The Private Equity Podcast, by Raw Selection
Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you.
Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.
Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com
The Private Equity Podcast, by Raw Selection
From Founder to Three Exits Building a Services Company and Selling to Private Equity
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.
⏱️ Timestamps & Key Topics
00:00 – Introduction
Robert’s journey across founding, exiting, and re-entering private equity.
00:30 – Building & Selling a Business
- Grew to ~80 technicians and exited at 29
- Joined a PE-backed roll-up, completing 100+ acquisitions
01:21 – Biggest PE Mistake: People
- Misalignment of talent and roles
- Importance of matching personal goals with business needs
02:42 – Off-Market Sale Process
- Relationship-driven deal (~18 months)
- Shared vision and timing were key
03:40 – Why Sell?
- Rapid growth (3M → 12M revenue)
- Opportunity to scale within a larger platform
06:57 – Winning Deals
- Human connection over price
- Understanding seller motivations (legacy, growth, people)
09:18 – Scaling a Roll-Up
- Leadership staying close to frontline teams
- Challenges of tech and data integration
10:47 – Key Lessons
- Retaining founders drives value
- Equity rollovers create alignment
12:14 – Frontline Reality
- Change fatigue is real
- Strong leadership needed during integration
14:13 – Founder Retention
- Tailor roles to individuals
- “Right person, right seat” approach
16:36 – Buffalo Growth Partners
- Focus: service businesses (“guys in trucks”)
- Operator-led investment model
18:30 – Off-Market Strategy
- Dedicated outreach + industry credibility
- Aim to be the “first call” when owners sell
21:21 – Recommendations
- Brad Jacobs (M&A & scaling)
- Alpine Investors (people-first PE)
- Bill Gurley – Running Down a Dream
🔑 Key Takeaways
- People alignment is the biggest driver of success
- Trust and credibility win off-market deals
- Retaining founders unlocks long-term value
- Execution and integration are critical
- Operator-led PE is gaining momentum
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.