Middle Market Growth Conversations

This episode is brought to you by RSM US LLP, a leading audit, tax and advisory firm focused on the middle market. **** George Douvris, a partner in RSM’s M&A tax practice and the leader of the firm’s business acquisition and sale advice practice, joins the podcast to talk about the role that M&A tax plays in creating value in a private equity deal and why it’s a growing area of focus for investors. In the interview, Douvris explains what private equity firms should consider when structuring a deal, and the tax attributes that they tend to focus on. He breaks down tax considerations for buyers as well as for sellers, and he shares best practices for when tax issues should be addressed during a transaction—including real-life success stories of how he helped clients deliver more value to their LPs. Douvris also discusses proposed federal tax changes and the impact that new legislation could have on M&A tax. To learn more about RSM, visit rsmus.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Drew Guyette, chief credit officer and senior partner at Twin Brook Capital Partners, joins the podcast to discuss how a high-touch approach to underwriting and portfolio management supports a lender’s ability to serve sponsors and borrowers, and why team infrastructure and human capital is an integral part of that. In the interview, Guyette describes the segmentation within the middle market and how relationship management and lines of communication differ across those segments. He also addresses the critical role of data, examining how a robust control set of deals and archive of information can position a lender to move more quickly and effectively in support of sponsors and borrowers. The episode closes with a discussion about lender differentiation and what private equity firms and their portfolio companies are focused on when it comes to lender selection. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market.  **** Lauren Demas, a principal with RSM who works on the firm's tax compliance technology tool, PartnerSight, joins the podcast to talk about what private equity firms should be doing with their tax data.  Demas previously worked at a top-five asset management firm, where she managed all of its U.S. tax compliance filings, and she has seen firsthand how tax data is employed throughout the lifecycle of the deal. In the interview, she offers her perspective as both a client and a provider to explain why tax data is something that firms are looking at closely, the benefits of managing tax data more effectively, and the types of resources required to improve data management across the organization. To learn more about RSM, visit rsmus.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Randy Schwimmer, co-head of senior lending at Churchill Asset Management and the founder and publisher of the Lead Left, joins the podcast to talk about the state of private credit today, including how inflation, rising interest rates and increased M&A activity could impact the asset class. Schwimmer also discusses Churchill's portfolio and how it was positioned heading into the COVID-19 crisis, and he shares what he believes to be the greatest opportunities and challenges facing the middle market today. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is brought to you by Twin Brook Capital Partners, a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. *** Garrett Ryan, partner and head of capital markets at Twin Brook Capital Partners, joins the podcast to discuss how deal activity has evolved since last March and the current state of middle market M&A. In the interview, Ryan talks about the types of transactions that are moving forward in today's environment, including leveraged buyouts, add-on acquisitions and change of control situations. He also discusses lending terms, the broadly syndicated market's impact on the upper middle market, and the relationship-based nature of the lower middle market, where Twin Brook focuses. The episode closes with a discussion about expectations for deal activity through the rest of 2021 and industries that are poised for an uptick in M&A. To learn more about Twin Brook, visit www.twincp.com. **** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

David Magdol, president and chief investment officer of Main Street Capital, a business development company, joins the podcast to talk about deal activity over the past year, how the public markets treated Main Street Capital's stock, and the flexibility that comes with investing as a BDC. Main Street Capital has a long history of investing in the lower middle market, and Magdol describes why this continues to be an attractive segment for the firm. He also talks about how Main Street approaches conversations with family-owned businesses as they consider selling, and the firm's philosophy for structuring deals. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Sun Capital Partners' Managing Director Dan Florian and Principal Stephen Cella join the podcast to talk about their firm's approach to health care investing. Florian and Cella speak in depth about the firm's strategy for investing in health care, one of Sun Capital's target sectors. The two discuss the patient-focused mindset they look for in the businesses that Sun Capital backs, and how the firm helps its companies adopt consumer best practices. They describe working with the management team at ClearChoice, a dental implant provider that Sun Capital has since sold, to improve call center operations and scheduling, which ultimately led to better appointment utilization and greater efficiency. Florian and Cella also discuss how they measure the effectiveness of initiatives designed to improve the patient experience at Sun Capital's health care businesses. Sun Capital was highlighted in a recent Middle Market Growth cover story about the trend of health care consumerization, "Health Care's Retail Revolution." Read it here: https://middlemarketgrowth.org/health-cares-retail-revolution/ *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Organizations are waking up to the call for greater diversity, equity and inclusion (DEI), and middle-market companies and financial services firms are no exception. In this episode, Cornelia Cheng, managing director of Western region investments for Brightwood Capital Advisors, and Rich Grant, director of business development for Northlane Capital Partners, discuss the importance of DEI and how firms can become more diverse and inclusive. Cheng and Grant are both members of ACG's DEI Task Force. They talk about the role of that group in driving change, and their own experiences benefiting from and contributing to DEI initiatives. They also share ways that businesses and individuals can contribute to diversity and inclusion, from rethinking hiring practices and what they look for in candidates, to investing in minority-owned businesses. ACG's DEI policy and resources, developed by the DEI Task Force, are available online here: https://www.acg.org/about/dei-policy-resources This episode is brought to you by ACG JobSource, a job board and career resource for the middle market. Find your next role or post an open position here: https://www.acg.org/membership-tools/acg-jobsource The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

Paul Carbone, president and managing partner at Pritzker Private Capital, a family investment firm based in Chicago, joins the podcast to talk about his firm's investment activity over the past year, the opportunities and risks created by the pandemic, and the benefits of flexible capital. Carbone also discusses several new initiatives from Pritzker Private Capital, including the Pritzker Private Capital Advisory Board and PPC University. Plus, he talks about the advantages for founders of partnering with family investors, how Pritzker Private Capital's committed club strategy works, and whether he expects direct investing by families to continue. *** Find more family office-related content at https://www.acg.org/networks/family-offices/family-office-content-series. Learn more about RSM US LLP, the sponsor of ACG's Family Office Series, at www.rsmus.com. The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

This episode is part of ACG's Family Office content series, brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market.  *** In this episode, Michael Beduze, managing partner of Da Vinci Global Consulting, and Tom Stewart, chief knowledge officer at AchieveNext, discuss the family dynamics that can impact the success of a family office. Beduze and Stewart talk about why family dynamics are frequently overlooked, why advisers should delve into so-called "soft" issues to ensure a better outcome for their family office clients, and how to address family dynamics when a business is involved. They also point to ways that families can develop their non-financial wealth, and how to engage members of the younger generation to instill a stewardship mentality needed for multigenerational growth and success. Learn more about our guests' firms: Da Vinci Global Consulting: https://www.davincigc.com AchieveNext: https://www.achievenext.com *** Find more family office-related content at https://middlemarketgrowth.org/category/middle-market-trends/family-office/. Learn more about the series sponsor, RSM, at www.rsmus.com. The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.