The Private Equity Podcast, by Raw Selection

Alex Rawlings is joined by Ian Reynolds, Founder of Thesis Capital, to discuss why private equity firms should put leadership at the centre of their investment decisions. Drawing on his experience across transactional finance, $10 billion in deals and operating businesses, Ian explains how Thesis Capital approaches acquisitions by evaluating the CEO, management team and operational realities before committing capital.

Ian shares why fragmented deal teams can miss critical risks, how behavioural assessments help identify exceptional operators, and why investors should underwrite downside risks before getting carried away with growth assumptions.

Key Takeaways

• Underwrite the CEO first: In the lower middle market, leadership is often the key differentiator between otherwise similar businesses.
• Break down investment silos: End-to-end deal ownership helps investors understand the commercial, financial and operational realities of an acquisition.
• Assess behavioural characteristics: Emotional intelligence, ethical judgement, adaptability, communication and a hands-on mindset are essential CEO qualities.
• Put operators into due diligence: Experienced executives can identify management skill gaps and determine whether the existing team can deliver the next stage of growth.
• Test whether a business can scale: Thesis Capital looks for businesses capable of growing at approximately twice the rate of GDP, potentially through vertical integration or horizontal expansion.
• Underwrite the downside first: Identifying what could go wrong helps investors avoid unrealistic assumptions and build more robust investment cases.
• Think in mental models: Inspired by Charlie Munger, Ian views businesses as biological organisms rather than simply financial instruments.

Timestamps

00:00 – Introduction to Ian Reynolds and Thesis Capital
01:00 – The mistake private equity firms make with deal teams
03:00 – Why Thesis Capital underwrites the CEO first
04:30 – What financial statements miss about operational challenges
06:00 – How to identify a great CEO and operator
07:30 – The behavioural traits Thesis Capital looks for in leaders
10:00 – What operators uncover during management due diligence
12:00 – Assessing whether a business can scale
14:00 – Why companies struggle to grow beyond their market
15:30 – Underwriting the investment case before closing
17:30 – Avoiding overly optimistic assumptions
19:00 – Charlie Munger’s mental models and business strategy
20:00 – How to connect with Ian Reynolds and Thesis Capital

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Cory Steffek, Partner in the Private Equity Division of Ara Partners, to explore value creation in industrial decarbonisation and growth infrastructure.

Cory shares his unconventional journey from PhD chemist and climate-tech venture capital investor into private equity, and explains why successful industrial decarbonisation businesses need to be built around strong economics rather than subsidies, ESG mandates or “green premiums.”

The conversation covers why investors repeatedly overestimate technology and underestimate the cost and complexity of building physical infrastructure, how Ara Partners evaluates techno-economics and differentiates genuine industrial solutions from clever technology, and where the real value creation opportunities lie in waste-to-value businesses.

Cory discusses examples from Ara Partners’ portfolio, including Divert, Continuum, Utility Global and Sedron, and explains how operational execution, infrastructure development, supply chains and long-term offtake agreements can turn innovative technologies into durable, cash-flowing assets.

He also shares the framework that has had the biggest influence on his career: Stage Gate and Front-End Loading (FEL), and why disciplined project development is critical when scaling first-of-a-kind industrial assets.

Timestamps

00:00 – Introduction to Cory Steffek and Ara Partners
02:00 – From PhD chemist to private equity
04:00 – The biggest mistake in industrial decarbonisation investing
06:00 – Why green premiums don't create sustainable businesses
08:00 – What survives without subsidies, carbon credits or ESG mandates?
10:00 – Waste-to-value as an industrial investment opportunity
12:00 – Divert, Continuum and Utility Global: portfolio examples
15:00 – How Ara Partners approaches due diligence
17:30 – The challenge of estimating costs for new physical assets
20:00 – Why flawless execution matters in infrastructure
22:00 – The $500m investment in Sedron
24:00 – Where value creation really comes from
26:00 – Building and scaling physical infrastructure
28:00 – Sedron's waste-to-value model
30:00 – Organic fertiliser and the commercial opportunity
32:00 – Selling a new product into established markets
34:00 – Building the commercial team and securing offtake
36:00 – The importance of long-term supply and offtake agreements
38:00 – The Stage Gate and Front-End Loading framework
40:00 – Why “move fast and break things” doesn't work with infrastructure
42:00 – Final advice and how to connect with Cory Steffek

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Thomas Igeme, Managing Partner at TL Partners, to explore one of the biggest challenges facing private equity firms: understanding whether performance issues are caused by the leader, the operating system around them, or both.

