Shows
Private Equity ExperienceRollin' Up Value: The Strategy & Risks of Private Equity Rollup MergersOverview: In this episode of The Private Equity Experience, Emily, Rory, and Ed dive into the world of rollup mergers in private equity. Rollup mergers involve acquiring and consolidating multiple smaller companies in the same industry to create a larger, more efficient entity. The hosts discuss the intricacies, challenges, and potential pitfalls of this strategy, providing insights into how private equity firms can navigate these complex transactions successfully.Key Discussions:Understanding Rollup Strategies:A rollup strategy involves acquiring and integrating multiple businesses in the same industry to achieve economies o...2025-07-2438 minPrivate Equity ExperienceLeveraged Buyouts Uncovered: Private Equity’s High-Stakes GameIn Episode 15, hosts Emily Sanders and Rory Liebhart delve into the world of Leveraged Buyouts (LBOs), examining how private equity firms and other entities utilize substantial debt to acquire companies. Joined by expert Edward Barton, the conversation examines the mechanics of an LBO, its benefits and substantial risks, including cash flow pressure and covenant breaches. The episode also addresses why the current private equity market is experiencing a "log jam" due to factors like high valuations from past years and rising interest rates.Key Takeaways & Discussion Highlights (Leveraged Deal Structure)What is...2025-07-1037 minPrivate Equity ExperienceThe Dilution Dilemma: Navigating the World of Equity FundingIntroduction to Equity Dilution and Its Impact on InvestorsEquity Dilution Definition: Occurs when a company issues new shares to raise capital, leading to a decrease in the ownership percentage of existing shareholders.Founder's Perspective: Founders often face the decision of whether to retain complete control over their company or raise capital by accepting dilution, which can significantly impact their future earnings and control.Key Stakeholders: Includes founders, employees, and investors who are all affected by dilution.💡 Understanding the Mechanics of...2025-06-2631 minPrivate Equity ExperienceRaising Capital 101: Insights from Seasoned PE ProsDescription:In this episode, we explore the various types of funding rounds that a startup or business can undergo, ranging from angel investing to private equity buyouts. Our guests, Emily Sander and Rory Liebhart, are joined by Ed Barton, who shares his expertise on the private equity side.Key Takeaways:Angel investing: This refers to the initial round of funding, typically provided by high-net-worth individuals or family offices. It's a high-risk, high-reward investment, and the investor typically seeks a 10- to 20-fold return on investment.Pre-Series A: This is the next round of...2025-06-1244 minPrivate Equity ExperiencePrivate Equity vs. Private Credit: Demystifying the Capital Stack, Risk, and ReturnsIn this episode, we dive into the world of private credit and its relationship with private equity. Our hosts, Rory, Emily and Ed, share their expertise on the differences and similarities between these two asset classes.Key Takeaways:Private credit refers to debt financing that is not publicly traded and is typically provided by private companies or investors.Private credit is not a new phenomenon, but its terminology has become more prominent in recent years as a separation from traditional banking and debt financing.Private credit is often used in...2025-05-2934 minPrivate Equity ExperienceTariffs, Trapped Equity, and the PE Tightrope: Navigating Uncertain MarketsSummary:In this episode, the hosts discuss the current economic environment, tariffs, and their impact on private equity. They also explore the concept of "trapped equity" and how it affects private equity firms. The conversation touches on the uncertainty created by tariffs, the risk premium required, and how it changes the dynamics of buying and selling assets.Key Takeaways:Tariffs create uncertainty: Tariffs lead to uncertainty, which can result in inaction and trepidation among investors and private equity firms.Trapped equity: Trapped equity refers to assets that...2025-05-1537 minPrivate Equity ExperienceThe PE Leadership Gambit: What Happens to the C-Suite After Acquisition?What happens to leadership teams when private equity enters the picture? In this revealing episode of The Private Equity Experience, Emily Sander, Rory Liebhart, and Ed Barton discuss the dramatic shifts that occur when PE firms acquire companies. Drawing from their battle-scarred experiences, they explore how founders