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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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In this episode of Investors & Operators, Jordan sits down with Chris Antonello, Owner and Operating Partner at Plexus Capital to discuss the different aspects of deal creation, offering his insights and advice to those looking to either secure capital or structure deals. Together, they discuss:
Types of Operating PartnersProfessionalizing a CompanyValue Creation After a Deal...and so much more.
Top Takeaways
Where am I going? Where do I want to be? When talking about the key questions all business owners should be asking themselves, Chris encourages them to reflect on where they currently stand and identify strategies for increasing their businesses’ value. He emphasizes the significance of not only working on the day-to-day task, but taking time to step back and evaluate the business’ worth and growth potential. “You can’t throw the ball where the guy is. You’ve got to throw the ball where the guy is going to be.” Chris uses an analogy of a quarterback throwing the ball to where the receiver will be, stressing forward-thinking in organizational setup for future success and growth. Highlighting middle market buyers expectations, Chris shows the importance of professionalizing your company and teams to boost its EBITDA and overall value.Chasing the American Dream. Chris shares the joy he finds in seeing the hard work and value creation of entrepreneurs and being able to partner with them to scale their businesses. He spotlights the importance of shared values in these partnerships and highlights the satisfaction Plexus feels from seeing the growth and success from these partnerships.
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In this episode of Investors & Operators, Jordan sits down with Scott Abbott, CEO of Five Star Franchising.
After launching 20 companies, selling 11, and expanding Five Star Franchising from 50 to 800 locations in less than 3 years, Scott has become an expert in all aspects of franchising. In this episode, Scott joins Jordan to discuss the different dynamics of achieving business success while also balancing their roles as CEO and father. Together, they discuss:
Emotions from Selling Five Star PaintingPros & Cons of Working with PETypes of Franchise Fees...and so much more.
Top Takeaways
Who am I now? After selling Five Star Painting, Scott struggled to find his purpose outside of being a founder and CEO. “Who am I now? What’s my purpose? Why am I here?”. He shares how this transition period can be very challenging to navigate after putting your heart and soul into something, highlighting the importance of finding your purpose and identity outside your professional roles and titles.
No advice allowed. Instead of dictating advice and solutions to your peers, encourage open dialogue where individuals can freely share their experience and insights. Scott emphasizes the importance of peer-to-peer coaching and experience sharing. When providing a collaborative environment, people can make informed decisions tailored to their unique circumstances that works best for them.
Empowering your employees. Scott’s commitment to empowerment extends beyond Five Star’s mission statement and business success; it’s ingrained in his everyday life. By prioritizing empowerment within his organization and family, Scott is able to not only achieve financial success, but can also foster personal growth and fulfillment for him, his children, and his franchise partners.
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In this episode of Investors & Operators, Jordan sits down with Jeanne Hecht, CEO & Executive Chairwoman of Lexitas.
With over 25 years of professional experience, Jeanne brings a wealth of knowledge in all things life science, pharma, and healthcare IT. In this episode, she shares the invaluable lessons she’s learned during her tenure as a board member of 17 diverse companies. Together, they discuss:
The Management System’s ImpactLessons in Team ManagementA Board Member’s Role...and so much more.
Top Takeaways
Patterns. Insights. Action. Jeanne suggests shifting focus from 50+ data slide decks to emphasizing patterns, insights, and actionable steps during your next board presentation. Presenting these key elements allow for board members to actively contribute to problem-solving and offer valuable recommendations, fostering a more productive and collaborative meeting. Know your employees strengths. Whether they excel in people-building, finance, interviewing, industry knowledge, or mentoring, aligning their strengths with appropriate job placement significantly enhances their effectiveness. Jeanne emphasizes the importance in building these connections to ensure a more successful and impactful approach when placing employees into different roles and management positions.
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In this episode of Investors & Operators, Jordan sits down with Fred Malloy, Managing Director of Harken Capital.
Fred Malloy, Co-Founder and Managing Director of Harken Capital, has over 15 years of experience in private equity and raising funds I through III. In this episode, he walks us through his background at Harken Capital and everything about first-time funds and emerging managers. Together, they discuss:
First-Time Funds Fundraising Do’s and Don’tsFirst-Time Funds Fundraising Checklist...and so much more.