Thomas shares lessons from his time in organisational development, BCG, LinkedIn, ServiceNow and Turn River Capital, where he led the portfolio talent function. He explains why private equity firms can be too quick to replace executives before properly diagnosing the underlying problem and how a clearer value creation thesis can dramatically improve talent decisions.

The conversation covers how AI can reduce the reporting burden on management teams, and why trust can be made observable and measurable through authenticity, logic and empathy.

Key Takeaways

• Diagnose the system before automatically replacing the person.
• Break the value creation thesis into 3–5 critical moves.
• Track leading indicators—not just EBITDA and other lagging metrics.
• Use a weekly cadence to identify drift and course-correct early.
• Give executives clear expectations and a defined timeframe, such as 100 days, to demonstrate progress.
• Shift talent discussions towards the work that actually needs to happen.
• Make management teams part of the diagnosis and development process.
• Understand the risk profile of a leadership team rather than pretending to predict the future.
• Use failed outcomes as valuable information when making future executive hiring decisions.
• Build trust through authenticity, logic and empathy.

Timestamps

00:00 – Introduction to Thomas Igeme and TL Partners
00:27 – Thomas's journey through organisational development and private equity
01:22 – The mistake of testing the most expensive hypothesis first
02:07 – Why diagnosing the system matters before replacing the leader
03:25 – Identifying whether the problem is the leader, system, or both
04:24 – Understanding the real problem before searching for talent
05:19 – Why longer hold periods are changing the talent equation
06:40 – Turn River's “Faster Lapse” operating philosophy
07:06 – Using leading indicators to predict performance
07:57 – Course-correcting the value creation thesis in real time
08:28 – The reporting tax and how AI can help
09:20 – Why weekly reviews can outperform monthly operating rhythms
09:49 – Breaking the value creation thesis into critical moves
11:16 – A practical weekly framework any PE firm can adopt
11:44 – Moving from talent conversations to strategy and work conversations
13:04 – The 100-day experiment for executive performance
14:26 – Measuring investment progress beyond EBITDA
15:23 – Three questions for assessing whether an investment is on track
16:12 – Measuring strategic clarity, execution and coordination
16:57 – Assessing management team risk
17:52 – Evaluating executive capability against the value creation thesis
18:51 – Why development can be the cheapest way to close capability gaps
19:46 – Deciding whether an executive can scale
20:14 – Using a 100-day timeframe to test the hypothesis
21:40 – Why companies often move too slowly on talent decisions
22:37 – Starting the 100-day process from day one
23:34 – Francis Frei, Anne Morriss and the three elements of trust
24:27 – Making “fuzzy” people issues observable and measurable
25:21 – How to connect with Thomas and closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Andrew Weinberg, Founder and CEO of Brightstar Capital Partners, to explore how private equity firms can create value in the middle market while navigating a changing exit environment. 

Andrew explains why culture, apprenticeship and team-based decision-making are central to Brightstar’s approach, and why spending more time upfront thinking about exit pathways can help create stronger outcomes for portfolio companies. 

He also shares how Brightstar is applying AI across the firm, with nearly 100 AI agents already working alongside its team.

The conversation then turns to the middle market and the coming intergenerational wealth transfer. Andrew discusses the succession challenges facing family-owned businesses, the different ownership options available to the next generation, and how private equity can combine capital, debt and operational know-how to provide greater flexibility for owners.

Key Takeaways

• Build an inclusive, team-based culture where everyone has a voice and humility is valued.
• Think about exit pathways from the beginning of an investment rather than waiting for a sale process.
• Use AI to accelerate sourcing, diligence, value creation, risk management and exit planning.
• Treat AI as a thought partner that improves decision-making rather than replacing human judgement.
• Use knowledge transfer across portfolio companies to scale successful AI use cases.
• Prepare for the intergenerational wealth transfer by creating multiple ownership and succession options.
• Give family business owners flexibility around ownership, leadership and liquidity.
• Invest deliberately in training, communication and development across the private equity team.
• Use pattern recognition and post-mortems to learn from both successful and unsuccessful investments.

