Summary:Growth through M&A can be hit or miss. Studies show that nearly half of these transactions fail to see value creation as a result of acquisition. Why is that? Well, one reason may be that M&A is disruptive to stakeholder relationships. The challenge for investment firms is to strike the ideal balance between creating enough change to see accelerated growth in the companies they acquire or invest in and preserving the brand and core values of those companies so that key stakeholders feel secure. Great investment partners are able to look beyond the bottom line so they can evaluate and adapt to the dynamic relationships that make each company unique. Firsthand operations experience can help. Today's guest is Russell Fleischer, a former 3X software industry CEO and current general partner at Battery Ventures, a global technology-focused investment firm with a collaborative research style. At Battery, Russell is focused on new opportunities in the enterprise software sector, typically later stage transactions including buyouts, roll-ups, and take-privates. His experience as a CEO has allowed him to engage on a personal level with his portfolio company CEOs, coaching them and their teams to create more stakeholder value.In this episode, I speak with Russell about Battery's research-driven approach to choosing investments, how current issues are affecting the tech industry, and how he approaches the human elements of mergers and acquisitions. Highlights:Russell describes his early career journey through the software sector (03:39)Russell explains how his experience with private equity as a CEO led him to Battery (06:25)The challenges of being a CEO, and why an investor with firsthand experience can help (10:27)Why management teams shouldn't be afraid to make personnel changes (12:36)Battery's research-driven approach to choosing investments (15:15)Russell's observations of where the technology industry is moving geographically (18:52)Russell shares his thoughts on how the tech industry has responded to recent market shifts (21:32)Russell explains why he believes the social aspect of companies has such a huge impact on success during mergers (24:10)Links:ICR TwitterICR LinkedInICR WebsiteRussell Fleischer LinkedInRussell Fleischer BioBattery Ventures LinkedInBattery Ventures WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:This week is the first in a new mini-series profiling some of ICR's leading industry experts: ICR Industry Report. Alongside our usual content, this series will feature observations and analysis of what ICR's leaders are seeing in the market, and what trends they anticipate are coming up next in their verticals. These bite-size segments will be jam-packed with useful information to help you better understand the fields you're playing in.My guest today is Farah Soi, Partner in ICR's Consumer, Retail & Digital Commerce group. Since joining ICR in 2010, Farah has helped retailers and consumer goods companies, from emerging growth companies, to pre-IPOs, to established market leaders, with their investor relations efforts, leaning on many years of investor experience on the buyer side to inform her advice. Prior to ICR, Farah spent six years at the hedge fund Fine Capital Partners, and was an associate vice president at Citigroup Asset Management.In this episode, I speak with Farah about trends she has observed as the market recovers from the Covid-19 pandemic, inflation, and rapidly developing geopolitical events; the qualities she sees in great CEOs; and how her clients are succeeding at telling their ESG stories.Highlights:Farah lays out the work experience that brought her to ICR (03:23)Farah describes ICR's Consumer, Retail & Digital Commerce group (05:48)What are the biggest concerns facing Farah's clients today, and how are they responding to inflation, geopolitical uncertainty, and supply chain issues? (07:28)Farah's take on what makes a great CEO (10:40)How Farah's clients are telling their ESG stories (13:14)What Farah believes investors miss when reviewing the performances of companies in periods of dislocation (15:41)Links:ICR TwitterICR LinkedInICR WebsiteFarah Soi LinkedInFarah Soi BioFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:Real Estate Investment Trusts (REITs) can be pretty misunderstood as investment opportunities, particularly amongst younger investors. Their slow-and-steady pace and relative lack of volatility can lead investors looking for quicker action to focus on other asset classes. However, REITs have historically produced long-term capital appreciation and high, consistent dividend income at relatively low risk. For growth-oriented investors, they should be worth consideration. Conor Flynn is the CEO of Kimco Realty, and my guest on this episode of Welcome to the Arena. Kimco is a real estate investment trust listed on the New York Stock Exchange under the symbol KIM. It's America's largest publicly traded owner and operator of open air, grocery-anchored shopping centers and mixed-use assets with