Balance Sheet First Investing Like an Operator, Not Traditional PE

Guest: David Williams, CEO, Advantage Services Group (ASG) Host: Alex RawlingsDavid Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.🕒 Timestamps00:00 – Introduction & David’s background 01:57 – Choosing entrepreneurship through acquisition 02:51 – Why HVAC, plumbing & electrical? 03:48 – Moving to Oregon & first acquisition 04:16 – Growth to $100m+ revenue 07:57 – From small business to scalable platform 08:54 – Pillar 1: Infrastructure 09:50 – Pillar 2: Systems & integration 11:19 – Pillar 3: Building strong GMs 12:16 – Pillar 4: Culture as a CEO responsibility 15:08 – Core belief: Operating with urgency 17:56 – Why integration is about people, not spreadsheets 21:42 – Earning trust post-acquisition 24:05 – Book & podcast recommendationsKey TakeawaysDurable industry thesis: Large, fragmented, non-discretionary market.Integration focus: ASG builds one company with shared systems and culture.Leadership bench: Strong GMs drive performance.Culture is deliberate: Clear beliefs — not designed for everyone.Urgency wins: Speed in customer service and decision-making is core.M&A is emotional: Time on the ground builds trust and long-term alignment.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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.⏱️ Timestamps00:00 – Andrew’s background and founding Mauloa01:10 – Why private equity’s model is flawed03:02 – Investing without debt or exit pressure06:18 – Fund structure without institutional capital07:44 – Incentivising management long-term10:49 – Free cash flow freedom vs leverage pressure12:14 – “Piles of money” vs chasing IRR16:54 – The Middle Market Accelerator19:16 – What Andrew reads and recommendsKey ThemesOver-leverage and short hold periods distort decision-makingLong-term compounding beats short-term IRR optimisationCulture and leadership matter more than financial engineeringSupporting “boring” small and middle-market businesses builds real wealthIf you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.⏱️ Timestamps00:00 – Introduction & career overview 00:28 – Life at McLaren & high-performance environments 01:23 – VC due diligence & scaling tech businesses 02:24 – Building and exiting a SaaS company 03:50 – The biggest PE mistake: rigid M&A planning 07:25 – Lessons from Formula One 10:21 – Why professionalising leadership can slow growth 14:23 – How to double EBITDA in a PE cycle 18:56 – Integration lessons from 22 acquisitions 20:19 – Resources & how to connect🔑 Key TakeawaysPlan for ambiguity. You can only acquire what exists in the market.Not all revenue is equal. Cutting “non-core” products can damage the core.Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.Integration is human. Success comes from winning hearts and minds — not just aligning systems.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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.⏱️ Episode Highlights00:00 – Intro & Background James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.05:22 – Transition to Corporate Finance & First Exit How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale.08:47 – Second Exit in Charlotte Turning around a struggling portfolio company and leading it through a successful 2024 exit.09:51 – Common CFO Hiring Mistakes in PE The importance of SOPs, process infrastructure, and cross-functional alignment.12:13 – Strategic Focus: Quote-to-Cash & Customer Experience Mapping key processes to maximize customer lifetime value and ROI.13:35 – Value Creation Before Exit Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions.17:26 – Exit Lessons Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference.21:17 – Acquiring Smaller Businesses James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition.25:37 – Final Advice Embrace best practices from acquired companies—don’t force your way if theirs is better.26:32 – Resources James recommends the Wall Street Journal and CNBC to stay sharp on market trends.27:28 – Contact 📧 Reach James: [email protected] 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

Episode Overview:In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.Timestamps & Key Topics:00:00 – Introduction Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.00:54 – Richard’s Background From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.03:19 – Why Multi-Location Businesses? Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.04:43 – Starting Small, Scaling Big CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.06:30 – Specialization as a Differentiator Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.08:55 – $1B+ Exit: Sizzling Platter to Bain Capital Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.14:03 – Key Learning: Labor-Light Models Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.15:27 – Fund VII: First Close Success How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.17:44 – Hybrid Capital Strategy Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.20:04 – Book Recommendation: Give and Take by Adam Grant The power of relationships in PE—not just financial modeling.21:57 – Connect with Richard Email: [email protected] | LinkedIn & website via CapitalSpring.Top Takeaways:Specialization is key in today’s competitive PE environment.Hybrid investing (debt + equity) offers flexibility and downside protection.Operationally light, multi-unit businesses prove resilient—even in crises.Long-term success in PE depends on relationships, not just technical skills.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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

