{"version":"1.0.0","segments":[{"startTime":0.0,"endTime":3.419,"body":"hello and welcome to well-capitalized"},{"startTime":1.5,"endTime":5.49,"body":"I'm your host Bobby Kingsbury managing"},{"startTime":3.419,"endTime":7.259,"body":"director at MCM Capital Partners today I"},{"startTime":5.49,"endTime":9.51,"body":"have with me Harry Shemp senior"},{"startTime":7.259,"endTime":12.179,"body":"operating partner at MCM and we're gonna"},{"startTime":9.51,"endTime":14.58,"body":"discuss and define his role what it is"},{"startTime":12.179,"endTime":16.89,"body":"or what it involves post transaction"},{"startTime":14.58,"endTime":19.02,"body":"what are the reporting requirements the"},{"startTime":16.89,"endTime":21.18,"body":"appropriate cadence after a transaction"},{"startTime":19.02,"endTime":22.59,"body":"and when everything isn't up into the"},{"startTime":21.18,"endTime":24.63,"body":"right how do private equity firms"},{"startTime":22.59,"endTime":26.82,"body":"typically react would like to start with"},{"startTime":24.63,"endTime":28.56,"body":"you providing at least a little bit of"},{"startTime":26.82,"endTime":30.449,"body":"of your background and how you got"},{"startTime":28.56,"endTime":33.87,"body":"involved in private equity"},{"startTime":30.449,"endTime":36.75,"body":"well Bobby is as you know educationally"},{"startTime":33.87,"endTime":37.92,"body":"I'm an engineer mechanical engineer and"},{"startTime":36.75,"endTime":40.829,"body":"second time through as an electrical"},{"startTime":37.92,"endTime":42.66,"body":"engineer and following a stint in the"},{"startTime":40.829,"endTime":45.78,"body":"Marine Corps I joined General Electric"},{"startTime":42.66,"endTime":46.92,"body":"in high temperature materials division"},{"startTime":45.78,"endTime":50.25,"body":"which I ended up being the vice"},{"startTime":46.92,"endTime":52.739,"body":"president of that division and left GE"},{"startTime":50.25,"endTime":56.91,"body":"in the early 90s and that's when I first"},{"startTime":52.739,"endTime":59.85,"body":"got involved in private equity and after"},{"startTime":56.91,"endTime":61.829,"body":"a couple of years and the start one of"},{"startTime":59.85,"endTime":66.81,"body":"the companies I was running got acquired"},{"startTime":61.829,"endTime":69.45,"body":"by BP out of the UK and ended up being a"},{"startTime":66.81,"endTime":72.869,"body":"senior vice president at BP for a while"},{"startTime":69.45,"endTime":75.36,"body":"so with Andover Corporation our latest"},{"startTime":72.869,"endTime":77.939,"body":"acquisition that'll be the 18th time"},{"startTime":75.36,"endTime":80.88,"body":"that I have been a president or CEO of"},{"startTime":77.939,"endTime":83.369,"body":"an organization and obviously from very"},{"startTime":80.88,"endTime":88.939,"body":"large ones and hundreds of millions of"},{"startTime":83.369,"endTime":91.77,"body":"dollars for GE and BP to small ones so I"},{"startTime":88.939,"endTime":94.38,"body":"find working with smaller companies to"},{"startTime":91.77,"endTime":98.67,"body":"be more rewarding than than the larger"},{"startTime":94.38,"endTime":101.79,"body":"companies there's less political"},{"startTime":98.67,"endTime":105.78,"body":"influence on the decision making it's"},{"startTime":101.79,"endTime":108.93,"body":"it's more about economics you find that"},{"startTime":105.78,"endTime":110.369,"body":"you can have a direct impact on the"},{"startTime":108.93,"endTime":112.89,"body":"performance in the business you can you"},{"startTime":110.369,"endTime":115.17,"body":"can see the results your decisions bad"},{"startTime":112.89,"endTime":116.969,"body":"decisions as well as good ones but but"},{"startTime":115.17,"endTime":119.49,"body":"you get those results right away so I"},{"startTime":116.969,"endTime":122.31,"body":"find that particularly rewarding and and"},{"startTime":119.49,"endTime":124.649,"body":"frankly I