Private equity is evolving rapidly, and staying ahead requires innovation in both diligence and value creation. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore the latest tools, trends, and strategies that are reshaping the private equity landscape in 2025.

The conversation dives into cutting-edge approaches to due diligence, including advancements in data analysis, tech diligence, and digital market studies. They also discuss how private equity firms are reimagining value creation, from leveraging AI to optimize operations, to using data visualization and digital tools to drive portfolio success.

Packed with actionable insights and real-world examples, this episode offers private equity professionals a roadmap to thrive in an increasingly competitive and fast-changing environment.

Episode Highlights:

3:13 - How value creation is taking center stage in private equity, with 75% of activity focused on post-acquisition growth strategies.

5:13 - Evolving due diligence: The rise of tech diligence, digital due diligence, and the expanding scope of commercial diligence.

12:54 - Opportunities in AI: How firms use data organization and visualization to unlock new growth potential.

20:24 - Cutting-edge commercial market diligence: Moving beyond market size to find growth strategies that create alpha.

33:37 - Embracing change: Practical steps to adopt game-changing AI tools, from ChatGPT to automated FP&A systems.

39:30 - The future of the CFO’s office: New tools and approaches to optimize productivity and decision-making with AI and automation.

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

Tariffs are at the center of a rapidly changing global trade landscape, creating both challenges and opportunities for businesses. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick are joined by Michael Allen, co-founder of Beacon Global Strategies, to explore the state of U.S. trade policy, its impact on private equity, and how businesses can adapt.

Michael provides an inside look at the current administration's approach to tariffs, bilateral trade negotiations, and the implications for global supply chains and domestic industries. Together, the panel discusses what companies can do now to manage supply chain disruptions, adjust pricing strategies, and find opportunities amidst uncertainty.

This episode is packed with actionable insights for leaders navigating the intersection of trade, policy, and business strategy.

Episode Highlights:

01:05: Lloyd introduces Michael Allen and his background in Washington policy and intelligence.

03:35: The current state of trade policy: Tariffs, geopolitical strategy, and their influence on the global economy.

10:07: Bilateral negotiations with 90 countries: Leveraging trade discussions to isolate China and restructure agreements.

24:50: Portfolio company impacts: Rising costs, supply chain disruptions, and ripple effects on consumer demand.

39:30: Playing to win: Strategic steps for businesses, from diversifying supply chains to leveraging domestic opportunities.

For more information on Beacon Global Strategies, go to: https://bgsdc.com/

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

Merger integration is a critical component of private equity strategies, especially in buy-and-build models. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick break down what it takes to successfully integrate acquisitions, why careful planning is essential, and the risks that come with getting it wrong.

From cultural alignment and change management to IT systems and operational processes, the team provides actionable insights for portfolio companies and investors alike. Whether it’s a strategic roll-up or a single add-on, this episode covers the strategies needed to create value and avoid common pitfalls in mergers and acquisitions.

1:01: Sean kicks off the discussion with the fundamentals of merger integration and its importance for private equity firms.

4:05: Lloyd outlines the key elements of integration planning, including reporting structures, branding, IT systems, and organizational design.

7:09: What happens when integration fails? The team discusses the risks of poor execution and how they can destroy value.

9:14: Doug shares three common integration scenarios: geographic expansion, product synergies, and improving cost positions.

20:48: Why cultural alignment matters: Lloyd and Doug dive into how to blend team dynamics and organizational values effectively.

48:02: Solving IT challenges: Doug discusses why unified processes are the backbone of successful ERP systems.

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

In this featured episode, we’re excited to share a conversation from Thoma Bravo’s Behind the Deal podcast. Join managing partner Holden Spaht as he sits down with Leagh Turner, CEO of Coupa, to explore how Thoma Bravo and Coupa are revolutionizing business spend management, leveraging AI, and driving innovation post-acquisition.

Hear how Coupa is transforming inefficiencies in the $33 trillion global trade ecosystem using its $7 trillion transaction dataset and AI-driven insights. Leagh also shares her leadership philosophies, strategies for cultural alignment, and how Coupa continues to set itself apart in business spend management.

Discover why Thoma Bravo’s $8 billion acquisition of Coupa is a case study in growth, innovation, and leadership.

If you enjoy this episode, be sure to follow Thoma Bravo’s Behind the Deal for more exclusive stories from the world of private equity and tech investment.

• 0:07: Sean Mooney introduces the episode, featuring Thoma Bravo’s Behind the Deal.
• 2:24: The $8 billion acquisition of Coupa and its industry-leading position in business spend management.
• 9:09: AI-powered opportunities: Coupa’s use of its $7 trillion dataset to eliminate inefficiencies.
• 12:34: Appointing Leagh Turner as CEO: leadership in scaling organizations and go-to-market expertise.
• 23:54: How Coupa’s Inspire event empowers its customer community and sparks innovation.
• 30:43: Leagh’s vision for Coupa: redefining global trade through AI and collaboration.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Coupa’s website: https://www.coupa.com/

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

In this episode, Sean Mooney, Doug McCormick, and Lloyd Metz are joined by Carl Press of Thoma Bravo and Kevin MacDonald, CEO of Bluesight, to share a behind-the-scenes look at scaling a software company from a bootstrap startup to a private equity-backed category leader. Kevin reflects on his fourteen-year journey, from self-funding and navigating tough markets to leveraging venture capital and eventually partnering with private equity to drive growth and achieve ambitious goals. Carl provides insights from Thoma Bravo’s perspective, highlighting the power of strategic M&A, operational constraints, and value creation planning.

