Private Equity Data Guy

Graeme Crawford

Private equity meets data. Conversations with deal teams, operating partners, and portfolio company leaders about the data problems that kill deals, slow exits, and destroy value. Hosted by Graeme Crawford, founder of Crawford McMillan. 20 years leading data programs at Fortune 100 companies. Now helping PE-backed companies fix data before exits so the numbers hold up under scrutiny. New episodes cover diligence red flags, value creation playbooks, and the real stories behind successful (and failed) transactions.

  1. 1d ago

    What Private Equity Portfolio Companies Miss In Their Own Billing

    In this episode, I talk with Carson Marr, founder of Buyable, about where real money hides inside private equity portfolio companies. Carson spent years advising executives at firms like Blackstone, Vista, and Thoma Bravo on buying and building enterprise technology before he built Buyable, a company that reviews contracts and billing records and only gets paid when it finds missed revenue. His team found millions of dollars sitting in the gap between a billion dollar company's contracts and its billing system, work completed in sixty days. Carson explains the two conditions an outcome based deal needs, a buyer who is hungry for a specific result and a project narrow enough to prove direct cause and effect. We talk through why contract and billing gaps open up during mergers, why escalator clauses get missed for years, and why executives choose Salesforce or IBM because the downside of a safe choice protects their career. Carson also shares a story about turning a research tool into a pipeline engine that created one hundred and four million dollars in new pipeline within sixty days for a large AI company. Chapters: 00:09 - Turning Research into Revenue: $104M Pipeline in 60 Days01:10 - Introducing Carlson Ma — From Deal Advisor to Founder of Buyable09:06 - Proving outcomes before engagement — using niche case studies18:13 - Case Study: Turning Research into $104M Pipeline in 60 Days24:06 - The CRM Dilemma: When Implementation Isn't an Outcome-Based Play31:02 - AI Disruption: Industries at Risk Companies Mentioned Buyable, RSM, Blackstone, Vista Equity Partners, Thoma Bravo, Salesforce, Sierra, IBM, ZoomInfo. Websites Mentioned Carson's personal site is carsonmarr.com. He also writes on Substack and can be found on LinkedIn. His company site is Buyable. Guest Information Carson Marr is the founder of Buyable, a company that reviews contracts and billing systems inside private equity portfolio companies and only gets paid when it finds missed revenue. He spent years in management consulting at RSM, where he worked with firms including Blackstone, Vista, and Thoma Bravo on enterprise technology decisions inside their portfolio companies. He writes about deal making on Substack and can be found on LinkedIn.

  2. Oct 8

    Why Private Equity Value Creation Plans Quietly Fail

    Here's the scariest sentence in private equity: every KPI on the value creation plan is green and enterprise value is exactly where it started. I paint that horror show because it's exactly what I've seen: dashboards full of check marks, a room of smart people, and nobody who can explain why the company isn't worth more. You get the quick wins in year one—pricing tweaks, a bit of cost takeout—and everyone celebrates. Then year two arrives, the heavy-lift initiatives—cross-sell, add-ons, new segments—take longer, definitions diverge, and the board deck looks prettier than reality. What breaks the thesis isn't bad strategy; it's broken data. I walk you through how every lever—pricing, procurement, cross-sell, M&A—relies on numbers you can trace. Most portfolio companies run on a patchwork of systems, one heroic finance person, and no agreed definitions. So the dashboard turns green because we're measuring activity, not value. The net result: enterprise value flatlines and buyers discount everything because they can't trust the baseline. If you want to find the gap, try my one-meeting test: pick the single number the plan depends on and ask the room who can trace it to source, define it, and reproduce it. If the room goes quiet, you found the problem. I also flag a free scorecard at the end to see where you stand and offer a chat to show you where the plan and the data disagree while you still have time to fix it. Takeaways: You should stop trusting green KPI dashboards — they often measure activity, not the actual value increments buyers will pay for.I explain why value creation is the whole game now: cheap leverage and multiple expansion no longer carry deals.If you buy a new BI tool or hire a fancy consultant without fixing definitions, you're just decorating broken data — don't order the pizza yet.We learned the hard way: merging companies means merging messy datasets first, otherwise any post-acquisition claims won't survive diligence.You can test your portfolio quickly — pick the one number the plan depends on and ask who can trace it back to source.Foundations matter: build data definitions and ownership early, because they compound value each quarter and speed up provable initiatives.I even put a free scorecard at the bottom — use it now so we can find where your numbers and the plan disagree before it's too late.

  3. Sep 30

    Why Private Equity Operators Still Cannot Find Their Real EBITDA

    In this episode I talk with Afrozy Ara, founder and CEO of LuminaData, an AI transformation platform for finance operations backed by Techstars and Berkeley SkyDeck. Afrozy started her career as an electrical engineer, then spent over a decade in enterprise consulting at firms including Mu Sigma, where she worked directly with Fortune 500 finance teams and built out diagnostic practices that benchmark how finance work actually happens inside large organizations. She started LuminaData a year and a half ago, beginning with a single problem inside reconciliations, and her founding thesis is that AI adoption is not the same as AI transformation. We talk about where the money actually hides inside a finance team, from duplicate invoices and unpaid remittances to the nonstandard contracts that large customers like Amazon force onto their vendors. Afrozy explains why giving a team of ten people the same AI tool can produce ten different answers without a shared process behind them, and why she still keeps a human in the loop for every exception rather than letting an agent make deterministic decisions on its own. She also walks through the three step method her team uses inside a client: look across the whole business, pick one area and go deep, then show a small result fast to build trust before scaling the work across the order to cash process. Chapters: 00:19 - The Agent: Reimagining Your Process04:11 - Thesis: AI adoption is not AI transformation08:15 - AI in the Enterprise — From Copilots to Capturing Value20:56 - Humans in the Loop: Designing AI Agents with Human Oversight25:05 - Connecting platforms to reveal business performance and KPIs33:21 - Personal Writing, Unfinished Books, and AI Companies Mentioned LuminaData Techstars Berkeley SkyDeck Mu Sigma Capital One Amazon Ramp Brex QuickBooks Anthropic Websites Mentioned linkedin.com/in/afrozy-ara-57527612 luminadata.ai Guest Information Afrozy Ara is the founder and CEO of LuminaData, an AI platform for finance operations backed by Techstars and Berkeley SkyDeck. She began her career as an electrical engineer before moving into enterprise consulting, spending over a decade at firms including Mu Sigma, where she partnered with Fortune 500 finance teams on data and process problems. She started LuminaData a year and a half ago, beginning with a single problem inside reconciliations, and her work today centers on her belief that AI adoption is not the same as AI transformation. You can find Afrozy on LinkedIn. Guest's Full Name: Afrozy Ara Company / Organization: LuminaData Website or Main Page: Not provided Guest Social Media Links: https://www.linkedin.com/in/afrozy-ara-57527612/

    Why Private Equity Operators Still Cannot Find Their Real EBITDA

  4. Sep 24

    What Actually Breaks Private Equity Portfolio Companies

    In this episode I sit down with Rich Kershaw, a technology due diligence specialist who has looked at over 250 companies for private equity and venture capital investors. We talk about why the technology itself is rarely the real problem inside a portfolio company. Rich explains that the org chart exposes decision making gaps that technical documents alone will not show you. This conversation gets into where large language models help and where they fall short. Rich explains why he treats AI like a smart but inexperienced intern who still needs clear direction. He shares what he is building with Billy, a platform designed to spot gaps in a company's operations before they turn into bigger problems for investors. Chapters: 00:42 - The Hidden Data Problem Behind Value Creation02:28 - A Circuitous Route into Private Equity11:20 - When Technology Is — or Isn't — the Problem17:21 - Org Charts: What They Reveal About Governance and Decision‑Making27:19 - AI, LLMs and Due Diligence: What They Can — and Can’t — Automate37:24 - Origin of Billy: Scaling the Service with LLMs49:57 - Where to find Billy and Diligency — contact, beta sign-up & next steps Companies Mentioned Octopus Investments, Octopus Energy, Lecky Kershaw, Diligency Consortium, Billy, Microsoft, GitHub, Monday.com, Atlassian, Salesforce, Intercom Websites Mentioned richkershaw.com, diligency.org, leckykershaw.com, billy.works Guest Information Rich Kershaw spent his career on both sides of the technology table, first as a CTO and product leader, then running technology and product due diligence for venture capital and private equity investors through Lecky Kershaw. He co-founded the Diligency Consortium, a group of due diligence specialists working across multiple disciplines, and he is now building Billy, a platform that tracks portfolio companies against established operational standards between funding rounds. Rich can be found at richkershaw.com and Billy at billy.works.

    What Actually Breaks Private Equity Portfolio Companies

  5. Sep 17

    Why Private Equity Operating Partners Can't Trust Their Own KPIs

    This week I sat down with Vinay Raman, the CEO of CAARMO, to talk about the gap between what leadership teams believe is happening inside their company and what is actually happening on the ground. Vinay has spent thirteen years studying that gap. He walked me through the fifteen questions his firm uses to score where a leadership team agrees and where members quietly disagree, and the map his team builds to show exactly where the disagreement lives. We talked about what happens after a private equity firm buys a company and replaces its leadership team, why a system built for twenty three employees can break at one hundred thirty nine, and why placing AI on top of a broken process only makes the process fail faster. Vinay closed with a daily private equity news product he calls the Pulse, built to hand operating partners one sharp question before they walk into a room. TimestampsChapters: 00:03 - Common Sense: Why It's So Uncommon01:02 - Meet Vinay Rahman — Measuring the Gap Between Belief and Reality12:29 - From Misalignment to Coherence18:42 - Leadership: The Biggest Challenge in Portfolio Companies25:20 - Private Equity Analogy: Why 'Copilot' Alone Won't Deliver38:42 - The Future of Private Equity: Value Creation, AI, and the Shift to Effectiveness Companies MentionedCAARMO - Vinay's company scores leadership teams on fifteen questions and builds a map of where the team agrees and where it splits. Bain & Company - named for research on how much of a strategy actually reaches execution. McKinsey - named alongside other firms publishing reports on private equity value creation. KKR - named alongside other firms publishing reports on private equity value creation. Tesla - referenced through a story about a meeting practice from Tesla's early growth years. Websites Mentionedcaarmo.com Vinay Raman on LinkedIn Guest InformationVinay Raman is the CEO of CAARMO, a firm that studies execution friction inside growing service businesses. He spent more than twenty years working in data analytics and artificial intelligence before building CAARMO's fifteen question survey and cohesion mapping tools. He produces a daily private equity news product called the Pulse.

    Why Private Equity Operating Partners Can't Trust Their Own KPIs

  6. Sep 9

    Why Private Equity Firms Call Customers Before Closing

    I sat down with Dan Grainger, who runs the private equity practice at T4, a voice of customer research firm that ended up in private equity almost by accident. He spends his time inside letter of intent windows, calling the customers of companies my listeners are trying to buy or fix. We talked about what those customers say once nobody from the target company is on the line. Dan walked me through real deals where customer interviews changed the outcome. One packaging company lost twenty five million dollars off its price after customers described new competitors already undercutting them. Another deal died after a flooring company's dealers reported a failed software rollout that nobody in the boardroom had flagged. We also talked about where artificial intelligence helps his research team and where it still falls short. Timestamps Chapters: 00:14 - AI's struggle to connect unstructured data01:08 - Guest Introduction — Dan Granger & T4's Private Equity Practice10:59 - Case Study — Hidden Competitive Threats Uncovered Through Customer Interviews19:38 - Customer Diligence Red Flags28:24 - AI in Customer Research — Tools, Limits, and Human Judgment34:50 - Closing Remarks and Contact Info Companies Mentioned T4, T4 Associates, Medallia, SAP, ChatGPT Websites Mentioned https://www.t4associates.com/ https://www.linkedin.com/in/danielgrainger/ Guest Information Dan Grainger leads the private equity practice at T4 Associates, a voice of customer research firm found at t4associates.com. He previously worked in customer research consulting and spent time at Medallia during its time as a private technology company before moving into private equity diligence work. He interviews target company customers during letter of intent windows to surface risks and growth opportunities before deals close.

    Why Private Equity Firms Call Customers Before Closing

  7. Sep 3

    The Feeling Every Operator Has Before the Numbers Turn

    In this episode I sat down with Regan Inkster, a strategist who has spent 25 years building strategy for Global 1000 companies and served three times as a chief architect. We talked about a pattern he found in his own research on organizational coherence: the distance between what a company says internally and what employees actually experience appears in performance data before it appears in the financial numbers. He calls this warning window about two quarters, and he built an AI model that reads language across a company to measure it. We covered real cases, including a merger that destroyed about 75 percent of the deal's value and a widely recognized coffee company where the space between leadership and frontline teams matched swings in market value for years. Regan shared advice for private equity operating partners: close the loop between decisions and the reasons behind them, and check whether the dashboard rewards match what leadership wants the business to improve. Timestamps 00:02:26 Coherence drifts before financial results 00:04:13 Sensing dysfunction inside an organization 00:08:00 Building the coherence measurement platform 00:16:30 CEO strategy rollout builds agreement 00:18:24 Starbucks coherence linked to market value 00:21:23 Private equity ownership raises mismatch risk 00:32:59 Many AI initiatives fail to deliver 00:41:16 Closing the loop after decisions Companies Mentioned IBM Capital One Oracle Starbucks Fidelity International Systems World Pay Netflix Blockbuster The New York Times HBO Websites Mentioned Amazon: https://www.amazon.com Barnes and Noble: https://www.barnesandnoble.com LinkedIn: https://www.linkedin.com Glassdoor: https://www.glassdoor.com Reddit: https://www.reddit.com Indeed: https://www.indeed.com Guest Information Regan Inkster spent 25 years building strategy for Global 1000 companies and served three times as a chief architect. He worked as a global go to market and value creation leader at Oracle and as a country lead for emerging tech and AI at a global systems integrator. He wrote the book Two Quarter Warning, which describes how organizational coherence drops about two quarters before financial results do.

    The Feeling Every Operator Has Before the Numbers Turn

  8. Aug 26

    What Buyers Actually See Before the LOI (And What the SIM Hides)

    Jeremiah Wanzell has spent over two decades scaling consumer brands inside Fortune 100 companies like Hugo Boss, Calvin Klein, and Steve Madden before moving into private equity as an operating partner. In this conversation, he breaks down what buyers actually see in consumer deals before the LOI, what the CIM almost never tells you, and why he built Deal Reveal, a free self-service scorecard that grades a deal across six weighted value drivers in under ten minutes. We get into the data gap between large enterprise and mid-market portfolio companies, the real reasons Allbirds collapsed and Nike stumbled, and what multi-channel diversity actually means in practice. Jeremiah also walks us through the Capezio acquisition, a fifth-generation family brand that another firm passed on, and why a clear deal thesis and niche market dominance made it one of the best deals in the consumer PE space. Chapters: 00:08 - Understanding Customer Base and Product Value07:27 - Understanding the Gaps in Revenue Stories12:16 - The Digital Opportunity in Business18:22 - Navigating Business Sales: Understanding the Wave of Institutional Capital24:38 - The Importance of Channel Diversity in E-Commerce34:05 - Cautionary Tales: Lessons from Allbirds and Nike40:57 - The Future of CPG Brands and Market Opportunities Guest Information Jeremiah Wanzell is a consumer brand operator and private equity advisor with 22 years of experience at Hugo Boss, Calvin Klein, and Steve Madden. He works as an operating partner with PE firms in the consumer sector and originated the Capezio acquisition for Argon, which won M&A Deal of the Year. He recently launched Deal Reveal, a consumer M&A scorecard available at growthmindsetadvisors.com. Company: Growth Mindset Advisors LinkedIn: https://www.linkedin.com/in/jeremiah-wanzell/ Website: https://growthmindsetadvisors.com/ Companies Mentioned Hugo Boss Calvin Klein / PVH Steve Madden Capezio Allbirds Nike Adidas On Running Hoka Brooks Skims Warby Parker Amazon / Whole Foods DSW Macy's Shopify Websites Mentioned growthmindsetadvisors.com (Deal Reveal scorecard) Key Takeaways The CIM shows revenue. It rarely shows revenue quality by channel, customer concentration, or margin by door. That gap is where deals get repriced or killed. Multi-channel diversity is non-negotiable. Brands that lean entirely on DTC or heavily on Amazon carry structural risk that buyers will price in. A clear deal thesis before you enter a process is what separates a fast pass from a real opportunity. Capezio got passed by one firm simply because they did not understand the dance wear category. Start the exit preparation process one to three years before you want to sell. The difference between a 2x and an 8x is often just how ready the business is when it hits the market.

    What Buyers Actually See Before the LOI (And What the SIM Hides)
See All (51)

Ratings & Reviews

5
out of 5
3 Ratings

About

Private equity meets data. Conversations with deal teams, operating partners, and portfolio company leaders about the data problems that kill deals, slow exits, and destroy value. Hosted by Graeme Crawford, founder of Crawford McMillan. 20 years leading data programs at Fortune 100 companies. Now helping PE-backed companies fix data before exits so the numbers hold up under scrutiny. New episodes cover diligence red flags, value creation playbooks, and the real stories behind successful (and failed) transactions.

Information

  • Creator
    Graeme Crawford
  • Years Active
    2025 - 2026
  • Episodes
    51
  • Rating
    Explicit
  • Copyright
    © Copyright 2026 Graeme Crawford
  • Show Website
    Private Equity Data Guy