Deal Sourcery

If you’re new to PE BD or trying to break-in, you don’t want to miss this one. Carlos Soto of H.I.G. Capital joins the show to give a masterclass on what makes a standout BD professional in today’s market, what traits new hires should look to cultivate as they begin their careers, and how to use KPIs and other metrics to ensure you’re spending your time wisely. He also breaks down the advice and wisdom he’s received from some BD legends, and exactly what you need to do to make sure your relationships with bankers help get you deals.Learn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

We all know relationships are key in BD, but it’s still easy to forget that there’s always a real human on the other side of your transactions. Chris Reilly, Managing Director at VRA Partners has years of experience building lasting relationships that have helped propel and maintain his career in investment banking. Chris joins the show to discuss how PE folks can engage boutique bankers and create lasting relationships that stick, what kind of engagement tactics work and what ones will land your email in the trash, and how building reciprocal relationships with wealth advisors and M&A Attorneys can help you stay in the know and get referred to the bankers and deals that will take your career to the next level. He also leaves us with advice on what the next generation of PE industry titans should be doing now to ensure long lasting and thriving careers in a competitive business.Chapters00:00 — From Accounting to Deal OriginationChris Reilly’s unconventional path into investment banking and discovering a passion for sourcing deals03:50 — What VRA Actually DoesInside a boutique investment bank: clients, deal size, and how they operate05:32 — How to Engage Boutique BankersWhy most outreach fails—and what actually gets attention08:32 — How Often Should You Reach Out?The right cadence for building (and maintaining) banker relationships10:17 — Who Gets Priority Time (and Why)Track record, capital, and what separates serious buyers from the rest13:05 — If I Were Starting a PE Firm Today…Chris’s playbook for choosing which bankers to build relationships with16:11 — Biggest Mistakes People MakeThe “too transactional” trap—and how it kills opportunities19:04 — How to Get on the Short ListWhat it really takes to be included in competitive (or limited) processes22:32 — How Deal Origination Actually WorksThe 3 core channels: referral sources, sponsors, and direct outreach26:08 — What Metrics Matter in OriginationMarket visits, pitches, and the KPIs that drive revenue32:19 — The Power of Referral NetworksWhy wealth managers and attorneys are the most valuable relationships35:38 — A Real Deal Story ($200M+ Outcome)How one relationship turned into a major transaction40:11 — Are Referral Networks Underutilized?Why most buyers ignore a massive opportunity42:56 — What Makes a Great Referral PartnerEducation, reciprocity, and playing the long game48:26 — How the Market Has ChangedLonger processes, more specialization, and more competition49:50 — The Rise of Professional Deal SourcingWhy business development roles have become more sophisticated51:59 — Conferences: How Bankers Actually Spend TimeWhy existing relationships dominate—and how to break in53:05 — Proprietary Sourcing vs Banker-Led DealsLearn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

What does training for Olympic Gold have in common with a career in deal sourcing? In his first year at Norwest, 5x Olympic Gold Medalist Ryan Murphy found out. Ryan joins the show to talk about his transition from Olympian to Investor, how co-owning a Goldfish Swim School franchise helps him relate to business owners, and how even a world-record holder can have trouble getting responses to cold emails.

In this episode, we sit down with Glenn Oken to trace how business development in private equity has evolved from 1989 to today, and what’s been lost (and gained) along the way.Glenn reflects on the early days of deal sourcing, when private equity was barely an industry, competition was thin, and there were no CRMs, playbooks, or automated workflows to lean on. What existed instead was judgment, creativity, persistence, and a relentless focus on building real relationships — often face to face.We explore how sourcing moved from hustle-driven relationship work to a more process-heavy function, why in-person connection still matters despite efficiency tradeoffs, and where experience beats financial engineering, especially in the lower middle market. Glenn also shares what it takes to survive the emotional reality of BD — the work that doesn’t bear fruit, the thrill of the hunt, and the long game of trust-building.

