Episodes
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In this episode, Peter Lehrman sits down with Sam Rosati, founder of Pursuant Capital and the original sponsor of Perimeter Solutions Group (PSG), to explore his approach to scaling a single commercial fencing business in the Tampa, FL region and scaling growth across the sunbelt stages through five acquisitions and meaningful organic growth.
Sam gets into the unique dynamics of the commercial fencing industry, the importance of aligning with strong operational teams, and Sam’s orientation to back management teams rather than retiring owners. Sam also reflects on his experience partnering with Chris Kliefoth, his co-founder and operating partner, and the role of thoughtful deal sourcing in shaping PSG’s success. The conversation dives into add-on acquisitions, the challenges of scaling a service-based business, and the value of getting face-to-face with sellers ASAP in the deal-sourcing funnel.
The conversation finishes up with Sam talking about his search for a new lower middle market acquisition in 2025 and how he is thinking about this next big chapter.
Discussion Points:
Sam Rosati’s background and his transition from big law to small business M&AThe inception of Perimeter Solutions Group (PSG) and the decision to focus on commercial fencingKey advantages of commercial fencing, including its project lifecycle and customer relationshipsSourcing the deal in Tampa, and how it came into focusBuilding a successful partnership between an operating partner and a dealmakerThe importance of a strong team in scaling operations and managing growthStrategic acquisitions to expand geographic reach and service capabilitiesMaintaining a balance between growth and operational excellenceThe impact of a recapitalization on PSG’s future growth plansEvolving strategies for deal sourcing, including inbound, outbound, and relationship-buildingThe potential for younger management teams to drive success in blue-collar servicesThe future of independent sponsors and the opportunities for young operators in the lower middle marketThe significance of long-term partnerships with family offices and flexible capital providersMasters 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...
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In this episode, Peter Lehrman sits down with Michael Arrieta, founder of Garden City, to discuss his unique journey from a successful career in tech with companies like DocuSign to founding a people-first holding company focused on service-based businesses. Michael shares insights into his decision to leave tech, the principles guiding Garden City, and the impact of a values-driven approach to business acquisition and management.
The conversation also examines Garden City's investment thesis, focusing on B2B nationwide services, and how Michael's team is bringing mission-aligned shareholders into the fold. This episode is packed with actionable insights for anyone interested in small business acquisitions and the human side of M&A.
Discussion Points:
Michael Arrieta’s transition from tech to small business acquisitions.The inspiration behind founding Garden City and its core mission.Garden City’s focus on service-based businesses with B2B nationwide services.The importance of mission-aligned shareholders and building trust-based relationships.Challenges faced in the lower middle market and the importance of simplicity in business models.The development of the 3F program (Faith, Family, and Finances) for enriching employees' lives.The role of community and shareholder engagement in Garden City’s success.Insights into the process of deal flow management and strategic acquisition.Lessons learned from five years of running Garden City, including the importance of focus and team structure.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, strategic acquirers, 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:
Michael Arrieta LinkedInMichael Arrieta XPeter Lehrman LinkedIn -
Episodes manquant?
