Minds Capital Podcast

UK-based Sam Turner overcame a challenged first deal by pivoting the business model and eventually built a thriving facilities maintenance roll-up that targets market leadership in its space. He points to capital stack discipline as key when self-funding add-on acquisitions. Beyond work, Sam volunteers one full mentorship day per month to founders and prospective business buyers.References and how to contact today's guest:Sam Turner | LinkedInMinds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors.Connect with Minds:See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits:Edited by Anton Rohozov

Craig Duper, founding partner of Elan Growth Partners, discusses his innovative 'partner equity' approach, which aims to align incentives through high seller rollover. He explains how a 40%-49% rollover is key to minimizing risks in deals. Delving into the challenges faced when sellers can’t or won’t roll equity, Craig offers insights into filtering potential partners. He also emphasizes the importance of building robust fund-grade infrastructure, and shares a compelling case study of a successful battery-pack manufacturer exit that achieved a 3.21x net MOIC.

Michael Kornman, co-founder of NCK Capital and Align Collaborate, shares his journey from independent sponsor to capital provider. He discusses the evolution of the independent sponsor model, highlighting how it supports lower-middle-market buyouts. Kornman explains Align's unique approach to fundraising, emphasizing sponsor relationships and collaboration. He offers insights on evaluating deal pipelines, credible sponsors, and the importance of operational expertise. Listeners hear about a successful turnaround case study and the lucrative opportunities within the independent sponsor landscape.

Robert Graham, founding partner of SIG and founder of Pillar Health Group, shares insights from his dynamic journey in healthcare. He reveals how Pillar skyrocketed to $30M in EBITDA, powered by strategic mergers and organic growth fueled by sales and marketing. Robert discusses the unique structure of SIG, contrasting it with traditional private equity, and the importance of supporting self-funded searchers. He also highlights the future of home care, the impact of demographics, and the advantages of focusing on lower-middle markets.

William (Bill) Boffa, founder of Willistown Capital, and partner Darren Fultz share insights on executing complex acquisitions with precision. They discuss their award-winning deals for Quiltcraft and Fabtex, emphasizing the importance of selecting the right partners to mitigate risks. The duo reveals how local attorneys foster smoother negotiations and the challenges of managing simultaneous transactions. They also explore the strategic role of transparency in seller relationships and the benefits of their independent sponsor model in navigating deal complexities.

Join Ryan Sullivan, founder of North Park Group and a savvy acquirer of small manufacturing firms, as he shares insights into his strategic model of buying $1M EBITDA businesses at 4x. He reveals how this approach secures impressive 25% annual returns by combining real estate with smart leveraging of SBA debt. Ryan emphasizes the importance of professionalizing operations and creating value in aging family-owned businesses, all while advocating for long-term stewardship in communities and employee welfare.

Quinten Griffiths, a Calgary-based independent sponsor and co-founder of Good Capital, shares his inspiring journey from a traditional searcher to a successful CEO of Sportball. He discusses his unique indefinite-hold investment strategy and the creative deal structuring that led to a 100% seller-financed acquisition. Quinten elaborates on why he declined a $100M fund offer, valuing autonomy over scaling, and emphasizes the importance of flexible, bespoke approaches in today’s competitive market.

Ian Reynolds, founder of Thesis Capital and an experienced self-funded searcher, shares insights on building a strong portfolio of eight companies. He discusses the importance of recruiting exceptional operators and fostering a people-first model. Ian critiques capital providers' diligence levels, emphasizing the need for meaningful relationships. He also dives into the unique challenges and strategies involved in deals in Puerto Rico, along with navigating international markets. His reflections on the evolving search ecosystem highlight the shift towards higher-risk, higher-return investments.

Join the team at Minds Capital as they debrief the first day of the McGuireWoods Independent Sponsor Conference at the Fairmont in Dallas. The MWIS Conference is the premier meeting point of independent sponsors and capital providers (such as Minds Capital, an equity fund). On the first day, Max, Will, and Niklas had 1-on-1 speed dating sessions with more than 30 independent sponsors, many of whom will appear on this podcast in the coming months.   

Rob Casper, an Operator-in-Residence at Kingsway Financial with a background in the Marine Corps and private equity, shares insights from his journey. He emphasizes the importance of hands-on trade experience and servant leadership in building sustainable service businesses. Casper discusses the appeal of Kingsway’s public holding model, which favors long-term growth and employee retention. He also contrasts the plumbing industry's stability and licensing requirements with the landscape sector, highlighting the strategic advantages in operational consolidation.