The Private Equity Podcast, by Raw Selection

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

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

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

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

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies.
Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline discipline, and structured onboarding create scalable performance.
The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin.
Key Takeaways
• Diagnose the commercial engine before adding sales headcount.
• Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts.
• Build systems that make capable salespeople productive rather than relying on individual heroics.
• Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close.
• Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration.
Timestamps
00:00 – Introduction to Bill Bell and Chief Outsiders
00:52 – The biggest commercial mistake private equity firms make
02:17 – Why hiring more salespeople can increase cost, not revenue
02:46 – Diagnose, fix the infrastructure, then add capacity
03:17 – Four areas of commercial maturity to assess
04:46 – What makes an effective sales manager
07:03 – How manufacturing companies typically hire sales talent
08:00 – The danger of relying on a salesperson’s “black book”
08:56 – Building a sales system instead of hiring your way to growth
09:56 – Four foundations to establish before recruiting sales reps
11:24 – What a documented sales process should look like
11:53 – Using stage gates in an 18-month industrial sales cycle
13:43 – The hidden cost of pursuing customers who will not buy
15:40 – Bill’s biggest PE-backed growth success story
17:34 – Recommended books, masterclasses, and podcasts
18:58 – How to contact Bill
19:27 – 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