In this continuation of their conversation on portfolio performance, co-hosts Lloyd Metz (ICV Partners), Doug McCormick (HCI Equity Partners), and Sean Mooney (BluWave) move from diagnosis to action: what to actually do once you know a business isn’t performing to plan.

They cover how to tell a temporary headwind from a structural problem, where to start on revenue and cost fixes, and how to balance quick liquidity levers with long-term value creation.

From pricing strategy and marketing ROI to Lean Six Sigma process improvements, working capital discipline, and when to inject new capital, this episode is a playbook for business builders navigating tough quarters with clear eyes and steady hands.

Episode Highlights

• 2:21 – Distinguishing market challenges from internal structural problems
• 7:01 – Boosting top-line growth through pricing, marketing, and sales leadership
• 16:48 – Cutting costs intelligently: process efficiency, spend takeout, and Lean systems
• 28:45 – Managing liquidity: working capital, cash creation, and balance-sheet discipline
• 36:18 – Knowing when more capital helps and when it’s time to stop funding the problem

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

Private equity is messy in real time. In this episode, co-hosts Lloyd Metz (ICV Partners), Doug McCormick (HCI Equity Partners), and Sean Mooney (BluWave) lay out practical ways to spot trouble early, separate market shifts from operator errors, and use forward indicators, not just rear-view financials, to steer.

They cover KPI design by business model, forecasting discipline, the “support before swap” approach to diagnosis, and when to move to interim leadership while hiring the permanent fix. Clear, blunt, and field-tested; hit play to sharpen how you manage downside and protect value.

Episode highlights

• 3:54 – Why monthly financials are rear-view and can mask emerging issues
• 7:53 – Reading the balance sheet and cash flow to surface hidden problems
• 10:22 – Forward signals: funnels, backlog, churn, and other business-specific KPIs
• 12:42 – Reforecasting discipline, tracking “call accuracy,” and bias correction
• 19:17 – Diagnosis through support: roll-up-sleeves work with operators, not board-deck analysis
• 33:27 – When it’s leadership: interim coverage, “fire fast, hire slow,” and setting the next exec up to win

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

Sean Mooney shares a quick update from the Best But Never Final team. With deal flow, board work, and summer schedules in full swing, the podcast is taking a short break until after Labor Day. Sean reflects on the original vision for the show, offers suggestions for catching up, and previews what’s ahead. Whether you’re new to private equity or deep in the game, there’s plenty to dig into while we’re away.

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

Board meetings are a critical tool for private equity firms to drive strategy, track progress, and unlock value. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore how private equity boards operate, from setting agendas and assembling members to balancing tactical updates with strategic discussions.

They discuss the importance of preparation, the role of independent directors, and how to ensure that board meetings foster alignment and productive decision-making. Whether you’re refining your approach or learning how boards work, this episode offers key insights for making meetings count.

Episode Highlights:

2:27 - The strategic purpose of PE board meetings and how they differ from weekly updates.

4:02 - Preparation benefits: How crafting the deck helps teams prioritize objectives.

10:02 - Board composition explained: PE team members, independent directors, and management.

18:48 - The role of independent directors: Strategic value and practical benefits.

27:01 - Structuring meetings: Financial updates, strategy reviews, and actionable takeaways.

34:13 - Avoiding pitfalls: Keeping board discussions strategic, not bogged down by readouts.

47:20 - Board logistics: Meeting frequency, in-person sessions, and practical considerations.

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

Consolidation strategies are a proven way to create value in fragmented markets, but execution is everything. In this episode, Doug McCormick walks through the key principles of launching and scaling a buy-and-build platform, sharing lessons learned from a real-world example in the lawn care industry. Joining Sean Mooney and Lloyd Metz, Doug dives into the essential elements of consolidation success, from developing the investment thesis to building scalable infrastructure and engaging entrepreneurial owners.

The team explores topics like market selection, integration strategies, and how to position a business for the next phase of growth. If you’re considering consolidation strategies or looking to optimize your existing approach, this episode is packed with insights for private equity professionals and business leaders alike.

Episode Highlights:

2:21: Defining core focus areas for consolidation: Subscription revenue, recurring services, and market potential.

3:38: Regional dynamics: Why geography matters and how to build density before scaling nationally.

4:41: Developing a proven investment thesis: Recognizing white space in competitive markets.

9:26: Building the flywheel: How initial acquisitions set the foundation for growth.

16:09: Keeping owner-operators engaged: Strategies for rolling equity and aligning interests.

24:02: Unlocking the benefits of scale: Efficiency in purchasing, customer acquisition, and operational KPIs.

33:37: Integration best practices: Building internal capabilities and avoiding common pitfalls.

36:51: Creating long-term buyer appeal: Building a platform that’s scalable and ready for future 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.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

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