approximately 540 properties and more than 93 million square feet of gross leasable space. In this episode, I speak with Conor about the strategic choices that have positioned Kimco with their highest credit rating and strongest balance sheet to date, and what action they took to support their tenants during the Covid-19 pandemic. Highlights:Conor describes catching the real estate bug early in life, and how that led to his position at Kimco Realty (03:52)Conor explains how Kimco has remained adaptable throughout its six decades in operation (08:53)Conor unpacks the concepts of "necessity-based retail" and "the last mile" (10:47)Conor acknowledges the ways Kimco stood by its tenants during the pandemic (13:57)Conor talks through the strategies behind Kimco's acquisition of Weingarten Realty, and its investment in Albertsons (16:34)Conor explains Kimco's capitalization and credit access (21:54)Kimco's strategy for creating shareholder value (24:09)Conor explains why he is keeping a watchful eye on inflation (27:08)Kimco's dedication to ESG initiatives (28:21)Links:ICR TwitterICR LinkedInICR WebsiteConor Flynn LinkedInKimco Realty LinkedInKimco Realty WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:A company culture where you win together or lose together as a team gives everyone an incentive to perform at their best. It also creates supportive environments where strategic risk-taking is encouraged, opening the door to new opportunities. In private equity, a lot of scrutiny goes into every investment decision, but there's one factor that has historically been overlooked: human capital. However, there's been a shift in recent years. Companies ahead of the curve in recognizing value in the human element in their portfolio companies now have a chance to pull ahead in what is becoming an increasingly competitive space. My guests today, Eli Manning and Drew Sheinman, are both partners at Brand Velocity Group. BVG is a PE firm with a unique investment approach, partnering with the companies they acquire to help them innovate and accelerate their businesses through specialized operating resources, in-house marketing, and their thoughtful approach to human capital. Before joining BVG as founding partner, Drew's career spanned time with William Morris Endeavor, Coca-Cola, Madison Square Garden, the Baltimore Orioles, the New York Mets, and the Breeders' Cup (among others). He's also made some significant industry contributions including developing new financial models for commercial real estate, and athletes becoming business owners. Eli Manning is a two-time Super Bowl winning NFL quarterback and two-time Super Bowl MVP, who has turned his attention to private equity and brings along an impressive track record of adding value to the brands he endorses, invests in, and is otherwise associated with. In this episode, I learn about the ways BVG differentiates from other firms, and why they felt like the right fit for Eli as he was considering his next move post-retirement from the NFL.Highlights:BVG's differentiated approach to private equity (03:52)Eli explains how he became involved with BVG (05:23)Eli describes the benefits of BVG's marketing strategy, and why he enthusiastically supports their internal incentive program (07:15)Drew explains the structure of BVG's high-profile accelerator program (09:05)Drew shares how BVG is attempting to make private equity a more appealing industry for young talent entering the workforce (13:02)Drew and Eli discuss The BBQ Guys and their association with the Manning family (14:15)BVG's "white space opportunity" strategy, and their partnership with Original Footwear (18:53)Why Jay Glazer is a good fit to represent Original Footwear (19:47)Eli looks ahead to his future with BVG (21:06)Eli's thoughts on the New York Giants' 2022 draft strategy (23:08)Links:ICR TwitterICR LinkedInICR WebsiteEli Manning TwitterDrew Sheinman LinkedInBrand Velocity Group WebsiteBrand Velocity Group LinkedInThe BBQ GuysOriginal FootwearJay Glazer TwitterFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:Before there was Apple, or Amazon, or Disney, or Google, there was a person with an idea, who was willing to put in the work to see that idea come to life. Across industries, there are common lessons to be learned from the stories of the entrepreneurial-minded people who have built successful brands from the bottom up. One such person is my guest today, Brian Kelsey, a 25-year veteran of the television, radio, and voiceover industries. He's been a radio host on some legendary stations, has worked on The Howard Stern Show, and on Martha Stewart Living Radio, and has made appearances on Martha's TV show along with The Today Show, HGTV, FOX, and more. Most recently, Brian started a quirky celebrity talk show he began hosting out of his garage in 2019, called Ten Minutes With. In this episode, I learn about the development of Ten Minutes With, and dig into the similarities between what goes into building a talk show in your garage, and what goes