🧠 Episode Summary:
In this insightful episode, Alex Rawlings is joined by Brian Reavell, Founder of R-Squared Advisors and seasoned Private Equity Operating Partner, to dive deep into the world of go-to-market (GTM) strategies. Brian shares a comprehensive GTM playbook for PE-backed portfolio companies—spanning from due diligence and customer segmentation to talent evaluation and post-investment execution.

With over two decades of commercial leadership and consulting experience, Brian explains why private equity firms often overestimate internal talent, underestimate customer orientation, and misalign incentives—leading to missed growth targets. Packed with case studies and actionable frameworks, this episode is a goldmine for anyone looking to drive scalable and sustainable sales growth within a PE-backed environment.

⏱️ Timestamps:

00:00 – Introduction to Brian Reavell and today's GTM focus
01:26 – Common mistakes PE firms make around organic growth assumptions
03:21 – The three critical GTM pillars: Ideal Client Profile, Talent, and Segmentation
05:38 – Why talent is the most overlooked area in due diligence
08:00 – Assessing sales talent beyond resumes and black books
09:28 – Quantitative vs. qualitative approaches to evaluating salespeople
11:20 – EQ, IQ, and AQ: The key characteristics to assess in talent
13:18 – Building a GTM strategy post-investment: Process & execution
14:45 – Case Study: GTM transformation in a $4B building products distributor
16:56 – Impact of role design and customer segmentation on profitability
18:50 – $500M top-line and $100M EBITDA opportunity unlocked
20:42 – Managing change in founder-led businesses
23:07 – Overcoming resistance at field and leadership levels
24:53 – Case Study: Cultural and GTM integration in a K-12 education platform
27:43 – Creating flexible but standardized playbooks
29:35 – Assessing and top-grading sales and marketing leadership
31:02 – Succession planning and commercial leadership turnover
32:54 – What creates board-level confidence in GTM leaders
33:52 – Brian’s top reading and learning resources
35:19 – The First 90 Days, AI, and making tech an enabler
36:17 – How to connect with Brian Revelle

📚 Resources Mentioned:

• Winning Moves & Intelligent Equity by Dan Kremins
• The First 90 Days by Michael Watkins
• ChatGPT and AI tools for sales enablement and productivity

📨 Connect with Brian Reavell:
Email: brian@r-squaredadvisors.com
Company: R-Squared Advisors (not linked in transcript, assumed domain)

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

Guest: David Rowley, Operating Partner at Diversis Capital
Host: Alex Rawlings
Topic: Product Strategy, Artificial Intelligence, and the Evolving Role of the Operating Partner

🔍 Episode Overview:

In this episode, Alex Rawlings is joined by David Rowley, Operating Partner at Diversis Capital, to explore how private equity can drive value creation through smarter product strategies and the integration of artificial intelligence. With a career spanning back to the 1980s in software product development, David shares practical insights into aligning executive teams with PE theses, building agile innovation pods, and how AI is transforming both product development and organizational structures.

💡 Key Discussion Points:

• The Critical Role of Alignment:
  David highlights that one of the most frequent causes of failure in portfolio companies is a lack of alignment between leadership and the PE firm's investment thesis.
• Product Strategy Framework:
  Distinguishing between goals, vision, and strategy, David explains his approach to creating adaptive product strategies optimized for optionality and driven by data.
• AI’s Evolving Impact:
  David discusses how AI is reshaping product development, comparing the current inflection point to the rise of agile methodologies in the early 2000s. He introduces the concept of small, highly-focused “cocktail party” innovation pods to build and iterate rapidly.
• Scaling Innovation Across Portfolio Companies:
  He emphasizes the need for organizational models that support rapid, creative innovation while maintaining core operations—balancing “keeping the lights on” with breakthrough work.
• Grassroots AI Adoption:
  David shares how he's cultivating a culture of experimentation across Diversis’ portfolio companies, allowing individual contributors to explore AI tools, sparking internal champions and grassroots innovation.
• Avoiding AI Hype Distractions:
  With AI now included in many value creation plans, David outlines how to distinguish between superficial use cases and those that drive meaningful operational improvements.
• Leveraging CTO Experience as an Operating Partner:
  David reflects on how his hands-on CTO background across multiple sectors enhances his intuition and effectiveness in the PE world—particularly when decisions must be made before data is complete.
• Trends in the Operating Partner Role:
  From a recent operating partner forum, David notes the growing trend of more hands-on involvement from operating partners, suggesting a broader shift in private equity away from consultants and toward in-house expertise.