Timestamps

00:00 – Introduction to Andrew Weinberg and Brightstar Capital Partners
01:27 – Brightstar’s PhD culture and what it means
03:23 – The biggest mistake PE firms make around exits
04:55 – The state of the US middle market
06:46 – How Brightstar is leveraging AI internally
08:41 – Applying AI across portfolio companies
10:08 – Using AI across sourcing, diligence and value creation
11:29 – AI, investment decisions and post-mortems
13:18 – AI use cases across Brightstar’s portfolio
15:12 – The impact of the intergenerational wealth transfer
17:09 – Creating ownership options for middle-market businesses
18:35 – Succession planning and the next generation
20:02 – Why more change can create more opportunity
20:51 – Andrew’s biggest career lessons from Goldman Sachs, Morgan Stanley and Lindsay Goldberg
23:14 – Training and developing private equity professionals
25:39 – Andrew’s influential books and resources
27:30 – How to connect with Andrew

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Konstanze Nardi, Partner at EY and leader of EY’s Global Exit Readiness offering, to explore how private equity firms and portfolio companies can prepare for successful exits and maximise value.

Konstanze shares insights from EY’s Global Private Equity Exit Readiness Study, based on perspectives from 100 PE executives and 100 C-suite executives from recently exited PE-backed companies.

Konstanze and Alex also discuss the importance of starting formal exit preparation 12–24 months before a sale. She explains why consistent KPI reporting, granular data and evidence of value creation need to be built over time, rather than manufactured in the final few months.

Key Takeaways

• Treat exit readiness as a value creation discipline rather than a last-minute transaction exercise.
• Start thinking about the eventual buyer and equity story from the point of acquisition.
• Begin formal exit preparation 12–24 months before a potential sale.
• Build consistent data and evidence around value creation initiatives over time.
• Focus on three core exit levers: evidence, narrative and management credibility.
• Prepare management teams to confidently explain the data and handle difficult buyer questions.
• Consider AI through both a value-creation and risk perspective as part of the equity story.
• Give LPs transparency around value creation, credible exit routes and liquidity plans.
• Strong leadership, trust and people remain fundamental to creating value.

Timestamps

00:00 – Introduction to Konstanze Nardi and EY’s Exit Readiness offering
01:28 – The biggest mistake companies make with exit readiness
02:53 – EY’s Global Private Equity Exit Readiness Study
04:18 – The gap between sponsor and management support
05:17 – When should companies start preparing for an exit?
06:14 – How early preparation can improve valuations
06:49 – The growing role of AI in exit readiness
08:23 – How AI is becoming part of the equity story
09:24 – The three levers that build buyer confidence
10:23 – Building a compelling future value creation story
10:53 – The importance of management involvement
11:21 – LP perspectives on liquidity
13:06 – The experiences that shaped Konstanze’s career
14:10 – Why leadership, trust and people matter
14:40 – How to connect with Konstanze

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Dan Bernoske, Founder and CEO of Cortado Group, to explore how private equity firms and portfolio companies can strengthen go-to-market performance while effectively leveraging AI.

Dan explains why speed matters after an acquisition, particularly when assessing commercial talent, and why firms need to separate emotional attachment to legacy teams from objective performance data. He also explores the importance of treating CRM systems as strategic infrastructure rather than simply another piece of technology.

The conversation then turns to AI. Dan shares practical applications for using call transcripts to coach sales teams at scale, improve qualification, identify performance trends, and ultimately increase win rates. He explains why successful AI adoption starts with the business problem—not the technology—and why portfolio companies should build a strong proprietary “context engine” around their CRM data, call transcripts, buyer personas, and historical wins and losses.

Dan and Alex also discuss how AI is changing organizational design, allowing salespeople to spend more time building relationships with buyers while technology handles lower-value tasks. Crucially, Dan warns against viewing AI as a replacement for human salespeople: poorly deployed automation can damage relationships and even burn entire territories.

Key Takeaways

• Move quickly when evaluating commercial talent, but understand where founder-led strengths still create value.
• Build the sales process first and configure the CRM around it—not the other way around.
• CRM data integrity is essential for reliable pipeline visibility and forecasting.
• Use AI to analyze sales calls, improve qualification, and deliver coaching at scale.
• Create a proprietary context engine before becoming overly dependent on any single AI model.
• Redesign roles by identifying tasks AI can handle while allowing people to focus on empathy, listening, trust, and relationships.
• Don’t automate bad processes. Strong sales fundamentals remain essential regardless of the technology.