In a world where our digital inboxes are flooded with the same templated outreach e-mails, AI-assisted intros and impersonal newsletters, what can you do to stand out? Jake Colognesi of Mamba Growth Equity joins the show to talk about bringing humanity back into private equity to set himself apart from the competition. From leading with empathy and curiosity to sending out type-written notes to potential partners, Jake walks us through what makes a Mamba Deal different and why it works.

Is starting your day with a little bit of shared struggle the key to building deeper relationships? Mike Alberts thinks so. Mike joins the show to discuss how his "M&A Fitness Club" got started, why leaning into your interests can help you stand apart and make more connections, and why he believes BD is the best job in PD.

You already keep metrics on just about everything, but how do you turn those numbers into actionable items to help you win more deals? Renn Iaboni of Monomoy Capital Partners joins the show to explore how to make sense of all that data you're tracking, how AI is changing the way we present information to banks and investors, and why there's no such thing as a bad first meeting.

At Deal Sorcery Live, recorded at M&A SoCal, Ori Eldarov (Founder of OffDeal) and John Camp (Arbor Investments) join the show to discuss the origins of business development and how artificial intelligence is reshaping dealmaking — from sourcing to closing.They discuss what happens when AI takes the wheel in investment banking, why human relationships still matter more than ever, and how the next generation of deal professionals will work alongside technology, not against it.Topics covered:How AI is transforming deal sourcing and private equity workflowsBuilding an AI-native investment bank with more engineers than bankersWhy a human-first approach still drives great dealsThe evolution of business development in a tech-driven market#DealSorcery #PrivateEquity #AI #InvestmentBanking #OffDeal #ACGSoCal

Are you actually building the kind of BD function that wins deals—or just checking a box?Jay Jester, BD Legend and Partner at Plexus Capital joins Deal Sourcery to unpack what makes great sourcing teams stand out.With decades of experience, Jay shares real stories and tactical insight on how to build trust, manage founder psychology, and turn your BD team into a true strategic asset.If you're hiring, scaling, or just trying to sharpen your edge in BD, Jay shares a sharp, unfiltered perspective from one of the best in the business.CHAPTERS:00:00 – Intro: Who is Jay Jester?02:43 – Early dealmaking days and defining BD07:30 – The evolution of sourcing in PE11:45 – Why likability still matters in deals15:22 – Giving feedback to bankers (and why most firms don’t)21:10 – Building a BD team that actually works26:18 – Founder psychology and buyer trust31:33 – Choosing the right banker: strategy vs comfort36:50 – The myth of “full coverage”41:17 – Why sourcing is more than dialing for dollarsKEY TAKEAWAYS: “People want to be in business with and want to do deals with people they like.” “The BD lead isn’t a bolt-on. They should be in the pitch—and seen as senior.” “If sourcing’s not connected to the engine room, it doesn’t work.” “The perfect alignment is when someone on the other side of the deal cares so much it could change their life.”CONNECT WITH JAY:Jay Jester: https://www.linkedin.com/in/jay-jester-plexus/

Are you making cold calls but just not locking in enough deals? Compass Equity Group's Jonathan Babcock joins the show to explain how playing the long-game and developing a firm-wide culture of thesis lead business development has helped them win.Jonathan walks us through the Compass Method's 13-touchpoint outreach strategy and how it leads to deeper connections with business owners, keeps them competitive and wins deals.📍CHAPTERS: 00:00 – Intro02:30 – An Overview on the Compass Method and How to Stay Competitive07:30 – How a Thesis Driven Approach Can Set You Apart08:30 – Going from Idea to Fleshed Out Thesis10:30 – The Thesis Development Process12:45 – The Importance of Metrics in Thesis Development14:30 – Essential Information for Developing a Thesis17:45 – Centers of Influence & Key Relationship Building Techniques21:30 – How Do You Find Well-Connected People In Your Target Markets?23:00 – When to Start Direct Outreach 27:15 – Measuring Success29:00 – Advice for Starting at a New Firm📝 KEY TAKEAWAYS “People forget that people do deals with people they like.”“You have to have an angle, and it needs to be ingrained in the culture to do things in a differentiated way.”“Don't confuse activity with productivity. Metrics play a key role in identifying what stage you're at - is it moving forward?”“Leave the suit at the office. I do a lot of cold calls where the first ten seconds are crucial and you've got 10 seconds to show why you're reaching out, building credibility. But the most important part of that I've realized is, you don't spew out a bunch of industry knowledge you think you have - you try to build a relationship.”🔗 CONNECT WITH JONATHAN:LinkedIn: https://www.linkedin.com/in/babcockjonathan/#BusinessDevelopment #PrivateEquity #Thesis

