The Private Equity Podcast, by Raw Selection

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.
Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.
The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment.
Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business.
Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards.
Key Highlights
00:00 – Paul Golden’s Background
From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits.
01:29 – The Biggest PE Leadership Mistake
Why private equity firms need to make faster decisions about whether the right management team is in place.
03:21 – Identifying the Right Executives
The importance of leaders who are confident enough to be challenged by their teams and boards.
04:44 – What Paul Looks for in Executive Interviews
Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders.
07:05 – The Hardest CEO Decisions
Why firing customers or exiting customer segments can sometimes be harder than changing the management team.
08:28 – What Drives Successful PE Exits
Delighted customers, strong management, and clear opportunities for growth.
11:14 – Lessons From Exit One to Exit Nine
Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months.
14:26 – Changing Founder-Led Cultures
The challenges of accelerating decision-making in businesses shaped by the same founder for decades.
17:28 – Who Stays and Who Goes Post-Acquisition
How to identify advocates for change, potential resistors, and leadership team members who can adapt.
20:55 – Lessons From 20+ Add-On Acquisitions
Why cultural fit becomes increasingly important as the size of an add-on grows.
24:41 – Generating $150M+ in Free Cash Flow
Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash.
29:56 – The Essential Skill for PE-Backed CXOs
Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next.
31:53 – Leadership Frameworks That Shaped Paul
Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces.
34:55 – Connecting With Paul
Paul shares how listeners can reach him after the episode.
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 of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market.
Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully.
The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses.
Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy.
Key Topics
Why moving too quickly can destroy a portfolio company's “secret sauce”
Avoiding excessive leverage in lower-middle-market businesses
Creating returns through organic growth rather than financial engineering
Finding opportunities in markets where less private equity capital is competing
Reinvesting founder cash flow to accelerate growth
Why the management team can matter more than the market
Using DISC and other assessments to de-risk executive hiring
What Mark learned from billionaire investor Sam Zell
Becoming a disciplined “professional opportunist”
Why private equity investors need to think more about exit timing
Knowing when to leave the next stage of value creation for the next investor
Timestamps
00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners
00:28 – Why Mark always wanted to become an investor
02:27 – From Arthur Andersen to banking and private investing
03:21 – Learning to become a “professional opportunist” from Sam Zell
04:43 – The biggest mistakes in lower-middle-market private equity
06:09 – Why Granite Creek avoids overleveraging businesses
08:19 – Organic growth versus acquisition-led strategies
09:38 – What makes an attractive platform investment
12:00 – Why getting the right management team drives value creation
13:55 – Using assessments to build complementary leadership teams
16:21 – Why personality assessments are a data point, not the answer
17:15 – DISC, Myers-Briggs, and executive assessment
19:12 – Mark’s biggest lessons from Sam Zell
20:12 – Avoiding groupthink and finding markets where you can win
21:37 – Why exit timing matters in private equity
23:04 – Knowing when a successful business is ready to sell
24:59 – When to leave value creation for the next investor
27:20 – Mark’s recommended podcasts and books
28:45 – How to connect with Mark Radzik
29:10 – Closing thoughts
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

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity.
Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest.
The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing.
Key Takeaways
Don’t try to perfectly time deployment or exits; invest steadily and price for the environment.
Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time.
Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions.
New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure.
Permanent capital can provide GPs with strategic stability and longevity.
Great investments combine moat, management and optionality across both value creation and exit routes.
The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment.
Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.”
Timestamps
00:00 – Introduction to Jean-Baptiste Wautier
01:28 – The mistake of trying to time private equity markets
03:21 – When is the right time to exit?
04:17 – DPI, the J-curve and the cost of holding assets
05:15 – The current state and future of private equity
06:42 – Why subscale firms face consolidation
09:39 – Why performance alone is no longer enough
13:04 – Where displaced private equity talent may go next
14:31 – How GPs can scale AUM
16:57 – Why permanent capital is the “Holy Grail”
18:22 – When firms should diversify into new strategies
20:17 – What helped BC Partners scale
23:45 – Where the next investment tailwinds may come from
27:10 – Moat, management and optionality
32:23 – What the best private equity CEOs have in common
35:42 – What makes a strong value-creation strategy
39:03 – How private equity firms are becoming institutions
44:44 – Books and investors that shaped Jean-Baptiste’s thinking
46:33 – How to connect with Jean-Baptiste
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 of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses.
Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it.
