Dive deep into the heart of private equity diligence processes with Lloyd Metz, Doug McCormick, and Sean Mooney in this insightful episode of "Best But Never Final." The trio unravels the complexities of third-party diligence, shedding light on the essential tools that private equity firms employ to assess, verify, and envision the potential of their investments. From the critical Quality of Earnings review to comprehensive market studies and management assessments, this episode covers the gamut of due diligence activities that underpin successful private equity transactions.Listeners will explore:1:00 - The pivotal role of third-party diligence in private equity, including the moments that can induce heart palpitations as significant sums are spent without guarantee of a deal closure.8:15 - An in-depth look at the major categories of third-party diligence: Quality of Earnings, market studies, management assessments, legal work, IT diligence, and insurance.15:30 - The nuanced differences between an audit and a Quality of Earnings review, and why the latter is crucial for understanding the true financial performance of a business.22:45 - How market studies (commercial due diligence) and management assessments play a critical role in evaluating the potential and leadership of target companies.30:00 - The sequencing of diligence activities and the strategic importance of each in the investment process, including the evolving landscape of legal, IT, and insurance diligence.Join Lloyd, Doug, and Sean as they navigate through the diligence landscape, offering invaluable insights into the tools and strategies that define the investigative phase of private equity. Whether you're a seasoned professional or new to the private equity world, this episode provides a comprehensive understanding of the diligence process, highlighting its significance in avoiding pitfalls and unlocking transformative growth opportunities.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this engaging episode of "Best But Never Final," hosts Lloyd Metz, Doug McCormick, and Sean Mooney demystify the pivotal role of the Chief Financial Officer (CFO) within the private equity (PE) landscape. As they navigate through the multifaceted responsibilities and evolving nature of the CFO role, the discussion illuminates why a strategic CFO is indispensable for PE-backed companies. From being the co-pilot to the CEO to mastering the art of translation between financials and business operations, this episode explores the journey from a competent to a strategic CFO and the essential traits that define success in this dynamic role.Listeners will discover:1:45 - The foundational responsibilities of a CFO in PE and the significance of evolving beyond financial reporting to strategic partnership.3:09 - Analogies that capture the essence of the strategic CFO role, comparing it to key figures in military and cinematic narratives.7:47 - The challenges and opportunities in the career progression of a CFO within the fast-paced environment of PE-backed companies.14:24 - How PE firms approach the selection process for a CFO, emphasizing the importance of intellectual horsepower, experience, and interpersonal skills.21:08 - Key strategies for CFOs to excel in their role, highlighting loyalty to the enterprise, integrity, and the ability to be a resource across the organization.35:54 - The nuanced reporting structure of CFOs in PE, including the direct and dotted line reporting to the CEO and the PE firm, respectively."Best But Never Final" offers a deep dive into the critical role of the CFO in steering PE-backed companies towards growth and success. Whether you're an aspiring CFO, a seasoned financial leader, or simply fascinated by the strategic interplay within private equity, this episode provides valuable insights into making impactful contributions in the high-stakes world of private equity.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of "Best But Never Final," delve into the evolving landscape of career entry points into the private equity industry with hosts Lloyd Metz, Doug McCormick, and Sean Mooney. The trio, seasoned in the nuances of private equity, dissect the journey from traditional roles in investment banking and consulting to the increasingly recognized value of operational expertise. This conversation offers a candid look at the prerequisites for a successful career in private equity, emphasizing the significance of intellectual curiosity, the strategic advantage of an MBA, and the diverse skill sets required to thrive.Listeners will gain:00:00 - An understanding of how foundational roles shape a professional's readiness for private equity challenges.12:30 - Insights into the strategic pivot points offered by business school for those transitioning into or within the private equity space.25:15 - A broadened perspective on the variety of pathways into private equity, highlighting the importance of operational roles in today's market.37:00 - Actionable advice for those aspiring to break into private equity, focusing on the necessity of passion, resilience, and a unique mindset.44:00 - Recommendations on literature that encapsulates the core principles of investment, business strategy, and life skills crucial for anyone aiming to make their mark in private equity.Join "Best But Never Final" for a thought-provoking discussion that demystifies the private equity sector and offers guidance for those plotting their course in this competitive arena.