If you’re getting started at a private equity firm in business development, this one's for you. Inspired by Dan’s viral LinkedIn post, you’ll get tried-and-true steps for crushing your first 90-days on the job: how to build your banker pipeline, optimize your time on the road and actually measure your success. Whether you’re the first sourcing hire at a fund or stepping into a seasoned team, this is your outline on how to hit the ground running and set yourself up for long-term success. Read Dan’s original LinkedIn post: https://www.linkedin.com/posts/danielherr_8-steps-to-success-in-a-new-pe-sourcing-role-activity-7287804951840399361-Dz7W/📍CHAPTERS: 00:00 – Intro & Origin of the 90-Day Framework03:30 – Who This Applies To04:45 – Days 1–30: Be a Sponge07:00 – Internal vs. External Messaging08:45 – Read the IC Materials Like Treasure Maps10:30 – Portfolio Company Primers13:15 – Days 30–60: Start Building Relationships16:45 – Prioritize Like an Investor21:30 – Build the Prospect & Banker Database23:00 – Days 60–90: Execute & Win Quick24:45 – Hit the Road: Why In-Person Still Wins29:00 – Metrics, Measurement & Accountability35:00 – Top 2 North Star Metrics for New BD Hires36:30 – Call to Action📝 KEY TAKEAWAYS “Before you're out there pitching everybody about how magical our firm is, it's diving into the nitty gritty of who are we, why do we win, where do we win, where do we lose.”“You go back through these old IC materials... there’s a lot of low hanging fruit that’s sitting in there for you to go tackle as a sourcing professional.”“You’ve got hundreds, thousands, millions of different things you need to be doing... Our number one job is prioritization.”“There’s still no proxy for that in person... The number of deals I’ve done because I got in front of someone. You just can’t replicate that over Zoom.”🔗 CONNECT WITH THE HOSTS:Dan Herr:  https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/Coastal Partners: https://www.coastalpartners.co/#BusinessDevelopment #PrivateEquity #NewHires

