Practical Founders Podcast
#132: Bootstrapper Serving Private Equity Firms Acquired by PE-Backed Strategic – Richard Change
Feb 21, 2025
Richard Change, co-founder and CEO of PFA Solutions, shares his inspiring journey of bootstrapping a software company that revolutionized carry and compensation management for private equity firms. He discusses the complexities of private equity integration post-acquisition and reflects on key operational changes. Richard emphasizes the shift from consulting to SaaS, illustrating how trust and credibility were crucial in navigating the private equity landscape. The conversation highlights the importance of strategic support beyond funding and the challenges of maintaining independence in a larger organization.
01:09:35
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Quick takeaways
- Richard Change successfully identified a critical need in the private equity space, leading to the creation of FirmView for effective compensation management.
- The bootstrapping journey of PFA Solutions exemplifies the importance of ownership and self-reliance in entrepreneurship over seeking external funding.
Deep dives
The Journey of a Bootstrap Founder
Richard Change, co-founder and CEO of PFA Solutions, highlights his experience of bootstrapping a software company from inception to acquisition. He began with a consulting services model, identifying a significant gap in the private equity industry concerning data management and compensation tracking. Over the years, his company transitioned into a successful software firm with FirmView, addressing critical needs that many private equity firms were struggling with, primarily their over-reliance on Microsoft Excel. Richard's insight into the challenges faced by his peers lent him confidence to build a product that ultimately positioned him for a lucrative acquisition.
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