get to know everybody yeah so"},{"startTime":122.31,"endTime":127.079,"body":"there's there's a personal sort of"},{"startTime":124.649,"endTime":129.349,"body":"relationship with with with the people"},{"startTime":127.079,"endTime":131.48,"body":"that you know you don't get when"},{"startTime":129.349,"endTime":133.04,"body":"you've got 25,000 people on an"},{"startTime":131.48,"endTime":133.879,"body":"organization you can't know everybody"},{"startTime":133.04,"endTime":137.06,"body":"then right"},{"startTime":133.879,"endTime":139.069,"body":"so many private equity firms have senior"},{"startTime":137.06,"endTime":141.079,"body":"operating partners can you explain to"},{"startTime":139.069,"endTime":142.7,"body":"the business owners listening exactly"},{"startTime":141.079,"endTime":144.92,"body":"what the senior operating partner is"},{"startTime":142.7,"endTime":146.299,"body":"their role and what they can expect from"},{"startTime":144.92,"endTime":148.01,"body":"interacting with a senior operating"},{"startTime":146.299,"endTime":150.379,"body":"partner the role of senior operating"},{"startTime":148.01,"endTime":153.319,"body":"partner tends to be a little different"},{"startTime":150.379,"endTime":156.379,"body":"if you're in micro-cap versus really"},{"startTime":153.319,"endTime":158.87,"body":"large cap so we're in micro cap so so"},{"startTime":156.379,"endTime":161.9,"body":"let me stay there so the senior"},{"startTime":158.87,"endTime":165.65,"body":"operating partner is is the key contact"},{"startTime":161.9,"endTime":170.48,"body":"point for the management of the company"},{"startTime":165.65,"endTime":174.769,"body":"and so the financial reporting you know"},{"startTime":170.48,"endTime":176.329,"body":"all automatically goes up to the private"},{"startTime":174.769,"endTime":179.45,"body":"equity group in this case you know goes"},{"startTime":176.329,"endTime":181.939,"body":"to the Cleveland office but in issues"},{"startTime":179.45,"endTime":183.709,"body":"that are sort of day-to-day issues with"},{"startTime":181.939,"endTime":186.829,"body":"it the presidents of the companies that"},{"startTime":183.709,"endTime":189.319,"body":"are grappling with and it can be gee my"},{"startTime":186.829,"endTime":192.04,"body":"medical insurance is going up by 15%"},{"startTime":189.319,"endTime":194.449,"body":"this year you know do you guys have any"},{"startTime":192.04,"endTime":196.94,"body":"experience in trying to hold that down"},{"startTime":194.449,"endTime":199.099,"body":"and see what what would be the norm for"},{"startTime":196.94,"endTime":201.319,"body":"vacation policies or oh I got to let"},{"startTime":199.099,"endTime":203.26,"body":"somebody go and you know what do you"},{"startTime":201.319,"endTime":207.129,"body":"think about severance things like that"},{"startTime":203.26,"endTime":209.629,"body":"of course those are all people related"},{"startTime":207.129,"endTime":212.09,"body":"putting together a long term strategic"},{"startTime":209.629,"endTime":215.15,"body":"plan which many small companies don't"},{"startTime":212.09,"endTime":216.949,"body":"have so you know how do you view that"},{"startTime":215.15,"endTime":220.299,"body":"and in particularly you know what is a"},{"startTime":216.949,"endTime":222.739,"body":"private equity firm look for versus a"},{"startTime":220.299,"endTime":224.51,"body":"family-owned firm for example you know"},{"startTime":222.739,"endTime":230.419,"body":"what about the timeline differences so"},{"startTime":224.51,"endTime":233.12,"body":"it's more being a coach and and really a"},{"startTime":230.419,"endTime":237.29,"body":"partner with the president aunt and his"},{"startTime":233.12,"endTime":241.28,"body":"executive team than it is being sort of"},{"startTime":237.29,"endTime":242.959,"body":"a direct superior are there times you"},{"startTime":241.28,"endTime":245.509,"body":"know when when