Masters in Small Business M&A: Recent Episodes
Peter Lehrman
Welcome to the “Masters in Small Business Mergers and Acquisitions podcast.” I am your host, Peter Lehrman, and I’m the Founder and CEO of Axial (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors.
Today’s conversation is with Ryan Sullivan, Managing Director and Co-Founder at North Park Group (https://northparkgroup.com/), a Chicago-based private investment firm focused on acquiring and operating US-based manufacturing and distribution businesses for the very long-term.
Ryan was a multi-chapter manufacturing operator and CEO and North Park Group reflects this operator DNA. He shares his experience and investment perspectives on the resilience and adaptability of US-based manufacturing, how he and his team get comfortable taking an extremely long-term view of U.S. manufacturing, his unconventional approach to personal guarantees and leverage, LP liquidity, and the importance of taking care of every employee.
The key topics we cover in this 60-minute conversation include:
- Manufacturing in America in 2040 — A 15+ Year View
- What Separates Winners and Losers in the U.S. Manufacturing Space
- The North Park Model: De-Risking Transactions and Taking the Conservative Approach
- The Labor Spectrum and Why Every Employee Counts
- The Emotional Impact of M&A: Why an Anti-Climatic Transition is the Best Transition
- Providing LP Liquidity with Indefinite Hold Periods
Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you’d like to go deeper, head to Axial.com, where we make available Axial’s member directories, downloadable tools for dealmakers, the Axial lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Subscribe to Masters in Small Business M&A
Resources:
Peter Lehrman on LinkedIn
Follow Peter Lehrman on X
Ryan Sullivan LinkedIn
North Park Group
Axial Website
Today’s conversation is with Tom Barber, Co-Founder and Managing Partner at SBJ Capital (https://www.sbjcap.com), a California-based private equity firm investing into the consumer and business services verticals.
In this episode, Tom dives into how he and his team continue to build SBJ Capital, paying special attention to some of the firm’s most unconventional beliefs and organizational design decisions. Tom is remarkably and refreshingly an “open book” about how he and SBJ have gone about building and differentiating their firm.
In this 50-minute conversation, we cover the following topics:
- What it Took to “Win” in the 2000s vs. What it Takes Today
- The Evolution of Teams & Talent in Private Equity
- How to Avoid Unintended Consequences with the Operating Partner Model
- SBJ Capital’s “Sourcing Partner” Program
- Investing in the “Boring” Supply Chain That Power Consumer Brands
And then we go into two case studies and some advice for young professionals
- The Perfect Purée: A Case Study in Substantial Growth via GTM and Sales Channels
- Troy Lee Designs: Tripling EBITDA in a Hyper-Niche Consumer Market
- How the Perfect Private Equity Resume is Changing for Young Professionals
Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Subscribe to Masters in Small Business M&A
Resources:
Peter Lehrman on LinkedIn
Follow Peter Lehrman on X
Tom Barber LinkedIn
SBJ Capital
Axial Website
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 culture, autonomy, and nailing sales incentives.
The conversation concludes with Marshall getting into the details of the Knight Agency acquisition, highlighting the strategic importance of long-term vision, building relationships, and shared focus on people and purpose-driven work.
Discussion Points:
- Marshall’s decision to join the family-owned insurance brokerage
- Family business dynamics, honest feedback, growth, and community
- Establishing your personal core and opus ~ identity, values, principles, and vision
- Marshall's purpose-driven approach in starting Meraki Investments
- How Private Equity misses the opportunity to unlock purpose after the acquisition
- Impact of connecting culture, purpose and employees to create business success
Masters in Small Business M&A (sign up for podcast drops here) is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Marshall Lockton LinkedIn (marshall@knightagency.com)
Knight Agency Website
Peter Lehrman LinkedIn
Axial Website
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 points:
- Rafael’s first deal and establishing HQ in Panama
- Adapting to market changes in energy sources
- Inventory consignment vs distribution model
- Horizontal holding companies vs. vertical integration
- Warren Buffett’s approach to post-acquisition incentive alignment
- The practical application of zero-cost budgeting
- Adding value without being needed in the day-to-day
- Rafael’s philosophy on long-term growth strategies and investment
- Intangible qualities of good business brokers
- Benefits of finding the right business partner
Masters in Small Business M&A (Subscribe to Masters in Small Business M&A) is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Subscribe to Masters in Small Business M&A
Resources:
Rafael Quinn LinkedIn
Peter Lehrman LinkedIn
Axial Website
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
- Case study demonstrating the effectiveness of buyout transactions
- Long-term engagement benefits
- The appeal of fewer covenants and no personal guarantees
- Crucial role of pre-market quality of earnings
- Private credit's future potential for market inefficiencies
Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research, and connect with top-ranked M&A advisors and capital partners. Masters in Small Business M&A explores the vast world of small business acquisitions, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. And if you have an interesting guest in mind, feel free to drop us a line.
