M&A Masters

On this week’s episode of M&A Masters, we are joined by Ryan Milligan, Partner of ParkerGale. Guided by their principle – “products that matter, cultures that last” – ParkerGale is a small private equity firm that focuses on profitable, lower middle market technology companies and the convergence of private equity and software. 

“Let’s just be transparent, and let’s just give everyone the answers to the test,” Ryan says of the empathy he has learned in the market - take the competitive advantage off the table and make it about the people. 

We chat with Ryan about his journey to building a successful company and culture in ParkerGale, as well as: 

• The excitement of working in the lower middle market 
• The importance and art of measuring culture
• How a “Chief Worry Officer” can fit into risk decisions and dynamics
• Buyer diligence and reps and warranties
• The future of software post-pandemic 
• And more

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On this week’s episode of the M&A Masters Podcast, we sit down with Todd Dauphinais, Founding Principal and Managing Partner of Clavis Capital Partners in Dallas. Clavis Capital Partners realized that there was a better model and approach to private equity, and set out to create an investment firm focused on operations, the longer term, and on deploying capital in the most flexible and effective manner possible - the independent sponsor model. 

We chat with Todd about what inspired him to build Clavis, and where the name Clavis even came from, as well as:

• The successful effects of the independent sponsor model
• The importance of strategy for growing businesses 
• Building a company culture that sets you apart
• How the rapid advancement of technology can be used for market benefit
• Rep and warranty policies 
• And more 

On this week’s episode of the M&A Masters Podcast, we are joined by Brooke Ansel, Vice President of Prudential Private Capital. She runs a Prudential team focused in the southern United States, but her career path to the investment company was unconventional – it started with the Neiman Marcus buying team. 

Brooke tells us about how Prudential is more than just a bank – it has a commitment to the lower middle market that might surprise some listeners. Prudential Private Capital focuses more on debt and minority equity, and acts as the private capital arm of the larger Prudential institution. 

We chat with Brooke about what Prudential Private Capital brings to the table, as well as:

• Minority equity and mezzanine debt 
• The Prudential Private Capital ideal client 
• Investing in growth and being there for the long-term relationship
• Important misunderstandings to avoid 
• Optimism for the M&A world Post-COVID 
• And more

Our guest for this week’s episode of M&A Masters is Jon Finger. Jon is a Partner at McGuireWoods LLC in Dallas, and his practice focuses on private equity and corporate transactions. He and his partners were the first in the area of independent sponsors to create a private equity practice dedicated to independent sponsors. Jon and his partners also created “Deal-by-Deal”, a podcast that focuses on the independent sponsor community of the M&A market.

Jon says, of this independent sponsor relationship, “Many of these sellers are selling their baby – this has been, and will be, their legacy. Finding independent sponsors who are really appreciative of that is a big part of what we look for in our network for the clients that we want to be working with.”

We discuss the importance of building a network and prioritizing the independent sponsor relationships, as well as:

• The difference between independent sponsors and other buyers
• Perceptions of private equity
• Finding creative ways and best practices to partner with independent sponsors
• The ideal client of the independent sponsor community
• Hybrid models of independent sponsors and private equity funds
• And more

Our guest for this week’s episode of M&A Masters is Scott MacLaren, Partner of The Sterling Group in Houston. The Sterling Group is a private equity firm, one of the oldest in the country, and currently has $4 billion of assets under management. 

Scott did not start off in private equity – he studied at the United States Military Academy at West Point, started business school after serving in the Army, and then finally found his private equity calling after working as a consultant. He started recruiting heavily for the middle market, and has now been with Sterling for seven years making investments in the industrial sector. 

We chat with Scott about his path to The Sterling Group, as well as: 

• The competition of the private equity market
• Establishing longevity in a growing industry
• Finding excitement in investing in “unsexy” markets
• Simplifying life-changing events
• The predictions for industrial markets and partners after the pandemic
• And more

Our special guest on this week’s episode of the M&A Masters Podcast is Grant Jackson. Grant is the Managing General Partner of Council Capital, a middle market private equity firm based in Nashville, Tennessee. Their mission is to be the best healthcare private equity firm, with their focus on investing in the right side of healthcare change.

We chat about the underlying goal of improving the healthcare system, as well as:

• Providing access to vulnerable populations, including those with disabilities
• Asking the important questions about the future of healthcare
• How Council Capital identifies businesses that will scale
• Maintaining the highest quality even when businesses grow and expand
• The difference between venture capital and private equity
• And more

Our special guest on this week’s episode of M&A Masters is Dena Jalbert. Dena is the Founder and CEO of Align Business Advisory Services, a team of former business owners, operators, and executives in offices throughout the US who bring Wall Street resources to the lower middle market. She was also recently named on Mergers and Acquisitions Magazine's list of the Top 25 Most Influential Women in Mid Market M&A.

Dena says, “When we sit down with clients, we start creating the investment thesis, helping them make that decision. We help them really analyze all their options and what they all mean, then we have it reflect their personal needs, because 99.9% of our clients are owner-operated businesses. Quality of life and success all have to be considered in addition to what opportunities the market can avail. We align those two dynamics, and then the clients will get excited about it.”

We discuss the ability for companies to grow organically, as well as:

• What happens when business owners reach their inflection point
• Helping sellers understand the science of the deal
• Cultivating relationships with investors to better serve as an intermediary
• The greatest resource for both buyers and sellers
• Women in the M&A workforce and the opportunity to offer value and see more diversity 
• And more

Our special guest on this week’s episode of M&A Masters is James Darnell. James is the Managing Partner of KLH Capital, a private equity firm based in Tampa, Florida, that focuses on serving family and founder-owned, lower middle-market companies throughout the US. KLH Capital was recently recognized as Private Equity Firm of the Year by M&A Source.

“We're always thinking, ‘How do we add value? How do we help teams be more successful? How do we help them grow? And, what do we have to do to make that happen?’”, says James.

We chat about KLH’s firsthand experience with buying, as well as:

• Unlocking the potential of successful family-owned businesses
• Offering leadership development services to transition ownership
• Investing in technology to make more data-driven decisions
• Establishing a better paradigm with Reps and Warranties
• And more

On this week’s episode of M&A Masters, we speak with Emily Holdman. Emily is the Managing Director of Permanent Equity, a lower middle market private equity firm based in Columbia, Missouri, that focuses on investments for the very long term. Emily is also named as one of Axial’s thought leaders for the lower middle market.

We chat about growing organically with lead generation, as well as:

• Entering finance from marketing and what her experience brings to acquisitions
• Finding differentiation by committing to investment without the intention to sell
• The intrinsic desire to be heavily involved with operations
• Reaching sellers with a midwestern approach, by offering resources and information 
• Evergreen tools and content marketing to educate sellers 
• And more

Our special guest on this week’s episode of M&A Masters is John Warrillow, the Founder and President of The Value Builder System™. He is also the host of Built To Sell Radio, and the author of the bestselling books, Built to Sell: Creating a Business That Can Thrive Without You, The Automatic Customer: Creating a Subscription Business in Any Industry, and The Art of Selling Your Business: Winning Strategies & Secret Hacks for Exiting on Top. 

We chat about what dangers to be aware of during a sale, as well as:

• How to strategically leverage debt
• The natural and inevitable expansion of buyers in the market
• How to maximize your value with multiple bidders
• Who to involve during negotiations in order to retain companies’ employees
• M&A is not DIY - how to keep your coveted information private
• And more