Top Takeaways
Don’t launch until you're ready. Fred highlights the importance of having a strong team, a solid track record, and a refined strategy in place before launching your first fund. Even if it means delaying by a couple months or even a year, it is better to have a well-defined strategy before launching to ensure your fund’s long-term success.Keep the flow of good news. “You’re not going to get the fund raised on today’s news.” Fred emphasizes that securing funding is not based on the current narrative of your firm but on what it looks like 6 months from now. He suggests that following up with continuous good news is crucial for a first-time fund’s success. Build meaningful relationships. Harken Capital has been able to better connect with future partners by sending video updates rather than generic email blasts. Fred shares his successes and emphasizes the importance of putting in that extra effort, even if it requires a bit more work. It’s valuable in breaking through the noise and establishing meaningful connections.
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On this episode of Investors & Operators, Jordan sits down with Caroline Young, CEO & Founder of Craftsbury Consulting.
With 20+ years of private equity experience, Caroline has been a driving force in hundreds of successful exits. In this podcast, she walks us through her extensive career in private equity and shares how she transitioned that experience to found Craftsbury Consulting. Together, they discuss:
Career Development Advice to Women in Finance Management Presentation CoachingStrategic Approaches to Exit Planning...and so much more.
Top Takeaways
Defining success at different life stages. Whether it's excelling in a career, finding work-life balance, or maintaining meaningful connections, Caroline emphasizes the importance of redefining success based on your current life stage. Success isn't a one-size-fits-all achievement but requires continuous reflection and transformation.Treat challenges as opportunities. Caroline emphasizes a positive mindset towards challenges, viewing them as opportunities for growth and learning. By reframing difficulties as chances to overcome obstacles, she highlights the transformative power of embracing adversity especially in the entrepreneurial journey.
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On this episode of Investors & Operators, Jordan sits down with Steve Weiss, Founder of MuteSix.
Steve began his entrepreneurial journey when he was just 17 years old. In this podcast, Steve guides us through his journey of founding and selling MuteSix to Dentsu Aegis Network in 2019. Together, they discuss:
How he made his first dollarGrowing up and overcoming anxiety The mortgage business: making millions and losing it all...and so much more.
Top Takeaways
Just experiment. Start first, figure it out later. Steve explains that when starting a business, there’s a solution to every problem. You just have to be willing to take the time to experiment and figure it out.Face your fears head-on. From standup comedy, to traveling the world, to re-entering the extreme volatility of entrepreneurship, Steve shares how the only way to overcome your anxiety is to do everything that scares you. The journey is more impactful than the destination. Steve shares that the journey of testing yourself, your own resolve, the way you react, is the most impactful journey that you'll go through as a professional.
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Entrepreneurial journeys are often marked by trials, triumphs, and invaluable lessons. In a candid and enlightening interview with Jordan Selleck, seasoned entrepreneur Vern Davenport, Partner at QHP Capital, shares his wealth of knowledge on navigating the complex landscape of creating PortCo management systems. With a focus on innovation, leadership, and growth, Davenport's insights provide a compelling guide for aspiring and seasoned entrepreneurs alike.
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Innovation at the Core of Success: A central theme that emerges from Davenport's interview is the pivotal role of innovation and adaptability in the entrepreneurial journey. Davenport emphasizes the necessity for entrepreneurs to stay ahead of the curve by consistently seeking novel solutions to challenges and aligning with evolving customer needs. He underscores the importance of embedding innovation within a company's culture, fostering an environment that nurtures and embraces fresh ideas. Davenport's insights highlight that the ability to swiftly adapt to shifting market dynamics is paramount for achieving enduring success.
The Essence of Visionary Leadership: Davenport's perspective on leadership stands out as a cornerstone of his interview. He underscores the significance of effective leaders possessing a clear vision that can inspire their teams to rally together. According to Davenport, fostering a sense of purpose and a shared mission is pivotal in cultivating a motivated and cohesive team. His insights transcend traditional managerial roles, emphasizing that leadership entails not just overseeing, but also motivating and empowering individuals to reach their utmost potential while collectively striving for a shared goal.
Thriving Through Resilience and Sustainable Growth: The journey of entrepreneurship is often punctuated by obstacles and setbacks, and Davenport's interview illuminates strategies for maneuvering through these challenges. He emphasizes the cultivation of resilience and tenacity, emphasizing that setbacks ought to be regarded as valuable learning opportunities. Davenport's emphasis on sustainable growth underscores the significance of not only achieving short-term victories, but also ensuring the long-term viability and scalability of a business. His insights lay out a roadmap for entrepreneurs to navigate storms, sustain momentum, and emerge even stronger.
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Vern Davenport: A Career of Leadership and Innovation
Vern Davenport, a Partner at QHP Capital, has a storied career marked by leadership and innovation. With responsibilities spanning transaction origination, portfolio value creation, and investment policy shaping, Davenport is a pivotal figure within the Private Equity investment committee.
Before joining QHP Capital, Davenport's strategic acumen shone in roles such as CEO of Medfusion, where he orchestrated a successful carve-out from Intuit and guided the transformation of Medquist into M*Modal. His journey also encompasses notable positions at Allscripts, Misys Healthcare, and Kodak Health Group.
QHP Capital: Catalyst for Growth
QHP Capital is a respected private equity firm renowned for driving innovation and growth. With a focus on transformative transactions and value creation, the firm, under Davenport's guidance, shapes investment policies and strategic execution, making a significant impact on the Private Equity investment landscape.
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On this episode of Investors & Operators, Jordan sits down with JON FINGER, Partner at McGuireWoods and JEFF BROOKER, Partner at McGuireWoods. Together, they discuss:
Independent sponsor or fund manager in this tough fundraising environment How to interpret and what to learn from a “no” from an LPMistakes emerging managers and independent sponsors make in fundraising The future of independent sponsors Bonus: advice for young lawyers...and so much more.
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Jon's practice focuses on private equity and corporate transactional matters, including mergers and acquisitions, fund formation, securities offerings and corporate governance initiatives.
Jeff focuses his practice on advising private equity funds, venture capital funds and other institutional investors and strategic acquirers in connection with mergers and acquisitions, early- and late-stage investments, leveraged buyouts, recapitalizations, management buyouts and secondary transactions.
McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual and nonprofit clients worldwide for more than 200 years collectively.
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On this episode of Investors & Operators, Jordan sits down with JOHN HUHN, Managing Partner at Compass Group Equity Partners. Together, they discuss:
How Compass Group successfully raised Fund II of $255MHow to alleviate LPs' concerns about the J curve as emerging managers raising funds How to address LPs’ questions on ESGCompass’s playbook...and so much more.
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John Huhn brings a 30-year track record of success in private equity, entrepreneurism and strategic consulting to his leadership of Compass Group. Over the course of his career, he has been involved in more than 75 transactions representing over $3 billion in enterprise value.
Prior to founding Compass Group, John launched and led HBM Holdings, a family office focused on diversifying its core holdings. Earlier in his career, he served as Senior Vice President of Strategy & Corporate Development for Aegion (NASDAQ: AEGN), where he was responsible for corporate strategy, mergers & acquisitions, joint-ventures and strategic alliances. His earlier experience also includes serving as Managing Principal of an international consulting firm, where he provided strategic and organizational consulting to Global 1000 customers. Additionally, John is a graduate of the University of Illinois, where he received degrees in Engineering and Business Administration.
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On this episode of Investors & Operators, Jordan sits down with BRIAN BANK, Strategy & Client Development, Investment Funds Group at Kirkland & Ellis LLP. Together, they discuss:
The current fundraising environment is challenging. Why? How LPs (including family office, endowment, pension, etc.) functionMistakes GPs might make in fundraising Who to hire / how to build an effective team to fundraise...and so much more.
Brian Bank has more than 20 years of experience within the investment funds universe as both an institutional limited partner and as a placement agent. As an LP, Brian committed to funds across private equity, venture capital, debt, real estate, and credit strategies, served on numerous Limited Partner Advisory Committees (LPACs), executed and managed co-investments, sold assets in the secondary market, analyzed over 1,000 partnerships, attended several hundred annual meetings, and established a very deep and broad network across the private investment funds community.
At Kirkland, Brian leverages his deep knowledge and relationships to provide clients strategic and tactical advice and perspectives on commercial and business issues related to fundraising, messaging, investor relations and market conditions.
Prior to joining Kirkland, Brian headed US PE origination for First Avenue Partners, a UK-based independent placement agent. He has more than 17 years of experience advising private equity firms, including 15 years as a private funds limited partner and portfolio manager. Brian has managed LP commitments in more than 50 general partnerships and served on numerous Limited Partner Advisory Committees across private equity, real estate, venture capital, and energy, and has identified, diligenced and executed direct investments, co-investments, and secondary transactions.
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