Investors & Operators

51 Labs
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The M&A market can be boring, but everyone has a story. The Investors & Operators podcast is about discovering the stories people were holding back, didn’t know how to tell, or forgot about. The goal is simple: fresh, authentic storytelling to bring people together in the M&A community. With over 1M organic views and counting on LinkedIn, 51 Labs is disrupting the M&A market through the use of videography and content creation. In a market that longs for authenticity, 51 Labs helps strengthen your brand and tell your story. From concept to distribution, we strategize and produce thoughtful content to be used across a multitude of channels, to help you stand out in an otherwise traditionally boring market. New episodes every other Thursday at 6:00am Eastern.

  1. 5 MAR

    Ep. 147: Brian Bank, PE Strategy, IR & BD Executive at Kirkland & Ellis

    Topics: Venue Do’s & Don’tsAgendas for Emerging ManagersPanels vs. Single PresentersPublic LP ConstraintsAGMs as a Brand Opportunity ...and so much more. Brian Bank shares what actually makes AGMs stand out from an LP’s perspective—from venue and agenda to networking, speakers, and swag. It offers clear, experience-driven takeaways for GPs and emerging managers who want their AGM to feel differentiated and worth the trip. Top Takeaways Choose a venue LPs will remember. The AGMs that stand out don’t stay in hotel ballrooms. They bring LPs to portco sites, operating assets, sporting venues, museums, or distinctly local experiences. The right venue either reinforces the investment strategy or creates a memorable experience that LPs will still recall long after AGM season ends. Never assume LPs remember who you are. AGMs often include new faces. Always reintroduce the team, restate strategy, and provide context for roles and investments. Clear speaker handoffs and background reminders prevent confusion and disengagement. Reinforce the firm you’re becoming, not just the fund you raised. An AGM is both a branding and promotional moment. Speaker selection, team visibility, and agenda structure should signal institutional depth, succession, and where the firm is headed next. Highlight rising leaders, repeat portfolio CEOs, and functional expertise to show LPs what Fund II or Fund III will look like. Build differentiation into every detail. Templates, venues, speakers, and formats repeated year after year erode impact. The most effective AGMs ask one question throughout planning: What will make this one distinct from the other 20 meetings LPs attend this year? About Brian Bank Brian Bank is a seasoned strategy and client relations executive in the Investment Funds Group at Kirkland & Ellis. With 25+ years of experience as both an institutional LP and a placement agent, he’s committed capital across asset classes, served on multiple LPACs, and attended hundreds of AGMs. This gives him a firsthand view of what LPs actually value in investor relations and annual meetings. About Kirkland & Ellis Kirkland & Ellis is a global law firm known for its strength in corporate, litigation, and client advisory work across industries including private equity, M&A, and finance. The firm regularly advises leading investors and funds on complex transactions, strategy, and governance, and has built a reputation for deep legal expertise paired with practical, business-focused guidance.

    31 min

  2. 12 FEB

    Ep. 146: Liz Weindruch, Managing Director at Barings

    Liz Weindruch breaks down what makes an AGM work from an LP’s perspective. The result is a practical, no-fluff guide for emerging managers planning their first or next AGM. Topics: Comms Best PracticesUse of Panels & PresentersAI & Technology DiscussionSwag StrategyWhat Makes an AGM Memorable ...and so much more. Top Takeaways Design the AGM experience around LP value, not GP convenience. The meetings that stand out offer insights LPs can’t get from quarterly reports and meaningful face time with people they rarely interact with, such as operating partners, VPs on the deal teams, or former CEOs who’ve exited a business and want to do it again with the firm. Easy-to-reach locations matter, and portfolio “field trips” are a bonus when feasible. The best structure for AGM materials and portfolio updates. The strongest AGMs follow a clear arc: a concise firm update, current macro and sector context, and a disciplined walk-through of the portfolio. Macro commentary should always be tied to company-level impact. Portfolio deep dives should restate the original thesis, show what has changed since acquisition, and explain how capital structure, timelines, and return expectations have evolved. Swag: What LPs keep vs. what they toss. If you’re giving out clothing, assume it might end up at Goodwill. Fit is hard, branding is risky, and most items won’t get worn. Consumables almost always are a safe bet: high-quality, portable, and waste-free. The best swag ties back to a portfolio company or the firm’s ethos in a thoughtful way. If it feels generic, it probably is. About Liz Weindruch Liz Weindruch is a Managing Director on the Diversified Alternative Equity team at Barings, where she serves on the investment committee and leads global fund, co-investment, and secondary origination and underwriting. With 20+ years in private markets, Liz has reviewed and attended hundreds of AGMs across funds, vintages, and strategies, giving her a front-row view into what actually works from an LP perspective. About Barings Barings is a global investment management firm headquartered in Charlotte, North Carolina. The firm manages $480B+ across public and private markets—including fixed income, real assets, and alternatives—for institutional, insurance, and intermediary clients across North America, Europe, and Asia Pacific.

