Investors & Operators

In this engaging discussion, Greg Mayer, a Partner and Head of Portfolio Operations at Argosy Healthcare Partners and former U.S. Marine Corps Armor Officer, shares valuable insights for small businesses. He emphasizes the three pillars of growth: strategic planning, talent acquisition, and platform transformation. Greg warns about the risks of expanding revenue streams that complicate core operations and advocates for simple, performance-based incentives. He highlights the importance of a solid foundation before pursuing growth through mergers or acquisitions, ensuring stability for future success.

Topics:Why Sellers Walk Away Last MinuteHow to Avoid Post-Sale RegretWhy Early Exit Planning Matters...and so much more.Top TakeawaysSelling a business is more than just a transaction. Most owners think they’re ready to sell—until they realize they’re walking away from more than just a company. Their business has been their routine, their problem to solve, their social circle, and their purpose. Without it, what gets them out of bed in the morning? That uncertainty breeds fear and hesitation, leading sellers to unconsciously derail deals with impossible demands. Denise emphasizes that the smoothest exits are both financially prepared and emotionally planned.M&A needs a human touch. For many owners, selling a business isn’t just a transaction. It’s letting go of something they built, nurtured, and sacrificed for. Yet, M&A language couldn’t be colder. Getting a “tombstone” to mark the sale can feel tone-deaf to someone selling their life’s work. Denise and Jordan agree: a little empathy, thoughtful communication, and recognizing the emotional weight of an exit can make the seller feel respected and understood.The key to a happy exit? Planning early. Most owners wait too long to think about selling—until burnout, personal changes, or an unexpected offer forces a rushed decision. The happiest exits happen when owners plan years in advance. Denise advises starting with two key steps: define what a successful exit looks like for you and identify what work provides beyond money. The sooner you know what you’ll need to replace, the smoother the transition will be.About Denise LoganDenise Logan knows what keeps business owners up at night. A former lawyer, mental health professional, and entrepreneur, she helps founders navigate the emotional side of selling their businesses. Her bestselling book “The Seller’s Journey” explores why owners struggle to let go and how advisors can help them transition smoothly.

Topics:5-Element Hiring FrameworkHiring for Attributes vs. ExperienceMoneyball Thinking for Smart Hiring...and so much more.Top TakeawaysWhat happens when you work and lead with passion?Vern and Michael emphasize that passion is crucial for both business success and leadership. Passion keeps teams committed through challenges and drives both personal and professional growth. For leaders, it means embracing a growth mindset, being open to feedback, and fostering team development. Passion is just one element in Vern’s hiring framework—and a key predictor of success.Scorecards help you hire without the guesswork. Hiring practices often rely on gut feelings, making them prone to bias. Michael advocates using scorecards with measurable criteria like technical skills, cultural fit, and soft skills, along with clear performance expectations. This approach makes it easier to assess candidates objectively and sets the stage for accountability. When new hires understand what’s expected, they can focus on the right things to succeed in the role. When paying more helps small businesses scale faster. Vern and Jordan acknowledge that small and medium-sized businesses often hesitate to offer higher salaries. But hiring top-tier talent for critical roles is an investment in expertise that can drive results quickly. This aligns with Michael’s Moneyball approach to hiring. Just as the Moneyball thinking in baseball focuses on overlooked metrics to build a winning team, in business, the idea is to invest in key roles that might be costly upfront but will have outsized returns over time.About Vern DavenportVern Davenport is a partner at QHP Capital, a growth equity firm focused on healthcare, life sciences, and technology. He has held executive leadership roles at Misys Healthcare, Medfusion, M*Modal, and Allscripts, specializing in business transformation and operational execution. Vern is also one of the creators of The Management System, a structured framework for scaling businesses.About Michael CurryMichael Curry is the co-chairman and co-CEO of Lullwater & Co., an investment firm specializing in entrepreneurship through acquisition. A search funder turned investor, he is an experienced operator in the healthcare space. Michael scaled a healthcare services company through M&A and is now focused on building the next stage of his investment firm.DisclaimerThe opinions expressed herein are those of QHP Capital, L.P. (“QHP Capital”) and are subject to change without notice. Past performance is not indicative of future results. QHP Capital is a registered investment adviser with the U.S Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

Vern Davenport, a partner at QHP Capital, and Michael Curry, co-chairman of Lullwater & Co., explore how structured management systems can enhance leadership effectiveness. They discuss the importance of empowering middle management and fostering accountability within teams. Vern emphasizes that streamlined problem-solving tools, like the A3 format, lead to better communication and alignment. Michael shares insights on overcoming the fear of structure, revealing that a well-defined framework can actually drive growth and success. The conversation highlights the significance of joy and fulfillment in the workplace.

