The Private Equity Podcast, by Raw Selection

• Inside the Psychology of Elite Founders (What 9-Figure Exits All Share) with Greg Moran

  Guest: Greg Moran – Multi-exit founder, investor, and Managing Partner at Evergreen Mountain Equity Partners Host: Alex Rawlings, Founder of Raw Selection⏱️ Timestamps & Topics00:00 – Introduction to Greg Moran Alex welcomes Greg Moran, a multi-exit founder turned investor, and Managing Partner at Evergreen Mountain Equity Partners. Greg introduces his background in scaling businesses, raising $500M+ in capital, and his current focus on future-of-work technologies.01:29 – Biggest Mistakes in Private Equity & Venture Greg highlights two major missteps:Private Equity: Disrespecting existing leadership and stripping company culture.Venture Capital: Failing to deeply understand a founder's motivations under pressure.03:51 – Behavioral Due Diligence: The Adaptive Innovator Greg explains how Evergreen Mountain uses a proprietary founder archetype model based on studying 100+ founders with multiple 9-figure exits. 📘 Book: The Adaptive Innovator 🔬 Assessment Tool: theadaptiveinnovator.ai06:11 – The Four Pillars of the Adaptive Innovator ModelCreative Resilience – Performing better under pressureBalanced Risk-Taking – Small experiments lead to bold movesHumble Assertiveness – Leading without being the loudest voiceStrategic Accountability – Owning failures and empowering teams09:09 – How the Assessment Works Greg walks through the free assessment's design—competency-based and situational judgment questions that help reveal how founders respond under real pressure.11:37 – From Operator to Investor: The Shift Greg discusses the personal challenge of moving from "solver" to "sounding board" and helping founders overcome small thinking and incrementalism.15:01 – Scaling Requires Talent Transformation Once you think bigger, the next hurdle is team capability. Greg discusses the importance of upgrading talent and how average hires dilute culture and repel A-players.18:26 – “Hire Fire and the Walking Dead” Greg's framework on talent management:Hiring is easyFiring the clearly bad is manageableThe real issue? Keeping the “walking dead” – the average, inoffensive underperformers who drain momentum.20:21 – Coaching Founders Through Tough Talent Calls Greg explains his approach as an investor: gently keeping the conversation alive, helping founders reach the inevitable realization themselves. 🗣️ Anecdote: The "5-second hesitation test" from a former board member.31:27 – Recommended Reading & Interests 📖 The Alchemist by Paulo Coelho – a yearly re-read for Greg 🎒 Outdoor adventure and Alaska documentaries (his son is a bush pilot)32:52 – How to Connect with Greg Moran🌐 Website: gregmoran.me🧠 Assessment: theadaptiveinnovator.ai💼 Fund: emep.io🔗 LinkedIn: Greg Moran📺 YouTube & X (formerly Twitter): Active channels for the docuseries and insightsRaw 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

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• Marketing That Delivers: Direct Response Tactics for Private Equity with John Dwyer

  🕒 Episode Timestamps & Show Notes00:00 – Introduction Alex welcomes John Dwyer, Founder of The Institute of WOW, to explore how direct response marketing can drive real results for private equity firms and their portfolio companies.00:53 – What is WOW Factor Marketing? John explains his flipped model: get prospects to try your product so they fall in love with your brand—not the other way around. 02:16 – The Power of Incentives Examples like McDonald’s Happy Meals and Kellogg’s cereal toys demonstrate how incentives remove focus from price. Yet, 97% of businesses still fail to use them effectively.03:35 – B2B Application of Incentives John shares how “freemium” strategies—like webinars and educational content—can help service businesses generate leads and build trust.05:25 – The PE Blind Spot: Marketing Marketing is often underutilized at the PE firm level. It’s left to portfolio companies and only becomes a priority at scale ($100M+ revenue). 06:21 – Creating High-Value Content Instead of always documenting, John recommends delivering structured, high-impact content like digital resources to demonstrate expertise and create authority.08:36 – Giving Away IP to Build Trust Sharing ideas freely (within reason) helps firms position themselves as experts. Private equity firms can do the same by publishing their value creation playbooks.09:33 – Case Study: Dental Facebook Contest A $30/day contest targeting parents of kids with crooked teeth generated 1,000+ leads in a week—demonstrating the power of a well-crafted incentive-based campaign.12:43 – PE Deal Origination via Events John recommends PE firms host webinars or in-person events to share their expertise and attract business owners—selling “once to many” like Tony Robbins.14:11 – Thinking Beyond Traditional Marketing John suggests PE firms partner with data providers or influencers to host educational events. Joint ventures and revenue-share models can scale reach efficiently.17:27 – Turnkey Marketing & Strategic Partnerships From travel vouchers to million-dollar contest giveaways, John shares how creative incentives combined with strong partnerships can produce scalable campaigns.19:10 – Using AI for Lead Generation John discusses how AI-powered voice bots deliver high-volume outreach, sharing relevant data like estimated home values—ideas that can inspire new B2B tactics.21:57 – Hiring Great Marketers John stresses the importance of case studies and results over resumes. Look for marketers who can think outside the box and prove success with real-world campaigns.24:21 – Purple Cow Thinking in Action A standout example: A building society offered free holidays for mortgage customers and later added Jerry Seinfeld to the campaign—resulting in billions in new loans.26:42 – Books & Resources John recommends The Purple Cow by Seth Godin. He prefers audio content and real-world business insights over fiction.28:04 – How to Contact John 📩 Email: [email protected] 🌐 Website: theinstituteofwow.comRaw 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

