Private Equity Experience

Two companies we previously dissected on Private Equity Experience have now filed Chapter 11: LIV Golf and Leslie’s Poolmart.

Same bankruptcy chapter. Very different businesses — and very different reasons for ending up there.

In this episode, Emily Sander, Ed Barton, and Rory Liebhart revisit both cases to explain what Chapter 11 actually means in practical business terms. They unpack why bankruptcy doesn’t necessarily mean a company has failed or is shutting down, how a prepackaged bankruptcy works, what debtor-in-possession (DIP) financing does, and why creditors may agree to swap debt for equity rather than simply try to collect what they’re owed.

LIV Golf burned through billions trying to build a challenger to the PGA Tour, only to discover that buying star players didn’t automatically create enough consumer demand or media revenue. Leslie’s, meanwhile, had a proven business that expanded during the pandemic boom, took on significant debt and fixed costs, and then found itself unable to support that structure when demand normalized.

The contrast gets at one of the most important ideas in restructuring: a bad capital structure and a bad business are not necessarily the same thing. Chapter 11 can provide a mechanism to renegotiate obligations, reduce debt, shed contracts and leases, and give a viable underlying business another shot.

The hosts also break down who actually makes decisions in bankruptcy, what happens to existing shareholders, why creditors sometimes become the new owners, and why Leslie’s may emerge as a solid business while LIV Golf still has a much bigger question to answer: is there a viable business there at all?

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Grab your popcorn! In this special inaugural watch-along episode of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart watch and react in real-time to the 1993 financial classic, Barbarians at the Gate.  Based on the legendary 1988 leveraged buyout (LBO) of RJR Nabisco, this movie details the greed, corporate excess, high-stakes boardroom warfare, and private equity maneuvering between CEO F. Ross Johnson and KKR's Henry Kravis.Ed, Rory, and Emily provide running commentary on the financial mechanics, corporate governance dynamics, bidding war psychology, and how dealmaking has evolved from the wild 1980s junk-bond era to today's PE universe. 

The Deal That Defined Private Equity: The $25+ billion takeover of RJR Nabisco by Kohlberg Kravis Roberts (KKR) remains the benchmark mega-deal that transformed modern corporate finance and institutional buyouts.

MBO vs. External PE Sponsors: How Ross Johnson's attempt to take RJR Nabisco private via a Management Buyout triggered an open auction that ultimately cost him control of the company.

Corporate Governance Lessons: The critical role of independent board committees, conflict-of-interest disclosures, and shareholder value maximization when management participates in a buyout bid.

The Evolution of Debt & Leverage: Contrasting the high-yield "junk bond" frenzy of the 1980s with modern PE capital structures, covenant packages, and debt underwriting standards.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

What happens when a private equity fund reaches the end of its 10-year lifespan and can't sell its assets? Welcome to the era of Zombie Funds.

In Episode 40 of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart break down the alarming $348 billion backlog of net asset value trapped in aging PE funds past their standard 10-year expiration date.

The team examines why private equity firms are holding assets longer than ever, how frozen M&A markets affect Limited Partners (LPs) and General Partners (GPs), and what creative financial instruments (like continuation vehicles and net-asset-value loans) are emerging to solve this liquidity bottleneck. Plus, they explore how institutional capital is expanding into unexpected markets like NFL franchise ownership!

What is a "Zombie Fund"? Standard private equity funds operate on a 10-year life cycle (5 years to invest, 5 years to exit). Zombie funds are those past their decade mark still holding significant portfolio assets because market conditions prevent an profitable exit.

The Valuation Gap: Sellers want to maintain valuations based on peak post-COVID multiples, while buyers are adjusting for higher interest rates, creating a bid-ask spread that freezes M&A volume.

LP Pressure: Institutional investors (pension funds, endowments) are starving for cash distributions to reinvest in new funds, leading to a fundraising crunch across the industry.