⏱️ Timestamps:

00:00 – Introduction to David Rowley and today’s topics
01:28 – Biggest mistake PE firms make: lack of leadership alignment
02:50 – Defining product strategy vs. goals and vision
05:10 – Key indicators for pivoting product strategy
06:32 – How AI is changing product development structures
08:55 – Traits and structure of high-performing innovation teams
10:42 – Balancing innovation pods with ongoing operations
12:31 – David’s early exposure to AI (40 years ago!)
14:52 – Deploying AI across portfolio companies
16:44 – Using AI agents in business operations
17:39 – Avoiding AI distractions and integrating AI into value creation
20:00 – Testing leadership alignment through AI transformation
21:14 – From CTO to operating partner: Lessons and intuition
23:08 – Takeaways from the Operating Partner Networking Forum
24:58 – Trend toward in-house expertise and interim CTO roles
25:51 – How to connect with David
26:20 – Wrap-up and final thoughts

🎙️ The Private Equity Podcast — Episode with Graham Bachman, Hidden River Strategic Capital

Guest: Graham Bachman, Managing Director & Head of Business Development at Hidden River Strategic Capital
Host: Alex Rawlings

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Graham Bachman, who shares how Hidden River Strategic Capital is reshaping lower middle-market investing with structured capital—a hybrid approach that sits between debt and equity, allowing business owners to retain control while unlocking growth opportunities.

Graham unpacks how Hidden River’s capital solutions serve founders not looking for full buyouts or rigid debt structures and instead prioritizes long-term partnerships with existing management teams. He also offers valuable insights into deal origination, the firm's philosophy on professionalization, and why education and consistency are key in a fragmented funding landscape.

⏱️ Timestamps:

00:00 – Welcome and guest introduction
00:29 – Graham’s background and why he joined Hidden River
01:56 – Hidden River’s investment focus and fund status
02:52 – Gaps in the lower middle-market funding landscape
03:47 – What is structured capital and why it matters
06:08 – Use cases for Hidden River’s structured solutions
07:32 – Supporting founder-led businesses without taking control
09:08 – How hands-on is Hidden River in company operations?
11:33 – How does Hidden River help with leadership development?
12:59 – Differentiation through relationship-first deal sourcing
15:51 – Graham’s reading list and media recommendations
17:22 – How to contact Graham
17:51 – Final thoughts and episode close

💡 Episode Highlights:

• Structured Capital Defined: A tailored blend of debt and non-control equity designed to meet the needs of owners who don't want to sell or over-leverage.
• Flexible Approach: Hidden River typically backs existing management teams and helps them scale without stepping in to control day-to-day operations.
• Unique Deal Sourcing: In a buyout-dominated ecosystem, Hidden River differentiates through education, consistency, and relationship building.
• Founder-Friendly Philosophy: The firm supports founders who want capital to grow—not exit—and builds customized investment solutions to match.

📚 Graham’s Recommended Reads:

• Thinking in Bets by Annie Duke
• The Colossal Failure of Common Sense by Lawrence G. McDonald
• Good to Great by Jim Collins
• How to Win Friends and Influence People by Dale Carnegie
• Howard Marks' memos
• The Wall Street Journal

📨 Connect with Graham:
Email: gbachman@hiddenrivercap.com
Website: www.hiddenrivercap.com

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

The Private Equity Podcast – Show Notes

Guest: Otis Spencer
Host: Alex Rawlings
Episode Title: Lessons in Leadership: From Army Logistics to PE Operating Partner & CEO Success

🎙 Episode Overview:

In this episode, Otis Spencer, a former U.S. Army logistics officer turned private equity operating partner and CEO, shares a compelling journey of leadership, operations, and transformation. From managing global fuel inventories to spearheading Six Sigma-driven improvements, Otis outlines the key lessons that have shaped his value-creation strategy within private equity.

