The LAB: Value Creation in Private Equity

Private equity conversations focus on creating value. This episode looks at what happens next. Scott Estill and Nick Creasey talk with Dave Wolcott, founder of a family office and creator of the WealthOS platform, about how operators and investors can prepare for a liquidity event well before it arrives.Dave explains why he treats taxes as a set of incentives rather than a penalty. He also covers why diversification alone doesn’t build wealth, why an investment policy statement gives wealth a strategy, and how a wealth flywheel can lower taxes and grow income over time. The conversation is most useful for C suite operators, operating partners, and investors whose largest payout comes at the end of a hold period.

Sequoya Borgman is the founder and CEO of Borgman Capital, an independent sponsor that has acquired 22 companies over the past decade using a special purpose vehicle model instead of a traditional committed fund. In this conversation, Borgman explains why sellers increasingly prefer the flexibility and longer hold periods that come with the independent sponsor structure, how his firm built a network of over 500 retail accredited investors through a platform called Pass the Hat, and why that investor base functions as a sourcing and value creation advantage rather than just a source of capital. He also walks through what actually drives returns in a leveraged buyout, what separates a strong independent sponsor from someone who just wants to do their own deals, and the hiring lesson that cost him the most over the last ten years. For listeners evaluating independent sponsors as partners, or considering the model themselves, this episode offers a grounded, experience-based view of how the structure works in practice.

George de los Reyes, CRO and Managing Partner at Cortado Group, sits down with Nick Creasey and Scott Estill to discuss how private equity firms actually execute go-to-market transformation in portfolio companies.With PE acquisition multiples higher than ever, growth is no longer optional. George walks through the foundation-first approach to scaling revenue: understanding your buyer, building repeatable sales processes, creating smart account segmentation that balances fit and revenue potential, and aligning your sales and marketing leadership.The conversation covers real examples of quick wins (the "40 million dollar sprint"), the critical mistakes he sees in portfolio companies, and what separates sales leaders who can scale from those who become bottlenecks. For investors, operators, and management teams focused on bridging the gap between deal thesis and portfolio company execution, this episode is essential listening.

Maxim Tcherner of Fengate joins The LAB to discuss lower middle market private equity, founder alignment, durable value creation, and what it takes to build businesses that can scale.Institutional quality can create an edge in the lower middle market.Maxim explains how Fengate brings experience from larger-cap investing into smaller, founder-led businesses without losing the hands-on partnership required at that stage.Alignment has to go beyond incentives.Financial alignment matters, but Maxim emphasizes that alignment around the business plan, value creation strategy, and growth thesis is just as important.Value creation is about accelerating growth, not just optimizing structure.For Fengate, the most compelling opportunities are businesses that can grow faster than their markets, gain share, and use M&A to reinforce what already makes them special.Integration matters more than accumulation.Maxim cautions against simply stacking EBITDA through acquisitions. Fengate looks for industrial logic, commercial fit, and true integration across platforms.Momentum is powerful, but timing the market is not the strategy.The goal is to build enduring, durable businesses while recognizing when windows of opportunity require urgency.

Two-thirds of M&A transactions destroy value. Not because of bad models—but because of people.In this episode, Meg Poag (Founder, Mission Squared) breaks down the real reasons deals fail after close: misaligned expectations, unclear authority, cultural friction, and the psychological blind spots of founders and investors alike.From “dating before marriage” to the neuroscience of decision-making, Meg explains why emotion clouds judgment, why founders resist feedback, and how small gaps in alignment turn into full-scale value destruction.If you’re involved in buying, selling, or operating businesses, this episode is a masterclass in the human side of value creation.

