The Private Equity Podcast, by Raw Selection

Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way. Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

The Private Equity Podcast, by Raw Selection is a business podcast hosted by Alex Rawlings, with 224 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Alex Rawlings hosts The Private Equity Podcast, by Raw Selection, a business show with 224 episodes published.

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  The Private Equity Podcast, by Raw Selection

  The REAL Cost of Fear, Ego and Slow Decisions in Private Equity

  Aug 18, 202627 min

  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

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  The Private Equity Podcast, by Raw Selection

  How Private Equity Firms Can Build a Scalable Go-to-Market Engine

  Aug 11, 202628 min

  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

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  The Private Equity Podcast, by Raw Selection

  Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co

  Aug 4, 202616 min

  In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice. Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors. The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort. Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit. Key Highlights Why continuation vehicles have experienced significant growth How dedicated secondary capital has accelerated adoption Why many leading private equity firms have completed multiple CV transactions The benefits of providing liquidity while retaining high-conviction assets Why a continuation vehicle should not be the option of last resort How slower distributions have affected LP investment programmes The role of secondaries in portfolio optimisation and capital recycling How CVs can strengthen sponsor and LP relationships The importance of transparency, optionality and LPAC engagement The key indicators of a high-quality continuation vehicle Career opportunities within the expanding secondaries market Timestamps 00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice 00:59 – Why continuation vehicles are growing so quickly 01:29 – The evolution of fund restructurings into continuation vehicles 01:58 – Growth in dedicated secondary-market capital 02:25 – Increasing adoption among leading private equity firms 02:53 – Benefits for GPs, LPs and management teams 03:39 – The biggest mistake firms make when considering a CV 04:46 – Longer hold periods, slower exits and fundraising pressure 05:16 – Why LPs are manufacturing their own liquidity 06:14 – Restarting the private markets capital flywheel 06:43 – The contribution of CVs to LP distributions 07:12 – Secondaries as a strategic portfolio-management tool 08:39 – Portfolio optimisation and greater flexibility for LPs 09:37 – How continuation vehicles affect sponsor-LP relationships 10:05 – Giving existing LPs liquidity and rollover optionality 11:03 – What separates a good CV from a bad transaction 11:23 – Building a credible investment narrative 11:52 – Ensuring sufficient upside remains in the asset 12:21 – GP alignment and commitment to the next phase 13:18 – LPAC support and establishing a clear exit strategy 14:10 – Adrian’s recommended reading 14:39 – Careers in secondaries and how to contact Adrian 15:35 – 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. Upcoming Webinar: Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process . Discover how leading firms define roles, assess candidates and build a more effective executive hiring process. Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ Visit Raw Selection www.raw-selection.com

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  The Private Equity Podcast, by Raw Selection

  How a PE-Backed CRO Drove 4x Revenue Growth

  Jul 28, 202622 min

  In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies. Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology. The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies. Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment. Key Takeaways Why the right talent is the foundation of scalable revenue growth How Adam helped a founder-led company achieve 4X revenue growth Why attitude, adaptability, and soft skills can outweigh lengthy industry experience How market specialisation can create a dominant competitive position When strong demand and long backlogs signal an opportunity to increase prices How to position price increases around customer value Why sales compensation should reward profitable growth, not revenue alone How a standardised go-to-market playbook supports add-on integration Tools for assessing salespeople and commercial leaders Timestamps 00:00 – Introduction to Adam Crandall and Addtronics 00:30 – Adam’s career journey from HR to revenue leadership 01:25 – Quadrupling revenue and exiting a founder-led business 02:19 – The foundations of 4X revenue growth 02:49 – Getting the right people in the right seats 04:08 – Identifying high-growth end markets 05:01 – Hiring for attitude, adaptability, and soft skills 07:48 – Building a team capable of accelerated growth 08:17 – Value creation through market specialisation 09:40 – Pricing as a value creation lever 11:33 – Implementing price increases in founder-led businesses 12:01 – Communicating price increases to customers 14:23 – Shifting the culture toward profitable growth 15:22 – Aligning sales compensation with margin targets 16:49 – Creating a repeatable go-to-market playbook 17:44 – Balancing platform consistency with operating company autonomy 18:11 – What belongs in a scalable commercial playbook 19:36 – Assessing sales talent and commercial leadership 20:33 – Recommended resources for private equity revenue leaders 21:00 – How to connect with Adam Crandall 21:28 – 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

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  The Private Equity Podcast, by Raw Selection

  Building Professional Services Firms for Growth: Private Equity, Acquisitions and AI

  Jul 21, 202629 min

  In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group. Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs. The conversation explores why integration is often the hardest part of professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance. Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers. Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector. Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability. Key Takeaways • Build professional-services firms as businesses, not simply collections of practitioners. • Successful acquisitions depend on fast, thoughtful cultural and operational integration. • Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit. • Marketing activity should be assessed through measurable returns rather than tradition. • AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals. • Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed. Timestamps 00:00 – Introduction to Zachary Darrow 01:00 – Building a business that happens to be a law firm 01:31 – Navigating the global financial crisis 02:28 – Diversification, marketing and acquisitions 03:25 – Lessons from team lift-outs and firm acquisitions 04:49 – Acquiring people-centric professional-services businesses 05:12 – Treating employees as a second client group 07:01 – Modernising legal-sector business development 07:58 – Measuring conference and sponsorship ROI 08:55 – Content-led digital marketing 11:48 – Lessons from advising founders and investors 12:01 – Why founders must prepare earlier 13:57 – “Make-ready” work before raising or selling 14:56 – Chief Outsiders 16:22 – Private equity’s opportunity in legal services 17:20 – Alternative business structures and MSOs 18:18 – Solving law firms’ capital constraints 20:17 – AI investment and transformation 21:15 – Darrow Everett’s adoption of legal AI 24:01 – AI use case: reviewing large datasets 25:29 – AI use case: strengthening legal documents 27:24 – Zachary’s recommended reading 28:22 – How to contact Zachary Darrow 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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