⏱️ Time Stamps:

00:02 – Introduction & Background
Otis shares his 60-second journey from engineering student to Army logistics officer and beyond. He highlights the combination of technical training, leadership experience, and corporate exposure that prepared him for success in PE.

02:25 – Transition to Private Equity
After years in heavy manufacturing, Otis is recruited by an operationally focused PE firm—eventually becoming a portfolio company CEO with a successful exit.

02:52 – The Four Common Mistakes in Private Equity

1. Buying the Wrong Company – Avoid cyclical and capital equipment-based businesses.
2. Ineffective Diligence Process – Insist on a repeatable process and honest assessment of management teams.
3. Weak Board Construction – Build a working board aligned with the investment thesis.
4. Slow to Act Post-Close – Delay in correcting course can derail year-one goals.

10:03 – From Operating Partner to CEO: Key Learnings
Being involved in diligence and growth planning gave Otis an edge as a CEO. He highlights the misalignment between PE growth expectations and founder-led businesses’ readiness.

13:22 – From CEO to Operating Partner: Reversed Lessons
As a CEO, Otis learned the importance of setting culture, managing feedback loops, and avoiding micromanagement—critical insights he brings back into future operating partner roles.

16:14 – Real-World Application of Six Sigma
Otis explains the DMAIC framework and shares two standout Six Sigma projects, one delivering $1M in annual savings through material reduction, and another saving $500K in a plastics facility.

20:29 – Kaizen Explained for Newcomers
A practical walkthrough of how Kaizen events work—including team formation, shop floor involvement, and fast-track execution of waste-reducing improvements.

23:16 – Lessons from Multiple Exits
Otis outlines key ingredients for a successful PE exit:

• Logical, consistent growth (3–5 years)
• Partnering with the right investment bank
• Maintaining forecast performance throughout the process
• Integrating bolt-ons strategically in inorganic growth scenarios

28:50 – What Otis Reads and Recommends

• Wall Street Journal for daily insights
• PitchBook Daily for PE-specific news and trends
• Industry-specific publications when evaluating deals

29:46 – How to Reach Otis Spencer
📧 Email: ospencer1@yahoo.com
📱 Phone: +1 404-372-1778
🔗 LinkedIn: Otis Spencer

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

🎙️ The Private Equity Podcast – Essentials for Investors with Matthew Kearney

This episode is packed with pragmatic advice and “growth hacks for operators” – get your pen ready.

⏱️ Episode Highlights & Timestamps:

00:03 – Introduction
Meet Matthew Kearney: 35 years in private equity, from 3i to operating partner and PE-backed CEO.

01:07 – From 3i to New York CEO
Matthew’s early career, moving from UK PE investments into operational leadership in media and technology.

02:31 – Common PE Mistakes
Why thinking “buying right” is outdated and why zombie portfolios exist. The importance of adding value post-investment.

04:56 – Speed Matters
Why hitting the ground running with a viable plan is critical – and where many PE firms still fail.

05:23 – The Need for Differentiation
You can’t differentiate on capital anymore. Matthew explains the need for pre-planned specialization and strategy.

07:21 – The Case for Specialism
Why generic approaches fail in auction processes. Success lies in preparedness and knowing your niche.

09:27 – Private Equity’s Evolution
From generalists to specialists, and from deal teams to fully professionalized operations functions.

11:24 – Pick Your Spots
The strategic importance of check size, deal type, and industry vertical – especially for smaller funds.

12:47 – Talent Strategy
When to insource, when to outsource. The balance between internal teams and external experts.

13:42 – Reducing Direct Reports
Why Matthew cut down his direct reports from double digits to five – and how he structured high-performance teams.

18:38 – NASA-Level Team Building
Using High-Performance Team models (inspired by NASA) to fast-track team effectiveness and reduce storming time.

20:06 – Grata Partnership Promo

20:35 – Lessons from Three Exits
Matthew shares what made his billion-dollar exits successful, from growth-first mentality to choosing the right M&A advisor.