Is your Private Equity firm invisible? You might be missing 80% of the deals you should see. Today, discover why traditional PE outreach isn't enough and how strategic marketing is now essential for competitive deal flow as Joanne Verkuilen, Founder and Managing Partner at MiddleM Creative, reveals the playbook.Private equity faces intense competition, making deal flow the top challenge. Yet many firms still think marketing is just having a decent website or occasional email blast. This outdated view means missed opportunities and wasted BD effort. You might be completely invisible to intermediaries and founders holding deals perfectly suited for your strategy.But the landscape has shifted dramatically. Relying solely on old relationship models or basic websites isn't sustainable when capital deployment pressure is high. Firms that don't adapt risk falling behind, struggling to find the right deals, and failing to convince founders they're the best partner. Strategic, multi-channel marketing is no longer optional; it’s the answer to being seen, building trust, and winning in today's market.🎯 KEY EPISODE TAKEAWAYS:📉 DEAL FLOW DANGER ZONE [5:30]:"Something between like 80% and 82% of the time firms will not see deals in their wheelhouse... For me that is like such a red flag."Stop missing out. Learn why unclear messaging means you're likely invisible for the vast majority of relevant deals and how fixing this is critical.🤝 WINNING FOUNDER TRUST [27:01]:"If you can really convince and get excited with your prospect that you really know their industry and you can really add value and help them grow their business, that is like probably number one usually that we hear from as in terms of criteria... And that's what a founder cares about."Win more deals by connecting deeply. Discover why showcasing sector expertise and genuine partnership matters more than ever to founders.📢 EXPAND YOUR TOUCHPOINTS [36:19]:"Your marketing shouldn't be just email... Luckily we have LinkedIn... that's a place too that we try to leverage with our storylines and with the messaging and just staying in touch and using broader communication elements."Expand your reach beyond the inbox. See how consistent presence on platforms like LinkedIn and strategic PR keeps you top-of-mind between meetings.CHAPTERS:00:00 - Building a Private Equity Brand with the Three Cs01:08 - Why Marketing is Key to Improving Deal Flow03:27 - Aligning Marketing Strategy with BD for Competitive Edge04:56 - The 80% Deal Miss Rate and How to Fix It07:13 - Full Service Marketing Tools That PE Firms Actually Use08:55 - How PE Marketing Has Evolved in the Last Decade12:30 - Marketing as the Awareness Engine for BD Success14:54 - PR and Thought Leadership as Deal Sourcing Levers17:53 - Why PE Firms with BD Teams See Higher AUM Growth24:57 - What Founders Really Want from a PE Partner34:59 - Cutting Through the Noise with Clear, Confident Messaging39:24 - The Highest ROI Channels43:07 - Using Video to Humanize the PE Brand46:35 - Should PE Firms Develop a Public Brand Personality?48:53 - Humanizing Private Equity Through Values-Based Storytelling49:27 - Structuring Your PE Marketing and BD Team from Day One🔗 CONNECT WITH JOANNE VERKUILEN:• LinkedIn: https://www.linkedin.com/in/joanneverkuilen/• MiddleM: https://www.middlemcreative.com/

How do top PE firms consistently win deals before they even hit the market? Today’s episode of Deal Sourcery pulls back the curtain with Justin Smith, Managing Director of Business Development at Agellus Capital. Justin reveals the playbook behind one of the most sophisticated intermediary-first sourcing functions in the middle market.Matt and Dan sit down with Justin to dissect the strategies Agellus uses to build relationships, leverage data, and secure access to exclusive opportunities. Learn why pre-work is paramount, how to effectively utilize buy-side advisors, and the infrastructure needed to track every critical interaction. This is your blueprint for competing and winning in today's hyper-competitive deal environment.CHAPTERS:00:00 - Intro: Winning Deals Before the CIM Goes Out01:19 - The Proprietary Deal Flow Debate: Insourcing vs. Outsourcing04:19 - Understanding and Leveraging Buy-Side Advisors07:51 - The BD Professional as an Account Executive: Driving the Conversation10:45 - Building Rapport & Messaging to Founders15:16 - Setting Up Your BD Infrastructure: CRM, Data, and Tech Stack19:08 - Key Metrics: Tracking Conversations, Deal Flow & Missed Opportunities21:41 - Banker Coverage Strategy: Tiering, Industry Focus & Road Shows27:59 - Out-Hustling the Competition: Conferences vs. Road Shows34:10 - The Rise of "Advantaged Auctions" & Exclusive Processes38:25 - Thesis Development: The Role of BD & Leveraging Your Network44:30 - Who To Surround Yourself With: Beyond the Bankers45:12 - The Critical Importance of Pre-Deal Executive Talent Strategy48:04 - Justin's BD Career Path & Advice for Aspiring Leaders53:24 - The Future is BD: Why Sourcing is Leading Private Equity55:26 - Final Thoughts & Wrap-up🔗 CONNECT WITH DAN, MATT & JUSTIN:Dan: https://www.linkedin.com/in/danielherr/Matt: https://www.linkedin.com/in/matt-rooney-coastalpartners/Justin Smith: https://www.linkedin.com/in/justinwsmith/Coastal Partners: https://www.coastalpartners.co/Agellus Capital: https://www.agellus.com/

