The Private Equity Podcast, by Raw Selection

Alex Rawlings
  • 4.5 (33)
  • Investing
  • Updated Semimonthly

Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

  1. 6d ago

    From Warby Parker to Diapers.com: David Bell on Consumer Brand Success

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with David Bell, former Wharton Professor of Marketing and early-stage investor in consumer companies including Diapers.com, Warby Parker, Harry’s and Jet.com. David shares what he looks for in standout consumer brands, why founder insight and capital discipline matter, and how businesses can build emotional and symbolic value around everyday products. David explains why great consumer companies often begin with a simple frustration: what is wrong with the status quo? From buying diapers online to rethinking eyewear pricing, the best founders identify a clear customer problem, build a strong proposition, and execute with precision. He also discusses why overcapitalisation can damage consumer brands, using Allbirds and Casper as examples of businesses that grew quickly but struggled to sustain value. The conversation explores omnichannel distribution, brand storytelling, cultural relevance and genuine product innovation. David highlights Touchland, Warby Parker, Native, EOS, Hello and Happy, showing how founders can elevate mundane categories through design, positioning and customer experience. Key Takeaways:  Great consumer investments often start with a visceral customer problem.  Capital efficiency is critical because consumer exits rarely match software-scale outcomes.  Strong brands combine functional, emotional and symbolic value.  D2C alone is rarely enough; winning brands need a measured omnichannel strategy.  The next wave of consumer winners needs real product innovation, not just better go-to-market.  Founder obsession with small details in design, scent, usability and narrative creates differentiation. Timestamps:  00:03 – Introduction to David Bell and his journey from New Zealand to New York  01:00 – David’s background at Wharton and investing in consumer companies  01:28 – What attracted David to early winners like Diapers.com  02:19 – Why Diapers.com solved a fundamental customer pain point  03:15 – The importance of insight, execution and market size  03:44 – Lessons from Allbirds and the dangers of overcapitalisation  05:32 – How great consumer brands scale beyond the early stage  06:27 – The shift from pure D2C to omnichannel distribution  07:52 – Why strategic buyers value brands with retail traction  09:18 – Why some consumer brands fail to sustain momentum  10:11 – Touchland and the reinvention of hand sanitiser  11:33 – Cultural relevance, collaborations and emotional connection  12:03 – Sponsor message from Grata  12:32 – What makes a brand fundamentally strong  13:29 – Diapers.com and the power of descriptive branding  14:26 – Warby Parker’s storytelling, fairness and American heritage  15:49 – Building cognitive associations through brand activations  17:40 – How much brand success is intentional versus luck  18:09 – Opportunities in legacy consumer categories  19:24 – Why obsessive attention to detail matters  20:19 – Craig Dubitsky, EOS, Hello and elevating mundane products  21:15 – Happy Coffee and design-led differentiation  22:14 – Where the consumer industry is today  22:43 – Capital-efficient growth and the Native deodorant example  23:39 – Why real product innovation now matters more than ever  24:36 – What David reads, watches and listens to  25:04 – Identifying white spaces in health, wellness and longevity  26:30 – Consumer opportunities through cultural arbitrage  27:27 – Lessons from Coca-Cola’s global distribution and brand power  28:24 – How to connect with David Bell  28:52 – Closing remarks 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

    29 min

  2. Jun 2

    Are law firms ripe for Private Equity investment

    In this episode, Alex Rawlings speaks with Adil Taha, a private equity operator specialising in the UK legal sector. They explore why private equity has struggled to scale law firms, the challenges of buy-and-build strategies, and why many legal businesses are weaker than they appear financially. Adil shares lessons from rescuing and rebuilding Child & Child, explains why consumer legal services are attracting the most PE interest, and discusses how law firms differ from other professional services businesses. The conversation also covers the impact of AI, rising salary costs, partnership structures, and why the US legal market may offer bigger opportunities for investors. Topics Covered  PE investment trends in legal services  The Child & Child turnaround  Why law firms are difficult to scale  Problems with traditional partnership models  Why buy-and-build strategies are struggling  Consumer legal services vs full-service firms  The role of AI and rising costs in legal  Why the US market is attracting PE attention Timestamp Highlights 00:00 – Introduction to Adil Taha 02:29 – Child & Child acquisition and turnaround 09:11 – Where PE is investing in legal 14:55 – The hidden weaknesses in law firms 26:51 – Why professional services are hard to scale 35:23 – Investment strategies that may work in legal 45:05 – Why PE is looking toward the US market 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