23:27 – Beware of Price Promises
Red flag: advisors promising high valuations without understanding your business. Chemistry and early engagement are key.

24:31 – Staying the Course Through Uncertainty
Avoiding plan deviation in volatile markets. Why good governance, transparency, and dialogue are essential.

26:46 – The Decision to Pause a Sale
How Matthew and his board paused a 2021 sale due to geopolitical headwinds, only to exit successfully in 2025.

28:07 – Balancing Shareholder vs. Management Perspectives
Navigating differing time horizons and objectives post-sale delay. The role of a good Chair in alignment.

29:59 – What Matthew Reads
Matthew’s go-to content: Wall Street Journal, Financial Times, The Economist (begrudgingly!), BBC, and even Daily Mail for well-researched stories.

31:55 – How to Connect with Matthew
📧 Email: matthewjkearney@gmail.com
🔤 Name spelling: Matthew (with two T’s) Kearney (K-E-A-R-N-E-Y)

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

Guest: Greg Nieuwenhuys – Private Equity Advisor, Chairman & AI Expert
Topic: Unlocking Generative AI for Private Equity & Portfolio Companies

🔹 Intro & Background (0:00 – 2:00)

• Greg shares his 20+ years in PE-backed consumer goods: Baver (Netherlands), Cotterdardoor (UK), Mammoth, Wattbike, and No-Door.
• Passion for AI began two years ago, driven by a belief that GenAI is a business and people challenge—not a tech one.

🔹 What is Generative AI? (2:00 – 6:00)

• Difference: classic AI (recommendations) vs. GenAI (creating content—text, images, plans—and interpreting documents).
• GenAI enables rapid creation of marketing, investment memos, strategic plans, and more.

🔹 Common AI Misconceptions in PE (6:00 – 11:00)

• Myth: It’s a long, expensive IT project.
• Reality: Immediate impact possible—if teams are empowered and trained.
• Greg stresses: “This is a people challenge. CEOs—not just CTOs—must lead the charge.”

🔹 High-Impact Use Cases (11:00 – 18:00)

• Customer outreach & market mapping via AI.
• Recruitment: auto-generated job specs, AI interview notes, candidate matrices.
• AI’s biggest blocker? Lack of training—people haven’t “learned to drive the car” (use GenAI effectively).

🔹 Voice Prompting & Real-Time Examples (18:00 – 25:00)

• Greg showcases how he uses voice to interact with AI—writing emails, brainstorming use cases, even in Chinese.
• Prompts done via speech save time and boost output.
• GenAI as an “intern army”—needs clear direction and oversight.

🔹 PortCo Strategy (25:00 – 32:00)

• PE-backed firms should use GenAI for growth, not just cost-cutting.
• AI can reshape customer journeys and product innovation.
• Link GenAI to value creation plans: “How can AI help us grow faster, better, cheaper?”

🔹 Private Equity Funds Must Lead Too (32:00 – 39:00)

• Many PE funds expect portfolios to adopt AI—but don’t use it themselves.
• Greg supports fund-level training: mapping investment flow to identify use cases in screening, DD, deal memos, legal, and more.
• Example: “Sales Hunt” tool for sourcing targets with AI-powered outreach.
• GenAI allows same-size teams to evaluate more deals and increase velocity—without compromising quality.

🔹 Where to Start? (39:00 – 44:00)

• Overcome fear and decision paralysis.
• AI must be part of culture—non-use should be seen as “cheating the company.”
• Build internal champions to sustain the transformation.
• Key resources:
  • Dr. Ethan Mollick’s LinkedIn & site
  • AI Daily Brief podcast
  • 11Labs’ “ElevenReader” for converting articles into listenable audio

🔹 Contact Greg (44:00 – 45:00)

• LinkedIn: @Greg Nieuwenhuys

Key Takeaways:

• AI is a culture shift, not a tech add-on.
• Empower the entire team to use GenAI in everyday work.
• Start small, build momentum, and tie AI directly to growth strategy.
• Private equity must adopt AI internally to credibly promote it in portfolio firms.