🎧 Episode Summary: In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.⏱️ Timestamps:00:00 – Intro to Chris & Pacific Avenue 01:28 – Key mistakes in PE & portfolio strategy 03:52 – Why Europe? Lessons from expansion 05:47 – Building and integrating cross-border teams 10:57 – Defining “complex transactions” 12:24 – Total Energy carve-out case study 15:17 – Proprietary sourcing via corporate relationships 17:25 – Investing in ops: value creation strategy 20:16 – How their ops team is structured 22:45 – Chris’s interests & offer to connect💡 Key Takeaways:Focus on carve-outs and “unnatural owners” enables deep value creation.Expansion to Europe was led by people, not just strategy.A proprietary sourcing approach is key in competitive processes.Ops team = generalists with deep business acumen who partner with management.Carve-outs require patience, resources, and a consistent strategy.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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity.He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines.⏱ Timestamps00:00 – Intro to Alex Sabel & THL’s AI FocusAI at the firm, portfolio, and personal level.00:55 – Alex’s BackgroundFrom public markets to PE, building THL’s research and AI function.03:12 – Common Mistakes in AI AdoptionWhy firms must focus on data foundations first.04:35 – Real-Time Insight vs. Info OverloadThe value of surfacing insights at the right time.06:02 – Investing in the Global Compute EcosystemTHL’s thesis: look beyond GPUs to second-order AI winners.09:19 – THL’s Three-Pronged AI StrategyInvest in AI, use it internally, and support portfolio adoption.11:42 – How THL Supports Portfolio InnovationRoundtables, tech summits, and a vendor ecosystem to foster AI experimentation.13:36 – Case Studies: Binder, FourKites & SentriaExamples of AI-driven product innovation and operational efficiency.17:57 – When AI FailsWhy THL embraces “fail fast” and knows when to build vs. buy.22:12 – Deciding When to Use AIBreak problems into first principles—GenAI isn’t always the answer.25:26 – What’s Blown Alex’s MindAI organizing and standardizing messy, fragmented enterprise data.27:45 – Daily Tools & TipsCoding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights.31:06 – What to ReadShort term: WSJ, FT, Economist.Deep dives: SemiAnalysis and top Substacks.32:31 – Connect with Alex SabelOpen to collaborating on AI, compute infrastructure, and emerging vendors.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, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam’s emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm’s hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.⏱️ Timestamps:00:00 – Intro to Giovanni & Maestro Equity Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.01:25 – Key Mistakes in Emerging Markets Investors often misjudge deals by relying on personal experiences or Western legal frameworks without cultural alignment.03:16 – Who Makes These Errors? Regional and international funds rushing due diligence or avoiding deeper market engagement.04:41 – Why Vietnam? Giovanni's move from the US to Vietnam, spotting talent gaps, and seizing untapped opportunities.07:30 – Mature vs. Emerging Market Investing Faster growth, lower costs, and higher returns—but requires entrepreneurial execution.09:23 – PE in Vietnam is a Different Game You must own every part of the process—legal, operational, strategic—and be hands-on daily.11:17 – Due Diligence = Partnership Building Guide founders through compliance and process; the relationship starts before the investment closes.14:40 – Post-Investment Involvement Maintaining founder focus and execution requires credibility, patience, and close collaboration.16:35 – Lean but Deep Team A 10-person team making fewer, more impactful investments with long-term vision.17:59 – Vietnam’s Outlook More consolidation, founder maturity, and market sophistication ahead—making it ripe for growth and future competition.20:19 – Giovanni’s Recommendations 🎧 All-In Podcast 📘 The Game – Alex Hormozi 📘 The 5 Types of Wealth21:40 – Connect with Giovanni 📧 [email protected] 🔗 Giovanni Zangani on LinkedInRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Sam and Taavo from CEO Advantage return to dive into the 5X CEO Assessment—a diagnostic tool developed from two years of research into top-performing private equity-backed CEOs who delivered 5x+ MOIC.The conversation explores how the 5X model—comprised of Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, and Energized Culture—is used not just as a conceptual framework, but as a practical tool to evaluate and upgrade leadership team performance.