Subscribe to Masters in Small Business M&A
Resources:
Matt Plooster LinkedIn
Bridgepoint Investment Banking
Peter Lehrman LinkedIn
Axial Website
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 cultural fit in selecting an investment banker and walk through how he thought about strategic succession planning and M&A preparation.
Discussion points:
- Bob’s first exit from a successful Michigan semi-trailer business
- Family relocation to Florida and the search for a small business
- Turning a partnership with a local awning business into a new company
- Growing the business with dealer-centric service
- Streamlining production via software and improved delivery
- SunPro's strategic growth and family-driven retail expansion
- The importance of five-star reviews for business growth
- Preparing for an exit
- Cultural and expertise alignment in investment bank selection
- The structure of the sale to Hunter Douglas
- Post-exit personal transformation and venturing into new businesses
Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and capital partners. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published.
Subscribe to Masters in Small Business M&A
Resources:
Bob Falahee LinkedIn
SunPro Manufacturing
Peter Lehrman LinkedIn
Axial Website
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 internal operating partners
- The power of add-on acquisitions
- Integration strategies and dual branding
- Leveraging reputation in competitive transactions
- Sourcing strategies
- Complexities and opportunities in deals
- Advice for young professionals exploring private equity
This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. In every episode, we seek to explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Glenn Oken LinkedIn
Peter Lehrman LinkedIn
Axial X
Axial Website
Today’s guest is Clint Fiore, a small business operator turned M&A broker and the President of Bison Business, a Texas-based business brokerage transacting in both Main Street deals and the lower middle market.
Clint lays out his four different archetypes of business brokers, what makes them tick, and how private equity investors and SMB acquirers can best modify their approaches to successfully close deals with any of them.
Discussion points:
- Why Clint decided to starting his own business brokerage
- The 80/20 rule of brokers
- LOI language tweaks that will resonate with owners and business brokers
- Building relationships to get an angle on a broker’s deals
- How to handle real estate brokers moonlighting as M&A brokers
- The future of M&A brokerage
- Ensuring trust, reliability, and cost-effectiveness in deals
This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Clint Fiore LinkedIn
Clint Fiore X
Peter Lehrman LinkedIn
Peter Lehrman X
Axial Website
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 employee quitting for self-employment
- Differences and value in commercial landscaping
- Seller profiling in business acquisition
- Building strong relationships in business
- Relationship and expansion in the landscaping market
- Next steps and expansion plans
- The pursuit beyond money
This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Michael Botkin LinkedIn
Peter Lehrman LinkedIn
Axial Website
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 on due diligence by Permanent Equity
- Roles and strategies for creating a powerful diligence team
- Importance of an M&A attorney and advisor in the process
- Internal diligence in business selling
- Trust-building and ethical behavior in deal success
- Understanding funding sources and anticipating financial changes
- Assembling a business selling team
- Advantages of hiring a professional M&A advisor and attorney
- The process of assembling a diligence team for business selling
- Building trust in buyer-seller relationships and understanding the source of funding
- Ethical behavior during the diligence process
- Strategic art of business sale preparation
- Contact us with your podcast topic ideas!