Timestamps

00:00 – Introduction to Dan Bernoske and Cortado Group
00:57 – Where PE firms and portfolio companies move too slowly
02:54 – Warning signs that commercial talent needs replacing
04:37 – Three fundamentals of an effective CRM
06:34 – How AI can transform go-to-market strategy
08:21 – Using AI to analyze sales calls and coach teams
09:46 – Measuring qualification frameworks such as BANT
11:45 – ChatGPT, Claude and choosing AI technology
13:14 – The three foundations for successful AI implementation
13:40 – Building a proprietary AI context engine
15:03 – How AI is reshaping organizational design
16:34 – Why empathy and relationships remain human advantages
17:24 – The biggest mistakes companies make with AI
18:20 – Why replacing sales reps with AI can burn territories
19:18 – Freeing sales teams to spend more time with buyers
21:14 – Dan’s recommended AI and professional-services resources
23:13 – Why portfolio companies may need an AI innovation advisor
23:42 – How to connect with Dan

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Jeffery Raju, Founder & CEO of Stonehill Business Services.

With 15 years of experience across fund administration, controller, and CFO roles, Jeffery has worked with emerging managers ranging from sub-$10 million funds to multi-billion-dollar platforms.

Jeffery explains why emerging private equity managers must treat their firm as an investment management business rather than simply an investment shop, and how building the right financial infrastructure early can support fundraising, improve decision-making, and create a platform capable of scaling.

They discuss the differences between the finance functions of a $50 million fund and a $1 billion platform, the operational expectations of sophisticated LPs, and why managers should become institutional before expecting institutional capital.

Key Topics

• Why private equity firms must treat finance as a business-enablement tool rather than a compliance exercise.
• How budgeting, forecasting, tax planning, and financial reporting improve decision-making.
• The finance infrastructure differences between emerging funds and billion-dollar platforms.
• Why smaller managers often need fractional financial leadership.
• How LP expectations change as managers move from friends-and-family capital to more sophisticated investors.
• The operational due diligence sophisticated LPs expect.
• Why strong historical returns alone may not be enough to secure institutional capital.
• When emerging managers should begin professionalising their finance function.
• Why becoming institutional should happen before, not after, scaling.
• Jeffery’s recommended books for entrepreneurs and business leaders.

Timestamps

00:00 – Introduction to Jeffery Raju, Founder & CEO of Stonehill Business Services
00:30 – Jeffery’s background across private equity, venture capital, and fund finance
00:56 – The biggest financial infrastructure mistake emerging managers make
02:28 – What operationally mature private equity firms do differently
04:18 – Finance infrastructure: $50M funds vs. $1B platforms
06:04 – How finance and operational maturity impact fundraising
06:24 – High-net-worth investors vs. sophisticated LPs
07:21 – The operational due diligence sophisticated investors expect
08:14 – Why exceptional investment returns aren’t always enough
09:19 – When should a PE firm build an institutional-level finance function?
10:08 – Why firms must become institutional before they can scale
10:34 – Key inflection points for bringing in financial leadership
11:01 – Moving from syndications to a first fund
11:59 – Jeffery’s recommended books and resources
12:40 – How to connect with Jeffery Raju and Stonehill Business Services
13:37 – Closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits.

Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers.

They explore Brian’s approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards.

Brian also discusses his move into the startup world and the significant differences he has observed between startup and private equity environments. While private equity typically maintains a strong focus on financial performance and EBITDA, startups can face competing non-economic priorities, technological milestones, and investor expectations.

The conversation also covers practical ways executives can improve EBITDA. Brian explains why businesses must look beyond unit costs and understand the total lifecycle cost of a product, including the opportunity cost of engineering and product-development resources.

Finally, Brian explains how his engineering background has shaped his leadership style, particularly his habit of repeatedly asking one fundamental question: “What is the problem we’re trying to solve?”

Key Highlights

00:00 – Brian Bishop’s Background
Brian discusses his engineering career, embedded systems expertise, product development experience, and seven- and eight-figure exits.

01:26 – Lessons From M&A and Liquidity Events
Structuring acquisitions, managing earn-outs, retaining critical employees during transitions, and aligning stakeholder interests.

