The Private Equity Podcast, by Raw Selection

The Lessons Learned from a Private Equity Founder from 19 Acquisitions with Sequoya Borgman

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Jun 3, 2025

Sequoya Borgman, founder of Borgman Capital, shares insights from his journey in private equity, emphasizing the importance of culture in founder-led acquisitions. He discusses the unique challenges of CEO transitions and why they prioritize people over processes. The strategic choice of independent sponsorship allows flexibility in deal-making, attracting retail investors. Borgman highlights the role of AI in enhancing efficiency and reveals how leveraging local networks is key to sourcing deals, providing a holistic look at navigating the private equity landscape.

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ANECDOTE

Sequoya Borgman's Career Journey

Sequoya Borgman transitioned from public accounting to private equity for a more entrepreneurial path.
Since 2017, his firm has acquired 19 companies, focusing on founder-led businesses under $200M revenue.

ADVICE

Manage Founder Transitions Carefully

Prioritize people when acquiring lower middle market companies.
Effectively manage CEO transitions from founders to professional managers to reduce risk.

ADVICE

Smooth Founder Exit Strategies

Be open and honest with founders about their post-transition plans.
Delay major changes until after new leadership is installed to ease transition.

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From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital
Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they’re tapping into retail capital and AI to scale smarter.

[00:03] From Arthur Andersen to launching Borgman Capital in 2017

[01:44] Acquisition focus: <$200M revenue, <$20M EBITDA, founder-led

[02:41] Why CEO transitions post-founder are the biggest execution risk

[04:04] Structuring smoother founder exits and delaying heavy changes

[06:01] Key takeaway from 19 deals: it's always about people

[07:27] Internal MDs, external consultants, and hands-on support

[08:23] Why they chose independent sponsorship over raising a fund

[10:45] Flexible hold periods appeal to sellers—option to hold long-term

[12:10] 450+ LPs and the launch of PassTheHat for retail investors

[14:03] Proprietary deal flow through direct sourcing and partnerships

[15:26] Expansion plan: adding local originators in new cities

[16:26] Top reads, podcasts, and how AI will impact private equity

[16:53] Using AI to review 1,500 SIMs—huge efficiency potential

[17:20] Confidentiality is the barrier to broader AI use in PE

[17:48] Why they can't fully adopt large AI platforms—NDA risk

[18:15] Book recs: Do Hard Things + AI Made Simple

[18:44] Staying ahead of AI’s rapid impact on PE and portfolio ops

[19:41] Closing thoughts and thanks for tuning in

How to contact Sequoya? via BorgmanCapital.com or LinkedIn

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.

We focus on de-risking executive search through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com