Alternative Liquidity: Continuation vehicles and secondary market sales are moving from "last-resort options" to core strategic tools for GPs trying to return capital to LPs.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In Episode 39 of the Private Equity Experience Podcast, the hosts answer listener questions and discuss the biggest topics shaping today's Private Equity landscape. From AI and recession concerns to valuation trends, venture capital changes, and investment strategies, they break down complex topics into practical insights anyone can understand. The conversation also reflects on what listeners have learned from the podcast, why Private Equity is becoming more relevant to business leaders, and where the show may go next. Whether you're a founder, executive, investor, or simply curious about PE, this episode offers valuable perspectives on today's market and the opportunities ahead.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In Episode 38 of the Private Equity Experience, hosts Ed Barton, Rory Leaphart, and Emily Sander break down the cautionary tale of Leslie's Pool Mart. They dive into an Inc. Magazine feature detailing how a successful regional brand expanded nationwide through the classic private equity playbook, only to find itself mired in debt as market conditions shifted.

The crew uses this real-world case study to unpack critical financial concepts, including the dangerous intersection of high operating leverage and high financial leverage. You'll learn the core differences between fixed and variable cost structures, how corporate store roll-ups risk brand dilution, and when a franchise model might protect a parent company from overextension.

Stick around until the end for a lightning round on "shark strategies" and an exciting personal update on Rory's journey to the amateur Strongman nationals!

Key Takeaways from This Episode

• The COVID Boom & Reversion to the Mean: Many industries experienced unprecedented growth during the pandemic, resulting in inflated 2021–2022 valuations that did not hold as consumer behavior normalized.
• Operating vs. Financial Leverage: Operating leverage represents your ratio of fixed to variable costs. When a business stacks high operating leverage (such as owning 1,000 retail leases) with heavy debt, a minor dip in revenue can create a catastrophic cash crunch.
• The Pitfalls of National Expansion: Taking a local or regional business national often dilutes the unique brand DNA and eccentricities that made the founder successful in the first place.
• Franchising as a Risk Mitigator: Licensing intellectual property to independent franchisees shifts capital expenditures and lease liabilities away from the corporate level, protecting the overarching brand during downturns.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Is private equity still stuck with its 1980s "corporate raider" reputation, or has the industry evolved into something entirely different? In this episode of the Private Equity Experience Podcast, hosts Ed Barton, Rory Leaphart, and Emily Sander dive into a recent Reuters article claiming PE is crying out for a facelift.

The trio breaks down why average holding times have stretched to seven years, the rise of "growth equity", and how the industry is rapidly shifting toward a mutual fund-style model to attract retail investors. They also pitch their own rebranding ideas, including Rory’s "Value Creation Fund" (VCF), and debate whether PE needs to soften its image or double down on its disciplined, return-focused roots.

Plus, stick around for a nostalgic detour into 90s cinema as Ed gets uncharacteristically enthusiastic about a forgotten streaming classic

Mentioned in This Episode

• Reuters Article: "Private Equity Cries Out for a Rebranding"
• Movie Recommendation: Barbarians at the Gate (1993) starring James Garner and Jonathan Pryce (Streaming free on Roku)

Private Equity Rebrand Growth Equity Value Creation Fund Liquidity Premium Total Addressable Market TAM Retail Investors 401k Alternatives Alternative Investments Mutual Funds Barbarians at the Gate movie Private Equity Experience Podcast

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Is big business ruining the purity of youth sports, or is it funding the modern infrastructure families actually want?

In this episode of the Private Equity Experience Podcast, hosts Ed Barton, Rory Liebhart, and Emily Sander dive into a highly buzzed-about, bicameral bill introduced by Senator Chris Murphy and Representative Chris Deluzio: The Let Kids Play Act. Designed to target what legislators call "vulture capital," this bill aims to restrict private equity ownership across youth leagues, camp facilities, scheduling software, and biometric data tracking.

The crew strips away the political grandstanding to look at the real economic drivers. Is PE causing predatory cost inflation, or is it introducing crucial operating leverage and tech innovation to an historically mismanaged, fragmented industry? Ed steps into the shoes of the devil's advocate to examine the true cost of community accessibility versus the realities of a supply-and-demand economy.

In this episode, we cover:

The "Let Kids Play Act": Breaking down the 30-page bill aiming to force PE divestment from youth athletics within two years.