into building any other brand or business.Highlights:Brian answers some icebreaker questions (03:17)Brian describes his industry experience (06:06)Brian explains how he got started on Ten Minutes With (10:07)Brian walks us through the structure of Ten Minutes With, including the special segments he does on the show (15:35)Brian describes what makes a great interview (18:04)Notable rejection letters Brian has received from potential guests (21:18)Ten Minutes With's social media and distribution strategy (22:34)Brian outlines his goals for the show, and what fans can expect to see next (24:00)Wrap Up (25:03)Links:ICR TwitterICR LinkedInICR WebsiteBrian Kelsey LinkedInBrian Kelsey YouTubeTen Minutes With WebsiteTen Minutes With InstagramFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:With Covid-19 mandates relaxing and consumers eager to rejoin the real world, the beverage industry has been bouncing back over the last year. However, the landscape is not exactly what it used to be, and while doors are open, there are some new challenges to face. Changes in consumer habits as a result of the pandemic, along with the much-discussed supply chain issues, have forced many in the industry to reconsider best practices. 2021 even saw industry giant Starbucks close nearly 400 of their sit-down locations in favor of simplified, pick up and takeaway options. They're onto something, but they didn't get there first. My guest today is Joth Ricci, CEO of Dutch Bros Coffee, a drive-through coffee chain headquartered in Oregon that has been having success with this model for years. It's a brand that has been a "30 year overnight success," and an amazing case study on building a culture that is foundational to stakeholder success. In this episode, Joth explains the business model that helped Dutch Bros avoid the obstacles other retail beverage companies have experienced in the last few years, their plans to continue expanding into new geographical markets, and why their focus on employee satisfaction and company culture is paying off.Highlights:How Joth came to join Dutch Bros Coffee as CEO (03:22)Joth talks through the premise of Dutch Bros Coffee (05:20)Joth explains the advantages the Dutch Bros business model affords the company (06:30)Why being a "people business" is central to Dutch Bros philosophy (07:47)Joth explains how Dutch Bros has been expanding their market reach (12:00)What Dutch Bros Coffee's recent IPO means to the company (13:30)Joth explains new initiatives the company is taking, including their new rewards program (15:30)Joth talks through some of the companies financials (19:10)Joth explains the importance of philanthropy to Dutch Bros Coffee (22:45)Wrap Up (24:35)Links:ICR TwitterICR LinkedInICR WebsiteJoth Ricci LinkedInJoth Ricci BioDutch Bros Coffee WebsiteDutch Bros Coffee LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, andrew@lowerstreet.co.

Summary:In America, there are a lot of misconceptions about many aspects of Chinese culture and economic policy. These have become especially apparent over the last two years during the Covid-19 pandemic. However, many investors are curious about the opportunities to be found in China’s fast-growing market but while factors like the country’s political structure, ongoing trade wars with the US, and regulatory differences shouldn’t deter investment, it is important to understand the risks involved when it comes to investing in China.Here to give us an insider’s perspective is Andy Rothman, an investment strategist at Matthews Asia, the largest dedicated active investor in Asia and China in the United States. Before heading to Matthews, Andy spent more than 20 years living and working in China, first as a student, then as an American diplomat. At Matthews, Andy is primarily responsible for developing research focused on China’s economic and political developments.In this episode, Andy discusses the major shifts that have been happening in the Chinese economy both pre- and post-pandemic, the changing role of private companies in China, and his take on US/China economic policy and regulation.Highlights:A brief history of the modern Chinese economy (03:08)The changing role of China’s public companies (04:54)How Covid-19 affected China’s role in the global supply chain (07:25)China’s shift away from a manufacturing economy (09:47)Andy’s take on the status of the Chinese residential property market (11:19)Andy describes the easing cycle China is going through this year (16:09)Factors that will affect whether Chinese public companies list in China or the US (18:25)Andy describes the two “weather patters” occurring in the Chinese economy (21:33)Positive steps from the Biden Administration in US/Chine policy (24:58)Andy’s take on China’s relationship to the Russia/Ukraine conflict (26:43)Wrap Up (28:41)Links:ICR TwitterICR LinkedInICR WebsiteAndy Rothman LinkedInAndy Rothman BioAndy Rothman TwitterMatthews Asia WebsiteMatthews Asia LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, andrew@lowerstreet.co.

