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
Podcast
65 posts — Minds Capital Podcast: Your connection to the growing world of independent sponsors and deal-by-deal private equity.
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,
When to hire a capital placement agent
The 3 situations where independent sponsors should consider engaging a capital placement agent to help with the fundraise: #1: First
"Strategic generosity" to build trust
Examples of strategic generosity as a way to build long-term value & trust: • Yield on GP terms if capital
Pushed Out by Anchor Investor
How to minimize the risk of predatory capital providers stealing your deal: • Include non-circumvention provision in NDA. • Own the
Faustian bargain in PE
Faustian Bargain in PE: when a fund sacrifices flexibility to pursue their favorite deals in exchange for committed capital. La
70% cost savings w/ remote work
Competitive edge: 70% cost savings by mastering remote work. An expert on hiring & managing an offshore workforce, Nick Huber&
Get in the arena
"You miss a 100% of the shots you don't take" is a quote by legend Wayne