navigate new stakeholder relationships, why CFOs often become CEOs, and the critical importance of meeting financial covenants. Learn why "business as usual" isn't an option, why flash reports become non-negotiable, and how to identify hidden talent during reorganization. Whether you're a founder considering a PE partnership or an executive navigating post-acquisition waters...2025-03-0732 minPrivate Equity ExperienceCracking the Code on Private Equity Valuations: Understanding the Art and Science of M&A DealsThis episode of The Private Equity Experience dives deep into the crucial and often dramatic world of business valuation in private equity deals. Hosts Emily Sander, Rory Liebhart, and Ed Barton explore the complexities, emotions, and strategic considerations determining a company's worth during the "buy phase." They discuss key valuation methodologies (revenue multiples and EBITDA multiples), the importance of revenue recognition, and how "corporate hygiene" (organized and accurate financial records) directly impacts perceived risk and, ultimately, the final valuation. The hosts emphasize that getting the valuation right is paramount, as it sets the tone for the entire private equity ho...2025-02-2029 minPrivate Equity ExperienceUnderstanding the Private Equity Ecosystem: VC, Series Funding, and PE FirmsIn this informative episode of the Private Equity Experience podcast, hosts Emily Sander, Rory Liebhart, and Ed Barton break down the complex world of private equity, venture capital, and series funding. Learn the differences between VC and PE firms and how to navigate the ecosystem to secure funding for your startup. Discover the importance of assembling a strong team of advisors and resources, including investment banks, financial advisors, and startup accelerators like Y Combinator and Startup Grind. Get insights on preparing for private equity investment and learn about essential books like "On Ramp to Exit" that can help you...2025-02-0633 minPrivate Equity ExperienceIs Incorporating In Delaware Still A Good Idea?Description: Delaware has been the go-to state for incorporating businesses due to its business-friendly environment, strong case law, and lack of business taxes.The recent court case involving Elon Musk's compensation package has raised questions about Delaware's predictability and has prompted some companies to consider alternative states like Texas, Wyoming, and Nevada.While Delaware will likely remain a popular choice for incorporation, especially for larger companies, the changing landscape prompts companies to consider their options and consult with legal and financial advisors.Businesses must focus on their core operations while being aware of...2025-01-3033 minPrivate Equity ExperienceDue Diligence: The Key to Unlocking Your Company's ValueIn this episode of the Private Equity Experience podcast, Ed and Rory dive into due diligence, a crucial step in buying or selling a business. They explain what due diligence is, how it works, and why it's essential for determining a company's valuation. The hosts also discuss the importance of working with experienced professionals, such as investment banks and financial advisors, to navigate the due diligence process and ensure a successful transaction. Learn the importance of due diligence in buying or selling a business and how to navigate the process with experienced professionals. Get tips and resources for finding...2025-01-0936 minPrivate Equity ExperienceThe Ultimate Private Equity Buy Phase Guide: Preparation is KeyThe Private Equity Experience podcast discusses the buy phase of private equity, focusing on the preparation required for business owners to sell their companies. The hosts, Ed Barton, Emily Sander, and Rory Liebhart, emphasize the importance of assessing one's personal and business situation, identifying motivations for selling, and assembling a team of experts, including investment banks and wealth advisors. They also stress the need for corporate hygiene, including getting financial records in order and addressing regulatory gaps. The hosts encourage listeners to ask themselves "why" and "what" questions, know their goals and motivations, and proactively prepare for the sale...2024-12-2637 minPrivate Equity ExperienceSelling Your Business to Private Equity: The Crucial Steps Before Selling Your BusinessIn this episode of PEX, the hosts explore the private equity selling process, comparing it to a dating game to illustrate the stages from initial teasers to detailed due diligence. They cover critical concepts like Confidential Information Memorandums (CIMs), virtual data rooms, and essential legal mechanisms such as drag and tag rights. Additionally, the discussion highlights the challenges founders face when adapting to new roles post-sale and offers practical insights into managing these transitions. Overall, the episode provides valuable guidance for navigating the intersection of entrepreneurship and private equity.00:34 Host Banter01:17 Reasons Founders Consider Selling2024-12-1233 minPrivate Equity ExperienceUnderstanding Private Equity Management Fees in a Changing MarketIn this episode, hosts Ed Barton, Rory Liebhart, and Emily Sander dive into the world of management fees in private equity. They discuss how PE firms make money, what founders and management teams need to know, and the importance of understanding management fees in deal negotiations.Key Takeaways:Management fees are a crucial aspect of private equity investing, and understanding them is essential for founders and management teams.PE firms use various fee structures, including management fees, carried interest, and carried capital.Management fees can be a significant source of revenue for PE firms, but they...2024-11-2842 minPrivate Equity ExperienceThe Second Trump Administration: What it Means for Private EquityEd Barton and Rory Liebhart join Emily Sander to discuss the implications of President Trump's election for a second term on the private equity industry. The hosts discuss historic impacts, potential changes in legislation, shifting demographics, and the potential for a US-China conflict.Key Points:The show's hosts, Emily Sander, Ed Barton, and Rory Liebhart, reflect on the implications of Trump's re-election and the potential impact on the private equity industry and the broader economy.They discuss the importance of demographics, cultural shifts, and geopolitical events in shaping the economic landscape....2024-11-1440 minPrivate Equity ExperiencePrivate Equity Explained in Simple Terms: A Guide for Founders and EntrepreneursIn this inaugural episode of The Private Equity Experience (PEX), we're taking the first step in exploring the world of private equity. We'll introduce its role in today's business landscape and explain how it's become a valuable option for small businesses. Whether you're a founder considering private equity for growth capital or personal liquidity or simply curious about how private equity compares to venture capital, this episode provides a great starting point.We'll cover the basics of private equity, including leveraged buyouts and assets under management, to give you a solid foundation in this crucial p...2024-11-1438 minPrivate Equity ExperienceTrailerOur first full episode will drop next week - subscribe now so you don't miss it!Private Equity ExperienceDemystify the world of private equity with insider knowledge.Join hosts Ed Barton, Rory Liebhart, and Emily Sander - seasoned professionals who have worked from all angles as C-suite leaders, private equity managing directors, and investors.In this podcast, they break down complex private equity concepts into everyday language. You'll gain a clear understanding of the PE landscape, key players, and market dynamics. Expect practical insights on deal-making, growth...2024-11-0800 min
Leveraging LeadershipBONUS EPISODE: New Private Equity Book!Emily sits down w/ her co-authors, Ed Barton and Rory Liebhart to talk about their new book, “On-Ramp to Exit: Your Guide to the Complete Private Equity Experience.”They explain what private equity is (and what it is not - hint: venture capital), how private equity influences business operations, with examples like increased reporting for CEOs and CFOs. Rory and Ed also talk about private equity's networking benefits, how partnerships help companies grow, and potential access to future investments.00:23 Meet the Guests: Ed Barton and Rory Liebhart2024-10-1137 minLeveraging LeadershipHow to Balance Financial Decisions with Broader Business GoalsIn this episode, Emily sits down with her former CFO (and one of her all time favorite people), Rory Liebhart!They explore the multifaceted role of the Chief Financial Officer (CF) in today’s business landscape.● Rory’s journey from selling t-shirts on a doc to a multi-time CFO, President and Director of PE-backed companies● Collaborating with other executives to drive organizational success (while not avoiding productive tension)● Navigating financial challenges including budgeting, forecasting, and managing cash flow● Strategic decision making - balancing financial considerations with broader business objectives● Adapting to c...2024-04-0150 min