03:18 – Getting Teams Aligned With the Strategy
Why great leaders build a shared plan rather than simply communicating their own vision.

04:29 – Moving From Private Equity Into Startups
Brian explains what attracted him to startups and the surprising influence of non-economic considerations.

07:23 – Burn Rate vs. Financial Performance
How startup expectations around growth and product development can conflict with customer needs and profitability.

08:40 – What Startups Can Learn From Private Equity
Preparing businesses for the point where margins and EBITDA become more important than technological milestones.

09:58 – Advice for PE Portfolio Leaders
Bridging the gap between employees motivated by purpose and investors focused on financial returns.

11:53 – Improving EBITDA and Margin
Why understanding total lifecycle costs and the opportunity cost of engineering resources can transform profitability.

13:45 – Getting Engineers and Accountants on the Same Page
How cross-functional understanding can improve decision-making, margins, and customer outcomes.

14:38 – Engineering as a Leadership Advantage
Brian explains the power of returning teams to the fundamental question: “What is the problem we’re trying to solve?”

16:01 – What Brian Reads
From the Wall Street Journal to engineering content, Brian discusses how reading broadly helps him connect ideas across disciplines.

16:49 – Connecting With Brian
Brian shares how listeners can reach him following the episode.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.

Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.

The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment.

Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business.

Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards.

Key Highlights

00:00 – Paul Golden’s Background
From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits.

01:29 – The Biggest PE Leadership Mistake
Why private equity firms need to make faster decisions about whether the right management team is in place.

03:21 – Identifying the Right Executives
The importance of leaders who are confident enough to be challenged by their teams and boards.

04:44 – What Paul Looks for in Executive Interviews
Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders.

07:05 – The Hardest CEO Decisions
Why firing customers or exiting customer segments can sometimes be harder than changing the management team.

08:28 – What Drives Successful PE Exits
Delighted customers, strong management, and clear opportunities for growth.

11:14 – Lessons From Exit One to Exit Nine
Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months.

14:26 – Changing Founder-Led Cultures
The challenges of accelerating decision-making in businesses shaped by the same founder for decades.

17:28 – Who Stays and Who Goes Post-Acquisition
How to identify advocates for change, potential resistors, and leadership team members who can adapt.

20:55 – Lessons From 20+ Add-On Acquisitions
Why cultural fit becomes increasingly important as the size of an add-on grows.

24:41 – Generating $150M+ in Free Cash Flow
Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash.

29:56 – The Essential Skill for PE-Backed CXOs
Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next.

31:53 – Leadership Frameworks That Shaped Paul
Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces.

34:55 – Connecting With Paul
Paul shares how listeners can reach him after the episode.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market.

Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully.

The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses.

Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy.

Key Topics

• Why moving too quickly can destroy a portfolio company's “secret sauce”
• Avoiding excessive leverage in lower-middle-market businesses
• Creating returns through organic growth rather than financial engineering
• Finding opportunities in markets where less private equity capital is competing
• Reinvesting founder cash flow to accelerate growth
• Why the management team can matter more than the market
• Using DISC and other assessments to de-risk executive hiring
• What Mark learned from billionaire investor Sam Zell
• Becoming a disciplined “professional opportunist”
• Why private equity investors need to think more about exit timing
• Knowing when to leave the next stage of value creation for the next investor

Timestamps

00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners
00:28 – Why Mark always wanted to become an investor
02:27 – From Arthur Andersen to banking and private investing
03:21 – Learning to become a “professional opportunist” from Sam Zell
04:43 – The biggest mistakes in lower-middle-market private equity
06:09 – Why Granite Creek avoids overleveraging businesses
08:19 – Organic growth versus acquisition-led strategies
09:38 – What makes an attractive platform investment
12:00 – Why getting the right management team drives value creation
13:55 – Using assessments to build complementary leadership teams
16:21 – Why personality assessments are a data point, not the answer
17:15 – DISC, Myers-Briggs, and executive assessment
19:12 – Mark’s biggest lessons from Sam Zell
20:12 – Avoiding groupthink and finding markets where you can win
21:37 – Why exit timing matters in private equity
23:04 – Knowing when a successful business is ready to sell
24:59 – When to leave value creation for the next investor
27:20 – Mark’s recommended podcasts and books
28:45 – How to connect with Mark Radzik
29:10 – Closing thoughts

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com