Is your compensation in line with your peers in private equity business development? Are you unsure of what the market standard is for base, bonus, and carry?Today we break down the highly anticipated 2024 Business Development Compensation Survey, offering crucial insights into current compensation trends, bonus structures, and the factors that truly influence your earning potential in the competitive world of PE deal sourcing. Get the data you need to benchmark your worth and understand the evolving landscape of BD compensation.CHAPTERS:00:00 - The Compensation Conundrum: Are You Paid Fairly in PE BD?01:11 - Unveiling the 2024 BD Compensation Survey: What's Inside?01:49 - Behind the Data: Survey Methodology and Participation Insights03:55 - Who Responded?: Demographics of the BD Compensation Survey06:23 - Lower Middle Market Dominance: Where BD Talent is Concentrated08:11 - Regional Hotspots: Northeast Still Leads in BD Professionals08:59 - Compensation Blind Spots: Why This Survey Matters09:39 - The Compensation Gap: BD vs. Investment Professionals11:14 - Diving into the Data: Key Compensation Takeaways for 202412:33 - Uniformity Across Titles?: Base Salary Increases by Seniority Level13:36 - Bonus Bumps and Deal Volume: A Correlating Trend?16:14 - Carry Allocation Trends: When Does Carry Kick In for BD Roles?19:55 - Decoding the Numbers: Base, Bonus, and Total Comp by Title23:24 - The Compensation Formula?: Regression Analysis and Key Drivers25:14 - Seniority Rules: Title as the Top Predictor of Base Salary27:31 - The Office Paradox: Days in Office and Compensation Correlation30:44 - Discretionary vs. Metric-Driven Bonuses: What's the Breakdown?33:56 - Success-Based Bonuses: A Smaller Piece of the Pie Than You Think35:53 - The Bonus Structure Shift?: Moving Towards Metric-Based Compensation?39:28 - Intermediary vs. Proprietary Sourcing: Impact on Bonus Structures?41:45 - Get the Full Report: Where to Dive Deeper into the Data42:33 - Stay Connected: Deal Sourcery and Coastal Partners ResourcesKey Takeaways:"We saw an 11% increase from 2023 base salary into 2024. And that's across all levels, seniority fund sizes. But you know, a healthy increase.""VP level and above is when it starts to be much more common to have a carry allocation.""Seniority level seems to be the primary indicator of like the most significant change in base compensation. And then fund size kind of behind that...""57% indicate that they only receive discretionary bonuses."🔗 CONNECT WITH THE HOSTS:Dan Herr: https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/Coastal Partners: https://www.coastalpartners.co/#BusinessDevelopment #PrivateEquity #CompensationSurvey

Frustrated that your company hasn't gotten noticed by the buyers that should be approaching you? Every business owner is being told to sell, but what happens when you have limited options, no network and no time? Now, get ready for your business to be on the global stage.OffDeal's Founder and CEO, Ori Eldarov, unveils a revolutionary approach to selling your business, leveraging AI to maximize value and streamline the process. Discover the future of deal sourcing and why traditional methods are falling behind.CHAPTERS:00:00 - The Future of Sell-Side M&A and AI-Driven Deal Sourcing01:25 - From Wall Street to Entrepreneurship02:37 - How Cooking Oil Collection Led to M&A Insights05:54 - Why Search Funds Are Booming Among MBA Graduates07:34 - The Pivot That Led to OffDeal’s Success10:04 - Why Private Equity Firms Struggle with Deal Sourcing12:47 - The Sell-Side Advisory Gap in SMB M&A15:19 - Why Most Small Business Sales Happen Without Advisors18:05 - Can Marketplaces Work for Small Business M&A?21:51 - The Real Number of Sellable Businesses in the U.S.27:16 - How AI is Revolutionizing Deal Sourcing and Matching30:44 - The Power of AI Agents in Private Equity34:06 - AI vs. Traditional Deal Sourcing38:48 - The Role of AI in M&A Execution and Due Diligence42:12 - How OffDeal Automates the Investment Banking Process46:44 - The Future of M&A51:39 - Why Private Equity Firms Are Slow to Adopt AI🔗 CONNECT WITH ORI ELDAROV:• LinkedIn: https://www.linkedin.com/in/eldarov/• Website: https://offdeal.io/#AISourcing #DealTech #FutureofM&A

