The Private Equity Podcast, by Raw Selection

Operating Partners Are the Future of Private Equity | Jeremiah Wanzell on Consumer Brand Growth

In this episode, Alex Rawlings is joined by Jeremiah Wanzell, a seasoned consumer brand executive with leadership roles at Hugo Boss and Calvin Klein, and now an operating partner working with private equity firms to drive growth in the consumer sector. Jeremiah shares his insights into the evolving role of the operating partner, value creation beyond financial engineering, the importance of omnichannel strategy, and how consumer-focused PE firms can win in a shifting market.⏱️ Timestamps00:03 – Intro & BackgroundJeremiah's career journey: from Bloomingdale’s to Hugo Boss & Calvin KleinLaunching Growth Mindset Advisors to work with PE firms as a fractional growth officer00:57 – Mistakes Private Equity Firms MakeMisunderstanding or undervaluing the role of the operating partnerValue creation needs real operators, not just consultantsPE firms still testing the waters, especially in the lower/mid-market03:44 – Why the Operating Partner Model Isn’t Universal YetToo often operating partners are brought in post-acquisition — a critical mistakeThey need to be involved from the outset to shape value creation plans05:12 – Case Study: Capizio AcquisitionDeal thesis: investing in niche category leadersBrought the deal to Argonne after another firm passedRole: pre-deal diligence, channel expansion, post-deal advisory07:07 – What Deal Teams MissOverlooking multi-channel retail strategyExamples: Nike’s failed DTC push vs. Allbirds’ slow wholesale expansionOmnichannel is no longer optional09:32 – Industry Shoutout: GrataSponsor mention for proprietary, data-driven PE deal sourcing09:58 – State of Consumer DealsDeal volume down 15% YoY, but deal size upHighlighted mega deals: Skechers ($9B), Dick’s x Foot Locker, Rode BeautyHot sectors: health & wellness, beauty, and digitally native brands11:27 – Tariffs & Pricing StrategyTariff uncertainty is a headwind but affects all brands equallyBrands must have clear differentiation and pricing transparencyExamples: airlines as commoditized vs. a loyal landscaper who passed along cost savings15:14 – Great Retail ExperiencesRetail “theater” matters more than everExamples: Vuori, Lululemon, building community through in-store eventsIt all starts with product excellence17:32 – Evolution of DTC & Shopify’s DisruptionApple iOS14 killed third-party tracking; CAC skyrocketedShopify commoditized eComm site creation → flooded market with undifferentiated brandsStubborn brands (e.g. Allbirds) suffered by not adapting18:59 – Retail Experience ExamplesRetail must build community and be about more than transactionsBrands that create loyalty through events and authentic connection win19:51 – What Jeremiah RecommendsFan of The Private Equity Podcast and Scott GallowayEncourages reading, webinars, and giving back to your networkRaw 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

How Top Talent & Consumer Trends Drive $1.3B Growth With William Quartner

🔹 Episode Overview: In this episode, we’re joined by William Quartner, Partner at Prelude Growth Partners, a New York-based private equity firm dedicated to the high-growth consumer space. William shares insights from his impressive journey through investment banking and private equity at firms like Goldman Sachs and TowerBrook Capital, to now helping build Prelude Growth from its inception to the recent close of Fund III. He explores critical investment lessons, the importance of talent, consumer industry trends, and the real-life challenges and rewards of building a PE firm from the ground up.00:00 – Intro to William Quartner  & Prelude Growth PartnersWilliam’s background: Goldman Sachs, TowerBrook, and JP MorganPrelude’s focus: high-growth consumer sectors like beauty, health & wellness, pet, baby, and food/beverageJust closed Fund III – now managing $1.3B in AUM02:24 – Common Mistakes in PE & Consumer InvestingMisunderstanding the type of risk (product, category, brand, execution)Lack of clarity on risk-return profile per categoryUndervaluing the importance of top-tier talent in portfolio companies05:18 – Evaluating Talent and LeadershipDifferences between a great founder/CEO and an average oneImportance of building the right team earlyPartnership model: working closely with founders as a minority investor07:41 – Passion for the Consumer IndustryHow deep focus and passion improve investment intuitionRecognizing industry "tourists" vs committed insidersBenefits of building a tight, focused ecosystem09:39 – Lessons from Goldman Sachs & TowerBrookSeeing institutional rigor and processLearning high-standard due diligence and underwritingWanting to work up the risk curve and help build something from scratch11:29 – The Startup Journey of Prelude GrowthFrom $85M in Fund I (2018) to $600M in Fund III (2025)Early-stage scrappiness and challengesMost rewarding part: building a recognized brand and seeing portfolio companies become category leaders16:55 – Current Consumer Industry Trends & OutlookGrowth brands more insulated from macro headwindsTariff uncertainty and its impact on planningStrategic reshuffling by large CPG players creating investment opportunitiesConcerns around consumer debt and buy-now-pay-later risksLP skepticism toward consumer-focused funds, but Prelude bucks the trend20:35 – Content RecommendationsPodcasts: Pivot (Kara Swisher & Scott Galloway), Acquired, SmartLessBusiness newsletters: Axios Pro Rata, Term SheetSubstack content for niche consumer insights21:32 – How to Connect with William 📧 Email: will@preludegrowth.com🔚 Closing Thoughts: William offers a masterclass in consumer investing; from risk frameworks and talent strategy to fundraising and sector specialization. His journey from major institutions to entrepreneurial investing highlights the power of clarity, conviction, and cultural fit in PE.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

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

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: john@theinstituteofwow.com 🌐 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

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