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode of Best But Never Final Lloyd Metz, Doug McCormick, and Sean Mooney dive into the heart of private equity's strategic decision-making and deal sourcing processes. This episode peels back the layers on how private equity firms identify their investment focus, align with Limited Partners' (LPs) expectations, and navigate the competitive landscape to source potential opportunities. Through a detailed discussion, the trio elucidates the evolution from generalist approaches to the specialized strategies that now define the industry, highlighting the critical role of deep market knowledge and network building in successful deal sourcing.Episode Highlights:0:36 - Opening discussion on the strategic focus of private equity investments and the imperative of specialization.1:26 - Doug McCormick outlines how private equity firms delineate their investment areas and craft detailed investment theses.3:12 - The significance of adhering to LPs' expectations and the move towards specialization for competitive advantage.10:02 - Insights into the journey from being industry generalists to adopting specialized investment strategies.13:31 - The art of saying 'no' and the importance of focus in the selection of investment opportunities.24:27 - Exploring adjacent markets for new investment opportunities and forming new investment theses.43:32 - Differentiating between sourcing strategies for platform investments and add-on acquisitions.51:08 - Discussing the future of private equity branding and the potential for direct engagement with investment targets."Private Equity Focus: Shaping Investment Strategies and Sourcing Excellence" offers an enlightening journey through the strategic considerations that guide private equity investments. Lloyd Metz, Doug McCormick, and Sean Mooney share their expert insights on the evolution of investment focus, the criticality of specialization, and the nuanced approaches to sourcing deals in today's competitive market. This episode is an invaluable resource for anyone interested in the behind-the-scenes workings of private equity, from industry newcomers to seasoned professionals looking to refine their strategic approach. Join us as we navigate the intricacies of private equity investment strategies and sourcing excellence.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

About the Episode: In this enlightening episode of "Best But Never Final," hosts Doug McCormick, and Sean Mooney delve into the intricate process of value creation within the private equity landscape, from the perspective of both the PE firm and the portfolio company CEO. Featuring Scott Milberg, CEO of AmerCareRoyal, a portfolio company of HCI Equity Partners, the conversation explores the transformative journey of AmerCareRoyal from a family-owned business to a leading supplier in the food service industry. This episode offers a rare glimpse into the collaborative dynamics between a private equity firm and its portfolio company, highlighting the strategies, challenges, and successes that drive exponential growth and value creation.Episode Highlights:00:35 - Introduction to the episode's focus on value creation within private equity.01:30 - Scott Milberg shares the history and evolution of AmerCareRoyal.07:05 - Discussion on HCI's approach to value creation and portfolio company growth.18:59 - The role of job creation in private equity's contribution to the economy.24:53 - Scott Milberg outlines four pillars of AmerCareRoyal's value creation strategy.38:13 - Best practices for CEOs working with private equity firms.41:36 - Future challenges and opportunities in continuing the path of value creation.For more information on AmerCareRoyal, go to www.amercareroyal.comFor more information on Scott Milberg, go to www.linkedin.com/in/scott-milberg-92b56018/In this episode, listeners are treated to an in-depth conversation that spans the initial acquisition of a family-owned business by HCI, through the strategic expansions and operational enhancements that catapulted AmerCareRoyal to nearly a billion in revenue. Scott Milberg's firsthand account provides valuable insights into the CEO's role in navigating the partnership with a private equity firm, emphasizing the importance of alignment, transparency, and a shared vision for growth. Doug McCormick's contributions shed light on HCI's philosophy towards fostering sustainable growth and the critical role of human capital in achieving transformational success. This episode is a testament to the power of strategic private equity partnerships in driving innovation, growth, and economic impact.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

About the Episode: In this episode of "Best But Never Final," Lloyd Metz, Doug McCormick, and Sean Mooney dissect the intricate incentive structures and financial mechanics at the heart of the private equity world. They embark on a detailed exploration of how limited partners (LPs) kickstart the momentum within the private equity sphere, influencing strategies and operations down to the portfolio companies. This episode is an essential listen for those looking to grasp the strategic foundations of private equity, offering a thorough understanding of the sector’s dynamics from investment initiation to portfolio company transformation.Episode Highlights:[00:00:34]: Introduction to the dynamics of private equity and the pivotal role of limited partners (LPs).[00:06:47]: Insights into the critical financial metrics of IRR (Internal Rate of Return) and MOIC (Multiple of Invested Capital).[00:13:04]: Examination of how LP expectations shape private equity firm strategies.[00:21:17]: Discussion on the operational and strategic implications for portfolio companies within the private equity ecosystem.[00:28:29]: The evolution of value creation strategies beyond financial engineering in private equity.