Middle Market Growth Conversations

Kevin Depew, RSM US LLP's deputy chief economist and leader of the firm's national industry eminence program, returns to the podcast to discuss the state of the U.S. economy in the fourth quarter and his outlook for 2021. Depew discusses RSM's forecast of 4% GDP growth next year and the upside risk to those projections, and whether the sentiment of middle-market business leaders aligns with optimism about broader economic performance next year. During the conversation, Depew also weighs in on the recent jobs numbers and the potential economic impact of a declining labor participation rate. He also discusses policy-related issues that could affect the middle market, including the Treasury Department's move to end several federal aid programs, and the potential for a multitrillion dollar infrastructure bill. Plus, he offers insight into the Biden administration's economic policies based on the president-elect's cabinet appointments. **** This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. 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 fall, Middle Market Growth magazine announced its first-ever awards and recently extended the application deadline to December 15. On this bonus episode of the podcast, Middle Market Growth Editor-in-Chief Katie Mulligan gives a brief overview of the awards categories, who's eligible, the recognition for winners, and how to apply. Thanks to Cambridge Global Payments, sponsor of the Innovation Award, and Insperity, sponsor of the Workplace Award. Learn more about the Middle Market Growth Awards and find all application materials at https://middlemarketgrowth.org/middle-market-growth-awards/

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. *** Rich Christensen, a senior partner with Twin Brook Capital Partners, joins the podcast to discuss how his firm has been working with private equity sponsors to navigate the disruption caused by COVID-19 as well as some of the deal and lending trends underway. Christensen looks back on 2020, recapping Twin Brook and the broader market's activity throughout the year. Many of the sponsors his firm has worked with are longstanding relationships, which benefited both parties through open communication and trust—even during the first peak of COVID in the spring. He builds on his comments about the importance of strong lending relationships through both good times and bad that were featured in a recent Middle Market Growth magazine profile of Twin Brook. The episode closes with a discussion about the industries that have proven most resilient throughout the year. The Middle Market Growth profile of Twin Brook is available here: https://middlemarketgrowth.org/in-focus-in-challenging-times-lender-relationships-are-key/ To learn more about Twin Brook, visit https://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 QBE North America, part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. *** Eric Sanders, QBE North America's head of claims, joins the podcast to discuss the role of an insurance claims department as an "economic first responder," and he offers ways that businesses can tap into the expertise and resources offered by the claims team before a crisis occurs. Sanders outlines best practices for what to do in various loss scenarios, plus how to achieve the best claim results. He stresses the importance of building rapport with one's claims professional, and describes how to strengthen that relationship. He also highlights emerging risk areas for 2021 that business leaders should keep an eye on. Earlier podcast episodes featuring QBE leaders highlighted the risks to middle-market companies revealed by the "Mid-size Company Risk Report," based on a survey conducted by QBE and ACG, as well as the drivers behind increased liability and litigation risk. Listen to previous podcast episodes featuring QBE professionals: Surveying Risk in the Middle Market with QBE: https://middlemarketgrowth.org/podcast-surveying-risk-in-the-middle-market-with-qbe/ Rising ‘Social Inflation’ Is Putting Midsize Businesses at Risk. Here’s Why: https://middlemarketgrowth.org/podcast-qbe-on-litigation-and-liability-risk/ Find the full risk report on QBE's website: www.qbe.com/us/risk-report. **** 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.

Michael Ewald, the global head of private credit at Bain Capital Credit, joins the podcast to discuss how private credit has fared during the pandemic and emerging trends he's watching within the asset class, including a shift toward greater protections for lenders. Ewald, who serves as portfolio manager for the Middle Market Credit and Senior Direct Lending strategies at Bain, and as a member of the firm's Credit Committee, also speaks about his group's strategy during the crisis, how they've applied lessons learned through previous downturns, and the ways he expects the events of 2020 to shape the investment environment in the future. At the end of the conversation, Ewald talks about the role that environmental, social and governance factors play in Bain Capital's investment decisions, as well as the firm's commitment to racial equity and social justice. More details about their position and initiatives is available at baincapital.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 QBE North America, part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. *** John Beckman, QBE North America's chief underwriting officer, joins the podcast to discuss the risks to businesses posed by liability and litigation. Together, they represent the top risk facing midsize companies, according to findings from a recent QBE survey that examined risk in the middle market. In the second of three podcast episodes featuring QBE leaders, Beckman explains the concept of "social inflation," a key driver for increased liability and litigation risk. He also outlines what businesses can do to protect themselves, and the technology solutions available to help mitigate risk. An earlier podcast episode featured Tom Fitzgerald, president of QBE North America’s Specialty & Commercial business, who described the top macro risks revealed by the survey: https://middlemarketgrowth.org/podcast-surveying-risk-in-the-middle-market-with-qbe/ Check back in the coming weeks to hear the final interview with QBE and a further exploration of risk in the middle market. Find the full risk report on QBE's website: https://www.qbe.com/us/risk-report. **** 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.

