My guest today is Joel Mathew, Head of Originations at Woodson Equity. We discuss how his entrepreneurial path led him into private equity, Woodson’s “inch wide, mile deep” focus on diversified industrials and business services, and why they favor hands-on, control deals. Joel shares a live carve-out playbook, how he sources more than a 1,000 deals a year, the first-100-days operating cadence, culture as an edge, off-market vs. banked processes, and the mindset required to win in the lower middle market.
Sponsors:
This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/
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TIMESTAMPS
0:00 Intro
5:03 Focus: diversified industrials & business services
6:27 Hold period philosophy
7:07 Target size & screens
8:04 Why pursue larger deals
9:41 Value creation beyond capital; control investing
11:08 Hands-on operations (presence on the floor)
12:53 Sponsor: CapitalPad
14:16 Stewardship playbook: cost discipline, systems, people
15:24 Beyond the P&L: culture & morale
16:18 Weighing purpose vs. numbers
21:42 Factory-floor insights you won’t see in a data room
25:48 Why deal flow is “easy” (but a lot of work)
28:16 Sponsor: Spacebar Studios
29:48 Bigger vs. smaller deals
31:44 Seller types: family, PE, and carve-outs
33:50 Winning trust with founders not yet selling
38:02 Where the best off-market deals originate
39:10 Time allocation & focus blocks
41:05 Best ROI: banker processes vs. proprietary
43:40 Deals that die… and come back
44:51 What’s exciting now: volatility & tariffs
47:12 Patterns of elite operators
49:24 Staying sharp & never settling
53:16 War stories from the trenches
55:15 What’s next for Woodson (2-3 years)
57:08 “No bad deals, only bad prices”
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This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