🔑 Key Discussion Points▶ 5X Model OverviewBuilt from studying CEOs with 5x+ returnsFive components: Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, Energized Culture▶ How the Assessment WorksEach component includes 10–12 statements to rate by importance and performanceIncludes open-ended responses for actionable feedbackResults are color-coded (Red-Yellow-Green) for fast clarity and prioritizationUsed with leadership teams and optionally with boards or PE partners▶ Strategic ClarityAligning the CEO, leadership, and board on the value creation planCommunicating strategy throughout the organization—down to the receptionistThe role of repetition in embedding strategy (11x rule)▶ Energized CultureHolding people accountable for behavior, not just resultsMeasuring employee engagement and culture with data (e.g. eNPS)Example: CEOs who stack-rank team collaboration to highlight friction and teamwork▶ Scalable TalentFocus on A-players in critical value-driving roles, not just execsUsing 9-box performance vs. potential models, shared with boardsCEOs with strong HR leaders outperform—talent as a strategic function▶ Relentless FocusSimplifying execution to “do now, do next, don’t do”Avoiding shiny object syndrome and internal distractionEnsuring alignment on key initiatives and managing PE firm inputs▶ Disciplined ExecutionTracking both leading and lagging KPIs tied to the value creation planEstablishing a management cadence and operating systemExample: AI-driven measurement of customer conversations to boost growthTying metrics directly into compensation and incentive systems▶ How PE Firms Use the ToolAs part of diligence or onboarding of new CEOsTo drive annual CEO performance reviewsTo create a shared language between CEOs and sponsors on team performance📘 Resources MentionedBook: The 5X CEO – Available on Amazon and AudibleThe Private Equity Playbook series by Adam CoffeyMove by Sandy Ogg (Talent to Value)Works by Patrick Lencioni on leadership and clarity🌐 Learn more about the 5X model and CEO Advantage at www.AdvantageCEO.comRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Tim Schulte, Value Creation Partner at Council Capital, a Nashville-based private equity firm investing in healthcare businesses across tech-enabled services, outsourced services, and provider platforms.Tim brings a unique blend of consulting, operational, and investing experience. He shares how Council Capital drives value creation through collaboration, leadership development, and a structured yet flexible approach to talent and operations.🔑 Key Highlights:00:00 – IntroductionTim’s background: consulting → startup growth → private equity. At Council for 6+ years, focused on scaling healthcare companies.01:15 – Common Mistake in PEReinventing the wheel. Tim advocates for leveraging shared knowledge and collaboration across portfolio companies instead of starting from scratch.02:12 – Three PE Value Creation ModelsTim outlines three styles:Collaborative but shallowSubstantive but rigidCollaborative and substantive – Council Capital’s approach03:37 – Collaboration in PracticeCouncil’s CEO Council is made up of 30+ senior leaders who are both advisors and investors. Their involvement creates mentorship and alignment without top-down pressure.05:02 – Council’s Value Creation TeamA large internal team supports portfolio companies with tailored toolkits (not rigid playbooks) across growth, ops, and talent.06:11 – Hiring Top ExecutivesTalent is central to value creation. Council uses:TopgradingAptitude & personality assessmentsIn-depth referencingCase studies...to ensure fit and long-term success.09:05 – Role of AssessmentsAssessments aren’t used to screen candidates out, but to guide interview questions and identify fit. Council tracks data across hundreds of hires to correlate traits with performance.12:27 – Broader Talent SupportBeyond the C-suite, Council helps portfolio teams:Implement HR techRefine hiring processesImprove onboardingStructure incentive plans14:38 – First 100 Days for CEOsNew CEOs are expected to:Align on strategyBuild out the right teamEnsure reliable data systems to track performance16:58 – Recommended ResourcesTim recommends:Acquired – for business case studiesFounders – for leadership traits & human stories17:52 – Connect with Tim SchulteBest via LinkedIn or at Council CapitalRaw 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.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires.