The Mid-Market Edge

Kevin Bonfield

Welcome to The Mid-Market Edge, the go-to podcast for private equity CEOs, COOs, and operating partners who want to sharpen their competitive and operational edge. We dive into focused series on key operational topics - like building global teams - to give you insights from those who've been there and done it. Each episode is packed with practical insights from leaders who've been in the trenches - no theory, just real-world experience to help you deliver results faster. Dive in, so you can build your Mid-Market Edge.

  1. Preparing for Sale: Dave Parker on What Founders Get Wrong Before They Sell

    6d ago

    Preparing for Sale: Dave Parker on What Founders Get Wrong Before They Sell

    Episode Overview Dave Parker has founded six companies, sold three, and watched the exit process blindside founders at every turn. Not because the process is complicated, but because so much of it is invisible until you are already in the middle of it. His thesis is direct: founders should run the private equity playbook on their own businesses before a buyer ever arrives. Extract the value yourself. Then present it. What the Episode Explores •      Why the revenue model you choose can dramatically change your enterprise value before you ever talk to a buyer •      The four primary exit paths, IPO, strategic buyer, private equity, and ESOP, and which ones apply to which kinds of businesses •      How to run two playbooks simultaneously: strategic value and financial value •      Why pricing models, subscription structures, and recurring revenue reframe how buyers calculate what your company is worth •      The five product-market fit factors that determine whether your financial model will hold up in a deal •      Why founders should track enterprise value metrics on a quarterly dashboard, the same way they track revenue and EBITDA •      What Dave would do differently if he were starting his first company today Lessons That Stay With You So much of the exit process is opaque until you are in the middle of it. By then, it is too late to fix the things that matter. The private equity firm will run the playbook on your business after they buy it. The question is whether you run it first. How you price your product is not just a go-to-market decision. It is a valuation decision. Enterprise value metrics belong on your board deck. Not just operational KPIs. Customer concentration is not just a risk flag. It is a deal structure risk that affects how much you walk away with. Moments That Linger "From the founder's perspective, so much of this process is opaque until you're in the middle of it. And then when you're in the middle of it, you're like: how come I didn't know this?" "You want to run the private equity playbook for yourself, extract as much of that value as possible, and then present to a private equity or a strategic buyer." "I went from having somebody in my corner to having nobody in my corner. And I think that's really our only mission, helping founders get great exits." About the Guest Dave Parker is a six-time founder with three exits, and a three-time venture capitalist with more than 80 investments. After more than 25 exits as a founder, operator, board member, and advisor, he founded Get Trajectory — a firm with one mission: great exits for founders. Dave is a board member, keynote speaker, non-profit professional, and published author of Trajectory: Startup. gettrajectory.com About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations.   Connect with Dave Parker: gettrajectory.com | dave@gettrajectory.com | https://www.linkedin.com/in/daveparker/ Follow The Mid-Market Edge: https://www.linkedin.com/company/mid-market-edge-podcast/ | www.midmarkedge.com Connect with Kevin Bonfield: concentre.net | https://www.linkedin.com/in/kevinbonfield/

    46 min
  2. Preparing for Sale: Patrick O'Connell on What Buyers Know Before You Do