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

In this insightful episode, Nate Edgerly, CEO of Enzo Group Inc., discusses his journey from CPA at PricewaterhouseCoopers to a seasoned private equity investor and executive leader in the hospitality industry. Nate shares valuable insights on leadership, long-term investing, and what makes hospitality businesses thrive or fail.

Key Takeaways:

• Nate’s journey from CPA to CEO, highlighting his pivotal experiences in private equity and operating roles.
• Lessons learned from running a business, enhancing empathy, and effectively partnering with leadership teams.
• What separates exceptional CEOs: empathy, people-focus, and creating a supportive culture.
• Common private equity mistakes: prioritizing short-term gains over long-term strategic growth and cultural investment.
• The decision behind Enzo Group's unique approach to raising capital—democratizing access beyond institutional investors.

Notable Mentions:

• Book Recommendations:
  • Unreasonable Hospitality by Will Guidara
  • Warren Buffett’s investor letters
  • Leadership insights by Simon Sinek, Daniel Pink, John Maxwell
  • Mastery by Robert Greene
• Brands Admired:
  • Ladybird Taco, Original Chop Shop, Cava, McDonald’s, Chipotle, Golden Corral

Timestamps:

• 00:00 – Introduction to Nate Edgley
• 02:30 – Nate’s early career and transition to private equity
• 06:10 – What Nate learned from operating roles
• 10:00 – Qualities of exceptional CEOs
• 13:15 – Mistakes private equity firms make and Nate's long-term investment philosophy
• 17:20 – Enzo Group’s unique capital-raising strategy
• 21:45 – Why choose the volatile hospitality industry?
• 27:30 – Critical success factors for restaurant businesses
• 32:00 – Brands admired by Nate and reasons behind their success
• 38:00 – Nate's insights on executive search firms
• 42:00 – Influences, recommended readings, and learning resources
• 45:20 – How to connect with Nate Edgley

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

In this episode, Alex speaks with Jeff Zwiefel, former President & COO of Life Time, about scaling the business from $139M to $2.3B in revenue and navigating multiple private equity exits and IPOs. Jeff shares how a people-first culture and rigorous training enabled long-term, sustainable growth in a competitive industry.

Jeff discusses why private equity firms often miss the mark by focusing only on KPIs and financials, instead of investing in leadership, culture, and succession. He explains Life Time’s unique "casting" approach to hiring, their internal university for training, and the importance of empowering GMs as mini-CEOs of their locations.

The conversation also covers trends in the health and wellness sector, the rise of personalized longevity services, and how private equity can unlock new value in this rapidly evolving space.

🕰️ Timestamps:
00:00 – Jeff Zwiefel’s background & journey at Life Time
01:53 – The biggest mistake PE firms make
03:21 – Why people, culture, and purpose drive success
06:15 – How to assess leadership in health and fitness businesses
08:13 – “Casting,” not hiring: Building the right team
09:38 – Lifetime University & Navy SEAL-style GM training
11:34 – Accountability, culture, and performance awards
13:29 – The GM certification process & promotion pipeline
17:20 – Investing in employees for long-term loyalty
19:18 – Dashboards & career growth planning
20:48 – Leadership by example: From towel folding to training
22:43 – Core traits Jeff looks for in leaders
24:09 – The 8 leadership attributes at Life Time
25:36 – How ownership mindset and equity drives behavior
28:29 – Interview strategies for soft skills and leadership potential
32:18 – Measuring success through team development and turnover
34:15 – Auditing the customer experience as a PE firm
35:14 – Lessons from COVID: Digital experience & pricing
39:07 – PE deal activity in health & fitness
41:06 – Jeff’s new venture: Miura Performance & Longevity
43:55 – Practical health advice for busy professionals
46:20 – Supplements, red light, cold plunge, and more
47:50 – Opportunity for PE in bundling wellness services
48:17 – How to contact Jeff

📌 Key Takeaways:

• PE must look beyond financials to people and leadership.
• High performance culture starts with casting, training, and accountability.
• Wellness and longevity are emerging as investable and scalable PE categories.
• Personalized health solutions offer huge market potential.

📨 Connect with Jeff Zwiefel:
🔗 LinkedIn
🌐 jzweifel.com

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