Episodit
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Topics:
Challenges for Emerging ManagersOutreach & Pitch Deck Best PracticesHow to Develop a Competitive Edge...and so much more.
Top Takeaways
Make resilience a core part of your fundraising strategy. With liquidity bottlenecks from stalled exits and fundraising timelines now stretching to 24 months, emerging managers need to manage expectations internally and externally. Liz advises setting realistic goals, communicating transparently, and fostering a partnership mindset within your team to maintain morale and focus.Cold emails are powerful when done right. A strong cold email is concise, personalized, and scannable. Liz suggests skipping one-pagers and delivering value directly in the email, with your deck attached for more details. Start by referencing shared connections. Then, use the email to highlight your strategy, track record, and key differentiators.Include lessons from failed deals into your pitch. Liz observes that few managers address underperforming investments upfront, even though LPs will uncover them during diligence anyway. Proactively explaining what went wrong and how it refined your approach builds trust and demonstrates a growth mindset.Start with curiosity, not a pitch. Liz emphasizes that a great first meeting begins by understanding the LP's priorities. Instead of jumping right into your presentation, ask questions like, "What are your investment goals?" or "What gaps in your portfolio are you looking to fill?" This approach builds rapport and ensures your pitch aligns with their needs.
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Topics:
Hurdles for Emerging ManagersRole of Team Continuity in FundraisingHow to Time Global Outreach...and so much more.
Top Takeaways
Invert the problem to build a stronger story. Ray mentions Charlie Munger’s inversion technique as a powerful tool to reveal blind spots in your storytelling. It works by flipping the question you’re trying to solve: instead of asking, "How do I raise the fund?" ask, "What would make investors say no?" The answers might include unclear data, a strategy that’s not unique, or a lack of trust in the presenter.
Cultivate a growth-oriented mindset in your team. Ray and Jordan discuss how the dynamic nature of the equity market demands agility. For a team, this means always seeking new knowledge and being prepared to pivot with shifts in investor preferences, sector trends, and economic conditions. This adaptability can give emerging managers a competitive edge over established competitors.
Invest in preparation to make a strong first impression. As Ray points out, initial pitch meetings can often feel like cold business transactions, but charisma and persuasiveness help turn these interactions into real connections. Investors commit to ventures based on trust in the person presenting—not just the numbers.
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Topics:
Business Growth StrategiesEquity-Based Incentives to Retain Top TalentHow to Delegate as a Leader...and so much more.
Top Takeaways
Establish a "North Star" vision to guide your growth strategy. Instead of trying to expand in all directions at once, grow by adding services in adjacent areas that complement your core offerings. This approach positions you to serve clients more comprehensively without spreading your resources too thin or diluting your brand. Doug emphasizes that a clear, overarching goal keeps you grounded and ensures that each initiative supports your core mission. Adjust your service model to anticipate and fulfill client needs. Doug and Jordan discuss that clients may not always know what could add value to their business. This creates an opportunity for proactive service. By analyzing client feedback and observing how they use your services, you can identify areas for expansion and offer tailored solutions. When your offerings align with the client's long-term goals, you strengthen relationships and create new avenues for growth.
Focus on high-impact activities to drive growth and scale effectively. Doug and Jordan know from experience that entrepreneurs often need help with delegation. To scale successfully, leaders need to let go of the “do-it-all” mindset and recognize their limitations. Doug uses a simple strategy to assess his productivity: reviewing each day in terms of wins and losses. These regular check-ins help him minimize distractions from tasks that don’t move the business forward. Strong leadership ultimately means empowering your team to bring your vision to life: set the direction, let them execute, and refine as needed.
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Topics:
Transitioning Into Your First Fund The Importance of Due DiligenceChoosing the Right Partner...and so much more.
Top Takeaways
Stay resilient and purpose-driven when raising your first fund. Raising a fund is challenging, with a high rejection rate. Jim and Doug emphasize the need for persistence, confidence, and experience from deal-by-deal fundraising. Equally important is a clear “why.” Independent sponsors must convey their mission and unique value to stand out to investors in a crowded market
Due diligence goes both ways. Whether you’re investing or selling, conducting thorough due diligence is essential. Just as PE firms scrutinize potential deals, sellers should research prospective partners. Talking directly with CEOs and founders who’ve worked with these firms offers valuable insights. Jim and Doug recommend asking about the firm’s value-add, leadership stability, specific support examples, and performance in tough times. Aligning expertise and cultural fit builds a strong foundation for a successful, long-term partnership.