    May 27

    Preparing for Sale: Patrick O'Connell on What Buyers Know Before You Do

    Episode Overview Most sellers go to market thinking they know what their business is worth. The number in their head is built on years of ownership, not on what a professional buyer sees when they open the books. Patrick O'Connell has worked on hundreds of deals from both sides of the table, and the pattern is consistent: the sellers who arrive prepared control the process. The ones who don't hand that control to the buyer team the moment diligence begins. What the Episode Explores •      The difference between reported EBITDA and defensible EBITDA •      Why a sell-side quality of earnings shifts negotiating leverage back to the seller •      How buyer type — strategic versus private equity — shapes valuation multiples •      What happens when a business goes to market with declining earnings, and how to recover •      Why investment bankers who skip the sell-side QoV become the finance function of the deal •      Where AI fits in deal-making, and where human judgment still decides outcomes Lessons That Stay With You Buyers are not buying your history. They are buying their confidence in the future. A quality of earnings report is not a compliance exercise. It is a diagnostic that tells you what to fix before buyers find it. The trailing twelve months is the most important number in your deal. Recency matters more than the story you tell about it. Leverage in a transaction belongs to whoever controls the numbers first. Building a great business and building a sellable business are related disciplines. They are not the same one. Moments That Linger "Fire yourself from being the finance and accounting function of your deal." "You don't want a buy-side due diligence team to dictate valuation. You want to start with your own work conducted." "When we step into a target company and they don't prepare this, we have significant leverage over their deal team."   About Patrick O'Connell Patrick O'Connell is the founder of O'Connell Advisory Group (OAG), a financial due diligence firm serving entrepreneurs, private equity groups, and independent sponsors navigating lower middle market M&A transactions. A serial entrepreneur since childhood with deep roots in traditional transaction advisory, Patrick built OAG around a belief that smaller business owners deserve the same rigor and diligence quality typically reserved for large-cap deals. His firm provides Quality of Earnings (QoV), transactional tax, and valuation advisory, working on both the buy side and the sell side to help clients understand what their numbers actually say before a buyer does. About the Host: Kevin Bonfield Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. Connect with Patrick O'Connell: LinkedIn | OAG Website If you'd like to copy of OAG's 2026 Independent Sponsor Market Report: Email Subscribe to The Mid-Market Edge: Youtubet | Apple Podcast | LinkedIn Page Connect with Kevin Bonfield: concentre.net | midmarketedge.com | LinkedIn

    27 min
  3. Preparing for Sale: Building a Business That Transfers Well

    May 22

    Preparing for Sale: Building a Business That Transfers Well

    Episode Title Preparing for Sale: Building a Business That Transfers Well Episode Overview Most owners spend years building a business that runs well and very little time building a business that transfers well. In the opening episode of the Preparing for Sale series, Kevin Bonfield introduces the operational, financial, and leadership realities that shape business transitions and successful exits. The conversation explores the gap between a business that generates cash flow and a business that is truly transferable. Kevin examines the factors that influence enterprise value, including owner dependency, customer concentration, operational clarity, leadership depth, diligence readiness, and the emotional transition founders experience during the sale process. The episode also frames one of the central themes of the series: preparing for sale is not an event. It is a capability built over time through intentional decisions about structure, governance, operations, and leadership. What the Episode Explores • The difference between running a business and building a transferable asset • Why enterprise value depends on continuity and transferability • Common gaps that reduce valuation during diligence • The role of leadership depth and operational clarity • Why many business exits are involuntary • The emotional side of founder transition and identity • How preparation changes the sale process Lessons That Stay With You A profitable business is not always a transferable business. Buyers are purchasing continuity, not just earnings. Preparation for sale begins long before the process officially starts. Operational clarity builds trust during diligence. Founder readiness matters as much as business readiness. Moments That Linger "Building a great business and building a sellable business are related, but they're not the same discipline." "Buyers aren't just buying earnings. They're buying continuity." "The big question is: does this business work without you?" About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. concentre.net midmarketedge.com midmarketedge@concentre.net

    11 min
  4. Intelligent Integration: What Actually Makes Integration Work

    May 14

    Intelligent Integration: What Actually Makes Integration Work

    Episode Title Intelligent Integration: What Actually Makes Integration Work Episode Overview After several conversations with operators, founders, advisors, and integration leaders, Kevin Bonfield steps back to reflect on the patterns that consistently surfaced throughout the Intelligent Integration series. The conclusion is straightforward. Integration does not begin after close. It begins much earlier, often during diligence, through the decisions teams make about leadership, operating structure, communication, governance, and accountability. In this episode, Kevin synthesizes the lessons shared across the series and explores the operational realities that determine whether integration builds momentum or creates drag. The discussion focuses on clarity, cadence, trust, decision rights, and the importance of treating integration as a repeatable capability rather than a one-time event. The episode also revisits practical insights shared by guests throughout the series, including Sagar Pandya, Chauncey Lane, Jeff Helfgott, Sarah Martin, Eric Singer, and Bobby Achettu. What the Conversation Explores • Why integration starts before close • How clarity reduces operational friction • The role trust plays during integration • Why integration should be treated as a capability • The importance of operating cadence and decision rights • Common green flags and red flags during integration • How repeatable systems strengthen acquisition platforms Lessons That Stay With You Integration planning is not separate from diligence. It runs alongside it. Clarity is not something teams eventually discover. It is something leaders choose. The pain in integration is rarely lack of effort. It is unclear ownership and unclear sequencing. Integration becomes more effective when treated as a capability that compounds over time. Trust grows when expectations are explicit. Moments That Linger "Integration doesn't start until after close. A complete myth." "Clarity is kindness." "Integration is not a one off project. It's a capability." "The pain is that we don't have clear decision rights or clear sequencing." About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, including global teams, acquisitions, and integration. As the founder of Concentre, Kevin partners with leadership teams and private equity sponsors to design operating models, integration strategies, and organizational structures that protect value and accelerate execution. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations with operators, founders, and advisors focused on the realities of scaling businesses through change, acquisition, and growth. midmarketedge.com concentre.net info@concentre.net

    19 min
  5. Execution Is the Difference: Bobby Achettu on Discipline, Cadence, and Making Integration Work

    Mar 6

    Execution Is the Difference: Bobby Achettu on Discipline, Cadence, and Making Integration Work

    Episode Overview Growth through acquisition often looks decisive from the outside. The announcement is clear. The strategy sounds coherent. The thesis makes sense. Then the work begins. In this episode, Kevin Bonfield sits down with Bobby Achettu to talk about what actually determines whether integration creates momentum or slows it. Their focus is not on strategy language. It is on discipline. Cadence. Ownership. The habits that compound over time. Bobby speaks from experience inside operating environments where integration must translate into results. The conversation centers on a simple truth: direction matters, but execution determines outcomes. What the Conversation Explores            Why integration is an execution discipline, not a planning exercise            The gap between strategy and daily operating rhythm            How leadership focus shapes integration momentum            Why repeatable systems reduce friction           How consistency compounds across acquisitions Lessons That Stay With You        Integration does not stall because teams lack intent. It stalls when structure is inconsistent.        Strategy clarifies direction. Discipline sustains progress.        Operating cadence brings stability to complex change.        Repeatable systems reduce noise and preserve energy.        Leadership attention determines what actually moves. Moments That Linger            Strategy sets direction. Discipline drives results.            Integration is not an event. It is sustained effort.            Scale follows structure.            Consistency compounds. About Bobby Achettu Bobby Achettu works inside growth-focused organizations where integration must translate into measurable execution. His perspective is grounded in operating discipline, structured cadence, and building systems that hold under pressure. About Kevin Bonfield Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, including global teams, acquisitions, and integration. As the founder of Concentre, Kevin partners with leadership teams and private equity sponsors to design operating models and integration approaches that protect value and strengthen execution. Through The Mid-Market Edge, he brings forward conversations rooted in lived experience rather than theory. midmarketedge.com concentre.net midmarketedge@concentre.net

    40 min
  6. Integration and Accountability: Sarah Martin on Ownership, Execution, and Scaling Through M&A

    Mar 3

    Integration and Accountability: Sarah Martin on Ownership, Execution, and Scaling Through M&A

    Episode Overview  In this episode of The Mid-Market Edge Podcast, Kevin Bonfield sits down with Sarah Martin to explore why integration succeeds or fails based on one factor above all others: accountability.  Sarah brings an operator's perspective shaped by leading through complex growth environments and acquisition-driven expansion. Her message is clear. Integration does not fail because teams lack effort. It fails when ownership is unclear and accountability is diluted.  Kevin and Sarah discuss how leadership alignment, execution discipline, and defined ownership determine whether post-merger integration creates value or creates drag. The conversation focuses on practical execution rather than theory, highlighting the decisions leaders must make early to ensure integration momentum.  This episode is especially relevant for private equity-backed leaders and mid-market operators building repeatable acquisition engines.  What They Discuss  • Why accountability must be defined before close  • The risk of shared responsibility without ownership  • How unclear execution slows integration momentum  • The importance of leadership alignment post-acquisition  • Why culture follows accountability, not the other way around  • How integration discipline compounds across multiple acquisitions  Lessons That Stay With You  • Integration requires clear ownership at every level  • Execution discipline drives value creation  • Shared responsibility without accountability creates drift  • Leadership alignment reduces friction  • Integration is sustained by structure, not intention  Moments to Remember  • Integration does not fail from lack of effort. It fails from lack of ownership.  • Accountability is a growth multiplier.  • Execution discipline separates scaling companies from stalled ones.  • Leadership clarity accelerates integration momentum.  About Sarah Martin  Sarah Martin has led the M&A function for a number of private equity owned portfolio companies in the life sciences, healthcare services, and testing sectors over the past 10 years.   She has sourced and led transactions that align with investors' growth theses in support of both market consolidation as well as new market expansion, including a number of cross border transactions.  Her responsibility has included oversight of integration initiatives and building process rigor for both deal execution and integration programs. Prior to Corporate Development, she spent 15 years in finance and strategy consulting roles.  She received her MBA from NYU and BA from Duke University.    About Kevin Bonfield  Kevin Bonfield is a strategy advisor and operator with more than 20 years of experience helping mid-market companies scale through complexity, including global teams, acquisitions, and integration.  As the founder of Concentre, Kevin partners with leadership teams and private equity sponsors to design operating models, integration strategies, and cultures that protect value and accelerate performance. Through The Mid-Market Edge, Kevin brings forward real-world conversations focused on the decisions leaders must make before, during, and after change to ensure growth actually sticks.  midmarketedge.com concentre.net midmarketedge@concentre.net

    38 min
  7. Integration Is a Leadership Discipline: Eric Singer on Governance, Incentives, and Making M&A Work

    Feb 17

    Integration Is a Leadership Discipline: Eric Singer on Governance, Incentives, and Making M&A Work

    Episode Overview In this episode of The Mid-Market Edge Podcast, Kevin Bonfield sits down with Eric Singer, a seasoned private equity operating executive and advisor, to unpack why integration success is rarely about effort and almost always about governance, incentives, and leadership clarity. Eric has worked across numerous PE-backed platforms and add-ons, and his perspective is direct: most integrations don't fail because teams resist change, they fail because leaders don't define how decisions get made, who owns what, and how success is measured. Together, Kevin and Eric explore why integration must be treated as a leadership discipline, not a post-close project; how misaligned incentives quietly undermine value; and why the absence of clear operating governance creates friction that compounds with every acquisition. This conversation is a practical guide for leaders building repeatable M&A engines, especially in private equity-backed and mid-market environments where scale depends on execution, not just strategy. What We Talk About Integration Is a Leadership Problem Eric explains why integration issues almost always trace back to unclear leadership structure, not unwilling teams. Governance Before Speed Speed matters, but only after decision rights, escalation paths, and accountability are clear. Incentives Drive Behavior If incentives aren't aligned post-close, no amount of communication will fix execution. Operating Cadence Matters Integration accelerates when leaders establish clear rhythms for decision-making, reporting, and accountability. Why "Let's Figure It Out Later" Never Works Delaying integration decisions creates ambiguity that grows more expensive with time. Lessons That Stay With You Integration is a leadership discipline, not a cleanup phase Governance clarity beats heroic effort Incentives shape behavior faster than culture statements Ambiguity compounds with every acquisition Operating cadence is a force multiplier Integration success is designed, not improvised Moments to Remember "Most integration problems are really governance problems." "If incentives aren't aligned, behavior won't be either." "Speed without clarity creates friction." "Integration doesn't fail from resistance, it fails from ambiguity." About Eric Singer Eric Singer is the Chief Executive Officer of Complete Legal, where he leads the firm's strategic vision, growth initiatives, and client-focused service delivery. With decades of experience in legal services, Eric has built a reputation for operational excellence, innovation, and trusted partnership with law firms and corporate legal teams. Under his leadership, Complete Legal has expanded its national footprint and strengthened its capabilities across eDiscovery, forensics, document services, and litigation support. Eric is deeply committed to building strong teams, fostering a values-driven culture, and ensuring clients receive reliable, scalable solutions that help them succeed. 🪑 About Kevin Bonfield Kevin Bonfield is a strategy advisor and operator with more than 20 years of experience helping mid-market companies scale through complexity, including global teams, acquisitions, and integration. As the founder of Concentre, Kevin partners with leadership teams and private equity sponsors to design operating models, integration strategies, and cultures that protect value and accelerate performance. Through The Mid-Market Edge, Kevin brings forward real-world conversations focused on the decisions leaders must make before, during, and after change to ensure growth actually sticks.

    28 min
  8. Integration is a People Process: Jeff Helfgott on Centralization, Trust, and Scaling Through M&A

    Feb 10 ·  Video

    Integration is a People Process: Jeff Helfgott on Centralization, Trust, and Scaling Through M&A

    Episode Overview In this episode, I sit down with Jeff Helfgott, CEO of Boardroom Salon, to talk about what it really takes to scale through acquisition — especially in multi-unit consumer businesses where the customer experience lives at the local level. Jeff has led growth across franchising and services businesses — from Planet Fitness to med spas to men's grooming — and he brings a grounded, operator's view of integration: the deal is just the beginning. The real value is created in the integration work that follows. We talk about what to centralize, what to protect locally, and why the best integration leaders don't treat integration like a checklist — they treat it like a people process built on clarity, communication, and trust. What We Talk About Integration Is Where Value Gets Real Jeff shares a perspective that's easy to miss in the middle of deal momentum: the announcement isn't the finish line — it's the starting point. Integration is where scale happens, where the thesis is tested, and where value is either realized or lost. Centralize What's Foundational — Keep What's Differentiated One of Jeff's clearest frameworks is deciding what to centralize versus what should stay local. His view: centralize the foundational functions that don't create differentiation — so teams can stay focused on what actually wins in the market. Communication Is a Strategy Jeff explains why he communicates early and directly during acquisitions. If leadership doesn't fill the gap with clarity, fear and assumptions will. The longer you wait, the more people write their own story about what's coming. Integration Cost Is Real — And It Must Be Underwritten A practical point Jeff makes that every operator feels: the deal price is only part of the investment. If M&A is your growth strategy, you have to underwrite integration as part of the business case — because it requires people, systems, and structure to scale. The J-Curve Is the Price of Building the Engine Jeff describes the "J-curve" reality: you often need to add overhead and infrastructure before the growth shows up. But that investment is what turns acquisition activity into a repeatable engine. The 1-Page MOU: A Simple Tool That Prevents Misalignment Jeff shares a tool he uses that complements the legal docs: a one-page Memorandum of Understanding that clarifies expectations between buyer and seller. It's a practical way to reduce friction and avoid confusion post-close. Relationships Are the Force Multiplier When Kevin asks what Jeff would do earlier in his career, his answer is simple and human: focus on relationships, follow great people, and build trust. Lessons That Stay With You Integration is where value is created — not at the announcement. Centralize what's foundational so local teams can protect what differentiates. Silence creates stories — communication is part of integration leadership. If you can't fund integration, you can't afford the deal. Expect a J-curve: investment comes before scale. A simple MOU can prevent post-close confusion and friction. Relationships and trust still matter most. Moments to Remember "Integration is where the value creation work really happens." "Centralize what's commoditized and protect what differentiates." "Silence creates stories." "Deal cost + integration cost." "You've got to invest through the J-curve." "A one-page MOU can prevent a lot of post-close friction." About Jeff Helfgott Jeff Helfgott is a multi-unit platform CEO, U.S. Army veteran, and private equity advisor who joins this episode to unpack why the most successful integrations are won by making people part of the change — not a victim of it. Jeff has led more than a dozen M&A transactions across the wellness, fitness, and aesthetics sectors, driving over $1 billion in aggregate exit value, before taking the helm as CEO of Boardroom Salon for Men. But his story isn't about the ink on the page — it's about the work that begins before the deal is done: building trust, setting expectations early, and investing in the people and systems that turn transactions into lasting value. About Kevin Bonfield Kevin Bonfield is a strategy advisor and operator with more than 20 years of experience helping mid-market companies scale through complexity — including global teams, acquisitions, and integration. As the founder of Concentre, Kevin partners with leadership teams and private equity sponsors to design operating models, integration strategies, and cultures that protect value and accelerate performance. Through The Mid-Market Edge, Kevin brings forward real-world conversations focused on the decisions leaders must make before, during, and after change to ensure growth actually sticks. midmarketedge@concentre.net

    36 min

Ratings & Reviews

5
out of 5
6 Ratings

About

Welcome to The Mid-Market Edge, the go-to podcast for private equity CEOs, COOs, and operating partners who want to sharpen their competitive and operational edge. We dive into focused series on key operational topics - like building global teams - to give you insights from those who've been there and done it. Each episode is packed with practical insights from leaders who've been in the trenches - no theory, just real-world experience to help you deliver results faster. Dive in, so you can build your Mid-Market Edge.