Where you live affects how you think
Where you live affects how you think. New York: AUM, fees & commissions. Your friends work at funds, your rich
Investor Day 2026
Oct 16 will be a fun day! We're really honored to field such a great lineup at our
Taking your baby, identity & purpose away...
Imagine if someone took your baby, identity, and purpose away. That's how it feels for many business owners
NDA still exists after deal closed
Just because the deal closed doesn’t mean your obligations in the NDA absolved.
"We are not founder-friendly."
"We are not founder-friendly," said Nathan Chandrasekaran, cheekily. In his experience, only 1 of 4 founders can
$5-20m = Hard place
"Between $5-20m of EV is the hardest place to get a deal done."- Banker
Fundraising deal-by-deal = Tough
Fundraising on a deal-by-deal basis can be tough & tedious. I have met several sponsors who ended up
Underwriting AI risk
How do you underwrite AI risk and opportunity related to deals in the lower-middle market? According to Jeff Goldstein,
Optimism vs. Distress
"I've been too optimistic about what there is left for me to do." - Searcher with a
Ping pong duel at SMB Work
Ping pong duel vs. Sam Rosati at SMB Work in Tampa. They do an amazing job hosting independent sponsors and
Schmooze the sell-side banker
How to schmooze the sell-side banker: (Cue: bankers want maximum commission with the highest possible certainty of close.) • Articulate
Sell-side banker isn't fundraising counsel
No, the banker representing your seller should not be your fundraising counsel. The lack of committed capital is the biggest
Efficient NDA
Amazingly efficient NDA-to-materials process: (1) Sponsor sent me a Google Form, asking for my name, entity, etc. (2)
Sell now vs. Hold longer
2 years in, a strategic offers 2x MOIC and 41% IRR. Do you sell? Yes, said Sarkaw Aziz, who exited
CEO should earn more than the Independent Sponsor
Sir Alex Ferguson, former manager of Manchester United, had a clause inserted into his contract that stipulated no player should
Please roll the closing fee
Most independent sponsors (GPs) roll their entire closing fee (1-2% of EV) into the deal, and often they'
"Bumping" into 50% of deals
After 12 platforms and 4 exits I was surprised to hear that Rick Apple just “bumps into” half of their
The Rise of Family Offices
The rise of Family Offices is an enabler of entrepreneurial private equity: (i) Compared to institutionals, FOs have flexible mandates
Monster IS deal raised €350-400m of debt & equity
Independent sponsor deals aren't confined to the lower-middle market and <$10m EBITDA. This monster deal raised
Advisory board for accountability
An advisory board is a great accountability partner. Advisors don’t need a formal arrangement or hefty compensation. Weekly emails,
VC + LBO = IS deal
Zack Miller and his high school friend Johnny Lieberman combined their distinct backgrounds to launch Worklyn Partners, a dual platform
Initial trajectory define the investment
The first 6-18 months often define the trajectory of a PE investment. If successful, with stability & retention, the
15-year time horizons
For a PE investment, you need a positive 15-year time horizon for the target company: 0-5: You own
Searcher recapping SBA7a loan
"My capital structure is starting to get pretty complicated…" - Searcher after 3 years and 2 add-on acquisitions
