Mike Esposito shares his journey from a 30-year career at Goldman Sachs to co-founding Franchise Equity Partners, highlighting their differentiated approach to private equity through franchising and multi-unit retail investing.

⏱️ Key Timestamps

00:00 – Introduction
00:30 – Career background and transition to PE
01:45 – Pitfalls of “me-too” PE strategies
03:13 – Leaving Goldman Sachs during COVID
04:41 – Advisory vs ownership mindset
05:36 – Why franchising & multi-unit retail
07:00 – Barriers limiting PE in franchising
08:26 – Unique LP structure with HPS
11:17 – First non-franchise deal (European car wash platform)
13:42 – Why Europe offered better value than the US
16:06 – Minority vs majority investing strategy
17:04 – “Minority, passive, permanent” model
19:28 – Importance of backing the right people
22:24 – Power of a focused investment strategy
24:27 – Using data science for investment insights
26:23 – Contact details

🔑 Key Takeaways

• Focused strategies outperform crowded PE trades
• Franchising offers a large, undercapitalised opportunity
• Minority investing unlocks access to restricted sectors
• Long-term alignment appeals to family-owned businesses
• Europe can offer stronger fundamentals vs overheated US markets
• Data and analytics are key to gaining an edge

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.

Guest: Meg Pogue, Founder, Mission Squared
Host: Alex Rawlings

Meg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions.

The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and social connection, both of which can feel threatened during periods of change.

Meg explains how the brain’s threat response can lead to defensive behaviours, disengagement, and poor decision-making. Leaders often misinterpret this as resistance or negativity, when in reality it’s a natural psychological reaction to uncertainty.

She shares practical leadership tactics for managing change effectively, including rebuilding trust through authenticity and vulnerability, empowering employees with a sense of control, and communicating the “why” behind transformation.

Meg also introduces simple tools leaders can use during times of change, such as the “1–10 engagement question” and asking employees directly “How can I support you better right now?” — both designed to surface concerns quickly and maintain momentum during transformation.

🕒 Timestamps

00:00 – Introduction to Meg Pogue
00:28 – Meg’s CEO journey and leadership lessons
01:54 – Fear and perception around private equity acquisitions
03:23 – Leadership personality differences during change
05:14 – Why employees feel threatened by transformation
06:44 – Communication and leadership during change
10:59 – Rebuilding trust within teams
13:25 – Empowerment and giving employees control
14:51 – Leading change in fast-paced PE environments
18:40 – Questions leaders should ask their teams
19:07 – The “1–10 engagement” leadership tool
21:30 – Raising standards without creating resistance
24:51 – Leadership book recommendations
26:17 – Meg’s book: The Adversity Hack
27:39 – How to connect with Meg

Key Takeaways

Change triggers threat responses
Most employees prioritize stability and connection, making acquisitions feel risky.

Executives often underestimate psychology
High-drive leaders assume others share their excitement for transformation.

Trust accelerates change
Authenticity and vulnerability help rebuild trust quickly.

Empowerment reduces resistance
Giving employees voice and autonomy improves engagement.

Clear communication matters
Explaining the “why” behind change helps teams align faster.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.

Guest: David Williams, CEO, Advantage Services Group (ASG)
Host: Alex Rawlings

David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.

Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.

🕒 Timestamps

00:00 – Introduction & David’s background
01:57 – Choosing entrepreneurship through acquisition
02:51 – Why HVAC, plumbing & electrical?
03:48 – Moving to Oregon & first acquisition
04:16 – Growth to $100m+ revenue
07:57 – From small business to scalable platform
08:54 – Pillar 1: Infrastructure
09:50 – Pillar 2: Systems & integration
11:19 – Pillar 3: Building strong GMs
12:16 – Pillar 4: Culture as a CEO responsibility
15:08 – Core belief: Operating with urgency
17:56 – Why integration is about people, not spreadsheets
21:42 – Earning trust post-acquisition
24:05 – Book & podcast recommendations

Key Takeaways

• Durable industry thesis: Large, fragmented, non-discretionary market.
• Integration focus: ASG builds one company with shared systems and culture.
• Leadership bench: Strong GMs drive performance.
• Culture is deliberate: Clear beliefs — not designed for everyone.
• Urgency wins: Speed in customer service and decision-making is core.
• M&A is emotional: Time on the ground builds trust and long-term alignment.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.