We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for 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, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, M&A advisor rankings, and lots of other useful information for owners exploring exits and acquisitions. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Emily Holdman LinkedIn
Permanent Equity
Peter Lehrman LinkedIn
Axial Website
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 on Chris’ development as a CEO
We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for 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, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, M&A advisor rankings, and lots of other useful information for owners exploring exits and acquisitions. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Chris Gallagher LinkedIn
Gallagher Fluid Seals
Peter Lehrman LinkedIn
Axial Website
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 that makes it easy for small business owners to confidentially research and connect with top-ranked small business M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you’re enjoying the podcast, spread the word and give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Discussion points:
- Max Artz background and previous careers
- Search fund investing and state of searcher outreach
- Traditional bidding techniques in small business M&A
- Understanding an owner's willingness to sell for success
- How Peterson Partners supports searchers and sources talent
- Trust and chemistry in successful business acquisitions
- Changes in the search market and sourcing talent beyond business schools
- Impact of pricing on a deal
- Advice for those interested in taking over a small business
- Importance of taking a break in the relentless search process
- Emphasizing trust, relationship building, and search beyond the top MBA schools
Resources:
Max Artz
Peterson Partners
Peter Lehrman LinkedIn
Axial Website
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, their culture, and the dynamics of the practice. Lastly, they explore emerging markets, services, and approaches to pet care.
Associated Veterinary Partners began when ex-Carlyle Group investment professional Dzmitry Miranovich and entrepreneur and practicing veterinarian Dr. Bill Wagner connected on the shared idea that veterinary clinic owner-operators need a new and better capital partner and exit partner than what was presented by the status quo.
This podcast is produced by Peter Lehrman and 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 pre-vetted M&A advisors and potential acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we interview professionals that work at the intersection of small business operations and small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, please spread the word by giving us a review on Apple or Spotify. It helps us grow the reach of the podcast. If you’d like to go deeper, we invite you to visit Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner exploring an exit or a professional acquirer or M&A advisor, you can create a free profile and start using Axial for free at Axial.com.
Discussion points:
- What it means to build “veterinarian-centric” roll-up
- Transitioning the administrative burden that veterinary owner operators bear
- Diving into the specifics of AVP’s partnership and incentive structures
- Eductating veterinarians on key financial decisions as part of the M&A process
- AVP's model for shared financial success
- Practice management software decisions and complexities across vet clinics
- Recruitment and transition of veterinary professionals
- Exploring emerging services and pet care approaches
- High-growth areas in veterinary services
- Avoiding low-margin categories like pharmacy and inventory sales
- Discussing the potential of boarding, geriatric care, and end-of-life care
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 the concept of ‘Exit Readiness' and why it’s so valuable for owners to prioritize it
- Accordion’s own M&A story and why they turned to acquisitions alongside organic growth
- What Nick has learned watching the best PE firms transform the CFO function
- Some potentially easy wins operators can achieve with simple technology and process discipline
This podcast is produced by the team at Axial (www.axial.com). Axial is an online deal-sourcing platform that makes it easy for small business owners to confidentially explore transactions 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, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Resources:
Nick Leopard LinkedIn
Peter Lehrman LinkedIn
Axial Home Page
Axial for Business Owners
Accordion Home Page
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 sell their own company or grow through acquisition. Their expertise spans the healthcare vertical, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, life sciences, and other specialized services and products.
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 professional acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you're enjoying the podcast, drop us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where we make available dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information for buyers and builders. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Discussion points:
- Brad’s intro and background, transition from employee to CEO
- Importance of empowering employees and making their own decisions
- Benefits of inorganic growth strategies through acquisitions
- The transition from employee to entrepreneur in healthcare
- Private equity's changing landscape over the past two decades
- Brad’s unconventional business exit and how it came about
- Importance of home care and long-term sustainable approach
- Potential opportunities in fragmented markets for healthcare
- Streamlining businesses and promoting innovation through private equity
- Prioritizing cultural fit and terms over price in deals
- Uncovering new opportunities with a fresh M&A perspective
- Brad’s take on search funds
- Brad’s grandfather’s business acumen and work ethic as his inspiration
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 business M&A. The Acquisition Lab supports potential business buyers by providing a common language, tools, and analysis, as well as case studies and peer group support.
This podcast is produced by the team at Axial (www.axial.com). Axial is a trusted online M&A platform that makes it easy for small business owners and their M&A advisors to confidentially research and connect with vetted acquirers and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, I explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, pls consider giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Discussion points:
- The genesis of the idea for "Buy, Then Build"
- Walker’s grandfather warned against certain business practices
- Conducting interviews to create foundational frameworks
- Creation of the Acquisition Lab and its curriculum
- Building a common language, tools, and analysis for potential business buyers
- World-class winners in the business of M&A
- Coaching around record-keeping and accounting in small businesses
- The importance of having a broker in the small business M&A process
- Valuation gaps and understanding private capital markets
- The future of acquisition entrepreneurship and the impact of network externalities on the M&A space
- Contact us with your podcast topic ideas!