Is your inbox flooded with generic PE outreach? Learn how to cut through the noise and connect with the right investors, as Raj Singh, AI founder and investor of Go Moment, Revinate and PEF Community fame, reveals his insider secrets to navigating the PE landscape and building authentic relationships that drive deals.Raj shares his firsthand experience navigating the flood of PE outreach, leveraging AI for smarter engagement, and what truly resonates with founders. Tired of generic outreach? Discover how to stand out, build trust, and make a lasting impression.CHAPTERS:00:00 - The AI Founder's PE Playbook01:31 - The AI Journey02:53 - Navigating the AI Hype Cycle07:25 - What is Go Moment?10:20 - The Billion Smiles Mission15:10 - First Exposure to Private Equity18:04 - Memorable vs. Frustrating Pitches20:51 - The Volume of Outreach21:37 - Email vs. Calls22:32 - Building Authentic Connections24:08 - Common Characteristics of High-Quality PE Outreach27:17 - The Impact of AI on Private Equity and Deal Sourcing27:50 - Will AI Take Our Jobs?31:43 - AI in Go-to-Market35:38 - Applying Go-to-Market Strategies to Private Equity Outreach38:21 - Misconceptions About AI Capabilities41:36 - Can AI Replace Human Relationships?45:52 - AI Generates Plausible Answers, Not Necessarily Correct Ones47:02 - Keeping a Human in the Loop47:48 - The Future of Raj49:51 - Final Words of Wisdom for PE Professionals50:59 - Private Equity in One Word🔗 CONNECT WITH RAJ SINGH:LinkedIn: https://www.linkedin.com/in/rajsinghla/

Discover the story of how Campminder's CEO, Dan Konigsberg, built a wildly successful, values-driven company culture, attracting both top talent and ideal investors. Learn how to move beyond generic outreach and create a magnetic force that draws the right partners to you.Dan shares his journey, revealing the crucial role of authentic core values in building a sustainable business. This episode is a must-listen for entrepreneurs, CEOs, and anyone seeking to create a thriving workplace.Chapters:00:00 - Navigating Peak Operational Seasons02:24 - Comprehensive Camp Management Solutions03:48 - Leveraging Facial Recognition for Engagement05:36 - Bootstrapping to Longevity14:36 - The Role of Authentic Core Values19:50 - Creating Alignment Through Core Values23:54 - Culture as a Competitive Advantage27:18 - Defining and Upholding Company Values32:27 - Choosing Value-Aligned Investors40:20 - Long-Term Thinking for Sustainable Growth45:26 - Transparency in Leadership Transitions48:46 - Evaluating Culture During Mergers and Acquisitions54:10 - Adding Value Beyond Capital57:12 - Authentic Outreach in Private EquityConnect with Dan:LinkedIn: https://www.linkedin.com/in/dankonigsberg/Campminder: https://campminder.com/Links:Dan Herr: https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/Coastal Partners: https://www.coastalpartners.co/#CompanyCulture #ValuesDrivenBusiness #PrivateEquity

