Richard Fitzgerald, Co-Founder and Managing Partner at CapitalSpring, shares insights from his extensive career in private equity focusing on franchise and multi-unit businesses. He discusses the importance of sector specialization and building trust with partners. Richard reflects on lessons learned during the pandemic, emphasizing resilience and kindness in business. He offers practical advice for younger professionals, highlighting the art of balancing debt and equity solutions to foster growth in a competitive landscape.
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Building Trust Through Southern Roots
Richard Fitzgerald shared how he leveraged his Southern roots to build trust with family-run businesses in the Southeast. - He often connected deeply with owners by engaging in informal settings, aiding deal success.
insights INSIGHT
Sector Specialization as Advantage
Sector specialization creates a true competitive edge in private equity amid growing competition. - CapitalSpring chose franchise/multi-location businesses as underfocused sectors ripe for expertise and scale.
question_answer ANECDOTE
Personal Journey Connecting to Family
Richard took a sabbatical to work at a nonprofit ski school for people with disabilities. - Years later, he skis with his father who has Parkinson's using adaptive skiing techniques at that same nonprofit.
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In 'Give and Take', Adam Grant examines the surprising forces that shape success, highlighting the differences between givers, matchers, and takers. Givers contribute to others without expecting anything in return, matchers aim to trade evenly, and takers strive to get as much as possible from others. Grant uses cutting-edge evidence and captivating stories to show how these styles impact success across various industries. The book emphasizes the benefits and challenges of adopting a giver mentality and provides practical advice on how to build successful relationships and achieve extraordinary results.
Good to Great
Why Some Companies Make the Leap... and Others Don't
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In 'Good to Great,' Jim Collins and his research team investigate why some companies achieve long-term greatness while others do not. The book identifies key concepts such as Level 5 Leadership, the Hedgehog Concept, a Culture of Discipline, and the Flywheel Effect. These principles are derived from a comprehensive study comparing companies that made the leap to greatness with those that did not. The research highlights that greatness is not primarily a function of circumstance but rather a result of conscious choice and discipline. The book provides practical insights and case studies to help businesses and leaders understand and apply these principles to achieve sustained greatness.
Richard Fitzgerald, Co-Founder and Managing Partner at CapitalSpring, joins Sean Mooney to share the story behind one of the most enduring sector-focused firms in private equity. In a conversation that moves well beyond deal mechanics, Richard reflects on the early days of CapitalSpring, the value of sticking with a niche, and what it takes to build trust and alignment — across teams, LPs, and portfolio partners — over the long haul.
Episode Highlights:
1:07 – Richard’s path to private equity
7:53 – Building a sector-specialist investment firm with true competitive advantage
11:06 – We'd know Richard better if we knew this about him
18:27 – Working through hard things – navigating the pandemic
26:45 – The art of private equity in the franchise/multi-location sector – best practices
35:48 – Benefits of having a sector specialist franchisee investors for sponsors investing in franchisors
40:42 – Flexibility to provide both debt and equity solutions for growing businesses is a competitive advantage
Private Equity Podcast: Karma School of Business 
