Dan Chetrit was a traditional searcher, "stuck" in his first (well-performing) deal. That changed during COVID, when they successfully recapped the company. Rolling their carry back into the business gave them majority control, removed the full-time attention clause, and let them start building a portfolio instead of staying tied to a single company. Since then, they’ve added ~1 new platform per year while building a sourcing engine that aims at making them a top-decile independent sponsor. Refe...
Jun 10, 2026•1 hr 16 min•Ep. 67
After a distinguished career at BCG and as an executive in retail, Richard Baum was directed to the deal-by-deal model amid fundraising woes in the mid-2000s. Today he's viewed as one of the pioneers of the independent sponsor model, building Consumer Growth Partners around deep sector expertise. Over 20 years, he helped turn the independent sponsor ecosystem, previously mostly known for its lack of committed capital, into the dominant buyer of lower-middle market companies in North America. Ref...
Jun 03, 2026•1 hr 11 min•Ep. 66
Jim Bolduc operates the independent sponsor arm within his family's Family Office. As a former investment banker at Merrill Lynch, Jim walks us through the nuances of their approach, which includes a focus on the retail industry built on decades of entrepreneurial experience. References and how to contact today's guest: Jim Bolduc | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start ...
May 27, 2026•1 hr 5 min•Ep. 65
Bruce Lipian just wanted to keep doing deals after his committed fund was fully deployed. At a New York conference, someone called him “fundless.” A few drinks later, the group landed on a better term: independent sponsor. The name stuck. So did the model. References and how to contact today's guest: Bruce Lipian | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Ou...
May 20, 2026•1 hr 11 min•Ep. 64
Jim Tapp started his career at Mobil Oil, with a mortgage that kept him in the rat race. Then he met a blue-collar business owner with a giant yacht in his Newport Beach backyard. Shortly after, Jim Tapp moved his family with 5 kids back to Atlanta and got into the lower-middle market M&A game. After decades with funds and deal-by-deals, he now partners with two of his sons as an independent sponsor. References and how to contact today's guest: Jim Tapp | LinkedIn Minds Capital invests equit...
May 13, 2026•1 hr 19 min•Ep. 63
Erik Miller watched his entrepreneurial father build a thriving business, only to be squeezed by private equity. After 30 years in finance, Erik is now running Perspective Equity Partners to partner & collaborate with founders. References and how to contact today's guest: Erik Miller | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains mo...
May 06, 2026•1 hr 8 min•Ep. 62
A podcaster and accountant, Leah Berend founded Minneapolis-based Merrin Investment Partners in 2024. 4 deals later, Leah shares their playbook, which includes an openness to imperfect situations and conviction that culture & people management make companies 4x more valuable. References and how to contact today's guest: Leah Berend | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to s...
Apr 29, 2026•1 hr 5 min•Ep. 61
Nicolás Lulli "grew up" at Relay Investments, a well-known fund in the traditional search fund world in the Prudential Tower in Boston. With their backing, he later acquired a $1m EBITDA business in Peru shortly before the pandemic. Peru was hard hit by the pandemic, not the least due to draconian government policies. So $1m EBITDA dropped to $0, before heavy-lifting turned it around to $10m and climbing. References and how to contact today's guest: Nicolás Lulli | LinkedIn Minds Capital invests...
Apr 22, 2026•1 hr 10 min•Ep. 60
Chandos Mahon dreamed of driving garbage trucks at age 3. In 2024, he exited a tire recycling waste management platform to a strategic buyer for a 5x net MOIC. Starting as a searcher in 2015, he acquired the business in 2017 and scaled it through 14 add-ons before exit. References and how to contact today's guest: Chandos Mahon | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a c...
Apr 15, 2026•1 hr 18 min•Ep. 59
Former auto mechanic Eugene Polevoy is an independent sponsor based in Toronto. His strong opinions routinely go viral on LinkedIn and were recently featured in Pitchbook's daily newsletter. Eugene walks through how he built and exited an HVAC platform and talks about his latest move into a $100m commercial generator services deal. References and how to contact today's guest: Eugene Polevoy | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent ...
Apr 08, 2026•1 hr 35 min•Ep. 58
Transition Capital Partners is a mainstay in Dallas private equity. Jason Faucett and his team are the 4th generation of partners at this 33-year old firm, with a track record that includes 55 platform acquisitions and a historical IRR in the high 30% range. TCP proves that local networks and reputational compounding are the ultimate competitive moats. References and how to contact today's guest: Jason Faucett | LinkedIn Minds Capital invests equity into deals by independent sponsors and searche...