Lane Rankin, Founder of Illuminate Education, joins us to share his incredible journey from educator to EdTech entrepreneur. Along the way, he reveals the secrets to engaging founders, the importance of genuine human connection in private equity, and his vision for a more supportive future for the industry.If you’ve ever found yourself becoming frustrated with the impersonal, transactional nature of private equity outreach, this episode is definitely for you as Lane exposes the flaws in traditional approaches and champions a new era of relationship-driven dealmaking. Join us today and discover how prioritizing shared values, vulnerability, and authentic curiosity can unlock unprecedented levels of trust and lead to mutually beneficial partnerships.Key Insight [0:46:46]: "I really am focused on how do I continue to be a good elder...being someone that's helpful to people that are trying to do good things in the world." Learn how to shift your mindset from pure profit to purpose-driven investing as Lane shares his criteria for selecting ideal business partners.Potential Pitfall [0:04:31]: "My first impression, honestly, was just hardcore money people...pretty cutthroat. Didn’t really care about the founders, didn’t really care about the products, just really cared about how much money can we make and how fast can we make it." Lane addresses the common fear of founders losing control and purpose when partnering with private equity, offering insights into how to identify firms that prioritize long-term value creation.Strategic Approach [0:32:03]: "Four meetings. Four LOIs. That's it right there." Lane reveals how targeted outreach, based on deep research and genuine connection, can dramatically improve your success rate in deal sourcing. Discover how to identify your ideal partners and craft compelling outreach that resonates with their values and aspirations.Practical Tip [0:54:01]: "If you were to look at my contacts right now...I know everybody's...birthday anniversaries, kids names...Because when I get back on the phone with that person, I'm going to be like, ‘Hey, last time you mentioned...’" Lane emphasizes the power of remembering personal details to foster deeper connections. Learn how this simple yet powerful tactic can differentiate you from the competition and build lasting relationships.CHAPTERS:00:00 - Guest Introduction: Lane Rankin01:18 - Early Private Equity Exposure05:14 - Evaluating Private Equity Partners10:32 - Evolution of Private Equity Outreach19:46 - Partnering with Insight Partners25:02 - Human Connection in Deal Sourcing33:02 - Data-Driven Sourcing Precision40:20 - Authenticity in Business Relationships0:45:46 - What the future holds for Lane0:48:37 - Lane’s ideal business partner0:50:36 - Building relationships with high quality CEOsLinks:Dan Herr: https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/Coastal Partners: https://www.coastalpartners.co/Lane Rankin: https://www.linkedin.com/in/lanerankin/Illuminate Education: https://www.illuminateed.com/

In this episode of Deal Sourcery, Matt and Dan explore one of the biggest challenges faced by private equity firms: creating a predictable, repeatable, and scalable deal sourcing strategy. Together, they dive deep into the cyclical nature of deal flow and discuss actionable solutions for firms to establish more consistent deal pipelines. The conversation emphasizes the role of business development in driving predictable deal sourcing, the importance of setting measurable targets, and how firms can hold their teams accountable for performance. Matt and Dan also cover the importance of aligning sourcing efforts with firm-wide goals and how to measure the right metrics—focusing on outputs over inputs. They offer practical advice on managing deal pipelines with granular stages to improve capital deployment, and discuss how stronger relationships with investment bankers can lead to better deal coverage and deal flow success. Tune in for this in-depth look at business development strategies, goal-setting, and accountability, and learn how private equity firms can elevate their deal sourcing performance to achieve long-term success.Episode Highlights:00:00 Intro00:53 Challenges in Consistent Deal Sourcing for Private Equity02:43 Importance of Dedicated Business Development Roles03:19 Setting and Measuring Goals in Private Equity Firms05:23 Linking Goals and Accountability in Deal Sourcing07:43 Defining Key Metrics10:52 Managing Top Prospects Through the Funnel13:18 Measuring Quality Over Quantity in Outreach14:38 Outputs That Drive Sourcing Performance16:02 Determining Outputs Based on Investment Strategy18:46 Focusing on Volume and Velocity for Add-ons20:28 Effective Banker Coverage for Deal Sourcing22:47 Benchmarking Deal Visibility with Industry Data23:39 Setting Accountability in Sourcing Teams25:07 Evolution of Private Equity Banker Relations26:55 Future of Investment Banking with Tech Integration30:54 Goal Setting and Accountability in Sourcing Teams35:40 Setting Individual vs Team Goals for Sourcing39:28 Tailoring Goals to Seniority and Experience40:34 Keeping Teams Accountable for Sourcing Goals49:44 Avoiding Meeting Pitfalls in Sourcing51:25 Shifting Meeting Focus for Effective Accountability53:23 Encouraging Best Practice Sharing and Problem Solving53:52 Using Leadership Influence to Support Junior Team MembersKey Takeaways:"Private equity firms struggle with unpredictable deal flow. They want consistent, repeatable sourcing.""Set targets and measure against them. Accountability is key for predictable deal flow.""Most firms don't apply sales best practices internally. It's time to hold sourcing accountable.""Focus on outputs, not just inputs. Measure results, not just activities.""Pipeline stages need granularity. More stages mean better tracking and accountability.""Align firm and sourcing goals. Measure what matters to your strategy.""Banker relationships are crucial. They now choose buyers, not the other way around.""Meetings should drive accountability, course correction, and support. Not just readouts.""Annual goal setting, quarterly corrections, monthly updates - keep progress visible.""Use meetings for problem-solving, not just reporting. Focus on moving top prospects."Links:Dan Herr: https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/

