The Private Equity Podcast, by Raw Selection

In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.
⏱️ Timestamps & Key Topics
00:00 – Introduction
Robert’s journey across founding, exiting, and re-entering private equity.
00:30 – Building & Selling a Business
 Grew to ~80 technicians and exited at 29 
 Joined a PE-backed roll-up, completing 100+ acquisitions 
01:21 – Biggest PE Mistake: People
 Misalignment of talent and roles 
 Importance of matching personal goals with business needs 
02:42 – Off-Market Sale Process
 Relationship-driven deal (~18 months) 
 Shared vision and timing were key 
03:40 – Why Sell?
 Rapid growth (3M → 12M revenue) 
 Opportunity to scale within a larger platform 
06:57 – Winning Deals
 Human connection over price 
 Understanding seller motivations (legacy, growth, people) 
09:18 – Scaling a Roll-Up
 Leadership staying close to frontline teams 
 Challenges of tech and data integration 
10:47 – Key Lessons
 Retaining founders drives value 
 Equity rollovers create alignment 
12:14 – Frontline Reality
 Change fatigue is real 
 Strong leadership needed during integration 
14:13 – Founder Retention
 Tailor roles to individuals 
 “Right person, right seat” approach 
16:36 – Buffalo Growth Partners
 Focus: service businesses (“guys in trucks”) 
 Operator-led investment model 
18:30 – Off-Market Strategy
 Dedicated outreach + industry credibility 
 Aim to be the “first call” when owners sell 
21:21 – Recommendations
 Brad Jacobs (M&A & scaling) 
 Alpine Investors (people-first PE) 
 Bill Gurley – Running Down a Dream
🔑 Key Takeaways
 People alignment is the biggest driver of success 
 Trust and credibility win off-market deals 
 Retaining founders unlocks long-term value 
 Execution and integration are critical 
 Operator-led PE is gaining momentum 
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.

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 Hospitality
Excellence Wins
You 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.

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 analysis
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.

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 diligence
Integrity and resilience are critical traits
Retention is a primary driver of growth
Data must be paired with real customer insight
Pressure-test your investment thesis
Middle management drives execution
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.

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 trades
Franchising offers a large, undercapitalised opportunity
Minority investing unlocks access to restricted sectors
Long-term alignment appeals to family-owned businesses
Europe can offer stronger fundamentals vs overheated US markets
Data and analytics are key to gaining an edge
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.