the operating partner"},{"startTime":242.959,"endTime":248.18,"body":"says no you have to do it this way yes"},{"startTime":245.509,"endTime":248.75,"body":"but those those are very rare and in"},{"startTime":248.18,"endTime":252.049,"body":"fact"},{"startTime":248.75,"endTime":254.479,"body":"it's not good really if it gets to that"},{"startTime":252.049,"endTime":257.18,"body":"point right you what you want to make"},{"startTime":254.479,"endTime":258.69,"body":"sure is or not make sure but what you"},{"startTime":257.18,"endTime":260.88,"body":"want to try to get to"},{"startTime":258.69,"endTime":263.34,"body":"is the senior operating partner should"},{"startTime":260.88,"endTime":265.35,"body":"sort of have a Vulcan mind-meld with the"},{"startTime":263.34,"endTime":267.75,"body":"president of the company and they know"},{"startTime":265.35,"endTime":270.0,"body":"how each other is thinking so you can"},{"startTime":267.75,"endTime":271.71,"body":"explore different avenues but it"},{"startTime":270.0,"endTime":273.24,"body":"shouldn't be a surprise at the end of"},{"startTime":271.71,"endTime":276.21,"body":"the day after a conversation you know"},{"startTime":273.24,"endTime":279.78,"body":"that you both agree on the right path to"},{"startTime":276.21,"endTime":282.42,"body":"go on but that's how I would truly it is"},{"startTime":279.78,"endTime":284.76,"body":"a marriage and communication is about"},{"startTime":282.42,"endTime":286.74,"body":"communication yeah is always key on on"},{"startTime":284.76,"endTime":289.92,"body":"these sorts of things so you know the"},{"startTime":286.74,"endTime":292.74,"body":"very first thing is understanding you"},{"startTime":289.92,"endTime":295.5,"body":"know what the goals are and and at MCM"},{"startTime":292.74,"endTime":297.6,"body":"we try really really hard when we put"},{"startTime":295.5,"endTime":300.87,"body":"together the deal to align the goals of"},{"startTime":297.6,"endTime":303.69,"body":"the executive team with the goals of MCM"},{"startTime":300.87,"endTime":306.33,"body":"capital and I'm sure you've talked about"},{"startTime":303.69,"endTime":308.46,"body":"this you know in some other videos but"},{"startTime":306.33,"endTime":311.82,"body":"you know we like to make sure that you"},{"startTime":308.46,"endTime":313.65,"body":"know economically things are aligned we"},{"startTime":311.82,"endTime":316.11,"body":"discuss things like where's the company"},{"startTime":313.65,"endTime":318.42,"body":"going to be and you know what what's the"},{"startTime":316.11,"endTime":321.21,"body":"policy for family members in the company"},{"startTime":318.42,"endTime":323.7,"body":"so we try real hard upfront even before"},{"startTime":321.21,"endTime":326.43,"body":"you know the ink is dry to make sure"},{"startTime":323.7,"endTime":327.99,"body":"people's goals are aligned then you know"},{"startTime":326.43,"endTime":331.2,"body":"one of the very first things I need to"},{"startTime":327.99,"endTime":333.3,"body":"do with what the new president is to sit"},{"startTime":331.2,"endTime":334.83,"body":"down and say okay you know this is the"},{"startTime":333.3,"endTime":337.02,"body":"working environment this is how we're"},{"startTime":334.83,"endTime":340.08,"body":"going to work so here are the things"},{"startTime":337.02,"endTime":342.21,"body":"that you know you do by yourself you"},{"startTime":340.08,"endTime":343.98,"body":"don't need to talk to me about and hear"},{"startTime":342.21,"endTime":345.12,"body":"the things that you do and here's a"},{"startTime":343.98,"endTime":347.94,"body":"bunch of things that are in the middle"},{"startTime":345.12,"endTime":351.18,"body":"and if you want to call me call me I'm"},{"startTime":347.94,"endTime":353.94,"body":"always available to you and that"},{"startTime":351.18,"endTime":355.89,"body":"communication should be an easy two-way"},{"startTime":353.94,"endTime":359.7,"body":"flow