    24 min

  3. 22 JAN

    Ep. 145: Matt Salisbury, Founder at EVP Strategic Advisors

    Topics: “99% Right Is 100% Wrong” MindsetMaximizing Outcomes in a Sale ProcessPost-Close Seller Regrets ...and so much more. Top Takeaways Make your first deals your brand. Matt emphasizes that early deals define how the market sees you and become proof of your standards and the caliber of clients you can win. That’s why it pays to set a clear bar for what you’ll take on: deal quality, counterparty strength, and your ability to run a clean process. Build an advisory board with a clear purpose. Matt notes that advisory boards only create value when you’re clear on what you want from them At Edgeview, advisors were brought in for credibility, introductions, and high-level guidance. That clarity kept the relationship lightweight and efficient. Decide early whether you need a stamp-of-approval and network board with periodic check-ins or an operator board that requires heavy preparation and greater accountability. Private business owners: not every great outcome is a sale. The best path forward might be a recap, a minority partner, or a keep-and-grow strategy with the right buyer. Before going to market, owners should align on liquidity needs, legacy goals, leadership succession, and employee impact. That clarity reframes value from price alone to after-tax outcomes and long-term fit. Mid-level bankers: don’t get stuck as “the execution person.” If you don’t build a revenue lane, you’ll never leave the trenches. The bankers who create real leverage carve out a clear wedge—a vertical, sponsor set, buyer niche, or unique POV—and spend real time developing deal flow and ideas, not just executing. About Matt Salisbury Matt Salisbury has built, scaled, and exited two successful investment banking firms over a 25+ year career, advising on 100+ M&A and strategic transactions primarily for private business owners. Matt launched EVP Strategic Advisors to focus on helping entrepreneurs navigate complex strategic decisions with clarity and confidence. About EVP Strategic Advisors EVP Strategic Advisors is a boutique advisory firm dedicated exclusively to privately held and family-owned businesses. Rather than pushing owners toward a transaction, EVP helps founders clarify their long-term goals, evaluate strategic options, and maximize outcomes across growth, liquidity, and legacy.

    1h 14m

  4. 19/12/2025

    Ep. 144: Grant Kornman, Partner at Align Collaborate

    Topics: How Sponsors Communicate EfficientlyWhat Investors Look For in First CallsLower Middle Market Buy-and-Build Strategies ...and so much more. Top Takeaways Match your capital partners to your stage of maturity. Grant notes that choosing the right capital partner upfront prevents misalignment and speeds your path forward. For example, early sponsors gain the most by co-sponsoring with seasoned PE funds to learn what “good” looks like. Sponsors aiming to raise a future fund need co-investors who protect attribution and let them build a clean track record. Lead with the value you’ll create, not the deal you found. Grant sees it all the time: independent sponsors spend 45 minutes on deal mechanics and leave only a few minutes on the plan that actually drives returns. It’s backwards. Investors care far more about the growth thesis, the value levers, the M&A roadmap, and why you are the right person to execute it. VOC + Market Mapping is the new standard for top sponsors. Grant expects more sponsors to invest in structured market studies, especially voice of customer to validate why the company wins, and market mapping to define the actual M&A universe. Most sponsors talk about add-ons, but few can prove how many targets exist, which ones fit, or whether sellers transact. Investors back the sponsors who can quantify this, not just claim it. About Grant Kornman Grant Kornman is a former independent sponsor with more than a decade of experience buying and growing lower-middle-market companies. He co-founded NCK Capital and built a track record across multiple sectors through disciplined investing and operator-level execution. As a Partner at Align Collaborate, Grant brings a sponsor-first approach to equity shaped by a deep understanding of what independent sponsors need to execute and create value. About Align Collaborate Align Collaborate is an equity partner purpose-built for independent sponsors. Launched by Align Capital Partners in partnership with Grant and Michael Kornman, the firm provides fast, flexible equity for lower middle-market buyouts. Their model is designed around the realities of the IS ecosystem: clean attribution, quick decisions, tailored structures, and the option to leverage ACP’s operational resources.

