Realistic Expectations = Seriously Hairy
Broker: “The seller has realistic expectations for valuation.” Translation: This deal is seriously hairy.
2 Close Friends Destined For Independent Sponsorship
Two close friends who I predict will become independent sponsors by the end of the year: “I’ve sourced four
Honing Deal Sourcing
Most independent sponsors view deal sourcing as the "necessary evil" which precedes real value creation. For them, deal
Big Deals Need Equity Anchor
Most independent sponsors have neither the time nor bench of FOs/UHNWIs to syndicate 10+ multi-million dollar (~$2m+) checks before
Bain 2025 PE Annual Report
Bain & Company's 2025 PE annual report. My key takeaways: • Sluggish distributions as funds continue to see fewer
Questionable Seller Statements
A selection of seller statements that I would take with a grain of salt and double-click: “The seller isn’t
Acquiring Companies Where LMM PE Doesn't Exist
Former footballer Nikolay Dimitrov went from playing against Ronaldinho at FC Barcelona to negotiating with chain-smoking veterinarians in Eastern Europe.
IS Model Is Growing Explosively
The independent sponsor business model is growing explosively because it has both compelling economics and low barriers of entry. Specifically;
Illiquidity Premiums vs. PE
On the topic of liquidity premiums: Yes, all else equal, the liquid asset will always be more valuable. This is
The Perfect Independent Sponsor
What does the perfect independent sponsor look like? • A sizeable team, ideally 3-6 senior partners. • Multiple deals in the portfolio
Meet Investors 1-on-1
Do not consolidate multiple prospective investors into one presentation; pitch meetings should be 1-on-1s. What you think: • Efficient to consolidate.
Use QoE Provider to Renegotiate
Use your QoE provider to renegotiate. If the QoE comes in light, then your QoE provider should: (1) Connect with
Exit Fee for Independent Sponsors
Everyone knows the three standard pillars of independent sponsor economics (closing fee, management fee, carried interest). How about an exit
PE Fund vs. Independent Sponsor Model
Successful independent sponsors are eventually faced with the decision of institutionalizing their success by establishing a private equity fund -
Cold Outreach Step-By-Step
Doing cold outreach to business owners.
Eisenhower 2x2 Matrix
The Eisenhower 2x2 Matrix: important vs. urgent. Operators typically have their hands full with urgent items in day-to-day management. Independent
Try Harder To Differentiate
Being "hands-on", "operationally focused," and "founder-friendly" is table stakes. To differentiate, try harder.
QSBS: Pay Zero Capital Gains Tax
QSBS: pay zero capital gains tax. A heavy argument in favor of structuring your newly acquired entity as a C-Corp
Ep2: Special Situations
The second episode of 'Meeting of the Minds': Azhar Quader and Queens Court Capital built a track record
When Deal Drags On Pre-Closing
Best practices with a seller when your deal is dragging on without closing: (i) Over-communicate. Weekly email updates, frequent phone
Devil's Advocate In DD
When under LOI, everyone needs a devil’s advocate 😈 It’s easy to lose objectivity when you’re pitching your
Inaugural Episode
Today's inaugural episode of Meeting of the Minds features Mike Sutton of Guideboat Capital Partners. Mike's
New Podcast Announcement
New podcast: Meeting of the Minds 🎙 Dropping tomorrow morning (Wednesday, February 19). "Just what the world needs - another
Don't Buy Seller's "Lifestyle" Argument
"The seller has treated it like a lifestyle business" is a sponsor's code for suggesting it&
