Rafa Quinn - Building A Diversified Lower Middle Market Holding Company

Ken Heuer - How to Win as a Generalist Family Office in the Lower Middle Market: My guest today is Ken Heuer, Principal at Kidd & Company, a principal investment firm with a unique approach to designing businesses that transform their industry segments. Combining intensive research and hands-on involvement, Kidd & Co creates highly successful businesses that generate world-class investment returns. Ken Heuer joined Kidd & Company in 2008 and participates in all facets of the firm’s activities, including sourcing new opportunities, investment strategy development, conducting technical, financial and market due diligence, maintaining relationships with debt and equity co-investors, and overseeing strategy execution for existing investments. Previously Ken was a Managing Director at Spencer Trask, an early-stage venture capital firm, where he worked with companies in the life sciences, healthcare, information technology, software and communications sectors. Prior to Spencer Trask, Ken was by Masters in Small Business M&A

44 min listen

Sang Cho - the rise, fall and comeback of an American immigrant U.S. Marine turned commercial laundry entrepreneur: In this episode, we tackle an industry that you don’t often hear about in entrepreneurial or investment circles - the commercial laundry business. Join me as I talk with Sang Cho, Chair & CEO of Cooperative Laundry - the most technologically advanced commercial laundry services company to hospitality markets (hotels and hospitals) in the United States. Sang talks about the early days in NYC where his family owned a laundry that he grew up in and worked in as a teen, his self-admitted lack of knowledge as far as operating a massive commercial business, and the many pitfalls that befell him and the company, and the lessons learned from that experience that are contributing to the success of Cooperative Laundry today. Sang started working in his family's dry cleaning business in 2005 and grew it from a 20-employee, $2MM company to a 600+ employee, $50MM revenue company. by Masters in Small Business M&A

47 min listen

Steve Cook and the Making of an Operator-First Private Equity GP: My guest today is Steve Cook, Executive Managing Director at LFM Capital. LFM is a Nashville-based private equity firm founded by operators and engineers. Their focus is on niche manufacturing and industrial services businesses. LFM was founded in 2014 to invest in private, lower-middle-market manufacturing companies. Steve co-founded LFM Capital and brings over 29 years of operating experience, having served in a variety of senior executive and functional roles in manufacturing, supply chain, engineering, technology, and sales. Prior to founding LFM, Steve was a Principal with TVV Capital, Chief Operating Officer of MFG.com, and prior to MFG, Steve spent 11 years as a Southeastern regional Senior Director with The Dell Corporation. We’ll hear from Steve about how he began his career at Dell straight out of MIT and was a self-described type of brash “Iceman” character (from the movie Top Gun) when he got out of flying by Masters in Small Business M&A

60 min listen

Matt Johnson, Founder, TheFeed.com - M&A In the World of Human Performance and Endurance Sport: My guest today is Matt Johnson, Founder of TheFeed.com. The Feed is THE eCommerce marketplace for endurance athletes' nutrition needs before, during, and after their workout, big race, or event. Matt Johnson’s journey to founding The Feed started when he was President of the Tour de France Team at Slipstream Sports. He is also an avid ski racer, has won a dozen Master's World Cup races, and a few years ago was Master's SG World Champion. Matt saw how better nutrition was giving Tour de France riders a huge advantage in their training (getting more out of every workout) and in competition (performing stronger in the last 20% of the race or the last week of a 3-week stage race), and the concept of The Feed marketplace was born. The Feed was built for athletes, by athletes, to share how the right nutrition at the right time can instantly improve your performance, get you more out of each wor by Masters in Small Business M&A

55 min listen

Leaving mid-market PE to become an independent PE sponsor, with CRP's Nathan Chandrasekaran: My guest today is Nathan Chandrasekaran, Co-Founder and Partner at Columbia River Partners (CRP). We start by discussing the impetus that pushed Nathan to leave behind a comfortable and prestigious career path in NYC at middle market private equity firm TZP Group. From there, we hear all about the entrepreneurial risks, opportunities and considerations associated with building an independent private equity sponsor. You’ll hear about the point at which Nathan decided to start his own firm, advice for others considering this type of career move, and hear Nathan’s very detailed answers to some questions around the processes his team has established for deal sourcing, raising LP capital, and generally defining priorities at CRP. Discussion points include: ● Nathan’s background and decision to leave ● Nathan’s thoughts on how to go out on your own ● Developing investment themes and criteria at by Masters in Small Business M&A