Topics:How to Avoid Mid-Career BurnoutConfusing Activity with ProductivityBuilding Mental Resilience Through Endurance...and so much more.Top TakeawaysWrite your own eulogy to reframe success. Professionals often hit a mid-career plateau where work feels less fulfilling. Kevin shares practical exercises to help reframe your purpose. One standout is the "Tombstone Exercise": write what you'd want on your tombstone or in your eulogy. This helps separate transactional accomplishments from transformational impacts. After all, most people want to be remembered as a good father, husband, mentor, or community leader—not just a top-performing MD.Energy management beats time management. Time is finite, but energy can be optimized. Kevin, Marc, and Jordan agree that true productivity doesn’t come from packed calendars or inbox zero. It comes from understanding when and how your energy peaks and protecting it for the moments that matter most—like deep work sessions or family time. Try this: audit your schedule for the next week, identify your high-energy hours, and reserve them for your most important tasks.The Dirt Bike Rule: How to navigate through life’s toughest ruts. When you hit a professional or personal rut, sometimes the best approach is to stay put. Marc uses a dirt bike analogy: on a rough trail, gripping the handlebars too tightly or forcing your way out often makes things worse. Stay loose, focus on the process, and ride it out. Moments like these build the patience, resilience, and perspective you need for long-term success.Recommended Reads from This Episode“Never Enough” by Mike Hayes: Reframes success as aligning your life with a deeper mission rather than endlessly chasing more.“Happier” by Tal Ben-Shahar: Explains how balancing present enjoyment with future purpose leads to greater happiness.“Deep Work” by Cal Newport: Teaches how to structure your time for focus, creativity, and high-impact work.“The Psychology of Money” by Morgan Housel: Challenges the idea that wealth is about income, emphasizing control over time instead.“The Comfort Crisis” by Michael Easter: Explores how embracing discomfort—rather than fighting it—can lead to growth.About Kevin StarkKevin Stark is a former Navy SEAL with 20+ years of experience, including time as a BUD/S instructor. Now a leadership coach, speaker, and ultra-endurance athlete, Kevin brings the same grit and mental toughness from his military career into his coaching. His programs help people reconnect with their core values and find meaning in the work they do every day.About Marc CabreraMarc Cabrera is a former investment banker with 25+ years of experience, including multiple PE exits and board positions. After a successful career on Wall Street, Marc stepped away from finance to focus on family, community, and personal growth. He now serves as a volunteer firefighter and uses his experience to mentor others. 

Topics:Why PE Should Hire VeteransNavigating the Challenges of Growing CompaniesHow Mentors Play a Role in Breaking into PE...and so much more.Top TakeawaysWhat do your company and a brontosaurus have in common? As businesses grow, founders often struggle with transitioning from generalist roles to more focused leadership. Professor Carter Cast’s HBR article describes the Dinosaur Diagnostic that uses the brontosaurus' long neck to illustrate the growth curve. This diagnostic helps you pinpoint when it’s time to hire functional experts and stick to just your leadership hat. Understanding when and how to make this shift is essential for setting a company up for scalable success.Acquisitions often stumble when integration begins. To avoid the "merger of equals" trap, establish clear leadership early, define KPIs, and integrate companies under one unified identity. Without proper management and measurable goals, acquisitions risk chaos, with overlapping teams and conflicting cultures. A dedicated integration team ensures smooth execution and helps keep everything on track.Tip for transitioning veterans: start early and build a strong network. Transitioning from military to civilian life takes planning, so start at least a year in advance. Also, a mentor can make the process smoother by providing guidance and industry insights. In mentoring sessions, be ready to connect your military skills to civilian roles and ask thoughtful questions that show your genuine interest in the industry. With the right support, veterans can thrive in finance, offering fresh perspectives and strong leadership.About Paul W. Swaney IIIPaul W. Swaney III is a seasoned industrials investor and founder of Swaney Group. His diverse background spans military service in the U.S. Navy, roles at McKinsey & Company, and Amazon. Paul is passionate about supporting veterans transitioning to civilian careers through initiatives like SkillBridge. He is also the host of the LeverUp podcast, a community dedicated to demystifying banking, consulting, and PE for young professionals.About Swaney GroupSwaney Group is a private equity firm with a focus on the industrial sector. The firm revitalizes struggling businesses and enhances successful ones through its proprietary Swaney Group Operating System (SGOS). SGOS optimizes management, tech systems, and culture to maximize value for both portfolio companies and investors.

