, Marc stepped away from finance to focus on family, community, and personal growth. He now serves as a volunteer firefighter and uses his experience to mentor others. 

Topics:

• Why PE Should Hire Veterans
• Navigating the Challenges of Growing Companies
• How Mentors Play a Role in Breaking into PE

...and so much more.

Top Takeaways

• What do your company and a brontosaurus have in common? As businesses grow, founders often struggle with transitioning from generalist roles to more focused leadership. Professor Carter Cast’s HBR article describes the Dinosaur Diagnostic that uses the brontosaurus' long neck to illustrate the growth curve. This diagnostic helps you pinpoint when it’s time to hire functional experts and stick to just your leadership hat. Understanding when and how to make this shift is essential for setting a company up for scalable success.

• Acquisitions often stumble when integration begins. To avoid the "merger of equals" trap, establish clear leadership early, define KPIs, and integrate companies under one unified identity. Without proper management and measurable goals, acquisitions risk chaos, with overlapping teams and conflicting cultures. A dedicated integration team ensures smooth execution and helps keep everything on track.

• Tip for transitioning veterans: start early and build a strong network. Transitioning from military to civilian life takes planning, so start at least a year in advance. Also, a mentor can make the process smoother by providing guidance and industry insights. In mentoring sessions, be ready to connect your military skills to civilian roles and ask thoughtful questions that show your genuine interest in the industry. With the right support, veterans can thrive in finance, offering fresh perspectives and strong leadership.

About Paul W. Swaney III

Paul W. Swaney III is a seasoned industrials investor and founder of Swaney Group. His diverse background spans military service in the U.S. Navy, roles at McKinsey & Company, and Amazon. Paul is passionate about supporting veterans transitioning to civilian careers through initiatives like SkillBridge. He is also the host of the LeverUp podcast, a community dedicated to demystifying banking, consulting, and PE for young professionals.

About Swaney Group

Swaney Group is a private equity firm with a focus on the industrial sector. The firm revitalizes struggling businesses and enhances successful ones through its proprietary Swaney Group Operating System (SGOS). SGOS optimizes management, tech systems, and culture to maximize value for both portfolio companies and investors.

Topics:

• 2025 US Economic Outlook
• Transparency in Managing Investor Money
• When Hesitation Costs More Than Failure

...and so much more.

Top Takeaways

• “First loss, best loss”—why smart investors (and leaders) know when to cut bait. Know when to cut your losses and move on fast. One of Sal’s main investing principles: first loss, best loss. He never doubles down on or gets emotionally attached to a losing investment. If the market signals he’s wrong, he exits. The same goes for leadership—holding on to bad hires, failing strategies, or misaligned partnerships can cost you more in the long run. 
• The best investors think like elite athletes. Always think multiple steps ahead. Sal compares investing to sports—the best players anticipate, not just respond. Like a second baseman reading the game before the ball is hit, great investors and leaders plan for every possible outcome, including the worst. AI and tech help, but in the end, success comes from decisiveness, adaptability, and trusting your process.

• Trust is built in tough moments. Be upfront, especially when things go wrong. Managing other people’s money is a big responsibility—families and futures are on the line. Sal and Jordan agree that communicating openly and quickly earns trust that lasts far beyond a single deal. Because people may forget what you said, but they’ll always remember how you made them feel.

About Sal Naro

Sal Naro is a seasoned leader with 4+ decades of experience. As Chief Investment Officer and Senior Managing Director of Coherence Credit Strategies at Tiptree Advisors, a division of Tiptree Inc., he has led high-performing investment teams and strategies. Most recently, he oversaw a top-performing liquid long/short credit hedge fund that has earned multiple accolades for its success.

Topics:

• Common Challenges for CEOs
• How to Empower Teams to Take Ownership
• Having an Athlete Mindset in Business

...and so much more.

Top Takeaways

• Adapt skills to scale. In the early days, success often comes from being hands-on and wearing multiple hats. But as the business grows, Jared points out that leaders need to evolve their skill sets and shift focus from execution to strategy. It’s not always easy to let go of control, but if you don’t, you risk becoming the bottleneck in your own business. Scaling isn’t just about growing the company—it’s about growing as a leader.
• Set clear priorities and goals to stay focused. Jordan shares how a culture focused on delivering commitments—rather than chasing every shiny object—keeps his team on track. Jared adds that defining goals as an “X on the map” gives everyone direction. This clarity cuts down on the stress of constantly shifting focus and ensures resources are used wisely to deliver consistent results.
• Sustain performance with predictable systems and routines. Just like endurance athletes rely on cycles of intensity and recovery, businesses thrive on consistent systems and routines. Jared and Jordan agree that clear workflows and documented processes empower teams to take ownership and keep things running smoothly, especially during periods of growth or leadership changes. 

Topics:

• Challenges for Emerging Managers
• Outreach & Pitch Deck Best Practices
• How to Develop a Competitive Edge

...and so much more.

Top Takeaways

• Make resilience a core part of your fundraising strategy. With liquidity bottlenecks from stalled exits and fundraising timelines now stretching to 24 months, emerging managers need to manage expectations internally and externally. Liz advises setting realistic goals, communicating transparently, and fostering a partnership mindset within your team to maintain morale and focus.
• Cold emails are powerful when done right. A strong cold email is concise, personalized, and scannable. Liz suggests skipping one-pagers and delivering value directly in the email, with your deck attached for more details. Start by referencing shared connections. Then, use the email to highlight your strategy, track record, and key differentiators.
• Include lessons from failed deals into your pitch. Liz observes that few managers address underperforming investments upfront, even though LPs will uncover them during diligence anyway. Proactively explaining what went wrong and how it refined your approach builds trust and demonstrates a growth mindset.
• Start with curiosity, not a pitch. Liz emphasizes that a great first meeting begins by understanding the LP's priorities. Instead of jumping right into your presentation, ask questions like, "What are your investment goals?" or "What gaps in your portfolio are you looking to fill?" This approach builds rapport and ensures your pitch aligns with their needs.