Together, they discuss the importance of alignment between CEOs and private equity partners, integrating acquisitions, and managing growth with clarity and focus. Whether you’re a founder, an executive, or a private equity professional, this episode dives deep into the challenges and successes of scaling a business for long-term impact.

Episode Highlights

1:01: Sean introduces Carl Press (Thoma Bravo) and Kevin MacDonald (Bluesight), setting the stage for a discussion on scaling software companies.

3:13: Kevin shares Bluesight’s origin as a self-funded startup and the challenges of selling to hospitals in its early days.

9:38: The transition to venture capital funding and the mindset shift toward speculative, growth-oriented investments.

13:23: Carl explains how Thoma Bravo recognized Bluesight’s potential and invested, merging it with Metasys on day one to kickstart its M&A strategy.

23:03: How Kevin and Carl aligned on a four-year value creation plan, identifying where to focus and doubling down on proven opportunities.

30:45: The operating cadence for Bluesight and Thoma Bravo, including structured board meetings and continuous collaborative interactions.

41:40: Advice for CEOs and private equity partners on setting clear expectations, establishing cultural alignment, and navigating growth together.

For more information on Thoma Bravo, go to https://www.thomabravo.com/

For more information on Bluesight, go to https://bluesight.com/

For more information on Carl Press, go to https://www.linkedin.com/in/carlpress

For more information on Kevin MacDonald, go to https://www.linkedin.com/in/kitcheckkevinmacdonald

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

In this insightful conversation, Doug McCormick, Lloyd Metz, and Sean Mooney tackle the transformative role of artificial intelligence (AI) in private equity and beyond. Sean shares how his company, BluWave, has leveraged AI to streamline operations, enhance decision-making, and create proprietary competitive advantages. The discussion explores actionable ways entrepreneurs, private equity firms, and portfolio companies can implement AI for immediate ROI, from creative assistance to operational efficiency. The group also examines the broader policy, regulatory, and workforce implications of AI, tackling challenges like privacy, cybersecurity risks, and organizational change management. Whether you're a business owner, private equity professional, or simply curious about AI’s potential to reshape industries, this episode offers both practical tips and thought-provoking future predictions.

Episode Highlights

02:10: Sean explains BluWave’s adoption of AI, including why 2022 marked a breakthrough for implementing proprietary AI tools.

9:44: Practical advice for entrepreneurs and small business owners on getting started with AI tools like ChatGPT and Snowflake.

23:16: Using visualization platforms like Sigma and HEX to make data actionable and gamify business metrics.

41:26: Doug and Sean discuss the biggest opportunities for private equity firms to integrate AI, from deal sourcing to portfolio company optimization.

55:10: Sean highlights the growing risks of voice deepfakes and fraud, offering insights into protecting businesses against AI-enabled threats.

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

This special replay highlights an essential episode on how private equity firms identify where to invest and how to strategically source opportunities. Doug McCormick and Lloyd Metz join Sean Mooney to explore the art of specialization, building investment theses, and balancing focus with innovation. They share insights into why focus matters for both LPs and success in deal-making, how sourcing strategies evolve from industry expertise, and why relationships with investment bankers and direct outreach are critical. Whether you’re a business owner or a private equity professional, this episode outlines the foundational strategy behind deal selection and sourcing.

Episode Highlights

2:07: Doug and Lloyd discuss why staying within an investment thesis matters for LPs and how firms develop their areas of focus.

8:46: The importance of specialization: How focus, relationships, and expertise enhance credibility with business owners and deal sources.

19:48: Building investment theses: Tracking data, trends, and customer behavior to unlock adjacent opportunities.

34:08: Strategies for deal sourcing: Working with investment bankers, targeting specific sectors, and building long-term credibility.

50:52: The future of private equity marketing: How firms can build brands, leverage new tools, and attract opportunities directly.

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

Kicking off a new series on emerging investment themes, Lloyd Metz, Doug McCormick, and Sean Mooney examine the profound effects of geopolitical complexity on private equity. This episode explores the growing trend of supply chain reshoring, the rise of infrastructure services, and how enterprises are grappling with heightened risks in today’s dynamic environment. Lloyd shares insights from a portfolio company aiding corporations in navigating federal policies and mitigating geopolitical challenges, while the group discusses what makes these businesses scalable, cash-generating, and attractive for investment.

Episode Highlights

2:27: Lloyd and Doug break down methods for sorting through massive amounts of information to uncover actionable investment ideas.

10:35: A focused thesis on how geopolitical tensions are shifting supply chains and driving demand for new infrastructure.

19:48: Deep dive into a portfolio company addressing enterprise risks and helping corporations adapt to government policies.

28:14: Building scalable professional services firms: From partnership models to enterprise value creation.

37:32: Leveraging insight into geopolitical dynamics for future investment opportunities and emerging industry trends.

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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net