Build partnerships on a foundation of communication and a shared vision. Jim and Doug emphasize that aligning on core goals from the start smooths out challenges. Their mutual respect and collaborative approach enable efficient decisions, keeping them in sync. Open, transparent communication has strengthened both their professional partnership and personal bond.
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Topics:
How to Find Success in PERevenue Streams for Independent SponsorsStrategies to Scale a Team...and so much more.
Top Takeaways
Flexible and purpose-built capital is key. Investors should provide independent sponsors with flexible capital solutions that support, rather than control, their operations. Michael shares how Align Collaborate embodies this approach, building a collaborative partnership where the independent sponsor is the lead decision-maker.Smart scaling starts with the right team. Michael's experience shows that team members with consulting or transaction advisory backgrounds can contribute significantly to long-term growth and value creation. These hires help drive operational success post-acquisition, allowing the sponsor to focus on higher-level decisions while the team handles day-to-day execution. Having a dual mindset for long-term success in deal-making. Independent sponsors must juggle optimism with realism when assessing risks and persistence with flexibility when navigating deals. Michael stresses the importance of irrational persistence in committing to promising deals, but it’s just as important to know when to take a step back and explore new opportunities.
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Topics:
Balancing Stress in FranchisingHow Private Equity Influences GrowthThe Role of Data in Decision-Making...and so much more.
Top Takeaways
Letting go of control and trusting your team. Leadership, especially during challenging moments, requires composure rather than reacting with stress or panic. Kim reflects on her experience as a first-year CEO, sharing how panicking when things go wrong can affect the entire team. She learned that staying calm, even in tough situations, lead to clearer decision-making and outcomes.Preparing for change and attrition. Attrition is a normal part of business transitions, especially after events like mergers. Not everyone adapts, due to personal choice or the organization’s needs. In franchises, where changes can often cause concern among franchisees, Kim effectively minimized attrition by maintaining transparency. She hosted town halls, answered questions, and communicated clearly, ensuring a smooth transition.Balancing work-life and franchise success. Jordan and Kim discuss the shift from the traditional workaholic mindset, emphasizing the importance of work-life balance while maintaining high standards. Effective leadership means supporting employees' well-being, fostering alignment with company goals, and cultivating a culture where engagement thrives. This is especially important in franchising, where success hinges on empowering franchise owners and constantly selling the vision.
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Topics:
Exploring the Benefits of PEBuilding Your Team for Success Insights for First-Time Franchisees...and so much more.
Top Takeaways
Advice on selling your business. Reflecting on his experience with Stretch Zone, Tony stresses the importance of seasoned advisors. Their guidance was crucial, allowing him to concentrate on daily operations. He highlights the value of investing in a strong team and advisors, as they are key to a successful sale. Tony also emphasizes patience and strategic management during the often lengthy PE sale process.
Balancing your business while selling. Tony managed both running and selling Stretch Zone by relying on his team with managing daily operations and the sale process, ensuring the business could function independently. Finding a balance between managing the sale and maintaining core functions is important to keep your organization running smoothly.
How to navigate being a first-time franchisee. Tony advises that buying an existing business can present challenges due to the location's already established culture. For first-time franchisees, he recommends starting with a new franchise to gain essential experience before considering the purchase of an existing business. Ultimately, being passionate about the franchise, rather than solely focusing on financial gain, will allow you to become a more successful operator.
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Topics:
The importance of partnerships as an entrepreneur. Core values and their impact on your business Reimagining leadership...and so much more.
Top Takeaways
Partnerships play a vital role in entrepreneurship. Reflecting on years of experience, Pardis shares a key insight to avoid 50/50 arrangements. Instead, focus on aligning goals, respecting each other, and defining clear roles. Ego can block teamwork; success comes from relying on experts and working together. Entrepreneurship thrives on good partnerships, not solo efforts.
The Importance of Mission, Vision, and Values. Jordan and Pardis offer a fresh perspective on mission, vision, and values, often overlooked statements. They stress the role of core values, rather than mission statements, in guiding a company's direction. By prioritizing value creation, companies can maintain flexibility while effectively meeting the diverse needs of stakeholders.
Passion, Relationships, and Leadership. Jordan and Pardis challenge conventional leadership norms, promoting a servant leadership approach that empowers team members. Pardis shares insights on evolving into a stronger leader by being passionate about your business, cultivating genuine relationships, and leveraging networks for support. Making sure your leadership skills grow with your business will set you up for success.
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Who should listen? Finance professionals, entrepreneurs, and investment bankers.