[00:34:35]: Reflections on the broader economic impact of private equity, including job creation and market efficiency.This episode peels back the layers of private equity, revealing the financial principles and incentive systems that drive the industry. Starting with the role of LPs in setting the stage for private equity investments, the hosts delve into the importance of IRR and MOIC in guiding private equity firms' strategies. They discuss the evolving nature of value creation within the industry, highlighting the shift towards operational and strategic enhancements. Through engaging dialogue, the hosts illuminate the alignment of incentives across the private equity value chain, underscoring the industry's significant contributions to economic growth and job creation. This comprehensive discussion offers valuable insights for professionals within the private equity sector and those curious about its inner workings.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this insightful episode of "Best But Never Final," join hosts Sean Mooney, Doug McCormick, and Lloyd Metz as they delve into the critical phase of private equity – the exit strategy. Learn how seasoned professionals approach the endgame of their investment journey, ensuring they've built businesses that can withstand market volatility and attract the right buyers. The trio shares their wisdom on timing the market, fostering durable business models, and the importance of long-term value creation over short-term gains. They also explore innovative financial tools like continuation vehicles and partnership deals that provide both liquidity and the opportunity for sustained growth.Key takeaways include:1:29 - The impact of exit timing on total return profiles.7:20 - Strategies to build businesses that thrive through market cycles.17:19 - The nuanced art of balancing investor IRR expectations with long-term business health.25:44 - Bringing in a General Partner (GP) to help prepare for an exit.36:05 - Common pitfalls to be aware of when considering an exit.Listeners will gain a deeper understanding of the private equity landscape, from assessing macroeconomic indicators to geopolitical risks, and how these factors influence exit planning. This episode is a treasure trove of actionable advice for business owners considering PE investment, limited partners, and rising PE professionals looking to sharpen their acumen and navigate the complexities of the private equity world.Don't miss the next episode, where we'll discuss aligning management incentives with equity ownership, and how this drives company performance and successful exits. Tune in to "Best But Never Final" for unparalleled industry insights that keep you ahead of the curve.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Welcome to the third episode of "Best But Never Final," where private equity (PE) veterans Sean Mooney, Doug McCormick, and Lloyd Metz usher in the new year with a candid discussion on the lessons learned and the strategies for the future. As we turn the calendar page, our hosts delve into the significance of year-end reflection, the importance of process optimization before technology adoption, and the anticipation of trends shaping the investment landscape in 2024.This episode serves as a masterclass for limited partners, business owners considering private equity investment, and rising private equity professionals. It offers a unique blend of personal introspection from our hosts and their professional acumen, providing a holistic approach to business and life. Discover how they evaluate the past year's successes and setbacks, and how these insights inform their forward-looking plans.Listen as the conversation covers the value of mindfulness and gratitude in personal life, the impact of AI technology on business processes, and the tactical steps businesses take to future-proof against an ever-evolving economic backdrop. The hosts share their perspectives on the macroeconomic indicators that guide their investment decisions and the importance of staying agile in a world of geopolitical uncertainties.This episode is not just about setting resolutions but about actionable strategies that will resonate with anyone aiming to navigate the complexities of the private equity world with confidence. Tune in to "Best But Never Final" and join a community that values the power of reflection, the pursuit of growth, and the wisdom to embrace change.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Dive into "Best But Never Final," where hosts Sean Mooney, Lloyd Metz, and Doug McCormick unfold the blueprint for transformative growth in private equity (PE). This episode, a beacon for investors and entrepreneurs alike, reveals how PE experts craft a future of prosperity for potential investments before the ink dries on the deal.Uncover the strategies that align investor visions with entrepreneurial aspirations, ensuring a partnership that thrives on mutual goals and trust. Learn how candid conversations and understanding the entrepreneur's mindset are crucial in setting the stage for success. Our hosts discuss the importance of not only recognizing what a business is but also envisioning what it could become with the right resources and guidance.The dialogue delves into the functional areas ripe for innovation, such as pricing strategies, operational efficiencies, and IT systems. Discover how these areas can be leveraged to fuel growth and scale businesses effectively. The episode also highlights the role of the CFO as the strategic navigator, providing CEOs with data-driven insights essential for steering the company's course.When it comes to team building, the conversation challenges the stereotype of PE as cost-cutters, showcasing how firms actively invest in talent to drive transformation. The hosts explore the nuances of identifying and nurturing an entrepreneur's skills, leading to significant role changes that align with the company's growth trajectory.As we conclude, the episode sets the stage for the next topic—preparing for a successful exit. Stay tuned for strategic insights on ensuring a company is not just ready for acquisition but is an attractive prospect for its future steward.Subscribe to "Best But Never Final" on Apple Podcasts for a journey through the PE landscape, offering invaluable insights into the strategic thinking that underpins transformative growth.