50 min listen

Goodbye Wall Street, Hello SMB Holding Company: a conversation with ex-Fidelity Portfolio Managers Jonathan Kasen and Gordon Scott: My guests today are Jonathan Kasen and Gordon Scott, Co-Owners of Hilliards Chocolates. Hilliards is one of New England’s most beloved artisan brands. Founded in 1924 in south Boston, Hilliards is now in its fourth generation of family ownership. In this episode, you’ll hear Jonathan and Gordon talk about their journey from portfolio managers at Fidelity, to leaving those positions to start the second half of their careers as business investors/owners. With 15 years of experience in the public markets, Jonathan and Gordon felt comfortable analyzing a business and assessing a management team. They liked that Hilliards was almost 100 years old, which spoke to its resilience, and that the brand had a strong following and a family management team that was (and still is) impressive. The guys talk about the purchase of Hilliards, the acquisition of Hilliards' s by Masters in Small Business M&A

65 min listen

Troy Berg and the Making of Dane Manufacturing, a 21st Century American Manufacturing Growth Story: My guest today is Troy Berg, CEO of Dane Manufacturing located in Wisconsin. Unlike most contract manufacturers in the upper Midwest, Dane Manufacturing has end-to-end capabilities to serve customer needs without reliance on third parties for service. The addition of packaging and shipping services ensures Dane provides high-quality, high-pay manufacturing jobs that have positive impacts on the community. Dane's customers count on them to self-perform everything associated with their production, including cutting, bending, welding, painting, assembly, packaging, and fulfillment of their products, minimizing the potential for supply-chain disruptions and layering of cost, all while increasing the accountability for quality. Dane’s customer base has evolved as well. The company went from making “hidden parts” to producing recognizable parts that have key applications in a wide range of con by Masters in Small Business M&A

62 min listen

Lance Stier -- Family Business, M&A, and the Transformation of Nassau Candy: My guest today is Lance Stier, CEO of NC Custom (a division of Nassau Candy) Nassau Candy is one of the largest US wholesale manufacturers of specialty and private label confections, supplying many national retailers and independent stores across the country. Headquartered in Hicksville, New York, they create millions of pounds of confections every year — including chocolate-covered raisins, Jordan almonds, fudge, fruit slices, chocolate pretzels, and hand-dipped cherries. Nassau Candy isn’t just candy. They are a parent company to NC Custom, the promotional products arm of the business, and home to industry-leading brands including Chocolate Inn/Taylor & Grant (edibles), Lanco (promotional hard goods), and SPD Shoreline (apparel and soft goods). You’ll hear how Lance is proud to work with his family at Nassau Candy including his dad, uncle, and four brothers. From his early start on Wall Street to decidin by Masters in Small Business M&A

48 min listen

The $1B Lower Middle Market Holdco Built Around Customer Concentration, Diversity, and a Life of Purpose: My guest today is Tarrus Richardson, Founder, And CEO of IMB Partners. Tarrus has 25 years of private equity experience, has invested over $500 million of capital, and completed over 20 lower middle market acquisitions. In this episode, you’ll hear why Tarrus and IMB decided to acquire companies with unusually high levels of customer concentration in the utility services sector, why diversity is a proven source of outperformance and competitive advantage in all their companies, and advice for anyone thinking of starting down a similar path in the lower middle market M & A space. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, by Masters in Small Business M&A

38 min listen

From banker to searcher to CEO to founder of Panther Equity: David Eshaghian's journey through the lower middle market: My guest today is David Eshaghian, Founder of Panther Equity Group. Panther Equity pursues investments in lower middle market businesses generally providing mission-critical services, products, and solutions. David’s responsibilities at Panther include deal sourcing and qualification, transaction execution, firm strategy, portfolio management, and investor relations. Before Panther Equity Group, David was the CEO of a Managed IT Services Provider (MSP), formerly known as The Tech Info Group (‘TTIG’) which he acquired in 2017 through a self-funded search fund vehicle. In 2020, David merged TTIG with a California-based ISP / CLEC to create a comprehensive Technology Service Provider – ‘InfoNetworks’. Previously, David was an M&A banker at Guggenheim advising both public and private companies on strategic transactions. David is a California native and graduated magna cum by Masters in Small Business M&A