Two co-founders of Vertical Bridge, Alex Gellman and Bernard Borghei, join the podcast to discuss the pandemic’s impact on telecommunications infrastructure and on their company, which owns and manages 288,000 sites nationwide, including wireless and broadcast towers, rooftops, land parcels and billboards. A privately held company based in Boca Raton, Florida, and the focus of Middle Market Growth‘s January/February 2020 cover story, Vertical Bridge was founded in 2014, although Gellman and Borghei have been active in the space for much longer. They talk about the evolving state of wireless communications, recent M&A activity, threats posed by the “digital divide,” and opportunities for private capital to participate in the industry’s growth. The company also recently became carbon neutral, the first tower company to do so. Gellman and Borghei talk about how Vertical Bridge achieved that distinction, its philosophy around corporate citizenship, and its charitable giving through the Vertical Bridge Charitable Network. More info is available here: https://www.verticalbridge.com/vertical-bridge-charitable-network-0 Read the Middle Market Growth cover story featuring Vertical Bridge here: https://middlemarketgrowth.org/cover-bridging-the-21st-century/ **** 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.

Kevin Depew, RSM's deputy chief economist and leader of the firm's national industry eminence program, returns to the podcast to discuss the state of the U.S. economic recovery, one that has revealed an underlying K-shaped economy. Depew also explains the impact of recent policy changes from the Federal Reserve, along with the top concerns weighing on middle-market business leaders. He assesses the federal policy response to the pandemic, including how the Main Street Lending program could be improved to better support midsize businesses. As business leaders think about the future, Depew recommends that they anticipate greater government involvement in the economy akin to that of the 1960s and 1970s—and why that might not be a bad thing. **** This episode is brought to you by RSM US LLP, a leading accounting, tax and advisory firm dedicated to the middle market. 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.

In July, law firm Katten published a report about private equity activity in the animal care sector, based on survey responses from private equity investors and animal care operators. Kimberly Smith, a partner and co-chair of the Mergers & Acquisitions and Private Equity practice at Katten, joins the podcast to walk through those survey findings and what they reveal about how investors' outlook on the industry was impacted by the pandemic, and why animal care operators' sentiment toward private equity is changing. Smith also points to emerging opportunities in the animal care industry, what animal care practice owners say they want to hear from prospective buyers, and how an influx of investors is affecting the market. Katten's full report, "Pets a Good Bet: Private Equity Zeroed In on Animal Care, Survey Finds," is available here: https://katten.com/webfiles/PrivateEquityAnimalCareReport.pdf. Middle Market Growth magazine's September/October issue explored private equity's interest in a related industry, pet products. That article is available here: https://middlemarketgrowth.org/the-round-resilient-pet-industry-shows-private-equity-is-barking-up-the-right-tree/ The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.

The economic crisis caused by COVID-19 has led many businesses to focus on challenges related to working capital, supply chain, or the accelerated shift from brick-and-mortar to e-commerce. Yet alongside these urgent priorities, talent planning continues to be important, particularly as companies position themselves for the post-pandemic future. Bob Ryan, a partner at Shields Meneley Partners, and Keith Goudy, the managing partner at Vantage Leadership Consulting, return to the podcast to discuss the pressing issues related to talent management and hiring that business leaders and private equity owners are grappling with today. Drawing on their experience working with clients, Ryan and Goudy describe how the COVID crisis has changed what companies are looking for in their leaders, and how to lead effectively when employees are working from home. They offer actionable tips for advancing diversity and inclusion initiatives in a virtual work environment, and they explain why succession planning is now more important than ever. Ryan and Goudy first appeared on the Middle Market Growth Conversations podcast last year, in an episode titled "How to Get Hired at a Private Equity-Owned Company," available here: https://middlemarketgrowth.org/podcast-get-hired-at-a-private-equity-owned-company/ The Middle Market Growth Conversations podcast is brought to you by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.