Topics:
The rise in personal LinkedIn posts Long-term effects of investing in teamsIntentional Hiring Practices...and so much more.
Top Takeaways
“People crave personal connection through posts.” Jordan and Marc discuss the importance of personal posts on LinkedIn. Marc recounts how sharing more about himself led to a surge in positive feedback and a stronger sense of community. Posting personal posts on LinkedIn helps build a bridge between you and your colleagues that may not have existed before.
The importance of a long-term perspective when running a business. Marc and Jordan stress that instead of just aiming for short-term profits, it's important to build team harmony and support growth. By focusing on a positive work environment and teamwork, businesses can see steady revenue growth and create better relationships with colleagues.
“My biggest mistake in hiring was hiring the wrong person.” Reflecting on recent hiring cycles, Marc discusses evaluating candidates based on how they align with the company's values. Jordan highlights that hiring should be intentional, targeting individuals who fit well within the company culture and positively contribute to the work environment. Connecting with professionals who share the company's values enhances the work culture and productivity.
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Who should listen? Founders, Operators, and PE Firms.
Topics:
The Importance of Human CapitalBenefits of Difficult ConversationsUnderstanding Founder's Goals...and so much more.
Top Takeaways
Human capital management and value creation go hand in hand. In private equity, understanding the significance of human capital is just the beginning. The ability to turn that awareness into action will set your PE firm apart. Investing in human capital helps navigate diverse teams, driving innovation and value while preparing your team for portfolio companies.
Navigating difficult conversations builds trust. Why do private equity firms often avoid tough discussions before finalizing deals? The fear of losing the deal is a significant factor. However, coaching clients to engage with management and address critical issues before closing is crucial. Skillfully navigating these conversations not only reduces risks but also strengthens client relationships.
Assisting founders in exploring their goals will strengthen your relationship. As a PE partner, you need to work closely with founders, helping them visualize their skills, passions, and purpose. By doing this, you can guide them in understanding their career better. This approach helps discover what motivates and energizes founders while building strong, meaningful relationships with them.
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Who Should Listen? Franchise Owners and Operators, Managing Partners, and Business Owners.
Topics:
The Differences Between Private Equity Buyers The Value Diverse Management Teams BringThe Challenges and Complexities of Turnarounds in Franchising...and so much more.
Top Takeaways
“One of the common misconceptions is that they're all the same,” Alicia explains the pros and cons of the different types of private equity buyers, emphasizing that the value of an offer for your business extends beyond the monetary figure. It is crucial to understand each private equity firm’s offers, timelines, and where they source their funds.
Diverse management teams generate excitement, align interests, and improve retention. Jordan and Alicia discuss the essentials for business success in today's market. They emphasize the importance of having an active management team skilled in marketing, operations, and day-to-day functions. This helps to keep employees motivated in a competitive market.
Turnarounds in franchising are one of the toughest assignments in business. While investing in franchises offers great rewards, Alicia explores the complexities and challenges of franchising, highlighting the importance of support from the entire franchise community in executing plans effectively. This distinction sets franchising apart from traditional businesses.
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Who Should Listen? Credit lenders, Managing Partners, Investors, and RIA’s
Topics:
Factors and Complexities Within the Current MarketChallenges That RIA’s FaceThe Future of Private Credit...and so much more.
Top Takeaways
“The market has been more dynamic over the last six months than over the last six years.” Jordan, Aaron, and Joe dive into the dynamic nature of the present market landscape They point out that the lenders struggling today might be different from the ones struggling in six months. It's important to realize that what we think about someone's market position might not always be true.
The path RIAs need to take to succeed. These obstacles include balancing liquid and private credit investments, navigating the diverse landscape from major funds to smaller enterprises, and addressing educational gaps. Recognizing trends like equity and credit secondaries can drive market evolution despite these hurdles. Success in the credit markets depends on understanding different segments and investment strategies, empowering RIAs to prepare better and achieve success.
“The shift we've seen is permanent”. When it comes to the future of the private credit market, Aaron acknowledges how some believe that the high returns associated with private credit may be dwindling and that investors are becoming wary of the asset class. Joe explains that this is just the beginning of a significant transformation in credit markets, with private credit set to play an even larger role in the financial landscape in the future.
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Who Should Listen? Aspiring Investment Bankers, Young Bankers, and Investment Bankers.
Topics:
The Importance of Adaptability Career FulfillmentPros & Cons of Working Remote...and so much more.