Resources:
Book: Buy, Then Build
Acquisition Lab
Veritas Prep
Code Smith
Quiet Light Brokerage
Peter Lehrman LinkedIn
Axial Website
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 laude from the University of Southern California’s Marshall School of Business.
In this episode, we walk through David’s origin story chapter by chapter, starting with his self-funded search fund. We cover deal sourcing and how he sourced TTIG, how outsourcing customer service functions to Serbia saved 70% in labor costs, the exit story for TTIG, and how he is orienting the development of his investment firm Panther Equity Group.
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, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Discussion points:
● David’s background and war stories as a CEO
● Biggest changes as CEO - standardizing SLAs with customers
● Leveraging remote talent in Serbia for most customer service issues
● Hiring executive-level talent to build an organization beyond David
● 2020 - the exit timeline, Covid, and going remote
● How TTIG merged with a key vendor came
● The decision to found Panther Equity Group
● 2022’s interest rate increases and their impact on deal structure
● David’s thoughts and plans for Panther Equity Group
Resources:
David Eshaghian LinkedIn
Panther Equity Group
Peter Lehrman LinkedIn
Axial Website
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 CRP
● Deal-by-deal structure vs. fund model considerations
● Prioritizing new deals vs add-ons in 2023
● Raising LP capital and the terms that matter - economics, governance, reference
● Previous and current approaches to winning deals
● Seller financing, avoiding long difficult earnouts, creating a larger incentive pool
● Talent and building the team at CRP
CRP now has multiple companies under its umbrella including Sagetech Avionics, Tinifiber, and Business Solution Partners. The firm focuses on industries like Hardware Components/Manufacturing, Hardware/Software Distribution, Industrial Technology, and IT Services - all in North America. CRP is passionate about people and introducing technology to traditional business models.
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 vetted capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can get started using Axial for free at Axial.com.
Resources:
Nathan Chandrasekaran LinkedIn
Columbia River Partners
Peter Lehrman LinkedIn
Axial Website
My guest today is Linda Rose, of RoseBiz, Inc. Linda is an M&A Advisor, Business Consultant, Speaker, Advisory Board Member, and Author. As an internationally recognized expert in the IT Consulting & Services industry and founder of four companies, Linda’s 30 years of success includes expertise in management consulting, cloud computing, SaaS, and financial services.
Linda is a sought-after speaker and advisor on mergers & acquisitions within the IT consulting and services industry. As a former CEO and CPA, Linda has led companies to develop recurring revenue models to increase value and growth, all while maintaining more than a 97% customer retention rate. Her book, "Get Acquired for Millions" compounds years of knowledge and interviews with buyers and sellers.
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 - including herself as a ‘boutique’ consultant limited to just a handful of deals each year.
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, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.
If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.
Discussion points:
- Linda’s background and journey to her current success
- Transitioning to a recurring revenue model
- The ERP CRM firm and three-year contracts, different margins, and multiples
- Hiring an M&A advisor to help find buyers
- Linda’s selling protocols and strategies
- Becoming an advisor was not planned
- A value assessment tool for companies
- Linda’s book continues to provide value for readers
- Channel partners in IT - six categories
- What drives appeal and value in each category
- Revenue vs. other value drivers, multiple channels
- Getting financials in order for Linda’s boutique clientele
- Screening potential clients start with a phone conversation
- Considering buyers - a combination of factors determines the right fit
- The weekly barrage of interested buyer inquiries
- “Women-owned businesses” - it’s the first question asked by buyers and it’s a problem- stop putting yourself in that box at least 3 years before selling- file the renewal but don’t use it
- Timelines on deals - calendar year start, March to market, finish before holidays
Resources:
Linda Rose LinkedIn
Rosebiz, Inc.
Book: Get Acquired for Millions
Peter Lehrman LinkedIn
Axial Website
My guest today is Tarrus Richardson, Founder, and CEO of private equity firm IMB. Tarrus has 25 years of private equity experience, has invested over $500 million of capital, and completed over 20 platform buyouts and add-on acquisitions.
Tarrus is also the founder of the Council of Urban Professionals (CUP), a top leadership development and networking organization based in New York and Los Angeles, and a founding board chair of All-Star Code, a leading non-profit focused on helping boys of color code.
