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
Podcast
71 posts — Minds Capital Podcast: Your connection to the growing world of independent sponsors and deal-by-deal private equity.
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
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
Warrants + Independent sponsors = 💔
Warrants + Independent sponsors = 💔 A warrant is like a stock option, giving lenders the right to convert a portion of the
McGuireWoods 2025
Today's Minds Capital Podcast episode was recorded in my hotel room last night. I'm typically locked
Public company in the search world
Kingsway Financial Services is a public company whose legacy & history is in the insurance & warranty industry. However, Kingsway
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
"We are not founder-friendly."
"We are not founder-friendly," said Nathan Chandrasekaran, cheekily. In his experience, only 1 of 4 founders can
Underwriting AI risk
How do you underwrite AI risk and opportunity related to deals in the lower-middle market? According to Jeff Goldstein,
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
"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
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
"Very bullish" on US equities
Why I am "very bullish" on US equities: • The new tax bill incentivizes capex spend by accelerating depreciation
Ep24: 24 Add-Ons in 24 Months
Episode 24: 24 Add-Ons in 24 Months Clever way to start: Luis Reyes hired an analyst to research industries
When independent sponsors break up 💔
The flexibility of the deal-by-deal model also manifests in break-ups. 💔 Traditional partnerships tie up equity, control, roles,