    46 min

  5. 04/12/2025

    Ep. 143: Sean Mooney, Founder & CEO at BluWave

    Topics: Emotional Highs & Lows of FoundersWhy Hire Above Your Skill SetLearning to Spot Opportunities ...and so much more. Top Takeaways Founders: Build a culture of cheap experiments and fast iteration. The first version of BluWave was a platform people liked in theory but hated in execution. That’s when the team leaned on Jim Collins’ “bullets before cannonballs” approach: test small, validate, then scale. Sean ran a series of low-risk experiments to see what actually worked before committing resources. By iterating quickly and scaling only what the market proved out, BluWave went from zero traction to the 2021 Inc. 5000 list of fastest-growing PE firms. Ask for help before you hit a wall. Sean nearly shut the business down because he tried to solve everything alone. Jordan saw the same thing: real breakthroughs only happened after admitting he was stuck. For founders, isolation is dangerous. Build a habit of pulling in outside perspectives early to shorten cycles, avoid blind spots, and make better decisions. Train your brain to see opportunity, not risk. Sean’s team uses the “red car theory”: whatever you train your brain to look for (red cars, opportunities, inefficiencies), you’ll start noticing them everywhere. Most people default to scanning for risks. Great operators do the opposite and train their attention toward leverage points. Practice that habit long enough, and it becomes a real advantage. About Sean Mooney Sean Mooney is the Founder and CEO of BluWave, a market network built for private equity. After two decades as a PE partner, he left a stable career to solve a recurring bottleneck he saw firsthand: the difficulty of finding reliable, high-quality third-party resources quickly. Today, BluWave serves hundreds of firms and their portfolio companies. About BluWave BluWave is a Nashville-based platform that connects private equity firms and their portfolio companies with vetted third-party resources for diligence, value creation, and preparation for sale. It combines a curated network with a high-touch matching process to help teams find the specialists they need quickly and reliably.

    51 min

  6. 06/11/2025

    Ep. 142: John Fruehwirth, Managing Partner at Rotunda Capital Partners

    Topics: Early Fundraising MistakesCulture of Constructive DebateUsing Data for Value Creation  ...and so much more. Top Takeaways Simplicity is a fundraising advantage. New managers often try to stand out with creative structures or mixed strategies. Instead, make it easy for investors to say “yes”: standard 2/20 terms, one defined strategy, three memorable differentiators, and an ongoing dialogue with investors. Predictability builds trust—and trust raises funds. Healthy debate drives better decisions. Rotunda’s culture is built on one principle: “Disrespect the idea, respect the colleague.” Every voice—associate or senior—is encouraged to challenge assumptions and pressure-test deals, but never the person presenting them. And if alignment isn’t there, the deal is dropped. Forcing a divided deal almost always costs more than the opportunity lost. Strategy maps make execution measurable. Before closing a deal, Rotunda aligns with management on a 3- to 5-year vision, defining success through clear EBITDA targets, growth priorities, milestones, etc. Post-close, that strategy map becomes a living document reviewed monthly and used to guide board discussions. Every new opportunity is tested against it. If it’s not on the map, it waits unless the team agrees to revise the plan. The result is sharper alignment, disciplined execution, and fewer “shiny object” distractions. Execution creates optionality. John’s mantra “Get Sh*t Done” captures his belief that motion beats perfection. At Rotunda, that mindset led to bold experimentation: hiring data scientists before it was common, testing new pricing models, and launching analytics projects. Every executed idea broadens perspective and adds insight. Stack enough of them, and you create optionality.  About John Fruehwirth John Fruehwirth is the Managing Partner and co-founder of Rotunda Capital Partners. With 20+ years of experience across debt and equity investing, he’s built a reputation for pairing disciplined execution with data-driven decision-making. Fruehwirth champions a hands-on, collaborative approach, focusing on operational improvement, culture, and measurable value creation. About Rotunda Capital Partners Rotunda Capital Partners is an operationally-oriented private equity firm that partners with founder- and family-owned companies in the lower-middle market. They focus on value-added distribution, asset-light logistics and service-oriented industrial sectors, employing a model built around people, process, technology and data to drive sustainable growth.

