Welcome back to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Today’s guest is Richard Neff, a proven operator and operating partner with decades of experience in private equity and a 25-year career at GE Capital and GE Healthcare. In this episode, Richard shares insights into the investor-operator relationship, the importance of infrastructure, and lessons learned from GE’s legendary playbook for growth and transformation.
Breakdown;
[00:00] Reflecting on 2024 and looking ahead to 2025.
[00:28] Introduction to Richard Neff: His background in healthcare, tech-enabled services, industrial services, and 25 years at GE.
[00:57] One common private equity mistake: Over-ambitious plans versus focused execution.
[02:17] What typically moves the needle in $20M revenue businesses: Human capital and growth initiatives.
[03:38] Key areas private equity firms can better align with portfolio executives.
[04:36] The gap between evaluators (investors) and doers (operators): Surprises post-acquisition.
[06:29] The infrastructure gaps often missed: Sales team depth, product development, and capability issues.
[07:53] Why infrastructure and capability investment is underestimated and often delayed.
[09:21] Richard’s experience at GE Capital: A private equity-style approach to business building.
[10:49] How GE executed a structured playbook for M&A, growth, and cultural integration.
[11:45] Lessons from managing hyper-growth businesses pre- and post-financial crisis.
[12:44] Richard’s key takeaways from GE:
- The value of a structured 100-day plan.
- Building global networks and talent development.
- Creating a sense of belonging and shared purpose.
[14:36] Applying GE’s lessons to smaller portfolio companies: Building camaraderie and engagement.
[15:35] The power of networking within private equity portfolio companies.
[16:58] Why private equity firms often miss the value of connecting their C-suite leaders.
[18:26] Richard’s influences: His diverse reading list including Fast Company, Wired, and Financial Times.
[19:47] Encouraging problem-solving and situational adaptability through varied experiences.
[20:13] How to contact Richard Neff.
To be added to the book waitlist, you can email alex.offer@raw-selection.com
Thank you for tuning in!
Connect with Richard on LinkedIn here.
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