Post-LOI: Milestones That Keep a Deal Moving
Post-LOI milestones signal momentum and confidence. The timeline that you've communicated to the seller is also your
Podcast
71 posts — Minds Capital Podcast: Your connection to the growing world of independent sponsors and deal-by-deal private equity.
Why Rush to Sell a Good Business?
Andrew McDonald might be the most quotable guest we've had on. Guilty criminals who go free, bluebirds of
Four Owners, Four Jobs, No Split Focus
HKW's CEO, Ted H. Kramer, splits the firm's work into four jobs instead of two. HKW
The Hybrid Independent Sponsor
Lou Grabowsky doesn't fit the usual independent sponsor mold. Conventional wisdom: you start with nothing, fund your own
Family Offices vs. High-Net-Worth: The Hold Period Divide
Logan Walters prefers indefinite hold periods. No forced exit clock, just a pragmatic eye kept open in case something spectacular
"Tropicalizing"
Christian Seale taught me a new word: tropicalizing. Taking a US concept and adapting it for Mexico. Officially adding it
Find the Bottleneck, Ignore the Rest
Jimmy Watson gave me a reading assignment I didn't know I needed. In our pre-call, he mentioned
GP recap to >50% control
A GP (searcher/sponsor) can recap their way to majority control (>50%) of a successful deal, even with $0
3 Bad Rs
The 3 Rs shunned by Private Equity: Retail, Resources, Real Estate However, valuations tend to reflect the lower popularity, and
Acquire HoldCo Infrastructure
Large-cap PE funds build massive centralized "ops" teams to support the portfolio. Independent sponsors can't
Don't build for your acquirer
Some PE acquirers specialize on knowing their exit: "We know who will acquire this company, so let's
Singular KPIs
Tires per hour 🛞 That was the crucial KPI for Chandos Mahon at his waste management company. He attributes half of
Beware addbacks & adjustments
Eugene Polevoy claims there are incentives all-around to get a deal done, which inevitably leads to aggressive addbacks &
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'
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
PE vs. Franchisees
Didn't PE despise franchisees? I recollect 10yrs ago that nobody wanted to touch franchisees (no autonomy, top-line
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
"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