55 min listen

IT Services CEO turned M&A Banker Linda Rose: My guest today is Linda Rose, of RoseBiz, Inc. A tax accountant by training, Linda left the accounting world behind early in her career and became a repeat entrepreneur with multiple exits in the world of IT Services. After her last exit, Linda wrote the book “Get Acquired for Millions,” in which she laid out many of her lessons learned from her three exits. The book accidentally spawned Linda’s third major career chapter as a specialized M&A Advisor advising IT Services entrepreneurs. It was in this context that I got to know Linda given her use of the Axial platform on her sell-side M&A assignments. In this episode, you’ll hear about Linda’s early days in accounting, her strategies, tools, and protocols around preparing a company for sale, her surprising views on “women-owned” businesses, and an in-depth discussion on how Linda screens sellers and buyers to find exactly the right fit for all parties. Discussion points: Linda’s backgro by Masters in Small Business M&A

60 min listen

Nick Leopard - Learn How the Very Best PE Firms Transform the Finance Function: Today Peter Lehrman welcomes Accordion’s CEO and founder Nick Leopard onto the podcast. Nick started Accordion after prior chapters in investment banking and private equity / mezzanine lending. Accordion has become a leading financial consulting firm focused exclusively on serving the office of the private equity-backed CFO. Their clients, which include investment leaders Bain, Apollo, Hellman & Friedman, Golden Gate, Thoma Bravo, and many others, speaks for itself. Nick and Peter dive deep into the finance function and what the best acquirers and operators do beyond the nuts and bolts of accounting and financial statements to get real strategic leverage and value from the office of the CFO. Specifically, they talk about: How the up-market PE leaders professionalize the portfolio company finance function What business owners can unlock if you hire a great CFO earlier than one typically does Exploring t by Masters in Small Business M&A

52 min listen

Brad Smith - Culture, Terms and Price, In That Order. A Deep dive into Healthcare M&A: In this episode, host Peter Lehrman sits down with Brad Smith, Co-Founder and Managing Director of specialist healthcare investment bank Vertess Advisors. Brad shares his journey from employee to CEO of a durable medical equipment provider to co-founding Vertess. We discuss the challenges entrepreneurs face in the complex industry of healthcare mergers and acquisitions. Smith highlights the importance of home care, the potential opportunities in fragmented markets, and the necessity for managing directors to have a background in operations, entrepreneurship, or clinical work to add value. The impacts of COVID on the healthcare landscape and the importance of cultural fit and terms in business deals are also explored. Vertess is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sel by Masters in Small Business M&A

68 min listen

Walker Deibel - 5x Owner, "Buy Then Build" Author & Creator of The Acquisition Lab.: In this episode, Peter Lehrman sits down with Walker Deibel, a serial acquisition entrepreneur, successful small business M&A advisor and author of the canonical work Buy Then Build, How Acquisition Entrepreneurs Outsmart the Startup Game. Walker is also the founder of Acquisition Lab, an acquisition entrepreneur incubator. He has acquired seven companies over ten years and co-founded several startups. His bestselling book, Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game, was recognized by Forbes as “one of the top 7 books all entrepreneurs must read,” and is currently being used in many universities. Walker discusses his journey into the world of acquisition entrepreneurship and the creation of the Acquisition Lab. You’ll hear his experiences in acquiring and building businesses, and how he has developed tools and resources for aspiring entrepreneurs seeking success in small bu by Masters in Small Business M&A

75 min listen

28 Years and Counting at The Top of the LMM: A Conversation with Mangrove Equity's Glenn Oken: In this episode, Glenn Oken, Managing Director at Mangrove Equity Partners, sits down with host Peter Lehrman to discuss the evolution of Small Business M&A, from the late ‘80s to present day. The conversation starts with Glenn’s entry into the M&A scene, and the challenges and opportunities of closing transactions before the internet. Glenn shares his insights on the major changes in deal sourcing methods over his career, valuation drift, and the growth of sell-side M&A advisory in the lower middle market. The conversation wraps up with a deep dive into the operating partner model, how early Mangrove was in institutionalizing this model, and how significantly it has influenced the firm’s culture and way of partnering with business owners. Additional Discussion Points: The birth of Florida Capital Partners Closing deals in the 90s Evolution of private equity investing The impact of interna by Masters in Small Business M&A

