9 PE-Backed Exits and 20+ Add-on Acquisitions: What Winning Private Equity CEOs Get Right

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment.Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business.Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards.Key Highlights00:00 – Paul Golden’s BackgroundFrom senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits.01:29 – The Biggest PE Leadership MistakeWhy private equity firms need to make faster decisions about whether the right management team is in place.03:21 – Identifying the Right ExecutivesThe importance of leaders who are confident enough to be challenged by their teams and boards.04:44 – What Paul Looks for in Executive InterviewsWhy candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders.07:05 – The Hardest CEO DecisionsWhy firing customers or exiting customer segments can sometimes be harder than changing the management team.08:28 – What Drives Successful PE ExitsDelighted customers, strong management, and clear opportunities for growth.11:14 – Lessons From Exit One to Exit NineAvoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months.14:26 – Changing Founder-Led CulturesThe challenges of accelerating decision-making in businesses shaped by the same founder for decades.17:28 – Who Stays and Who Goes Post-AcquisitionHow to identify advocates for change, potential resistors, and leadership team members who can adapt.20:55 – Lessons From 20+ Add-On AcquisitionsWhy cultural fit becomes increasingly important as the size of an add-on grows.24:41 – Generating $150M+ in Free Cash FlowUsing lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash.29:56 – The Essential Skill for PE-Backed CXOsHaving the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next.31:53 – Leadership Frameworks That Shaped PaulLean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces.34:55 – Connecting With PaulPaul shares how listeners can reach him after the episode.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market.Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully.The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses.Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy.Key TopicsWhy moving too quickly can destroy a portfolio company's “secret sauce”Avoiding excessive leverage in lower-middle-market businessesCreating returns through organic growth rather than financial engineeringFinding opportunities in markets where less private equity capital is competingReinvesting founder cash flow to accelerate growthWhy the management team can matter more than the marketUsing DISC and other assessments to de-risk executive hiringWhat Mark learned from billionaire investor Sam ZellBecoming a disciplined “professional opportunist”Why private equity investors need to think more about exit timingKnowing when to leave the next stage of value creation for the next investorTimestamps00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners00:28 – Why Mark always wanted to become an investor02:27 – From Arthur Andersen to banking and private investing03:21 – Learning to become a “professional opportunist” from Sam Zell04:43 – The biggest mistakes in lower-middle-market private equity06:09 – Why Granite Creek avoids overleveraging businesses08:19 – Organic growth versus acquisition-led strategies09:38 – What makes an attractive platform investment12:00 – Why getting the right management team drives value creation13:55 – Using assessments to build complementary leadership teams16:21 – Why personality assessments are a data point, not the answer17:15 – DISC, Myers-Briggs, and executive assessment19:12 – Mark’s biggest lessons from Sam Zell20:12 – Avoiding groupthink and finding markets where you can win21:37 – Why exit timing matters in private equity23:04 – Knowing when a successful business is ready to sell24:59 – When to leave value creation for the next investor27:20 – Mark’s recommended podcasts and books28:45 – How to connect with Mark Radzik29:10 – Closing thoughtsRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity.Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest.The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing.Key TakeawaysDon’t try to perfectly time deployment or exits; invest steadily and price for the environment.Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time.Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions.New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure.Permanent capital can provide GPs with strategic stability and longevity.Great investments combine moat, management and optionality across both value creation and exit routes.The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment.Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.”Timestamps00:00 – Introduction to Jean-Baptiste Wautier01:28 – The mistake of trying to time private equity markets03:21 – When is the right time to exit?04:17 – DPI, the J-curve and the cost of holding assets05:15 – The current state and future of private equity06:42 – Why subscale firms face consolidation09:39 – Why performance alone is no longer enough13:04 – Where displaced private equity talent may go next14:31 – How GPs can scale AUM16:57 – Why permanent capital is the “Holy Grail”18:22 – When firms should diversify into new strategies20:17 – What helped BC Partners scale23:45 – Where the next investment tailwinds may come from27:10 – Moat, management and optionality32:23 – What the best private equity CEOs have in common35:42 – What makes a strong value-creation strategy39:03 – How private equity firms are becoming institutions44:44 – Books and investors that shaped Jean-Baptiste’s thinking46:33 – How to connect with Jean-BaptisteRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses.Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it.The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and ineffective leadership behaviour. Lesley explains why putting a number on these costs can help investors and management teams understand the potential impact on EBITDA.Lesley also shares practical steps for improving decision-making under pressure, creating a culture where people feel safe speaking up, and helping executives reflect more honestly on how fear and personal financial stakes influence their choices.Key TakeawaysHow financial pressure affects executive judgement and behaviourWhy stress can push leaders into fight, flight, or freeze modeThe early warning signs that a leadership team is becoming overwhelmedHow slow decision-making creates a hidden cost for portfolio companiesWhy leaders agree in meetings but raise concerns privately afterwardsHow fear-based cultures reduce honesty, engagement, and accountabilityWhy repeatedly delayed decisions should be investigatedHow to measure the hidden tax of missed opportunities and employee turnoverWhy executives should reflect on decisions made under pressureHow open communication can improve performance and value creationTimestamps00:00 – Introduction to Lesley Thomas and the Money Confidence Academy01:25 – The biggest mistake businesses make under financial pressure03:10 – How pressure affects executive judgement04:05 – Why decision-making slows in PE-backed businesses05:02 – The cost of delayed decisions and missed opportunities06:30 – Early warning signs of executive overwhelm07:22 – Sideline conversations and hidden disagreement08:17 – Acting on intuition when behaviour begins to change09:16 – Approaching difficult conversations with executives10:14 – Creating genuinely open communication11:13 – How fear creates protectionism and disengagement12:08 – Using the experience of long-standing employees13:05 – How the hidden tax affects EBITDA and performance13:34 – Measuring lost opportunity and organisational cost15:03 – Why putting a number on the problem matters16:30 – Improving decision speed and ownership17:27 – Investigating decisions that repeatedly return to the board18:21 – Starting with one unresolved decision19:47 – Advice for executives making decisions under pressure21:14 – How cortisol can limit effective decision-making22:13 – Reflecting on financial decisions23:40 – Understanding why leaders remain silent25:12 – Recommended books and podcasts26:40 – How to connect with Lesley Thomas27:09 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors.Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy.The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth.Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth should be treated as an interconnected system covering marketing, sales and customer success.The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively.Key HighlightsWhy founder-led businesses often struggle to scaleThe risks of founder dependency in salesWhat Brian means by “phase zero” capabilitiesWhy firms may need to go backwards before scaling forwardsHow to professionalise a go-to-market strategyThe importance of route-to-market analysisUnderstanding reach, fit and yieldWhy lower-middle-market businesses hit growth ceilingsThe challenges of integrating founder-led businesses in a roll-upWhy go-to-market integration should be pre-wiredThe importance of execution fit during due diligenceWhy growth stalls are not always sales problemsCustomer success versus customer supportHow existing customers can drive expansion revenueSeparating revenue results from the revenue engineHow operating partners can support commercial transformationWhy growth initiatives must be sequenced correctlyTimestamps00:00 – Introduction to Brian Gustason and BG Operating Advisors01:01 – Common growth challenges in the lower-middle market01:31 – Founder dependency and underdeveloped commercial capabilities02:29 – Identifying phase zero go-to-market capabilities03:56 – Defining a professionalised go-to-market strategy04:23 – The role of go-to-market strategy in private equity05:17 – Why route-to-market analysis is often overlooked05:47 – Understanding reach, fit and yield07:14 – Why founder-led businesses often lack scalable processes08:38 – Growth ceilings and limited execution runway10:05 – Go-to-market challenges in roll-up strategies11:34 – Pre-wiring go-to-market integration13:01 – How deal origination affects integration13:58 – Execution fit and time to integration value15:51 – Diagnosing the real causes of stalled growth16:40 – Treating go-to-market as a connected system17:08 – The role of customer success in recurring revenue18:33 – Unlocking growth from existing customers19:53 – Assessing whether the revenue engine can scale20:22 – Separating revenue performance from revenue capability21:20 – Evaluating go-to-market maturity22:42 – Where to play, who to target and how to engage24:10 – How operating partners can support portfolio companies24:37 – The operating partner’s role in due diligence25:35 – Identifying businesses that need growth intervention26:31 – Sharing best practices and coaching leadership teams26:59 – Sequencing growth initiatives effectively27:29 – How to connect with Brian Gustason27:57 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice.Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors.The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort.Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit.Key HighlightsWhy continuation vehicles have experienced significant growthHow dedicated secondary capital has accelerated adoptionWhy many leading private equity firms have completed multiple CV transactionsThe benefits of providing liquidity while retaining high-conviction assetsWhy a continuation vehicle should not be the option of last resortHow slower distributions have affected LP investment programmesThe role of secondaries in portfolio optimisation and capital recyclingHow CVs can strengthen sponsor and LP relationshipsThe importance of transparency, optionality and LPAC engagementThe key indicators of a high-quality continuation vehicleCareer opportunities within the expanding secondaries marketTimestamps00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice00:59 – Why continuation vehicles are growing so quickly01:29 – The evolution of fund restructurings into continuation vehicles01:58 – Growth in dedicated secondary-market capital02:25 – Increasing adoption among leading private equity firms02:53 – Benefits for GPs, LPs and management teams03:39 – The biggest mistake firms make when considering a CV04:46 – Longer hold periods, slower exits and fundraising pressure05:16 – Why LPs are manufacturing their own liquidity06:14 – Restarting the private markets capital flywheel06:43 – The contribution of CVs to LP distributions07:12 – Secondaries as a strategic portfolio-management tool08:39 – Portfolio optimisation and greater flexibility for LPs09:37 – How continuation vehicles affect sponsor-LP relationships10:05 – Giving existing LPs liquidity and rollover optionality11:03 – What separates a good CV from a bad transaction11:23 – Building a credible investment narrative11:52 – Ensuring sufficient upside remains in the asset12:21 – GP alignment and commitment to the next phase13:18 – LPAC support and establishing a clear exit strategy14:10 – Adrian’s recommended reading14:39 – Careers in secondaries and how to contact Adrian15:35 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.Upcoming Webinar:Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process.Discover how leading firms define roles, assess candidates and build a more effective executive hiring process.Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies.Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology.The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies.Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment.Key TakeawaysWhy the right talent is the foundation of scalable revenue growthHow Adam helped a founder-led company achieve 4X revenue growthWhy attitude, adaptability, and soft skills can outweigh lengthy industry experienceHow market specialisation can create a dominant competitive positionWhen strong demand and long backlogs signal an opportunity to increase pricesHow to position price increases around customer valueWhy sales compensation should reward profitable growth, not revenue aloneHow a standardised go-to-market playbook supports add-on integrationTools for assessing salespeople and commercial leadersTimestamps00:00 – Introduction to Adam Crandall and Addtronics00:30 – Adam’s career journey from HR to revenue leadership01:25 – Quadrupling revenue and exiting a founder-led business02:19 – The foundations of 4X revenue growth02:49 – Getting the right people in the right seats04:08 – Identifying high-growth end markets05:01 – Hiring for attitude, adaptability, and soft skills07:48 – Building a team capable of accelerated growth08:17 – Value creation through market specialisation09:40 – Pricing as a value creation lever11:33 – Implementing price increases in founder-led businesses12:01 – Communicating price increases to customers14:23 – Shifting the culture toward profitable growth15:22 – Aligning sales compensation with margin targets16:49 – Creating a repeatable go-to-market playbook17:44 – Balancing platform consistency with operating company autonomy18:11 – What belongs in a scalable commercial playbook19:36 – Assessing sales talent and commercial leadership20:33 – Recommended resources for private equity revenue leaders21:00 – How to connect with Adam Crandall21:28 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group.Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs.The conversation explores why integration is often the hardest part of professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance.Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers.Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector.Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability.Key Takeaways• Build professional-services firms as businesses, not simply collections of practitioners.• Successful acquisitions depend on fast, thoughtful cultural and operational integration.• Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit.• Marketing activity should be assessed through measurable returns rather than tradition.• AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals.• Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed.Timestamps00:00 – Introduction to Zachary Darrow01:00 – Building a business that happens to be a law firm01:31 – Navigating the global financial crisis02:28 – Diversification, marketing and acquisitions03:25 – Lessons from team lift-outs and firm acquisitions04:49 – Acquiring people-centric professional-services businesses05:12 – Treating employees as a second client group07:01 – Modernising legal-sector business development07:58 – Measuring conference and sponsorship ROI08:55 – Content-led digital marketing11:48 – Lessons from advising founders and investors12:01 – Why founders must prepare earlier13:57 – “Make-ready” work before raising or selling14:56 – Chief Outsiders16:22 – Private equity’s opportunity in legal services17:20 – Alternative business structures and MSOs18:18 – Solving law firms’ capital constraints20:17 – AI investment and transformation21:15 – Darrow Everett’s adoption of legal AI24:01 – AI use case: reviewing large datasets25:29 – AI use case: strengthening legal documents27:24 – Zachary’s recommended reading28:22 – How to contact Zachary DarrowRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies.Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline discipline, and structured onboarding create scalable performance.The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin.Key Takeaways• Diagnose the commercial engine before adding sales headcount.• Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts.• Build systems that make capable salespeople productive rather than relying on individual heroics.• Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close.• Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration.Timestamps00:00 – Introduction to Bill Bell and Chief Outsiders00:52 – The biggest commercial mistake private equity firms make02:17 – Why hiring more salespeople can increase cost, not revenue02:46 – Diagnose, fix the infrastructure, then add capacity03:17 – Four areas of commercial maturity to assess04:46 – What makes an effective sales manager07:03 – How manufacturing companies typically hire sales talent08:00 – The danger of relying on a salesperson’s “black book”08:56 – Building a sales system instead of hiring your way to growth09:56 – Four foundations to establish before recruiting sales reps11:24 – What a documented sales process should look like11:53 – Using stage gates in an 18-month industrial sales cycle13:43 – The hidden cost of pursuing customers who will not buy15:40 – Bill’s biggest PE-backed growth success story17:34 – Recommended books, masterclasses, and podcasts18:58 – How to contact Bill19:27 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bobby Ocampo and Sheldon Lewis, co-founders and managing partners of Blueprint Equity.Following the successful close of Blueprint Equity’s $333 million third fund, Bobby and Sheldon explain how the firm identifies and supports high-growth B2B software companies. They discuss Blueprint’s early growth investment strategy, its direct sourcing infrastructure and the role its six-person operations team plays in supporting portfolio companies.The conversation also explores the impact of artificial intelligence on software valuations, underwriting and value creation. Bobby and Sheldon explain how Blueprint has integrated multiple AI tools across sourcing, deal evaluation, portfolio operations and internal workflows.They also share why vertical software businesses with deeply embedded customer workflows may be better positioned to withstand AI disruption than lightweight horizontal software products.Key TopicsBlueprint Equity’s early growth investment strategyRaising a $333 million third fundInvesting in B2B vertical software businessesBuilding a large direct sourcing functionSupporting founders with recruiting, go-to-market and RevOpsUsing AI to identify, prioritise and track investment opportunitiesConnecting multiple AI tools through an integrated technology stackUnderwriting software businesses in an uncertain marketAssessing founders in minority growth investmentsMoving quickly without creating employee burnoutTimestamps00:00 Introduction00:28 Blueprint Equity and the successful Fund III raise00:53 The firm’s early growth equity investment thesis01:43 Building the team and operations function02:50 Common mistakes made by investment firms04:21 Underwriting software businesses in the AI era06:33 How Blueprint structures its value creation team07:41 Recruiting and institutionalising portfolio companies08:35 RevOps, reporting and financial visibility09:53 How Blueprint uses AI internally10:37 AI-driven sourcing and opportunity prioritisation11:06 Using proprietary data in underwriting12:32 Blueprint’s AI technology stack14:01 Building a genuine direct sourcing strategy15:24 The resources required for proprietary origination16:46 Less obvious investment signals17:14 Assessing the entrepreneur behind the business18:13 Vertical software and the threat of AI disruption20:25 Creating a fast-moving culture without burnout22:09 Recommended private equity news and content23:34 How to connect with Blueprint EquityRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com