In this episode, you’ll hear why Tarrus and IMB decided to acquire outlier companies in the utility sector, why diversity is a priority within all their companies, how there are still lingering challenges brought about by covid and supply chain disruptions, and advice for anyone thinking of starting down a similar path in the lower middle market M & A space.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- LaFata and the Mid-Atlantic utility sector
- IMB looks at outliers that others are not interested in
- A Certified MBE business
- Exelon Corp
- Prioritizing diversity - the philosophy
- Looking into the future - what changes, what remains
- Lingering issues from supply chain and covid disruptions
- Dreams of a $1B Holdco started at age 17
- Staying within the lower middle market
- Advice for someone starting today - narrow your focus, be at scale
- Founders - selling should mean a change in responsibilities
- The Q of E (Quality of Earnings) - sell-side vs. buy-side
- Compliments on what Axial has built
- Your first purchase may be difficult but gets easier every time
Resources:
IMB Partners
Tarrus Richardson LinkedIn
LaFata Website
Exelon Website
Peter Lehrman LinkedIn
Axial Website
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 deciding to join the family business in 2009, Lance brought his talent and interest in making deals and creating businesses to Nassau Candy, helping to build it into a multi-disciplinary distribution, customization, and manufacturing juggernaut.
Lance is an experienced and entrepreneurial family business builder across food, confectionery, promotional products, travel + resort, and short-run manufacturing and customization (apparel, hard goods, health and beauty, edible and other categories). His skill set includes M&A, Management, Private Equity, Manufacturing, Specialty Printing, Food/Confectionery/OTC, and Product/ Business Development.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and other useful information. To join Axial as an acquirer, an owner considering an exit, or a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Nassau’s origin story - all the way back to 1918
- Lance’s journey from Wall Street to Nassau Candy in 2009
- Taking a step back - it’s a family dynamic
- The decision to add a promotional products business
- Building the custom products business arm
- The hand sanitizer gel pack solution in early 2020
- Hurricane Sandy - an intense period for the company that proved the team could handle crises
- Weighing risk, long-term perspective, and transformative acquisitions
- Lance’s personal development over the last 10-15 years
- Biggest influences – dad, YPO (Young President’s Organization)
Resources:
Lance Stier LinkedIn
Nassau Candy Website
Nassau Promotional Products
Peter Lehrman LinkedIn
Axial Website
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' sister company Harbor Sweets, and the complementary strengths of both companies. Keeping the family in charge of day-to-day operations is an unusual approach, but it has worked very well for their partnership with Hilliards.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Gordon and Johathan’s backgrounds on Wall Street
- Fidelity and how portfolio management was structured
- The origin story of Gordon and Jonathan’s partnership
- Hilliards and why it was so compelling
- The chocolate market - how can it sustain so many brands?
- Brick and mortar vs eCommerce pre and post covid
- Why and how they ‘won’ the purchase of Hilliards
- Buying a business and keeping the family and future generations involved
- Hilliards first acquisition - sister company Harbor Sweets
- A typical week for Jonathan and Gordon as owners
- Advice for someone interested in this path
- Mentors and family support
Resources:
Jonathan Kasen LinkedIn
Gordon Scott LinkedIn
One up on Wall Street by Peter Lynch
Peter Lehrman LinkedIn
Axial Website
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 consumer products: architectural metal for elevator cabs, joint plates and corner guards for airports, handrails for hotels and conventional centers, job boxes for construction sites, and more.
I speak with Troy about how he and his family acquired this 85-year-old manufacturing company, their massive scaling, and growth since the early 2000s, details about their acquisitions and real estate expansion over the years, and Troy’s plan for the future of Dane.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Dane Manufacturing origin story
- Solving customer’s problems and soaring sales - the housing boom and Home Depot store expansion
- Growth from $1M to $6M - 2001 to 2005
- Troy discovered he was “doing too much” as a leader and limiting Dane’s sales potential
- Acquisitions - challenges and processes
- A 3X plan in 3 years - with help from Axial.net
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 an investment banker at JPMorgan, where he worked on numerous capital-raising and M&A transactions. Ken received a BS in Civil Engineering from Lehigh University and an MBA from New York University, where he was a Stern Scholar. Ken currently serves on the Board of the New York Chapter of the Alliance of Merger & Acquisition Advisors (AM&AA).