Top Takeaways
"The most successful teams are those who adapt to changes in the market and the market opportunity." Teams that are true to their mission but adapt to market shifts can become durable, long-term value creators. Learning how to adapt is difficult and uncomfortable, but having a supportive team surrounding you will make it easier.
“It's about getting people together, about helping them get along.” Robin emphasizes the importance of having a good mentor in the early stages of your career who will support and push you into being a better employee and, in return, becoming a great mentor to others. The fulfillment in your career comes from enjoying the process and the relationships, not just the end result.
The value of in-person collaboration. The transition back to daily office life since COVID has proven that working remotely is efficient. Still, in-person work promotes collaboration and team building, which fosters a richer working environment and a healthier work-life balance.
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Topics:
The Value of Anchor Fund-of-Funds Inside-Out Fundraising The Importance of Storytelling...and so much more.
Top Takeaways
90% of groups fail to raise a second fund after launching their first. To overcome the difficulty in the market. Chris emphasizes the importance of evaluating your team's experience and reputation, along with understanding economic factors to determine the support needed for your first and second funds.
Focus on building a core network of trusted supporters early on. In exploring inside-out fundraising, the focus is on starting within your immediate circle rather than reaching too far outside initially. This approach prevents premature marketing efforts and advocates for patience and gradually building credibility before engaging with major organizations.
Having a vision for how you tell your story is critical. Crafting a compelling story is crucial for successful pitching. Focus on why you do what you do rather than just the data. Think like a writer, creating chapters that entice the reader to turn the page. Pay attention to the small details that make for a great narrative.
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Topics:
Discovering Your PurposeLessons from His DadFranchise or Start-Up: Which Way to Go?...and so much more.
Top Takeaways
What is your “why”? As chairman and CEO of Lawn Doctor, spanning over 650 locations, Scott has the opportunity to travel the world and experience all of the different cultures of their franchisees. Connecting their narratives of life ambitions and goals with those of Scott’s father has anchored, he was able to find his personal “why” and fuel his dedication.
Lessons from Dad. Scott learned valuable life lessons from his dad, who emphasized the importance of character and work ethic. Scott’s dad believed true integrity reveals itself in actions when no one's watching, a principle Scott also embraces. His dad taught him that franchise relationships and unit economics are interconnected. Scott emphasizes the importance of genuine care for franchisees and careful management of upfront costs to nurture lasting relationships.
Should you franchise or start your own business? There are a few things to consider before making this decision. Scott and Jordan explore the decision-making process between franchising or starting your own business. Being honest with yourself when determining the amount of risk you are willing to take will help decide whether to franchise or to start fresh.
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Topics:
Who is ready for a fund in this market?How do I build momentum during fundraising?What are the Do's and Don'ts in fundraising decks and first meetings?...and so much more.
Top Takeaways
Strategies for Differentiation. There's no shortcut to experience in this space. Showing up to meetings with findings is important, but showing theories while backing them up with an explanation and story will set you apart. Liz states how you can differentiate yourself by connecting with a management team and proving to them that you've done your homework
How to build momentum during fundraising. Maintaining stability on your team while growing your firm is key. Liz paints a clear picture of what success looks like and takes us through the steps to fundraise. She emphasizes the importance of delivering on promises and reminds us to stay within the parameters of size, sector, and purchase multiple.
Key Do’s and Don'ts for Emerging Managers. Having a pitch book helps articulate who you are, what your strategies are, and the backgrounds of you and your team. Liz elaborates on her distinct initial screening approach, emphasizing understanding each individual's "why," the importance of a strong track record, and exploring diverse pathways to establish it.
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Topics:
Value CreationOperating SystemsTrends in Healthcare & Life Sciences...and so much more.
Top Takeaways
Careers aren’t always a linear journey. Staying open to unexpected opportunities, prioritizing meaningful connections, and personal fulfillment allow you to navigate life with more flexibility. Matt advises young professionals to embrace unpredictability in their career paths, recommending a focus on strengths, motivations, and building relationships rather than fearing that their next move won’t be the right one.
Mission vs. Vision. Involving the team when developing these statements is crucial to ensure authenticity and buy-in across the entire company. Jordan and Matt highlight different aspects of refining a company's mission and vision statements that will truly stand out and resonate throughout the business. Overall, their approach underscores the significance of team collaboration and ownership when crafting a mission and vision that truly guide and motivate the entire company.
