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What Private Equity Is Really Thinking When They Look At Your Business
Think PE buyers care most about your EBITDA? Think again. In this episode of CEOs Unscripted, host Jane Gentry sits down with Paul Idziak: PE advisor, former CEO of GV Windpower North America, and field service industry veteran to pull back the curtain on exactly what private equity firms evaluate before writing a check.
Whether you're thinking about selling in 3–5 years or simply want to build a more valuable business, this episode is packed with the unfiltered truth most business brokers won't tell you.
In this episode, you'll learn:
✅ Why management team quality beats financials as the #1 due diligence factor
✅ The real reason client concentration can tank your valuation overnight
✅ What PE firms mean by "selling the future, not the past"
✅ How free cash flow matters as much as EBITDA, and why founders miss this
✅ The M&A muscle, greenfielding capability, and other factors buyers quietly score you on
✅ Why you should conduct a Quality of Earnings (QoE) study on yourself before going to market
✅ How to vet a PE firm the same way they're vetting you
TIMESTAMPS:
00:00 — Cold open: What PE looks at first (it's not financials)
01:02 — Welcome to CEOs Unscripted
02:38 — Paul's background: energy services, PE exits & advising
05:22 — Demystifying private equity for CEOs
06:39 — #1 due diligence factor: management team
08:30 — Does it have to be the founder? No — here's why
09:20 — Leadership succession & its impact on valuation
10:44 — How PE evaluates cultural fit with management
12:54 — "You're selling the future, not the past"
14:32 — Evaluating growth potential: markets & talent
16:02 — Recruiting, retention & training as valuation factors
18:49 — Culture KPIs buyers actually look at
20:22 — Client concentration: the deal-killer no one talks about
23:10 — Contracts, blue-chip clients & recurring revenue
25:33 — Why profitability per client matters more than revenue
28:14 — The hidden cost of difficult customers
29:10 — M&A muscle & greenfielding: what excites buyers
30:41 — Technology stack & ERP maturity
33:21 — Is AI on PE's radar yet?
34:10 — Job costing: the discipline most companies lack
36:23 — Free cash flow vs. EBITDA, what founders miss
38:32 — Pricing strategy & protecting your margins
41:49 — Accounts receivable: why founders avoid collecting
43:45 — Full due diligence checklist recap
45:35 — What to clean up before going to market
46:54 — Why you should run a QoE on yourself first
48:11 — What PE actually needs to see in your processes
50:55 — Not all PE firms are equal, how to vet your buyer
53:47 — Book rec: The Private Equity Playbook by Adam Coffee
55:35 — Teaser: Paul returns to talk life as a PE-backed CEO operator 56:47 — Jane's closing thoughts
CEOs Unscripted is a bi-weekly podcast for mid-market CEOs — no fluff, no jargon, just real conversations with founders and executives who've been in the trenches.
📌 Don't forget to SUBSCRIBE so you never miss an episode.
#PrivateEquity #CEOsUnscripted #BusinessValuation #MergersAndAcquisitions #ScalingUp #MidMarket #BusinessGrowth #ExitStrategy #EBITDA #Leadership
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By Jane GentryThink PE buyers care most about your EBITDA? Think again. In this episode of CEOs Unscripted, host Jane Gentry sits down with Paul Idziak: PE advisor, former CEO of GV Windpower North America, and field service industry veteran to pull back the curtain on exactly what private equity firms evaluate before writing a check.
Whether you're thinking about selling in 3–5 years or simply want to build a more valuable business, this episode is packed with the unfiltered truth most business brokers won't tell you.
In this episode, you'll learn:
✅ Why management team quality beats financials as the #1 due diligence factor
✅ The real reason client concentration can tank your valuation overnight
✅ What PE firms mean by "selling the future, not the past"
✅ How free cash flow matters as much as EBITDA, and why founders miss this
✅ The M&A muscle, greenfielding capability, and other factors buyers quietly score you on
✅ Why you should conduct a Quality of Earnings (QoE) study on yourself before going to market
✅ How to vet a PE firm the same way they're vetting you
TIMESTAMPS:
00:00 — Cold open: What PE looks at first (it's not financials)
01:02 — Welcome to CEOs Unscripted
02:38 — Paul's background: energy services, PE exits & advising
05:22 — Demystifying private equity for CEOs
06:39 — #1 due diligence factor: management team
08:30 — Does it have to be the founder? No — here's why
09:20 — Leadership succession & its impact on valuation
10:44 — How PE evaluates cultural fit with management
12:54 — "You're selling the future, not the past"
14:32 — Evaluating growth potential: markets & talent
16:02 — Recruiting, retention & training as valuation factors
18:49 — Culture KPIs buyers actually look at
20:22 — Client concentration: the deal-killer no one talks about
23:10 — Contracts, blue-chip clients & recurring revenue
25:33 — Why profitability per client matters more than revenue
28:14 — The hidden cost of difficult customers
29:10 — M&A muscle & greenfielding: what excites buyers
30:41 — Technology stack & ERP maturity
33:21 — Is AI on PE's radar yet?
34:10 — Job costing: the discipline most companies lack
36:23 — Free cash flow vs. EBITDA, what founders miss
38:32 — Pricing strategy & protecting your margins
41:49 — Accounts receivable: why founders avoid collecting
43:45 — Full due diligence checklist recap
45:35 — What to clean up before going to market
46:54 — Why you should run a QoE on yourself first
48:11 — What PE actually needs to see in your processes
50:55 — Not all PE firms are equal, how to vet your buyer
53:47 — Book rec: The Private Equity Playbook by Adam Coffee
55:35 — Teaser: Paul returns to talk life as a PE-backed CEO operator 56:47 — Jane's closing thoughts
CEOs Unscripted is a bi-weekly podcast for mid-market CEOs — no fluff, no jargon, just real conversations with founders and executives who've been in the trenches.
📌 Don't forget to SUBSCRIBE so you never miss an episode.
#PrivateEquity #CEOsUnscripted #BusinessValuation #MergersAndAcquisitions #ScalingUp #MidMarket #BusinessGrowth #ExitStrategy #EBITDA #Leadership