I speak with Ken about the many bubbles and crashes he seems to have been a part of and rode to success over the years (internet in the 90s, real estate in 2008, and the pandemic) and also how Kidd & Company functions as a “generalist” investment firm, with perhaps fewer dollars to invest, but bringing in much higher returns than some megalithic private equity organizations. Kidd focuses on outsourcing the less desirable functions in their businesses to allow the principals to focus on what they enjoy - which has provided very successful exit opportunities in a number of industries.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- How Ken got into banking and M&A - Business school in the late 90s, JP Morgan, early-stage venture capital in NY, then Kidd & Co.
- Ken knew it was time to leave the early-stage venture when it became just a long line of “sick patients” to triage
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 workout, and increase your enjoyment of training and racing. But one size doesn’t fit all. The Feed builds you a personal Feed (from over 150 top nutrition brands (like SwissRX, Maurten, and Clif) that will work for you and your sport, your diet, your flavor preferences, and your training goals.
I speak with Matt about his personal journey - from selling college textbooks online in the mid-90s, to leading Tour de France teams, to founding The Feed and how it has evolved. Currently, The Feed is scaling up 60-70% every year, they are exploring different brand acquisitions, building robotics to increase speed and capacity in their Boulder, CO warehouse, and creating a successful business that eventually will be ready for a great exit strategy when the time is right.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Matt’s early days - bike racing as a kid, selling college textbooks online. The Feed is a merging of Silicon Valley and sports, his dream scenario
- The need for The Feed – seeing a knowledge gap before/during/after training - fueling strategies are always evolving and volatile
- Reviewing the history of trends in sports nutr
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. Sang exited that business through a private equity transaction in 2013 and has since embarked on investing in and operating Cooperative Laundry. Their custom-built, 60,000-square-foot facility is located in Kearny, New Jersey, delivering the best commercial laundry services in North America. Its fully automated workflow delivers an end-to-end level of precision that the laundry industry has never known.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- What is the commercial laundry business all about?
- There are no national players – regional and mom/pop are the main players
- A day in the life of the commercial laundry business
- Shorter contracts allow for easier price adjustments
- What happens if you lose a customer?
- Sang’s Korean/American family background owning a laundry in NYC
- Combat infantry and a philosophy degree
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 combat missions in the Navy, and fortunately was coached on becoming a better leader, which propelled him to his current success. Steve talks about what he loves about manufacturing, how to identify great value and potential in companies he purchases, and what he hopes manufacturing may look like in the future.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Steve Cook’s background and leadership at Dell Computers
- Steve’s lessons learned from other Dell leaders and exec coaching, and why his career at Dell ended
- The state of manufacturing in the global economy these days
- The granite/gravestone story
- What Steve looks for in leaders today - authenticity, ethics, values, coachability
- What are you excited about in manufacturing today?
- Competing with lead times and quality, not price<!--
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Joining me for this episode is Vinay Bachireddy, Managing Partner at Weave Growth Partners. Weave is pioneering a technology-led approach to operational transformation of lower middle-market businesses.
Weave is a private investment firm based in Silicon Valley. As experienced investors, entrepreneurs and operators, they partner with management teams to create long-term value and bring technology expertise to their portfolio companies. They bring a technology-enabled playbook of analytics and automation commonly used in high-growth Silicon Valley startups to potential portfolio companies.
Join us for a discussion on how Weave approaches companies, their sensitivity to maintaining company culture, and the steps they take to acquire investment portfolio companies and implement new tech. From discussing tech as early as the pre-offer stage to working through digitization, analytics, and finally automation, Weave’s style and approach may be heralding the “new generation” that will help change the perception of private equity investors.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- What Weave Growth Partners is all about
- How many businesses are you working with right now?
- Weave’s approach to technology is different for each prospect
- What departments do you look at changing first?
- How does Weave institute Silicon Valley-level tech?
- Tech is discussed from day one (pre-offer) and scaled within 6-12 months
- The progression of each company’s digital journey is in three steps:
- Digitization
- Analytics
- Autom
My guest today is John Wilson, the third-generation leader of The Wilson Companies - a privately-owned investment firm that invests in local family-owned businesses. Wilson acquires home services businesses in the Lower Middle Market, headquartered in the Midwest. With six current portfolio companies, they are continually seeking new opportunities between $500,000 and $2 million in owner's earnings. The Wilson Companies creates partnerships and takes an equity stake in Home Service, Digital, Multi-family & Commercial Real Estate businesses.
