In this episode, Dan Thompson sits down with John Henderson, Deputy CFO at MIQ and a private equity veteran with 15+ years of experience across deals from £5m to £5bn. 

From building bulletproof 13-week cash flow models to zeroing in on investor-grade KPIs, John explains how to structure your business for maximum value. He shares real-world lessons, including how he uncovered a regulatory risk that derailed a pharmaceutical transaction, and flagged a £60m CapEx blind spot in a fleet deal. 

Key Takeaways:

• Clean financials are non-negotiable for scalable growth and investor confidence 
• Strong cash flow forecasting helps you navigate uncertainty and stay in control 
• Profitability and EBITDA conversion are critical in mature sectors, but for high-growth startups, investors prioritise ARR, churn, and market potential.
• Retention and team structure are critical in service-based businesses
• In high-growth sectors like AI, investors prioritise ARR, churn, and market potential over short-term profits

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Dan Thompson welcomes Dan Bowyer, multi-exited founder turned VC and Partner at SuperSeed, to discuss the real mechanics of building and backing venture-scale businesses. With 4 exits and over 50 early-stage investments, Dan shares unfiltered insights into what makes companies scale, stall, or sell.

From recognising when a founder shouldn’t be CEO, to avoiding energy burnout and co-founder implosions, this episode is packed with hard-won lessons for founders and the investors who back them. The conversation covers how the venture model works, why timing exits is critical, and the traits SuperSeed looks for when betting on technical teams. They also explore how AI is reshaping GTM strategy and what LPs should really expect from early-stage funds.

Key Takeaways:

• Founder to CEO transitions are critical and often mishandled.
• Most failures stem from energy mismanagement, not capital shortfalls.
• Back obsessive problem-solvers, not just great technologists.
• Early exits can be smart, but don’t confuse them with success.
• AI is now core to every GTM strategy.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]