Questionable Seller Statements
A selection of seller statements that I would take with a grain of salt and double-click: “The seller isn’t
2025
156 posts
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&
Email Etiquette When Replying
If someone emails you a numbered list of questions, you should reply and either: (a) Insert your responses (ideally with
Lex Word Cloud
Thousands of online reviews = Perfect input for a word cloud 🔥💙💚 🆒 Great piece of marketing collateral to both customers and employees.
White House Coming After Carry
The White House stated today that a new tax bill will aim to eliminate the "carried interest loophole."
Lang Partners Outing
I recently attended an offsite with ~25 other independent sponsors, hosted by Lang Partners Family Office. It was amazing for
SBICs Are Highly Aligned
SBIC/mezz lenders are under-rated for their strong alignment with independent sponsors. Typically they’ll be your senior lender (70-90%