Topics:2025 US Economic OutlookTransparency in Managing Investor MoneyWhen Hesitation Costs More Than Failure...and so much more.Top Takeaways“First loss, best loss”—why smart investors (and leaders) know when to cut bait. Know when to cut your losses and move on fast. One of Sal’s main investing principles: first loss, best loss. He never doubles down on or gets emotionally attached to a losing investment. If the market signals he’s wrong, he exits. The same goes for leadership—holding on to bad hires, failing strategies, or misaligned partnerships can cost you more in the long run. The best investors think like elite athletes. Always think multiple steps ahead. Sal compares investing to sports—the best players anticipate, not just respond. Like a second baseman reading the game before the ball is hit, great investors and leaders plan for every possible outcome, including the worst. AI and tech help, but in the end, success comes from decisiveness, adaptability, and trusting your process.Trust is built in tough moments. Be upfront, especially when things go wrong. Managing other people’s money is a big responsibility—families and futures are on the line. Sal and Jordan agree that communicating openly and quickly earns trust that lasts far beyond a single deal. Because people may forget what you said, but they’ll always remember how you made them feel.About Sal NaroSal Naro is a seasoned leader with 4+ decades of experience. As Chief Investment Officer and Senior Managing Director of Coherence Credit Strategies at Tiptree Advisors, a division of Tiptree Inc., he has led high-performing investment teams and strategies. Most recently, he oversaw a top-performing liquid long/short credit hedge fund that has earned multiple accolades for its success.

Jared Greer, Director of Portfolio Company Operations at QHP Capital, is an executive coach, husband, father of four, and an ultra-marathoner. He discusses common challenges CEOs face, emphasizing the need to empower teams through clear priorities and defined goals. Jared shares insights on scaling leadership—evolving from hands-on work to strategic thinking. He draws parallels between endurance sports and business, highlighting the importance of consistent systems and routines for sustainable performance.

Topics:Challenges for Emerging ManagersOutreach & Pitch Deck Best PracticesHow to Develop a Competitive Edge...and so much more.Top TakeawaysMake resilience a core part of your fundraising strategy. With liquidity bottlenecks from stalled exits and fundraising timelines now stretching to 24 months, emerging managers need to manage expectations internally and externally. Liz advises setting realistic goals, communicating transparently, and fostering a partnership mindset within your team to maintain morale and focus.Cold emails are powerful when done right. A strong cold email is concise, personalized, and scannable. Liz suggests skipping one-pagers and delivering value directly in the email, with your deck attached for more details. Start by referencing shared connections. Then, use the email to highlight your strategy, track record, and key differentiators.Include lessons from failed deals into your pitch. Liz observes that few managers address underperforming investments upfront, even though LPs will uncover them during diligence anyway. Proactively explaining what went wrong and how it refined your approach builds trust and demonstrates a growth mindset.Start with curiosity, not a pitch. Liz emphasizes that a great first meeting begins by understanding the LP's priorities. Instead of jumping right into your presentation, ask questions like, "What are your investment goals?" or "What gaps in your portfolio are you looking to fill?" This approach builds rapport and ensures your pitch aligns with their needs.

Topics:Hurdles for Emerging ManagersRole of Team Continuity in FundraisingHow to Time Global Outreach ...and so much more.Top TakeawaysInvert the problem to build a stronger story. Ray mentions Charlie Munger’s inversion technique as a powerful tool to reveal blind spots in your storytelling. It works by flipping the question you’re trying to solve: instead of asking, "How do I raise the fund?" ask, "What would make investors say no?" The answers might include unclear data, a strategy that’s not unique, or a lack of trust in the presenter.Cultivate a growth-oriented mindset in your team. Ray and Jordan discuss how the dynamic nature of the equity market demands agility. For a team, this means always seeking new knowledge and being prepared to pivot with shifts in investor preferences, sector trends, and economic conditions. This adaptability can give emerging managers a competitive edge over established competitors.Invest in preparation to make a strong first impression. As Ray points out, initial pitch meetings can often feel like cold business transactions, but charisma and persuasiveness help turn these interactions into real connections. Investors commit to ventures based on trust in the person presenting—not just the numbers.