Candid Communication. Assumptions can be dangerous, especially in a business setting. Matt highlights the importance of over-communication and engaging in open, direct dialogue with colleagues and stakeholders. He emphasizes the value of ensuring alignment across the organization by openly sharing perspectives and actively seeking feedback to gauge agreement or disagreement. Maintaining this transparency throughout the business fosters productive partnerships among peers and achieves company goals.
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Topics:
Transitioning from tech to doggy daycaresPartnering with Pet Resort Hospitality Group, a PE-backed pet boarding and daycare platformTaylor’s journey with sobriety...and so much more.
Top Takeaways
Embracing sobriety. Taylor and Jordan’s conversation about alcohol and addiction emphasizes the importance of recognizing unhealthy habits and looking for balance in life. Transitioning from relying on alcohol for relaxation and celebration to embracing sobriety led Taylor to a more fulfilling and purpose-driven lifestyle. They both discuss the power of seeking help, and making tough decisions. It's possible to live a phenomenal life without alcohol.
“Humans are super capable of change across every area of life.” Whether it involves a career shift, starting a business, or pursuing personal growth, Taylor believes in every human’s capacity to change and adapt, regardless of the different challenges they may face. He shares the importance of discovering the “playbook” for the area of life you want to change and following the directions. For Tayler, he serves as an example of transformative change, whether it’s transitioning professionally from technology to finding success in the doggy daycare industry or personally, during his journey to sobriety.
Advantages of a PE Partnership. Taylor and his co-founder, Mike, discovered that partnering with PRHG provided them with many advantages they didn't have before. Not only did they gain access to additional capital, but they also received industry knowledge and operational support while staying involved in the day-to-day operations and pursuing their passions. This partnership seamlessly integrated Paws ‘n’ Rec into PRHG’s extensive network and experience, allowing Taylor and Mike to expand their business more efficiently than they could have on their own. The successful partnership highlights the benefits of partnering with private equity firms to grow and scale your business.
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It currently costs up to $500,000 per dose for stem cell therapy. Applied StemCell is going to change that.
In this episode of Investors & Operators, Jordan speaks with Ruby Tsai, CEO and Co-founder at Applied StemCell, for a fascinating discussion on stem cells and how her partnership with a private equity firm - QHP - is taking ASC to the next level. Together, they discuss:
How ASC is revolutionizing gene editingCurrent Cell Therapies Partnering with QHP...and so much more.
Top Takeaways
Always believe in your business. Ruby firmly believes in Applied StemCell, which led her to leave her position at Stanford University. Her faith in ASC’s potential impact and ability to save human lives truly drove her decision. While initially scared to make the jump, Ruby emphasizes the importance of believing in yourself and your businesses, sticking to your values, and having faith in your work. Highlighting the importance of pursuing what you believe in and what aligns with your values.
The importance of the management system. When discussing QHP’s management system, a framework that transforms companies that are at a growth inflection point, Ruby notes "I didn't pay that much attention to it." She shares how she initially overlooked the management system, but after a week of installation training and hands-on experience, she truly understood its significance. Proper implementation of this system leads to increased productivity and effectiveness throughout a team and organization, particularly for companies at a growth inflection point. Rather than getting caught up in day-to-day operational tasks, Ruby emphasizes the importance of focusing on company strategy through the management framework.
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In this episode of Investors & Operators, Jordan sits down with Kim Smith, Chief Capital Formation Officer at Andalusian Credit Partners, to discuss her new role and dive deeper into her personal story. Together, they discuss:
Her Dad’s JourneyKim’s Personal Health ScareInvesting Time with Veterans...and so much more.
Top Takeaways
Time is more valuable than money. Kim and Jordan stress that time holds greater value than money. While financial assistance is great, the time spent with veterans, providing support, guidance, and mentorship, is often more meaningful and impactful. They highlight that being there for veterans as mentors and coaches, listening to their experiences, and fostering personal connection and mentorship is more beneficial than any monetary donation. Advocating the importance of genuine human interaction and support in assisting veterans in their post-military journey.
The importance of giving back. When looking back on her upbringing, Kim emphasizes how her parents taught her the significance of sharing blessings with others. She explains that giving back includes even the simplest gestures like sharing a smile or extending a helping hand.
Self-reflection on guiding values. Reflecting on a health scare, Kim sheds light on the importance of prioritizing self-care. She shares how pushing herself too hard, both personally and professionally, nearly led to a health crisis, forcing her to reevaluate her values and priorities. This experience served as a wake-up call, not only prompting her to make a change professionally but also to be more present in her everyday life. Through this time, she gained a newfound appreciation for life and to never take anything for granted.
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