The Private Equity Podcast, by Raw Selection

Alex Rawlings
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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

    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

  2. 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

  3. 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

  4. 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

  5. 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

  6. APR 14

    How to Double EBITDA in 3 Years The Multi-Unit Retail Playbook

    Alex Rawlings speaks with Jeff Helfgott, CEO of Boardroom Salon, about scaling PE-backed multi-unit businesses. They discuss talent strategy, retention, resilience, and how to turn operational fixes into sustainable growth. ⏱️ Key Timestamps 00:00 – Introduction & Jeff’s Background From barbershop beginnings to PE-backed CEO. 01:04 – Common PE Mistakes Overlooking talent strategy during diligence. 02:11 – Talent Assessment Evaluating teams based on current business needs. 05:58 – Hiring Non-Negotiables Integrity and focus on top 3 priorities. 08:18 – Resilience in Leadership Navigating crises like COVID. 10:10 – Managing Growth & Change Using EOS and quarterly planning. 14:11 – Driving EBITDA Growth Fix retention before scaling revenue. 16:01 – Retention Flywheel Employee retention → customer retention → growth. 18:24 – Membership Strategy Aligning offerings with real customer behavior. 21:18 – Finding the Real Constraint Using data segmentation to identify core issues. 24:31 – Data vs Insight Combining analytics with customer feedback. 27:33 – KPI Pitfalls Avoid over-optimising a single metric. 28:02 – PE Thesis vs Reality Treat strategy as a hypothesis, not fact. 29:12 – Underrated Growth Lever Talent retention and adaptability. 32:08 – Building Resilient Teams Supporting middle management and preventing burnout. 35:25 – Resources & Closing 🚀 Key Takeaways Assess talent early in diligenceIntegrity and resilience are critical traitsRetention is a primary driver of growthData must be paired with real customer insightPressure-test your investment thesisMiddle management drives executionRaw 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.

    38 min

  7. APR 7

    The investing strategy in the franchising and multi-unit retail sector

    Mike Esposito shares his journey from a 30-year career at Goldman Sachs to co-founding Franchise Equity Partners, highlighting their differentiated approach to private equity through franchising and multi-unit retail investing. ⏱️ Key Timestamps 00:00 – Introduction 00:30 – Career background and transition to PE 01:45 – Pitfalls of “me-too” PE strategies 03:13 – Leaving Goldman Sachs during COVID 04:41 – Advisory vs ownership mindset 05:36 – Why franchising & multi-unit retail 07:00 – Barriers limiting PE in franchising 08:26 – Unique LP structure with HPS 11:17 – First non-franchise deal (European car wash platform) 13:42 – Why Europe offered better value than the US 16:06 – Minority vs majority investing strategy 17:04 – “Minority, passive, permanent” model 19:28 – Importance of backing the right people 22:24 – Power of a focused investment strategy 24:27 – Using data science for investment insights 26:23 – Contact details 🔑 Key Takeaways Focused strategies outperform crowded PE tradesFranchising offers a large, undercapitalised opportunityMinority investing unlocks access to restricted sectorsLong-term alignment appeals to family-owned businessesEurope can offer stronger fundamentals vs overheated US marketsData and analytics are key to gaining an edgeRaw 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.

    28 min

  8. MAR 31

    Mastery of the Psychology of Change & Transformation

    Guest: Meg Pogue, Founder, Mission Squared Host: Alex Rawlings Meg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions. The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and social connection, both of which can feel threatened during periods of change. Meg explains how the brain’s threat response can lead to defensive behaviours, disengagement, and poor decision-making. Leaders often misinterpret this as resistance or negativity, when in reality it’s a natural psychological reaction to uncertainty. She shares practical leadership tactics for managing change effectively, including rebuilding trust through authenticity and vulnerability, empowering employees with a sense of control, and communicating the “why” behind transformation. Meg also introduces simple tools leaders can use during times of change, such as the “1–10 engagement question” and asking employees directly “How can I support you better right now?” — both designed to surface concerns quickly and maintain momentum during transformation. 🕒 Timestamps 00:00 – Introduction to Meg Pogue 00:28 – Meg’s CEO journey and leadership lessons 01:54 – Fear and perception around private equity acquisitions 03:23 – Leadership personality differences during change 05:14 – Why employees feel threatened by transformation 06:44 – Communication and leadership during change 10:59 – Rebuilding trust within teams 13:25 – Empowerment and giving employees control 14:51 – Leading change in fast-paced PE environments 18:40 – Questions leaders should ask their teams 19:07 – The “1–10 engagement” leadership tool 21:30 – Raising standards without creating resistance 24:51 – Leadership book recommendations 26:17 – Meg’s book: The Adversity Hack 27:39 – How to connect with Meg Key Takeaways Change triggers threat responses Most employees prioritize stability and connection, making acquisitions feel risky. Executives often underestimate psychology High-drive leaders assume others share their excitement for transformation. Trust accelerates change Authenticity and vulnerability help rebuild trust quickly. Empowerment reduces resistance Giving employees voice and autonomy improves engagement. Clear communication matters Explaining the “why” behind change helps teams align faster. 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.

    28 min
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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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