The Value of the "Meat on the Bone": Why private equity is suddenly attracted to youth clubs, tech platforms, and elite resident camps.

Biometric Data & NIL Prep: The ethics and economics of tracking 12-year-old sports data to predict future collegiate success.

Infrastructure vs. Accessibility: Will private equity consolidation squeeze out lower-income families, or will natural market competition and not-for-profits keep them honest?

The Real Ed Barton: Ed breaks down his true capitalist perspective on economic rents, government barriers to entry, and why team sports matter more on a resume than an Ivy League degree.

💬 JOIN THE CONVERSATION
Listener, we want to hear from you! Where are you sending your kids to train? Are you opting for the community YMCA camp, or paying for the tech-heavy, private equity-backed elite academy? Drop your thoughts on the "Let Kids Play Act" in the comments below!

If you enjoyed this episode, please Like, Share, and Subscribe to our channel for more filter-free, fluff-free private equity insights.

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#PrivateEquity #YouthSports #LetKidsPlayAct #VultureCapital #FinancePodcast #BusinessStrategy #CorporateInfrastructre #NIL #InvestmentBanking #OperatingLeverage

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Is the "Crazy Math" of private markets masking the truth about your investments?

In this episode of the Private Equity Experience Podcast, hosts Rory Leaphart, Ed Barton, and Emily Sander break down a recent Wall Street Journal article titled "The Crazy Math Confronting Everyday Investors in Private Markets." If you’ve ever wondered how private equity and private credit funds actually value their portfolios and whether those numbers are real or just subjective "engineering," this episode is your backstage pass.

What we cover in this episode:

• Private Credit vs. Private Equity: The fundamental differences between lending assets and ownership stakes.
• The "Squishy" Valuation Game: Why private equity valuations are like Olympic figure skating scores: highly subjective, beautifully modeled, and sometimes massaged to protect management fees.
• Impairments & "Loss Harvesting": How managers strategically offset massive home runs by dumping underperforming assets at the exact right time.
• Non-Traditional Structures: The truth about escalators, profit participations, and structured notes that traditional banks won't touch.
• Sound Smart in Your Next Meeting: The exact questions to ask your fund managers to find out if their deck is based on fundamental analysis or GAAP accounting.

Takeaway: Don't count your dollars before they hit the bank! In a volatile market, your portfolio values might swing by 20% or more. Proceed with caution.

If you enjoyed this deep dive, make sure to LIKE, SHARE, and SUBSCRIBE wherever you get your podcasts!

Got questions about your private market investments? Drop a comment below or hit up Ed and Rory!

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Saudi Arabia’s Public Investment Fund (PIF) once positioned itself as an unstoppable financial powerhouse, backing massive projects like LIV Golf, NEOM, and global sports investments. In this episode, the hosts break down why the $900 billion sovereign wealth fund is now facing liquidity pressure and what it reveals about risk, cash flow, and long-term investment strategy in Private Equity.

The conversation explores how ambitious “empire-building” investments can clash with the fundamentals of disciplined capital allocation, especially when projects prioritize branding and global influence over financial returns. The team also examines whether investments like LIV Golf were strategic moves or costly ego-driven bets with no clear monetization plan.

Listeners will gain insight into how Private Equity firms manage illiquid assets, the importance of diversification, and the tough decisions investors face when deals underperform. From sovereign wealth funds to traditional PE strategies, this episode offers a practical and engaging look at what happens when even the biggest investors need to slow down and rethink the playbook.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode, the hosts explore a fundamental question in Private Equity: should you build a high-performance team of top external talent, or rely on trusted family members to run the business? Through real-world stories, they unpack the trade-offs between trust, competence, and scalability– especially during high-stakes moments like PE transactions.

The conversation dives into the complexities of family dynamics, including trust gaps, role misalignment, and the emotional ties that can both strengthen and hinder performance. They also highlight how outside executives, especially in roles like Chief of Staff, can help bridge gaps and drive alignment.

Ultimately, the episode reveals that there’s no one-size-fits-all answer. The key is aligning the right people to the right roles at the right stage of the business, while balancing performance with trust to maximize long-term value.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory