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. 13H AGO

    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

  2. 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

  3. 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

  4. 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

  5. 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

  6. MAR 24

    Scaling a Home Services Business

    Guest: David Williams, CEO, Advantage Services Group (ASG) Host: Alex Rawlings David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years. Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands. 🕒 Timestamps 00:00 – Introduction & David’s background 01:57 – Choosing entrepreneurship through acquisition 02:51 – Why HVAC, plumbing & electrical? 03:48 – Moving to Oregon & first acquisition 04:16 – Growth to $100m+ revenue 07:57 – From small business to scalable platform 08:54 – Pillar 1: Infrastructure 09:50 – Pillar 2: Systems & integration 11:19 – Pillar 3: Building strong GMs 12:16 – Pillar 4: Culture as a CEO responsibility 15:08 – Core belief: Operating with urgency 17:56 – Why integration is about people, not spreadsheets 21:42 – Earning trust post-acquisition 24:05 – Book & podcast recommendations Key Takeaways Durable industry thesis: Large, fragmented, non-discretionary market.Integration focus: ASG builds one company with shared systems and culture.Leadership bench: Strong GMs drive performance.Culture is deliberate: Clear beliefs — not designed for everyone.Urgency wins: Speed in customer service and decision-making is core.M&A is emotional: Time on the ground builds trust and long-term alignment.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.

    27 min

  7. MAR 17

    Balance Sheet First Investing Like an Operator, Not Traditional PE

    In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like. After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades. Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment. ⏱️ Timestamps 00:00 – Andrew’s background and founding Mauloa 01:10 – Why private equity’s model is flawed 03:02 – Investing without debt or exit pressure 06:18 – Fund structure without institutional capital 07:44 – Incentivising management long-term 10:49 – Free cash flow freedom vs leverage pressure 12:14 – “Piles of money” vs chasing IRR 16:54 – The Middle Market Accelerator 19:16 – What Andrew reads and recommends Key Themes Over-leverage and short hold periods distort decision-makingLong-term compounding beats short-term IRR optimisationCulture and leadership matter more than financial engineeringSupporting “boring” small and middle-market businesses builds real wealthIf you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative. 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.

    21 min

  8. MAR 10

    The lessons from Formula 1 to 22 acquisitions by a Private Equity-backed CTO

    In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure. ⏱️ Timestamps 00:00 – Introduction & career overview 00:28 – Life at McLaren & high-performance environments 01:23 – VC due diligence & scaling tech businesses 02:24 – Building and exiting a SaaS company 03:50 – The biggest PE mistake: rigid M&A planning 07:25 – Lessons from Formula One 10:21 – Why professionalising leadership can slow growth 14:23 – How to double EBITDA in a PE cycle 18:56 – Integration lessons from 22 acquisitions 20:19 – Resources & how to connect 🔑 Key Takeaways Plan for ambiguity. You can only acquire what exists in the market.Not all revenue is equal. Cutting “non-core” products can damage the core.Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.Integration is human. Success comes from winning hearts and minds — not just aligning systems.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.

    22 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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