59 min listen

Rolling up Veterinary Clinics with Purpose, Partnership and Profits. A conversation with Dr.Wagner, DVM, and Dzmitry Miranovich: Today Peter Lehrman sits down with Dzmitry Miranovich and Dr Bill Wagner, co-founders of Associated Veterinary Partners (AVP), a holding company rollup acquiring and partnering with American veterinary clinics. Dr. Wagner Dzmitry share their approach, structures and key decisions rolling up independently owned and operated American veterinary clinics. They delve into the financial structure, partnership incentives and incentive design, the operational investments that enable a more repeatable programmatic M&A and the pros and cons of certain key post-closing integration decisions. They also discuss the complexities of practice management software, the recruitment processes of veterinary professionals and its keyman risk, and the growing role of software in veterinary clinics. They highlight the importance of understanding the key players in a business, thei by Masters in Small Business M&A

65 min listen

A hero’s journey: Mike Botkin and the OneOutdoor Holdings journey from start to exit.: In this episode, Mike Botkin, founder and CEO of OneOutdoor Holdings sits down with Peter Lehrman. The conversation starts with the OneOutdoor Holdings origin story (hint: Mike was in bed at the time). Mike goes into how and where he sourced his first deal, how he structured the deal, and OneOutdoor’s strategic shift from residential to commercial landscaping businesses. From there, Mike reveals how he kept his acquisitions on track with a simple “main thing” due diligence playbook, focusing on contracts, talent, equipment, and high quality candid conversations with sellers. The episode concludes with a deep dive on leadership talent and, more specifically, the intangible and nuanced considerations that are associated with retaining every owner post-closing. Discussion points: Trade business career progression and property management Impulsive purchase of landscaping business Thoughts on an employ by Masters in Small Business M&A

66 min listen

Family-Owned and Acquisitive: 7 Acquisitions in 7 years: In today’s episode, Peter Lehrman sits down with Chris Gallagher, CEO of Gallagher Fluid Seals, a family-owned distributor and manufacturer of fluid sealing products. Chris worked in the family business on the factory floor in his teens and returned to the business after a significant chapter in strategy consulting. In January 2017, the company executed the next phase of its succession plan, with Chris’ uncle retiring and Chris becoming Gallagher’s next CEO. In a wide-ranging and highly authentic conversation, Chris discusses: The stop and start acquisition history of Gallagher and why that’s changing Lessons learned from the first acquisition Chris led How Chris navigates family-owned shareholder dynamics Techniques for winning deals and building relationships in M&A Re-investing in Gallagher versus distributing dividends Strategies for effectively sourcing and integrating acquisitions The impact of outside board members by Masters in Small Business M&A

60 min listen

How Search Funds Win Competitive Deals - with Max Artz of Peterson Search Partners: Today, we’re publishing Peter Lehrman’s conversation with Max Artz, a search fund expert and Partner at Peterson Search Partners, a professional investment firm focused on backing the top search fund talent. Max shares insights on the world of small business mergers and acquisitions including strategies for securing the best deals, the importance of understanding an owner's willingness to sell, and how traditional bidding techniques have evolved. He also highlights the crucial role of trust and chemistry in successful acquisitions. The conversation delves into the current state of searcher outreach and how Peterson Search Partners supports the searchers they back by removing growth hurdles. Additionally, Artz discusses changes in the search / EtA market and offers advice for those considering taking over a small business. This podcast is produced by Axial (www.axial.com). Axial is an online platform th by Masters in Small Business M&A

44 min listen

Winning Over the 4 types of Business Brokers: a Deep Dive with Clint Fiore: Today’s guest is Clint Fiore, a seasoned player in M&A and President of Bison Business, a Texas-based firm specializing in main street and lower middle market acquisitions. Clint shares insights on why being an easy-to-work-with buyer can be as powerful as offering top dollar when it comes to closing deals. We delve into the different archetypes of brokers and how to best work with them to successfully close deals. We also explore the intriguing concept of the 'broker of tomorrow' and the strategies buyers – especially on platforms like Axial – can wield to secure deals without necessarily being the highest bidder. Discussion points: Making the move from sales and marketing to serial entrepreneurship How pain points in buying a business led to Clint starting his own company The 80/20 rule and how to manage and work with stereotypical “bad” brokers LOI language for unsophisticated brokers and sellers Building r by Masters in Small Business M&A