Bill Nunan, seasoned private equity expert with extensive experience working across multiple verticals and current CEO of Lexipol, joins the podcast today to share his deep knowledge of the private equity world. Along the way, he offers a clear explanation of what it means to be a private equity operator, the evolution of best practices, and how these changes have shaped today’s business landscape. Bill emphasizes the importance of strategic planning, particularly in the context of add-on acquisitions, and the value of building strong relationships with founders. Our guest also discusses how to manage daily priorities, focusing on achieving destination economics while balancing the challenges that come with mergers and acquisitions. He shares actionable advice on the collaborative nature of private equity, explaining how operators and sponsors can work together to create long-term value through strategic partnerships. The conversation as shared here today highlights the importance of developing a platform story to guide business strategy and concludes with key insights on building effective teams and managing deal sourcing relationships. For anyone navigating the fast-paced world of private equity, this episode delivers essential strategies for success from a proven industry leader.Episode Highlights:00:00 Intro04:38 Transitioning from Public to Private Equity05:45 Evolution of Best Practices in Private Equity06:50 Role of a Private Equity Operator Explained09:52 Daily Responsibilities of a Private Equity Operator11:42 Focusing on Destination Economics for Growth14:46 Importance of Strategic Planning for Add-On Acquisitions18:24 Collaborative Approach Between Sponsors and Operators22:28 Key Concerns of Founders During Add-On Acquisitions24:55 Framework for Managing Deal Sourcing Relationships29:11 Managing Simultaneous Deal Pursuits32:42 CEO’s Role in Add-On Acquisition Strategy36:51 Building a Platform Story for Business Strategy39:41 Defining a Strong Platform Story for Market Positioning41:18 Lexipol's Global Mission in Public Safety Management43:22 Advice for Deal Sourcing and Building Relationships44:59 Changes in Deal Sourcing Over Time46:12 Best Practices for Effective Deal Sourcing Outreach49:28 Private Equity as a Pervasive Business Model52:41 Building and Leading Powerful Teams as a CEO53:42 Traits of Effective Private Equity Partners55:41 The Importance of Collaboration Between Operators and SponsorsKey Takeaways:"A private equity operator is hired to deliver destination economics. Growth in EBITDA is the mission. Challenges don't change that.""The secret to success is building a powerful leadership team. Develop opportunities for the organization.""Prioritize actions that drive the biggest impact.""A good platform story creates uniqueness and differentiation. It defines a space you can own.""Private equity is pervasive. Study it, become an expert. It's different from founder-led or public companies.""Building powerful teams is my greatest strength. Invest time in developing leaders and making them successful.""Strong relationships with founders buffer tough moments in deals. They help align post-transaction expectations.""The rigor of an M&A plan is crucial. Define your targets and dismiss what doesn't fit your strategy."Links:Dan Herr: https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.coastalpartners.co/Bill Nunan: https://www.linkedin.com/in/billnunan/