The Private Equity Podcast, by Raw Selection

Henry Ward, CEO and Co-Founder of Carta, shares his insights on revolutionizing private equity through technology. He discusses the urgent need for legacy firms to shift from financial engineering to operational strategies that add value. Henry reveals the challenges of scaling a billion-dollar business and the importance of innovation in navigating market risks. He emphasizes the role of cloud-based tools in enhancing efficiency and transparency in private equity, while advocating for a new approach that combines venture-style growth with classic private equity rigor.

David Feingold, CEO of Broad Street Global, shares insights from over 35 years in private equity. He emphasizes the importance of hiring for cultural fit rather than credentials, showcasing how effective listening fosters a supportive work environment. With zero attrition among 55 partners, he reveals the secret to team cohesion lies in decentralized control and empowering leaders. David also discusses the exciting intersection of infrastructure and crypto mining, revealing how strategic decisions can adapt to market demands.

James Varela, Partner at Rede Partners and Head of MENA, brings over 15 years of capital-raising expertise to the table. He discusses the evolving landscape of fundraising in the Middle East, emphasizing the importance of DPI metrics and GP credibility. Varela reveals that transparency and storytelling are vital for attracting investors. He warns against common mistakes such as lack of preparation and potential pitfalls in communication. With a focus on co-investments and strategic relationships, he offers insights into navigating this challenging environment.

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.

Chris Rozzell, Managing Partner at Cresta, brings a wealth of experience from scaling businesses and investing in decarbonization-focused infrastructure. He dives into the importance of fostering trust with management teams and the need to go all-in on early-stage infrastructure. Rozzell shares insights on blending venture capital with large infrastructure investments, emphasizing the significance of solutions in high-emission sectors. He's all about pragmatic approaches, advocating for scalable, cost-effective tech while navigating the complexities of ESG and climate discourse.

Sam Bendix, a partner at Chicago Pacific Founders, shares his innovative framework for capital raising through motivational interviewing. He elaborates on how this method effectively uncovers investor motivations without the hard sell. The discussion includes engaging investor interactions, refining hiring practices, and managing relationships with limited partners. Sam emphasizes the importance of structured conversations to establish rapport and clear next steps, plus a real-life case where this approach secured crucial interest. His insights promise to reshape how investors think about engagement.

Jared Weisel, SVP at Revenue Analytics, specializes in pricing strategy for PE-backed firms. He discusses how optimized pricing can significantly boost EBITDA without causing customer churn. Jared points out the common oversight of pricing in private equity, advocating for continuous pricing strategies instead of one-off changes. He also highlights the pitfalls of relying on gut instincts for pricing decisions and the value of data-driven approaches. Moreover, he emphasizes the need for visibility and consistency in pricing to prevent revenue loss and enhance profitability.

In this engaging conversation, Steve Carroll, CEO and Co-Founder of Kelso Industries, shares his inspiring journey from a small-town construction background to leading 25 acquisitions in the HVAC sector. He discusses his remarkable success scaling EBITDA at Walmart and reveals key lessons about private equity pitfalls, emphasizing the need for unique market pursuits. Steve elaborates on Kelso’s innovative partnership model, which fosters trust and long-term vision, and shares insightful integration strategies that have transformed the company.

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.[00:29] Private equity mistake: solving adaptive people problems with technical solutions.[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.[03:49] Change takes time, but skipping the adaptive side slows everything down.[04:45] “Intervention without diagnosis is malpractice.”[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).[07:38] Run changes in parallel to prove success before full implementation.[08:33] Adaptive resistance often comes from fear of loss, not logic[09:30] Key issue isn’t just communication—it’s the resistance behind it.[10:55] Missed clarity of roles and vision derails integration.[12:22] Diligence mistake: confusing deal confirmation with actual diligence.[13:21] Integration failures often come from ignoring cultural misalignment.[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.[20:34] Sellers always experience some remorse—plan for it during diligence.[22:00] Ask: “What does ending well look like for you?” Define success before they exit.[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.[29:32] Former founders can still add value via advisory roles or special projects.[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.[38:39] Book recs: Why Should Anyone Be Led by You? – leadership authenticityFalling Upward – personal development and meaningNecessary Endings – pruning for growth[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.[40:58] Falling Upward explores this journey.[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.[09:37] Managers should seek upward feedback – your team’s opinion matters more than your boss’s.[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.[20:39] You don’t need fancy systems – role clarity and RACI charts can live in Word and Excel.[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.[24:57] Be transparent with sellers – don’t hide your intentions. Build trust from the first call.[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who’ve done it before.[38:56] Cost isn’t just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.Connect with Andrew Here.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!