76 min listen

Due Diligence and the Art of Preventing the Broken LOI: Today Peter Lehrman speaks with Emily Holdman, the Managing Director at Permanent Equity, about the intricacies of due diligence. The conversation delves into the importance of creating a powerful diligence team when preparing to sell a business, highlighting the roles of an M&A attorney and an M&A advisor. Emily also discusses the concept of internal diligence and the importance of forging strong relationships in buyer-seller dynamics. She emphasizes the significance of trust-building and ethical behavior for successful deals. The discussion also touches upon the importance of understanding the source of funding and anticipating changes in financial projections during the diligence period. Permanent Equity invests in private companies deliberately built for long-term success. The company commits for the long haul with 30-year funds, no intention of selling, and rarely uses debt. Discussion points: The recent exhaustive document by Masters in Small Business M&A

56 min listen

Bob Falahee’s Founder’s Journey: 15 years Building SunPro Motorized Awnings & Screens from Day 1 to a Strategic Exit: In this episode, we interview Bob Falahee, the recently exited founder of SunPro Motorized Awnings & Screens. Bob’s entrepreneurial origin story starts in Michigan, where he was a sales leader for a semi-truck trailer manufacturer. Bob and his family left behind the cold winters of Michigan for Florida, where he founded SunPro with $36,000 in seed capital. He went on to expand SunPro from a local retractable awning business to a wholesale manufacturing leader in the category. The conversation reviews SunPro's founding story, its strategic growth and his daughters' pivotal involvement on the finance and retail sides of the business. We also dive into the mind of the founder on the exit process. When did Bob start thinking about exiting? What drove his timing and thinking? How did he start learning about what goes into a successful exit? Bob recounts the impact of c by Masters in Small Business M&A

72 min listen

Rafa Quinn - Building A Diversified Lower Middle Market Holding Company: Today’s guest is Rafael "Rafa" Quinn, co-founder and President of Alternative Holdings, a diversified holding company with subsidiaries in food services, retail, industrial sales, and business process outsourcing. Rafa’s origin story has already been covered in other podcasts, so we instead begin in 2011 with his first deal, an industrial sales distribution company in Panama. Rafa shares how that first deal helped shape his long-term philosophy on evaluating companies, including the two recent water business acquisitions. We then proceed to cover topics such as the horizontal Holdco model, advantages of vertical integration, and playing to your strengths as an investor. We close out the conversation with Rafa emphasizing how his strong partnership with his business partner has been critical in both overcoming obstacles and sustaining his ongoing passion and dedication to a career as an investor. Discussion poin by Masters in Small Business M&A

56 min listen

Private Credit Arrives in the Lower Middle Market: A Conversation with Bridgepoint’s Matt Plooster: Today’s guest is Matt Plooster, founder and CEO of Bridgepoint, a boutique investment bank based in Omaha, Nebraska. We start the conversation with a background on private credit and its origins. From there we proceed to cover its growth, its arrival in the lower middle market, and how business owners can think about its features, risks, utility and applicability. We close out the conversation by getting into specific lower middle market transactions where private credit has been central to the outcome. Discussion points: The rise of private credit in the private market How non-bank financing has evolved post-2008 crisis Mezzanine vs. unitranche debt Comparing private credit to traditional bank lending Non-control transaction success with private capital by Masters in Small Business M&A

61 min listen

Marshall Lockton: from family business to family office to acquisition #1: Today’s guest is Marshall Lockton. Marshall spent 15 years in sales, sales strategy and sales training roles within his family’s storied private insurance brokerage business (Lockton) before leaving to acquire his first business. In October 2023, he acquired Knight Agency, a specialized consultancy that helps organizations unlock performance by uniquely connecting a company’s purpose, story, values, people and products. Marshall’s journey as an acquirer is just beginning, but his prior career building sales and sales training programs inside one of the most successful private insurance brokerage companies gives him a mid-career operator’s advantage over many newly minted MBAs pursuing EtA. Marshall discusses his experiences in the family business, the personal considerations he had to weigh by joining the business, the value of establishing purpose before investing, and the lessons learned at Lockton around cu by Masters in Small Business M&A

45 min listen

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Rafa Quinn - Building A Diversified Lower Middle Market Holding Company

Rafa Quinn - Building A Diversified Lower Middle Market Holding Company

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