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• How Brett Hickey Built a $Billion Firm From Nothing | Leadership & PE Lessons Every CEO Must Hear

  Episode Summary: In this insightful episode, Alex Rawlings is joined by Brett Hickey, the CEO and founder of Star Mountain Capital. Brett shares his unique journey from humble beginnings in Northwestern Canada to leading a multi-billion-dollar asset management firm in the U.S. With deep reflections on leadership, value-based investing, building collaborative ecosystems, and what truly drives sustainable success in private markets, this is a masterclass in private equity thinking.Brett also discusses the strategic opportunities in the U.S. lower middle market, the implications of aging demographics, his risk-aligned investment strategy, and the power of culture in scaling a firm. If you're looking to understand how to build a high-performing investment organization from the ground up—and what books, frameworks, and philosophies support that—this episode is essential listening.⏱️ Episode Highlights & Time Stamps:00:00 – Welcome and Introduction to Brett Hickey 00:41 – Overview of Star Mountain Capital and its focus on U.S. lower-middle market private credit, secondaries, and private equity 01:12 – Key mistake PE firms make: passive asset management vs. active value creation 03:08 – Aging demographics as a key investment opportunity 04:05 – Valuation arbitrage in lower middle market businesses 05:05 – Reflections on a possible downturn: macroeconomic risks and “air pockets” 07:59 – Aging populations and structural economic concerns 09:53 – The importance of cash flow and capital protection 10:21 – Brett’s entrepreneurial journey – from launching his first fund at 26 to building Star Mountain Capital 12:41 – The S-shaped growth curve and persistence through innovation 13:40 – Brett’s data-driven approach to strategy and decision making 15:35 – Why aging demographics and inefficient markets create opportunity 17:08 – Biggest challenge in building the firm: People 19:30 – Aligning team culture and expectations through transparency and shared values 20:57 – Why Star Mountain is 100% employee-owned – benefits and challenges 22:54 – Building trust and long-term alignment through ownership 24:45 – Observations on asset management failures and strategic missteps 25:44 – What is the Collaborative Ecosystem and how it drives results at Star Mountain 27:34 – How peer networks like EO and YPO influenced the firm’s internal culture 28:31 – Leveraging insights between secondaries and direct investments 29:59 – Case studies, adjusted EBITDA, and forensic underwriting 31:18 – Using real business alignment as a differentiator in competitive deal processes 33:13 – Recommended reading: Brett’s top books and content on leadership and execution 33:41 – Never Lead Alone by Keith Ferrazzi 34:37 – Agility by Leo Tilman and General Chuck Jacoby 36:54 – Harvard Business Review and Rob Kaplan’s work on leadership 38:48 – Principles by Ray Dalio and how it influences Brett’s thinking 39:18 – A practical tip: triangulating decisions with deep experts 41:13 – Final reflections on value investing, risk management, and staying grounded 42:09 – How to get in touch with Brett and Star Mountain Capital 42:38 – Wrap-up and takeaways from Alex🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com

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• Private Equity’s GTM Wake-Up Call: Talent, Segmentation & the $500M Mistake

  🧠 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 KreminsThe First 90 Days by Michael WatkinsChatGPT and AI tools for sales enablement and productivity📨 Connect with Brian Reavell: Email: [email protected] 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

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• How AI and Product Strategy Are Reshaping Value Creation

  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

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