In this episode of #TheLAB Podcast, Scott and Nick sit down with Rachel Lawler, Founder of Aperture Growth, to discuss what actually drives value creation inside private equity-backed businesses.Rachel shares her structured approach to diagnosing operating model friction across enterprise value creation, operations, tech stack, and integration. From technical debt and brittle systems to management alignment and automation, she explains why growth often exposes weaknesses instead of creating value.They cover:Why technical debt is often a Day One billHow to stress test an operating model before scalingWhy two-thirds of CEOs don’t survive a hold periodThe difference between a go-to-market function and a go-to-market systemWhy labor often substitutes for poor system designWhen PE firms should walk away during diligenceIf you care about repeatable growth, clean data, operational visibility, and building businesses that can exit without the founder — this episode is for you.

Chuck Canton is a founder-operator who has lived every stage of the entrepreneurial journey — from running a deck-staining business in college to helping scale and sell a $70M+ communications company to Vonage, and ultimately to founding SourcePass, now a $100M+ managed services platform.In this episode, Chuck breaks down what it actually takes to scale a services business in a fragmented market. He shares hard-earned lessons on capital strategy, M&A execution, founder-led culture, and why most entrepreneurs underestimate the cost of time, distraction, and misaligned investors.This conversation is a masterclass for founders, operators, and private equity professionals navigating growth, capital, and scale in IT services and beyond.

In this episode of The LAB Podcast, we sit down with Mason Myers, Founder of Greybull Stewardship, to explore how his firm consistently generates outsized returns in the pre-middle market—companies below $25M enterprise value and under $5M EBITDA.Where most investors see risk, Greybull sees opportunity: strong business models with proven product–market fit, but lacking the execution muscle to scale. Mason walks us through their business-model-first investment strategy, their differentiated sourcing approach, and the operating frameworks that help small companies become true mid-market platforms.We explore Greybull’s eight-step strategy process, how they reduce development risk during diligence, why their hold periods extend 7–10 years, and how they bring functional expertise to companies too small to build that capability internally.Mason also shares a standout case study: a continuing-education business they helped transform from $1.4M to $6M EBITDA, shifting from in-person workshops to online subscriptions, expanding recurring revenue from 0% to 90%.This is a masterclass in value creation for small companies with big potential.------The opinions referenced are as of the date of the publication and are subject to change without notice. This material is for informational use only and should not be considered investment advice. This is not an offer to sell, or a solicitation of an offer to purchase any fund managed by Greybull. Such an offer will be made only by an Offering Memorandum, a copy of which is available to qualifying potential investors upon request. Greybull is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Greybull's investment advisory services can be found in its Form ADV Part 2 which is available upon request. The opinion expressed are those of Greybull.

In this episode of The LAB: Value Creation in Private Equity, Scott and Nick sit down with Mark Gormley, Founding Partner at Lee Equity Partners, to discuss how private equity can build lasting value in healthcare services.Mark walks through his background in financial services and his 25+ years investing in healthcare, offering an inside look at how Lee Equity approaches physician practice management (PPM) and healthcare roll-ups. The conversation dives into Solaris Health, one of Lee Equity’s standout success stories, exploring what made it work when so many PPM deals fail to scale.The episode breaks down:Why PPM roll-ups are among the hardest in private equityHow Lee Equity built Solaris into a national urology leader with 800+ providersThe balance between integration and physician autonomyLessons from cross-pollinating leaders and best practices across portfolio companiesIt’s a masterclass in how to build a real business, not just aggregate EBITDA.

In this episode of #TheLAB, Scott Estill and Nick Creasey sit down with Rob Heyvaert, Founder and Managing Partner at Motive Partners.Rob shares the arc of his career, from engineering the algorithm that powered the Euro’s clearing and settlement system, to building and scaling CAPCO, to founding Motive Partners, and the philosophy behind his firm’s success: combining investors, operators, and innovators to drive alpha in fintech.They discuss:How deep operational experience differentiates investors in financial technology.Why WealthTech, particularly in private market infrastructure, is ripe for disruption.The concept of a “frictionless network” connecting private markets, and why wealth advisors, investors, and entrepreneurs alike aren’t ready for the shift ahead.Rob’s take on staying curious, the future of AI in financial services, and the discipline of knowing when not to act first.