    54 min

  3. May 26

    Why Most PE-Backed Companies Are Invisible to AI Search

    In this episode, Alex Rawlings speaks with Shiv Narayanan, CEO of How to SaaS, about how private equity firms can use marketing and AI as value creation levers. They discuss why many B2B companies underinvest in marketing, how AI is changing buyer behavior, and why brand authority and content are becoming critical for growth. Timestamps 00:03 – Introduction to Shiv Narayanan and How to SaaS01:55 – Common marketing mistakes in PE-backed businesses04:15 – Finding the right marketing strategy and spend08:06 – How PE firms should assess CMOs12:49 – AI as a value creation lever14:40 – How AI search is changing buyer behavior16:02 – Why brand authority matters more than ever17:54 – AI agents and the future of marketing teams20:20 – The importance of investing in content22:44 – Why podcasts and video are growing in B2B marketing24:22 – The risk of overusing AI-generated content25:21 – Shiv’s books and final adviceKey Takeaways Many B2B companies rely too heavily on sales and underinvest in marketing.Strong CMOs focus on revenue, forecasting, and enterprise value creation.AI platforms like ChatGPT are reshaping how buyers research solutions.Businesses need strong brands and quality content to remain visible.Podcasts, YouTube, and thought leadership content are becoming essential.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

    26 min

  4. May 19

    How to manage the priorities between the executive team and the investor

    In this episode of the Raw Selection Private Equity Podcast, Alex Rawlings speaks with Christina Haxton about the relationship between private equity firms and portfolio company leadership teams. They discuss how trust, communication, alignment, and culture impact execution during periods of rapid growth — and why many businesses struggle not because of strategy, but because of leadership friction and organizational disconnect. Timestamps 00:00 – Introduction to Christina Haxton 01:27 – Common execution and leadership friction points 03:14 – Managing PE expectations vs operational reality 05:10 – Early warning signs of leadership misalignment 07:32 – Why strategy must be co-created 09:27 – Building trust between CEOs and PE firms 11:44 – What makes a compelling company vision 17:34 – Scaling quickly without burning out teams 21:12 – Why speed without alignment creates fragility 23:02 – The importance of constructive conflict 24:53 – Leadership resources and practical tools 29:32 – How to connect with Christina Key Takeaways Execution issues often come from unclear accountability and avoided conversations. PE firms and executive teams need alignment on goals, timelines, and expectations. Strong culture and trust are essential for sustainable growth. Vision must emotionally engage teams — not just focus on financial targets. Speed without alignment creates stress, confusion, and burnout. Resources Mentioned Scaling Up by Verne Harnish The Five Dysfunctions of a Team by Patrick Lencioni BE 2.0 by Jim Collins 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

    31 min

  5. May 12

    The Hidden Mistakes Killing PE Value (And How to Fix Them)

    Episode Summary Paul Brennan, PE-backed CFO, shares lessons from exiting Lindsay Precast (sold to The Jordan Company), covering exit prep, value creation, and integration. ⏱️ Key Timestamps 00:00 – Intro & Background CFO experience across PE, public, and family-owned businesses. 01:23 – Common PE Mistake Lack of clarity on why data requests matter → impacts alignment. 03:13 – Exit Preparation 👉 Prepare every quarter  Update data room  Review QoE  Avoid last-minute pressure 05:07 – Data Insight Customer profitability analysis revealed hidden value drivers. 06:03 – Sale Process 👉 Management must own the narrative  Review CIM as an outsider 07:46 – Final Exit Lesson Working capital & closing estimates need tighter focus. 08:44 – Key Win CRM rollout improved pipeline visibility and buyer confidence. 11:08 – Acquisition (Dutchland) 👉 Weekly integration + team collaboration drove success. 13:57 – Finance Transformation  Built FP&A + BI tools  Real-time data for better decisions 14:51 – Standardisation Unified processes improved scalability and exit readiness. 🔑 Key Takeaways  Align teams by linking actions to value creation  Always be exit-ready  Data visibility = competitive advantage  Own your story in a sale  Integration requires structure and consistency  Strong FP&A drives performance 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 Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    18 min

  6. May 5

    From Founder to Three Exits Building a Services Company and Selling to Private Equity

    In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm. ⏱️ Timestamps & Key Topics 00:00 – Introduction Robert’s journey across founding, exiting, and re-entering private equity. 00:30 – Building & Selling a Business  Grew to ~80 technicians and exited at 29  Joined a PE-backed roll-up, completing 100+ acquisitions 01:21 – Biggest PE Mistake: People  Misalignment of talent and roles  Importance of matching personal goals with business needs 02:42 – Off-Market Sale Process  Relationship-driven deal (~18 months)  Shared vision and timing were key 03:40 – Why Sell?  Rapid growth (3M → 12M revenue)  Opportunity to scale within a larger platform 06:57 – Winning Deals  Human connection over price  Understanding seller motivations (legacy, growth, people) 09:18 – Scaling a Roll-Up  Leadership staying close to frontline teams  Challenges of tech and data integration 10:47 – Key Lessons  Retaining founders drives value  Equity rollovers create alignment 12:14 – Frontline Reality  Change fatigue is real  Strong leadership needed during integration 14:13 – Founder Retention  Tailor roles to individuals  “Right person, right seat” approach 16:36 – Buffalo Growth Partners  Focus: service businesses (“guys in trucks”)  Operator-led investment model 18:30 – Off-Market Strategy  Dedicated outreach + industry credibility  Aim to be the “first call” when owners sell 21:21 – Recommendations  Brad Jacobs (M&A & scaling)  Alpine Investors (people-first PE)  Bill Gurley – Running Down a Dream🔑 Key Takeaways  People alignment is the biggest driver of success  Trust and credibility win off-market deals  Retaining founders unlocks long-term value  Execution and integration are critical  Operator-led PE is gaining momentum 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 Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    24 min

  7. Apr 28

    A different approach to Private Equity with Michael Arrieta

    Guest: Michael Arietta Host: Alex Rawlings 🕒 Key Timestamps 00:00 – Intro Overview of Garden City Equity’s long-term, people-first model. 00:40 – Biggest PE Mistake Short-term thinking (IRR focus) limits investment in transformational initiatives like ERP, CRM, and AI. 01:37 – Long-Term Hold Strategy 30-year horizon allows compounding value without forced exits. 03:05 – Holding Company Model All investors share ownership across all assets—better alignment and flexibility. 05:55 – Leveraging Investor Network LPs provide deal flow, diligence, and operational expertise. 09:15 – Sourcing Investors Built بالكامل through personal network—no institutional reliance. 10:42 – Strategic vs Institutional Capital Strategic investors add value beyond capital. 13:17 – Low Debt Approach Less leverage = lower risk, more flexibility, and founder alignment. 14:47 – Founder Advantage Low-debt model appeals to founders seeking stability. 16:21 – Recommended Reads Unreasonable HospitalityExcellence WinsYou Can't Hurt Me🔑 Key Takeaways  Long-term ownership drives better outcomes  Strategic capital creates a “virtuous cycle”  Low leverage reduces downside risk  Investor alignment is a competitive advantage 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 Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    19 min

  8. Apr 21

    How to Drive Organic Growth in a Private Equity Backed Company

    Alex Rawlings speaks with Nigel Green on why private equity firms struggle with organic growth and how better hiring, faster execution, and customer focus can unlock value. ⏱️ Timestamps & Key Takeaways 00:00 – Introduction Nigel’s background and advisory focus 00:29 – Career Highlights  Two successful exits before 30  Now advising PE-backed companies on growth 01:34 – Biggest PE Mistake  Weak commercial operators  Overvaluing experience vs. current fit 03:05 – Growth Challenges  Delayed action on underperformance  Lack of urgency from investors 05:42 – Hiring Better Leaders  Avoid “black book” hires  Focus on Character, Chemistry, Competency Hire people with urgency and something to prove 08:35 – Go-To-Market Strategy  Get close to customers early  Avoid internal-only focus 10:29 – The Real Competitor  Most deals are lost to “doing nothing”  Solve customer inertia, not just competition 12:56 – Interviewing Sales Leaders  Conversations aren’t enough  Require candidates to demonstrate ability 14:38 – Attracting Top Talent  Best candidates aren’t applying  Sell the opportunity with honesty and realism  De-risk the move 23:06 – Driving Growth  Small tweaks > big overhauls  Retention often a bigger issue than pipeline 26:41 – Proactive Sales  Remove friction in buying  Simplify and speed up decisions 30:06 – Great Operating Partners  Must still be operators  Help leaders make tough decisions 34:29 – Final Advice  Consume less, execute more 🔑 Key Themes  Hire for drive over experience Focus on execution and speed Growth comes from action, not analysisRaw 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 Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    36 min
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About

Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

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