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
Sourcing
37 posts
Deal flow by industry
Screenshot of the 2025 breakdown of deal flow by industry at Minds Capital. Everyone knows valuations, revenue quality, capex intensity,
"Everyone wants a proprietary deal, until they get one."
"Everyone wants a proprietary deal, until they get one." - Fatigued independent sponsor who's dealing with a
Differentiate w/ 1yo baby at meetings
Differentiate by bringing your 1yo baby to meetings with sellers. "It's very disarming, and it immediately makes
First-time sponsor's experiences from the field
First-time sponsor's experiences from the field: "I spent a lot of time on a deal early
Cold calling for deal sourcing
Cold phone outreach = Differentiated deal sourcing Nobody does it = Opportunity Colin Stuart started his career in an outbound call center,
Finder's fee, what's market
Finder's fee ($), what's market: I've recently seen three versions: (1) Lehman formula is the
Selling to an Independent Sponsor
Aaron Stahl recently sold his company to an independent sponsor. Here's why. Why he sold: • Eggs-in-one
Geographical multiple arbitrage
An interesting arbitrage: Buy a non-US company, move it to the US, and exit as a US company (higher
Seasonality of M&A
Seasonality of lower-middle market M&A (USA): Deal activity reflects people's personal calendars. Almost nobody works
Inbound Dealflow = Holy Grail
Deal flow is the most important thing when you're a dealmaker. Getting inbounds is the holy grail. Generating
When losing a brokered process
If you lose a deal in a brokered process (i.e., somebody bid higher), stay in touch with the broker
Schmooze the sell-side banker
How to schmooze the sell-side banker: (Cue: bankers want maximum commission with the highest possible certainty of close.) • Articulate
"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
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
The Best Way To Start As An IS
The best way to start as an independent sponsor is when your (PE or FO) employer doesn't want
Bankers Can Enhance Your Value Prop
Use the sell-side banker to enhance the value proposition of your bid. Instead of circumventing the banker or downplaying
2nd Tier Cities As Competitive Advantage
Most people in Milwaukee, Wisconsin, are probably not contemplating a career as an independent sponsor, and, if they do, they
Opportunity Outside USA
I'm fascinated by the opportunity at hand for independent sponsors outside the US: There’s definitely some deal-
How to Earn Trust With Sellers
Ideas of how to earn trust with sellers, investors, and other stakeholders: • Maximize the say-do ratio (do what you
Honing Deal Sourcing
Most independent sponsors view deal sourcing as the "necessary evil" which precedes real value creation. For them, deal
Questionable Seller Statements
A selection of seller statements that I would take with a grain of salt and double-click: “The seller isn’
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
Cold Outreach Step-By-Step
Doing cold outreach to business owners.