Summary:In 2021, the average person was estimated to encounter between 6000 and 10 000 ads every single day. And, with eyes more glued to screens than ever before, digital marketing, finding its way to us via smartphones and computers, accounts for a great deal of that ad consumption. Customers are constantly bombarded with messaging telling them to “buy now,” but in increasingly crowded markets of near-identical competitors, how can you convince them to not just “buy now,” but buy you. That’s where brand (your company’s unique identity and reputation) comes in.This week’s guest, Dux Raymond Sy, is a brand expert who will help unpack the advantages of building brand into your business strategy. Dux is the Chief Brand Officer at AvePoint, a NASDAQ listed company under the symbol AVPT. Founded in 2001, AvePoint is the largest independent software vendor of SaaS data solutions for Microsoft 365 and they migrate, manage and protect data in Google, Microsoft Cloud, SharePoint, and Salesforce, optimizing SaaS operations and secure collaboration.In this episode, Dux describes the differences between marketing strategy and branding strategy, how AvePoint is establishing their brand based on customer confidence, and the digital marketing shifts he has seen in the SaaS space coming out of the pandemic.Highlights:From poser to pro: Dux’s journey to brand and marketing (03:21)Dux unpacks brand vs. marketing and the characteristics of a memorable brand (06:59)Dux describes AvePoint’s history and purpose (08:35)How to approach brand management across cultures in a global company (11:27)How AvePoint adapted to Covid-19 conditions (12:26)Dux’s take on the long term impacts of the pandemic on brand and marketing (15:51)Dux explain AvePoint’s new #SaaSInStyle campaign (18:05)How AvePoint is diversifying their offering (22:17)Why B2B SaaS companies should be looking to market on non-traditional Platforms (24:22)Wrap Up (26:25)Links:ICR TwitterICR LinkedInICR WebsiteDux Raymond Sy LinkedInDux Raymond Sy WebsiteDux Raymond Sy TwitterAvePoint WebsiteAvePoint LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, andrew@lowerstreet.co.

Summary:The private equity industry has a reputation for being, well, pretty private. That’s been changing over the course of the last decade and where PE firms used to keep their cards close to their chest, they are increasingly championing transparency. That shift allows investors to form more informed assessments, and businesses looking to sell are able to have a better understanding of who they’re working with and how their interests align.Relationships are an important factor to evaluate in investment decisions. Dave Tayeh, Head of Private Equity North America at Investcorp knows that well, having had experience as both an operator and an investor. At Investcorp, a global manager of alternative investments, Dave and his team leverage their global platform and resources to drive growth and value in the companies and relationships they invest in.In this episode, Dave explains how he evaluates opportunity when deciding which companies to partner with, his perspective on how the private equity game has changed over time, and the investment strategies his team employed to support their portfolio throughout the pandemic.Highlights:Introduction to Dave’s career at Investcorp (03:16)Dave describes Investcorp and their mission (05:44)Why private equity wants to partner with founders (06:48)What differentiates Dave and his team at Investcorp (08:19)Dave describes the six verticals they invest in (09:58)The case study of Wrench (11:00)Dave’s philosophy on leverage (12:26)How Investcorp weathered the storm of Covid-19 (14:15)Dave explains why managing people and relationships is key to PE strategy (18:53)Dave provides his opinion on how private equity has changed over the last 20 years (21:00)Wrap Up (23:30)Links:ICR TwitterICR LinkedInICR WebsiteDave Tayeh LinkedInDave Tayeh BioInvestcorp WebsiteInvestcorp LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:In recent years, ESG has become a hot button topic for almost all companies, public and private alike. As conversations around environmental and social issues continue to gain momentum, opportunities can present themselves for companies willing to stop playing defense with ESG and start using it as an offensive tool. Investment stories and ESG stories are quickly merging and with disclosures on ESG factors becoming standardized and related shareholder activism continuing to rise, companies who are not prepared may be left behind.There to give them a boost is Lyndon Park, Head of Governance Solutions at ICR where he guides boards and management teams through the complexities of ESG and corporate governance to align with investor and market expectations. A former executive at BlackRock and recognized thought leader in the field, Lyndon is an expert advisor on issues ranging from shareholder activism and ESG to board composition and succession planning.In this episode, Lyndon Park shares how ESG plays into investment strategies, he takes a deep dive into shifting rating standards, and he looks into how future trends in ESG will impact both public and private companies.Highlights:Introduction to Lyndon Park and his route to ESG (02:56)Why ESG should be viewed as an opportunity (06:10)Approaching ESG incrementally (08:39)Fitting ESG goals into existing framework (09:33)How silo thinking within an organization can cause issues on ESG votes (12:45)“Looking at ESG from the value perspective, and not values perspective.” (14:39)The consolidation of rating standards (16:19)How Lyndon helps companies integrate ESG during an IPO and beyond (20:00)How private companies should be thinking about ESG (22:09)Lyndon’s predictions for the future (24:23)Links:ICR TwitterICR LinkedInICR WebsiteLyndon Park LinkedInLyndon Park BioFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, andrew@lowerstreet.co.