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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 PeriodsMasters 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
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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 TodayThe Evolution of Teams & Talent in Private EquityHow to Avoid Unintended Consequences with the Operating Partner ModelSBJ Capital’s “Sourcing Partner” Program Investing in the “Boring” Supply Chain That Power Consumer BrandsAnd 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 MarketHow the Perfect Private Equity Resume is Changing for Young ProfessionalsMasters 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
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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 brokerageFamily business dynamics, honest feedback, growth, and communityEstablishing your personal core and opus ~ identity, values, principles, and visionMarshall's purpose-driven approach in starting Meraki InvestmentsHow Private Equity misses the opportunity to unlock purpose after the acquisitionImpact of connecting culture, purpose and employees to create business successMasters 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 (
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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 sourcesInventory consignment vs distribution modelHorizontal holding companies vs. vertical integrationWarren Buffett’s approach to post-acquisition incentive alignment The practical application of zero-cost budgetingAdding value without being needed in the day-to-dayRafael’s philosophy on long-term growth strategies and investment Intangible qualities of good business brokersBenefits of finding the right business partnerMasters 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:
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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 inefficienciesMasters 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
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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 businessesMasters 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
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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 PartnersClosing deals in the 90sEvolution of private equity investingThe impact of internal operating partnersThe power of add-on acquisitionsIntegration strategies and dual brandingLeveraging reputation in competitive transactionsSourcing strategiesComplexities and opportunities in dealsAdvice for young professionals exploring private equityThis 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
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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 brokerageThe 80/20 rule of brokersLOI language tweaks that will resonate with owners and business brokersBuilding relationships to get an angle on a broker’s dealsHow to handle real estate brokers moonlighting as M&A brokersThe future of M&A brokerageEnsuring trust, reliability, and cost-effectiveness in dealsThis 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
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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 managementImpulsive purchase of landscaping businessThoughts on an employee quitting for self-employmentDifferences and value in commercial landscapingSeller profiling in business acquisitionBuilding strong relationships in businessRelationship and expansion in the landscaping marketNext steps and expansion plansThe pursuit beyond moneyThis 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
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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 EquityRoles and strategies for creating a powerful diligence teamImportance of an M&A attorney and advisor in the processInternal diligence in business sellingTrust-building and ethical behavior in deal successUnderstanding funding sources and anticipating financial changesAssembling a business selling teamAdvantages of hiring a professional M&A advisor and attorneyThe process of assembling a diligence team for business sellingBuilding trust in buyer-seller relationships and understanding the source of fundingEthical behavior during the diligence processStrategic art of business sale preparationContact 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 a...
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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 changingLessons learned from the first acquisition Chris ledHow Chris navigates family-owned shareholder dynamics Techniques for winning deals and building relationships in M&ARe-investing in Gallagher versus distributing dividendsStrategies for effectively sourcing and integrating acquisitionsThe impact of outside board members on Chris’ development as a CEOWe 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
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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 careersSearch fund investing and state of searcher outreachTraditional bidding techniques in small business M&AUnderstanding an owner's willingness to sell for successHow Peterson Partners supports searchers and sources talentTrust and chemistry in successful business acquisitionsChanges in the search market and sourcing talent beyond business schoolsImpact of pricing on a dealAdvice for those interested in taking over a small businessImportance of taking a break in the relentless search processEmphasizing trust, relationship building, and search beyond the top MBA schoolsResources:
Max Artz
Peterson Partners
Peter Lehrman LinkedIn
Axial Website
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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-upTransitioning the administrative burden that veterinary owner operators bearDiving into the specifics of AVP’s partnership and incentive structuresEductating veterinarians on key financial decisions as part of the M&A processAVP's model for shared financial successPractice management software decisions and complexities across vet clinicsRecruitment and transition of veterinary professionalsExploring emerging services and pet care approachesHigh-growth areas in veterinary servicesAvoiding low-margin categories like pharmacy and inventory salesDiscussing the potential of boarding, geriatric care, and end-of-life care
Resources: -
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 functionWhat business owners can unlock if you hire a great CFO earlier than one typically doesExploring the concept of ‘Exit Readiness' and why it’s so valuable for owners to prioritize itAccordion’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 functionSome potentially easy wins operators can achieve with simple technology and process disciplineThis 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
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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 practicesConducting interviews to create foundational frameworksCreation of the Acquisition Lab and its curriculumBuilding a common language, tools, and analysis for potential business buyersWorld-class winners in the business of M&ACoaching around record-keeping and accounting in small businessesThe importance of having a broker in the small business M&A processValuation gaps and understanding private capital marketsThe future of acquisition entrepreneurship and the impact of network externalities on the M&A spaceContact us with your podcast topic ideas!Resources:
Book: Buy, Then Build
Acquisition Lab
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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 -
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
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