Singular KPIs
Tires per hour 🛞 That was the crucial KPI for Chandos Mahon at his waste management company. He attributes half of
Podcast
60 posts — Minds Capital Podcast: Your connection to the growing world of independent sponsors and deal-by-deal private equity.
Beware addbacks & adjustments
Eugene Polevoy claims there are incentives all-around to get a deal done, which inevitably leads to aggressive addbacks & adjustments
Transitioning to the next generation (GP)
Transition Capital Partners is a mainstay in Dallas private equity. Jason Faucett and his team are the 4th generation of
"We are not operators."
"We are not operators." Most independent sponsors insist they're (more) operations-focused (than others). It's
Timing debt vs. equity
Socialize deals early with lenders, maybe even before the LOI. Gauge their appetite, get feedback to form a sources &
Hiring at GP-level for better talent
"You can attract better talent when hiring at the GP level." For independent sponsors with multiple platforms, consider
Winter Olympics 2026
The Olympics were really fun, especially for us Norwegians! 18 golds, but really 19 when you include the giant slalom
Selling to an Independent Sponsor
Aaron Stahl recently sold his company to an independent sponsor. Here's why. Why he sold: • Eggs-in-one basket: As
PE vs. Franchisees
Didn't PE despise franchisees? I recollect 10yrs ago that nobody wanted to touch franchisees (no autonomy, top-line royalty
Bullish on US equities (Feb 2026)
As a newly minted countryman I am bullish about US equities as we launch our 2nd fund: • The US is
EQ is the most important trait
Soft skills are the most important for an independent sponsor, according to Kevin Wong at Lang Partners, a Dallas-based Family
"You never keep 100% of the EBITDA that you buy."
Alan and Dana bluntly state that you never keep 100% of the EBITDA that you buy. Execution always leaks value.
Family Offices + Independent Sponsors = Strong Match
James warns that when 1 LP represents 80-90% of the capital in a deal, the sponsor is no longer in
Geography is no longer an edge or hidden opportunity
A former attorney, Mike Healy founded Gardner Standard in 2010. His initial focus was on overlooked geographies, such as western
Independent sponsors are disciplined on valuation
The latest Axial Independent Sponsor Report shows strong pricing discipline, with the vast majority of deals completed below 7x EBITDA,
When your partner dies
Kearney’s boss and senior partner died suddenly in an accident in 2018. At the time, the firm owned 4
Avoid $2m EBITDA deals
A $2m EBITDA deal is treacherous. At 5x, it's $10m EV. If you double EBITDA, which is a
Rollup without additional equity
UK-based Sam Turner overcame a challenged first deal by pivoting the business model and eventually built a thriving facilities maintenance
Deals should never go to $0
Craig Dupper, based in Park City, Utah, founded Elan Growth Partners after years of seeing how the traditional fund model
Independent sponsors have become a real force
Independent sponsor royalty Michael Kornman details how he built NCK Capital out of Dallas with his brother Grant, acquiring 5
30% IRR is the right benchmark
Robert Graham, based in Dallas, graduated from HBS in 2018 and acquired his first company the year after as a
Deal of the Year Award
Sep 12, 2024: Malia Funk submitted Willistown Capital's new deal via the Minds Capital website. Oct 23, 2024:
Buy the real estate w/ company
Say YES to buy the real estate associated with the target company. Often a business owner will prefer to retain
Purpose-driven independent sponsorship
Quinten Griffiths of GoodCapital in Canada bought his first business, a struggling Govt SaaS carveout from a bigger (healthier) enterprise