    1h 19m

  7. 09/10/2025

    Ep. 141: David Acharya, Managing Partner at Acharya Capital Partners

    Topics: How to Prepare for a SaleCustomer Diversification as a Growth LeverImportance of Board Culture ...and so much more. Top Takeaways Keep leverage in check for stability. In the ImpactXM deal, David’s team held the company for 10 years and achieved a 21x ROI. When COVID hit, low leverage and a diversified service mix kept the business alive. The lesson for independent sponsors: don’t overextend just to win a deal. A strong balance sheet and disciplined cash management create the runway to survive shocks and capture long-term upside. Get the books in order before diligence. David explains that many deals fall apart because sellers aren’t prepared. Independent sponsors should push for clean reporting, monthly closes, and 13-week cash flows. These basics streamline diligence, build investor confidence, and keep management focused on running the business. Board culture can drive exponential growth. Founder-led businesses often lack formal boards. Independent sponsors can add immediate value by instituting structured board meetings. Simple steps, like setting agendas, tracking follow-ups, and standardizing reporting, can shift a company from reactive to strategic and set the stage for growth. About David Acharya David Acharya is the Managing Partner of Acharya Capital Partners, leading the firm’s investing, strategy, and operations. With 25+ years of investing and transaction experience, he’s known for hands-on value creation. He began his career in investment banking at JPMorgan Chase and Toronto Dominion, where he helped raise $18B+ across telecom, media, consumer, and financial sectors. About Acharya Capital Partners Acharya Capital Partners (ACP) is a New York–based independent sponsor firm specializing in lower middle-market investments. The firm partners with founders and management teams to drive growth through disciplined buy-and-build strategies, operational enhancements, and professionalized governance. ACP focuses on companies in technology, media and telecommunications, marketing services, and light manufacturing, typically with $3–20 million of EBITDA.

    1h 8m

  8. 25/09/2025

    Ep. 140: Eliot Kerlin, Founder & Managing Partner at Broadwing Capital

    Topics: Thematic Sourcing for Better DealsHow to Fortify the Foundation Post-ClosePeople & Culture as a Value Driver ...and so much more. Top Takeaways Build a data-driven foundation. Eliot and Jordan agree it’s impossible to manage what you can’t measure. In the first 120 days, Broadwing focuses on defining key KPIs, setting a reporting cadence, and creating a single source of truth for data. This alignment between hard data and management’s intuition drives smarter decisions on sales, costs, and growth.  Put people at the center of value creation. Broadwing Capital believes the people inside portfolio companies are the true foundation of growth. That’s why culture should be valued as highly as financial performance. Their mantra—“Onsite early, onsite often”—reflects a hands-on approach where building meaningful relationships accelerates execution. Lead with humility. In an industry known for confidence and control, Broadwing makes humility a core value. They emphasize listening to operators, learning from management teams, and recognizing that sector expertise often runs deeper inside the portfolio company than at the fund. That mindset builds trust and strengthens partnerships. About Eliot Kerlin Eliot Kerlin is the Founder & Managing Partner at Broadwing Capital, where he leads deal origination and works closely with management teams post-acquisition to deliver transformative results. Active in private equity since 2000, he brings extensive experience in M&A, corporate strategy, performance improvement, and value realization through sales, public offerings, and dividend recapitalizations. About Broadwing Capital Broadwing Capital is a Dallas-based private equity firm targeting North American companies with $5–30 million in EBITDA. The firm focuses on founder- and family-owned businesses, providing both capital and operational expertise to accelerate growth. Its hands-on approach emphasizes culture, collaboration, and community impact to build more sustainable companies.

    47 min
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About

The M&A market can be boring, but everyone has a story. The Investors & Operators podcast is about discovering the stories people were holding back, didn’t know how to tell, or forgot about. The goal is simple: fresh, authentic storytelling to bring people together in the M&A community. With over 1M organic views and counting on LinkedIn, 51 Labs is disrupting the M&A market through the use of videography and content creation. In a market that longs for authenticity, 51 Labs helps strengthen your brand and tell your story. From concept to distribution, we strategize and produce thoughtful content to be used across a multitude of channels, to help you stand out in an otherwise traditionally boring market. New episodes every other Thursday at 6:00am Eastern.

Information

  • Creator
    51 Labs
  • Years Active
    2020 - 2026
  • Episodes
    147
  • Rating
    Clean
  • Copyright
    © Copyright 2026 51 Labs
  • Show Website
    Investors & Operators

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