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Welcome to the inaugural episode of "Best But Never Final," the podcast that grants you exclusive access to the private equity (PE) playbook, unlocking the secrets of market mastery, business model optimization, and team excellence. Join our esteemed hosts—Lloyd Metz, Doug McCormick, and Sean Mooney—as they guide you through the corridors of private equity, unveiling the strategies that shape successful investments and drive business innovation.In this episode, our hosts, each a titan of the private equity realm, share their profound insights and diverse experiences. Lloyd Metz, a partner at ICV Partners, delves into the importance of market dynamics and the significant role they play in propelling businesses forward. Doug McCormick, co-founder and managing partner of HCI Equity, discusses the critical aspects of business models and how they serve as a foundation for sustainable value propositions. Sean Mooney, founder and CEO of BluWave, provides a unique perspective, bridging his extensive PE background with the entrepreneurial challenges of starting and scaling a business.Our discussion begins with an exploration of market evaluation—how private equity professionals assess the competitive landscape and identify growth opportunities. Learn why a strong market can carry all participants and how identifying the right market can set your investment up for unparalleled success.Next, we dissect the essence of a robust business model. Understand the financial indicators that signal a company's potential and the underpinnings of high-margin operations. Our hosts highlight the necessity of aligning business models with firm strategies and the significance of adapting organizational designs for transformative growth.But what fuels the engine of private equity success? People. The episode emphasizes the critical role of team evaluation in PE investments. Our hosts discuss the art of assessing leadership and the importance of cultural alignment, grit, and perseverance. Discover why financial performance is often a lagging indicator of a team's effectiveness and how a culture of continuous improvement can be the difference between good and great.As we peel back the layers of private equity, it becomes clear that the path to success is not linear. It's a complex journey requiring a nuanced understanding of market trends, business structures, and human capital. "Best But Never Final" embodies the notion that private equity is a relentless quest for excellence, where strategy, culture, and execution intersect to create extraordinary outcomes.This episode is a masterclass for anyone looking to navigate the private equity landscape, from mid-level professionals to CEOs and business owners. Whether you're an investor seeking to enhance your portfolio or an entrepreneur aiming to scale your enterprise, the insights shared here will equip you with the knowledge to leverage private equity principles to your advantage.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

The "Best But Never Final" podcast is a treasure trove of actionable insights for business builders, presented by a trio of seasoned private equity veterans. This podcast is an essential resource for mid-level, early-career private equity professionals, founders, CEOs, and anyone interested in the transformative power of private equity.Our hosts bring a wealth of experience to the table. Doug McCormick, managing partner and CIO at HCI Equity Partners, has nearly two decades of experience in the firm, specializing in creating significant value in lower middle market companies. Lloyd Metz, Managing Director at ICV Partners, brings over twenty years of expertise in guiding companies at the lower end of the middle market to achieve their full potential. Completing the trio is Sean Mooney, founder and CEO of BluWave, who, as a long-term private equity investor, has extensive experience as a deal team member and investment committee partner at a leading private equity firm."Best But Never Final" is more than just a podcast—it's a journey into the minds of private equity experts. Listeners will gain a deep understanding of how private equity professionals think and operate. For CEOs, the podcast is a guide on how to collaborate effectively with PE sponsors and leverage the private equity playbook to augment the value of their companies.The show goes beyond just private equity mechanics; it also provides valuable context by discussing key trends in the business world, the economy, and private capital markets. Understanding how the private equity world navigates economic cycles to advantage their companies is crucial. The hosts will share insights on creating opportunities out of challenges and how business builders can thrive in various economic climates.The podcast's name, "Best But Never Final," encapsulates the essence of private equity—a sector that is perpetually striving for excellence, where the term 'best and final offer' is merely a starting point. In private equity, as in life, the work truly begins post-investment, and adapting to an ever-changing landscape is paramount. This name reflects the relentless pursuit of excellence and the understanding that in business, as in life, one is never truly done; there is always room for improvement and growth.Doug and Lloyd echo this sentiment, emphasizing that the pursuit of excellence is a continuous journey, not a destination. This philosophy is not confined to private equity alone; it's a principle that can be applied to all aspects of life and business.Listeners of "Best But Never Final" can expect a series that is not only informative and educational but also engaging and inspiring. The podcast promises to add value to its audience by equipping them with the knowledge and strategies to excel in the private equity space.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net