The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and ineffective leadership behaviour. Lesley explains why putting a number on these costs can help investors and management teams understand the potential impact on EBITDA.
Lesley also shares practical steps for improving decision-making under pressure, creating a culture where people feel safe speaking up, and helping executives reflect more honestly on how fear and personal financial stakes influence their choices.
Key Takeaways
How financial pressure affects executive judgement and behaviour
Why stress can push leaders into fight, flight, or freeze mode
The early warning signs that a leadership team is becoming overwhelmed
How slow decision-making creates a hidden cost for portfolio companies
Why leaders agree in meetings but raise concerns privately afterwards
How fear-based cultures reduce honesty, engagement, and accountability
Why repeatedly delayed decisions should be investigated
How to measure the hidden tax of missed opportunities and employee turnover
Why executives should reflect on decisions made under pressure
How open communication can improve performance and value creation
Timestamps
00:00 – Introduction to Lesley Thomas and the Money Confidence Academy
01:25 – The biggest mistake businesses make under financial pressure
03:10 – How pressure affects executive judgement
04:05 – Why decision-making slows in PE-backed businesses
05:02 – The cost of delayed decisions and missed opportunities
06:30 – Early warning signs of executive overwhelm
07:22 – Sideline conversations and hidden disagreement
08:17 – Acting on intuition when behaviour begins to change
09:16 – Approaching difficult conversations with executives
10:14 – Creating genuinely open communication
11:13 – How fear creates protectionism and disengagement
12:08 – Using the experience of long-standing employees
13:05 – How the hidden tax affects EBITDA and performance
13:34 – Measuring lost opportunity and organisational cost
15:03 – Why putting a number on the problem matters
16:30 – Improving decision speed and ownership
17:27 – Investigating decisions that repeatedly return to the board
18:21 – Starting with one unresolved decision
19:47 – Advice for executives making decisions under pressure
21:14 – How cortisol can limit effective decision-making
22:13 – Reflecting on financial decisions
23:40 – Understanding why leaders remain silent
25:12 – Recommended books and podcasts
26:40 – How to connect with Lesley Thomas
27:09 – Closing remarks
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 of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors.
Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy.
The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth.
Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth should be treated as an interconnected system covering marketing, sales and customer success.
The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively.
Key Highlights
Why founder-led businesses often struggle to scale
The risks of founder dependency in sales
What Brian means by “phase zero” capabilities
Why firms may need to go backwards before scaling forwards
How to professionalise a go-to-market strategy
The importance of route-to-market analysis
Understanding reach, fit and yield
Why lower-middle-market businesses hit growth ceilings
The challenges of integrating founder-led businesses in a roll-up
Why go-to-market integration should be pre-wired
The importance of execution fit during due diligence
Why growth stalls are not always sales problems
Customer success versus customer support
How existing customers can drive expansion revenue
Separating revenue results from the revenue engine
How operating partners can support commercial transformation
Why growth initiatives must be sequenced correctly
Timestamps
00:00 – Introduction to Brian Gustason and BG Operating Advisors
01:01 – Common growth challenges in the lower-middle market
01:31 – Founder dependency and underdeveloped commercial capabilities
02:29 – Identifying phase zero go-to-market capabilities
03:56 – Defining a professionalised go-to-market strategy
04:23 – The role of go-to-market strategy in private equity
05:17 – Why route-to-market analysis is often overlooked
05:47 – Understanding reach, fit and yield
07:14 – Why founder-led businesses often lack scalable processes
08:38 – Growth ceilings and limited execution runway
10:05 – Go-to-market challenges in roll-up strategies
11:34 – Pre-wiring go-to-market integration
13:01 – How deal origination affects integration
13:58 – Execution fit and time to integration value
15:51 – Diagnosing the real causes of stalled growth
16:40 – Treating go-to-market as a connected system
17:08 – The role of customer success in recurring revenue
18:33 – Unlocking growth from existing customers
19:53 – Assessing whether the revenue engine can scale
20:22 – Separating revenue performance from revenue capability
21:20 – Evaluating go-to-market maturity
22:42 – Where to play, who to target and how to engage
24:10 – How operating partners can support portfolio companies
24:37 – The operating partner’s role in due diligence
25:35 – Identifying businesses that need growth intervention
26:31 – Sharing best practices and coaching leadership teams
26:59 – Sequencing growth initiatives effectively
27:29 – How to connect with Brian Gustason
27:57 – Closing remarks
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