John talks with me about his early takeover of the family business at 23, some of the details around the company’s later acquisitions, the family dynamics of being a third-generation leader, not to mention the middle child of seven siblings who are not part of the business, and his preference for the acquisition, building, and entrepreneurial aspects of building his regional empire.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sell-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- John’s early years and family plumbing business
- How did you come to buy the business from your dad?
- John’s night school gave him knowledge to apply the next day at work
- At 23 John took over the operations, hiring and firing
- The many complications of the purchase - tax laws, family and siblings
- Now the second-largest home services company in their region
- The changes in John’s role after the purchase
- First acquisition completed 14 months after purchase
- Identifying distressed businesses to purchase
- What are the ‘good vs bad’ businesses
In this episode, my guest is Kelcey Lehrich, Co-Founder and CEO of 365 Holdings, a vertically integrated holding company of DTC-centric brands. 365 has built a high-performing team of growth-minded professionals that makes an impact on the landscape of consumer brands.
365 is built for the express purpose of being the long-term home for these “microbrands” (including Cultures for Health, Steel River, Alternascript, and Valley Food Storage) and enables these brands to see profitable, sustainable growth for years to come. Operationally, they accomplish this through a vertically integrated shared services model; fundamentally, they accomplish this through a company culture that embraces 365’s core values.
In my talk with Kelcey, we’ll touch on some of the brands that comprise 365’s current stable of holdings, the current and future challenges facing the eCommerce industry, and a few of the specific practices of their vertically integrated model that differentiate them within the M&A world.
This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Take us through your background and career previous to starting 365 Holdings
- Some of the small businesses Kelcey ran early in his career
- How did you stumble into eCommerce?
- The evolution of consumer spending post WWII to today
- How Cultures for Health can only survive as a niche eCommerce company
- What are your metrics for purchasing companies?
- Looking at cash flow, history, sustainable models, and other factors
- The origin story of the name “365 Holdings”
- Is there one area that you specialize in, post-transaction?
- The “inch-deep, mile-wide” skills that 365 offers to acquired businesses
- 365 teams are function-focused, a marketing expert does marketing for all the 365 businesses
- 365’s experimental “EiR” (entrepreneurs in residence) program
- Hot topics for 2022 from 365’s Annual Letter
- Is there a limit to how many companies 365 will own?
- The process for keeping/selling companies within 365
- Sign
Welcome to the “Masters in Small Business Mergers and Acquisitions podcast.” I am your host, Peter Lehrman, and I’m the Founder and CEO of Axial (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors.
In this inaugural episode, my guest is Bret Forster, a good friend and Co-Founder/Co-CEO of Pearce Services. Pearce Services is a leading national provider of operations, maintenance, and engineering services for mission-critical telecom and renewable energy infrastructure. They safely service Wireless, Wireline/Fiber, Network ISP, Wind, Solar, EV Charging, and Energy Storage infrastructure customers around-the-clock.
Join us for an in-depth discussion around Entrepreneurship through Acquisition (EtA) - the path to becoming an entrepreneur by buying and growing an established small business. For individuals with business skills and a desire to make a meaningful impact, this can be less risky than starting a new business around an unproven product or service.
Bret will tell us about his journey as a leader and his humble beginnings making cold calls from his tiny apartment in San Francisco, to acquiring and growing Pearce Services in Paso Robles CA from a 70 person team, to over 2,000 employees with a growing renewable energy network of wind, solar, and cell sites, and EV charge points.
If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas.
Discussion points:
- Bret’s background and career leading up to Pearce
- Organic connections led Bret to his path
- Memories and highlights from Bret’s time at Serent Capital, ServiceSource, and McKinsey & Co.
- Tell us about your time at Willcrest Partners?
- Bret’s “scrappy” days making cold calls from his tiny apartment
- Pearce Services – how Bret discovered, the process of acquiring
- The reputation of search firms in the market
- Can you give us some advice on the EtA model? What's the best way to win business and compete?
- Find a theme, stay focused, and learn everything about that industry
- Some of th