In an industry where everyone is looking for a client niche, Ray Evans of Pegasus Capital Management in Kansas City, Kansas, may have found one where others weren't looking. He and his team of six associates manage just over $470 million, working with clients in the construction industry.

Evans has much to say, so we broke this interview into two parts. In this episode, he talks about his niche focus in construction, which happened almost by accident but has led to a large clientele of small-business owners.

We'll also dig into Evans' advisory board, a group of fellow business leaders who meet quarterly to counsel Evans and each other. He'll explain how he set it up, and how you can gain the benefits of an advisory board in your own practice. For more, visit PracticeLab.