Apr 01, 2026•1 hr 9 min•Ep. 57
As early deal-by-deal pioneers, Edwin Burke and Chris Eichmann of Pillsman Partners have have completed 7 platform investments and 23 add-on acquisitions since their founding in 2012. Unlike many PE executives who embrace operations depth as a differentiator, Pillsman's "suits & jeans" model focuses on value creation through partnership, team building, capital access, and strategy. References and how to contact today's guest: Edwin Burke | LinkedIn Chris Eichmann | LinkedIn Minds Capital inv...
Mar 25, 2026•1 hr 18 min•Ep. 56
Corbin Cook and Alex Swanston of Rise Run Capital challenge the "get rich slow" reputation of independent sponsorship. Since starting 6 years ago, after having roadmapped their firm over beers by a bonfire in Wyoming, they have acquired 5 platforms, reaching more than $50m of aggregate EBITDA, before landing their 1st home run exit (7x EBITDA growth in 4 years) a few months ago. References and how to contact today's guest: Corbin Cook | LinkedIn Alex Swanston | LinkedIn Minds Capital invests equ...
Mar 18, 2026•1 hr 10 min•Ep. 55
Chris Breaux left the world of $500m middle-market deals as an investment banker to build Emberline, an independent sponsor focused on the intersection between government, defense, and vertical tech. Their portfolio consists of 3 platform companies. They view technology and AI as a differentiator in the small business world, leaning heavily in on the implementation and utilization to drive organic growth. References and how to contact today's guest: Chris Breaux | LinkedIn Minds Capital invests ...
Mar 11, 2026•59 min•Ep. 54
Edoardo Maggini is the Operating Partner at Star Step, a specialty coatings rollup. Founded in 2021 by 3 partners, Star Step pivoted away from chasing a $45m EBITDA carveout to aggregating smaller, founder-led businesses, resulting in rapid growth across USA and Europe. References and how to contact today's guest: Edoardo Maggini | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a...
Mar 04, 2026•54 min•Ep. 53
Aaron Stahl sold his business in 2025 to an independent sponsor. He had spent the previous 21 years founding & building P3 Cost Analysts, a cost reduction consulting company. The change in ownership, he states, was necessary to take risks and grow, and it also enabled Aaron to reclaim his most important asset: time. References and how to contact today's guest: Aaron Stahl | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a...
Feb 25, 2026•1 hr 17 min•Ep. 52
Justin Turner and Traction Capital Partners just exited a 7-year hold in the specialty fire equipment distributor space, where they grew revenue from $15m to nearly $100m. Traction Capital proved that a semi-long-term hold allows real value creation, leading to an 11x MOIC and 44% IRR outcome. References and how to contact today's guest: Justin Turner | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Mi...
Feb 18, 2026•1 hr 3 min•Ep. 51
In celebration of our 50th episode, the 3 GPs of Minds Capital share their journey: the media-first strategy's role in creating a deal flow flywheel, behind-the-scenes from the podcast, learnings from high-velocity investing, and thoughts on the future. A special note of gratitude to our investors; thank you for making this journey possible - we're having a blast! References and how to contact today's guest: Minds Capital | LinkedIn Minds Capital invests equity into deals by independent sponsors...
Feb 11, 2026•54 min•Ep. 50
Kevin Wong is the Chief Investment Officer at Lang Partners, a family office based in Dallas. With 15 years on the investment side of the lower-middle market, Kevin has built a reputation as one of the most active and respected LPs in the independent sponsor ecosystem, backing 27 platforms since 2020. References and how to contact today's guest: Kevin Wong | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, vis...
Feb 04, 2026•56 min•Ep. 49
Alan Baca and Dana Robinson explain how Verde Equity Partners is buy-and-building a scaled commercial landscaping platform using an operator-led playbook. Drawing from prior home services roll-ups, Verde warehoused their early deals and operates by moving fast on M&A and slow on integration. In 2.5 years, the team has completed 9 acquisitions while retaining 100% of customers and employees. References and how to contact today's guest: Alan Baca| LinkedIn Dana Robinson | LinkedIn Minds Capita...
Jan 28, 2026•1 hr 15 min•Ep. 48
NYC-based James Bohannon works at Belzberg & Co, a multi-family office with a keen eye to the independent sponsor asset class. Drawing on years of conference repetition and real world deal experience, James explains how family offices truly think about backing independent sponsors. References and how to contact today's guest: James Bohannon | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Cap...
Jan 21, 2026•1 hr 10 min•Ep. 47
Based in New York, Michael ("Mike") Healy began his career as an attorney before deciding the real fun and action were on the deal side. After a stint in PE, he founded Gardner Standard in 2010. The early years were rocky, marked by failed deals and long stretches of uncertainty. Momentum finally arrived when a sizable closing fee on a deal he sourced and sold to a PE fund provided the liquidity needed to persevere. Today, Mike is an accomplished independent sponsor with a clearly defined strate...
Jan 14, 2026•1 hr 9 min•Ep. 46
Peter Lehrman founded Axial in 2009, the leading deal origination platform for lower-middle-market M&A. Today, roughly 10,000 attempted transactions are launched on Axial each year, with approximately 25% closing, making it one of the most active M&A marketplaces in the U.S. lower middle market, and independent sponsors are the single most active buyer type by closed-deal volume. In this episode, Peter shares unmatched market intelligence and highly tactical insights on how independent s...
Jan 07, 2026•1 hr 8 min•Ep. 45
G.R. Kearney , a former inner-city Chicago teacher, was thrust into leadership when his senior partner tragically passed away. He navigated the emotional and legal complexities of sustaining the firm and ultimately rebranded it as Stacker Holdings, reshaping the platform into an employee-centric, EOS-driven, long-term investment firm. References and how to contact today's guest: G.R.Kearney | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent ...
Dec 31, 2025•1 hr 4 min•Ep. 44
Dan Tamkin , based in California and co-founder of Resurgent Capital Partners, is an operator, technologist, and turnaround investor, in that order. After a career revolving around tech turnarounds and challenged VC portcos, he has found the lower-middle market to be a better channel for value creation, especially when done via the deal-by-deal model of independent sponsorship. References and how to contact today's guest: Dan Tamkin | LinkedIn Minds Capital invests equity into deals by independe...
Dec 17, 2025•1 hr•Ep. 43
UK-based Sam Turner overcame a challenged first deal by pivoting the business model and eventually built a thriving facilities maintenance roll-up that targets market leadership in its space. He points to capital stack discipline as key when self-funding add-on acquisitions. Beyond work, Sam volunteers one full mentorship day per month to founders and prospective business buyers. References and how to contact today's guest: Sam Turner | LinkedIn Minds Capital invests equity into deals by indepen...
Dec 10, 2025•1 hr 6 min•Ep. 42
Craig Dupper , based in Park City, Utah, founded Elan Growth Partners after years of seeing how the traditional fund model fails to optimize stakeholder alignment and investment periods. At Elan, they prioritize high rollover equity to cement a true partnership mindset in each deal. On the LP side, they have built a tech-enabled, institution-grade back office that extends the flexibility of the independent sponsor model to the capital providers as well. References and how to contact today's gues...
Dec 03, 2025•1 hr 3 min•Ep. 41
Independent sponsor royalty Michael Kornman details how he built NCK Capital out of Dallas with his brother Grant, acquiring 5 platforms in 10 years. In 2024 they partnered with Align Capital Partners to form Align Collaborate, changing sides of the table to deploy a $233m sponsor-friendly fund that backs buyouts and buy & builds. References and how to contact today's guest: Michael Kornman | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independ...
Nov 26, 2025•1 hr 7 min•Ep. 40
Robert Graham, based in Dallas, graduated from HBS in 2018 and acquired his first company the year after as a self-funded searcher using SBA7a financing. After a turbulent start, this healthcare platform exploded to $30m of EBITDA and now "hemorrhages cash." That early breakout win became the engine behind SIG Partners, recently named a Top 20 independent sponsor by Axial, which has since assembled an extraordinary 33 platforms in just 6 years. References and how to contact today's guest: Robert...
Nov 19, 2025•1 hr 20 min•Ep. 39
Willistown Capital’s journey offers a window into how independent sponsors can execute complex, high-stakes transactions with institutional precision. William Boffa and Darren Fultz walk through the anatomy of their award-winning related acquisitions of Quiltcraft and Fabtex. From stakeholder alignment to >$1m of legal fees, they detail their journey through complexity & risk to the promised land of “zone skipping". References and how to contact today's guest: Darren Fultz | LinkedIn Will...
Nov 12, 2025•1 hr 6 min•Ep. 38
