Minds Capital Podcast

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.

Marc Cabrera, based in Telluride, worked as a healthcare-focused investment banker from 1988 until his retirement last year. As a side gig to being a banker, he has acquired 5 companies, of which 4 have exited, all north of 10x MOIC. One returned a whopping 40x MOIC, where Marc was the largest investor.References and how to contact today's guest:Marc Cabrera | 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

Outspoken Nathan Chandrasekaran of Columbia River Partners, based in Seattle, Washington, has built a track record around carve-outs, portfolio synergies, and hard work, creating a firm with a clear identity and 7 platforms.References and how to contact today's guest:Nathan Chandrasekaran | 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

Jeff Goldstein is an independent sponsor at Breakwater Management, formerly a private credit fund. Earlier this year they closed their first independent sponsor transaction of a marketing company called Chemistry Communications, which Minds Capital invested in. Jeff's career path has taken him from law and investment banking into senior leadership roles at media & marketing companies like IAC, Experian, and PriceGrabber, before stepping in as CEO of United Online, which was a public company at the time.References and how to contact today's guest:Jeff Goldstein | 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

Sarkaw Aziz acquired a $5 million EBITDA vacation rental platform in Colorado, structured it with a 50% seller rollover and a 3x EBITDA seller note, and exited just two years later with 2x MOIC and a 41% IRR.References and how to contact today's guest:Sarkaw Aziz | 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

Rick Apple, founder of Upside Growth Partners and a Princeton grad, shares his journey of scaling 12 platforms while raising five kids. He discusses the delicate balance of entrepreneurship and family life, emphasizing smart sourcing and deliberate underwriting. The conversation dives into private equity insights, the importance of accurate data for deal valuation, and evolving investment strategies from high-risk startups to established acquisitions. Rick also highlights the challenges of entrepreneurship, branding, and building investor networks, while sharing personal anecdotes and advice.