you know there there shouldn't be"},{"startTime":355.89,"endTime":361.44,"body":"any anxiety at the company you know if I"},{"startTime":359.7,"endTime":363.6,"body":"put a call in all right you know I want"},{"startTime":361.44,"endTime":366.93,"body":"to come down and visit and you know"},{"startTime":363.6,"endTime":369.78,"body":"neither should the president or one of"},{"startTime":366.93,"endTime":372.0,"body":"his you know direct reports feel anxious"},{"startTime":369.78,"endTime":373.41,"body":"about calling me and then in fact one of"},{"startTime":372.0,"endTime":375.66,"body":"the things I tell people is you know"},{"startTime":373.41,"endTime":378.33,"body":"good news you can keep for awhile"},{"startTime":375.66,"endTime":381.36,"body":"good news never go stale bad news I want"},{"startTime":378.33,"endTime":383.07,"body":"to know it right away in a not too beat"},{"startTime":381.36,"endTime":385.05,"body":"up on yeah I want to know the bad news"},{"startTime":383.07,"endTime":387.93,"body":"so I can help you that's you know cuz we"},{"startTime":385.05,"endTime":389.55,"body":"have the same goal it's your point in in"},{"startTime":387.93,"endTime":392.13,"body":"the answer to the last question you"},{"startTime":389.55,"endTime":392.43,"body":"talked about you know communication and"},{"startTime":392.13,"endTime":394.41,"body":"some"},{"startTime":392.43,"endTime":396.54,"body":"things that maybe are appropriate to do"},{"startTime":394.41,"endTime":397.98,"body":"on your own versus you know check with"},{"startTime":396.54,"endTime":400.11,"body":"the senior operating partner can you"},{"startTime":397.98,"endTime":402.84,"body":"provide the business owners listening"},{"startTime":400.11,"endTime":404.49,"body":"one or two examples of some things that"},{"startTime":402.84,"endTime":405.69,"body":"they should just not worry about you"},{"startTime":404.49,"endTime":407.13,"body":"don't have to talk to senior operating"},{"startTime":405.69,"endTime":409.53,"body":"partner about and then some of the"},{"startTime":407.13,"endTime":411.12,"body":"things that would require your your"},{"startTime":409.53,"endTime":412.32,"body":"attention well we're probably the best"},{"startTime":411.12,"endTime":415.5,"body":"way to start with that is setting the"},{"startTime":412.32,"endTime":417.54,"body":"budget so in all private equity"},{"startTime":415.5,"endTime":419.88,"body":"environments but it especially at MCM"},{"startTime":417.54,"endTime":420.81,"body":"capital setting the budget is really"},{"startTime":419.88,"endTime":423.42,"body":"really important"},{"startTime":420.81,"endTime":426.0,"body":"and it starts you know if I just talk"},{"startTime":423.42,"endTime":427.89,"body":"about it as a calendar year it starts in"},{"startTime":426.0,"endTime":429.93,"body":"sort of the October timeframe of the"},{"startTime":427.89,"endTime":432.24,"body":"year before and it's what do we think"},{"startTime":429.93,"endTime":434.01,"body":"about sales where our sales going to go"},{"startTime":432.24,"endTime":436.59,"body":"next year because sale sets the pattern"},{"startTime":434.01,"endTime":439.08,"body":"for everything else underneath so we try"},{"startTime":436.59,"endTime":441.69,"body":"to come up with a proposal we get that"},{"startTime":439.08,"endTime":443.28,"body":"from the board once you get that you can"},{"startTime":441.69,"endTime":444.96,"body":"say okay in order to get these sales"},{"startTime":443.28,"endTime":446.43,"body":"what do you need to achieve these sales"},{"startTime":444.96,"endTime":447.9,"body":"this is what you think you can get you"},{"startTime":446.43,"endTime":449.73,"body":"need to hire people do you need to buy"},{"startTime":447.9,"endTime":453.45,"body":"equipment you need to expand your plan"},{"startTime":449.73,"endTime":456.6,"body":"what what do you need to do when there's"},{"startTime":453.45,"endTime":458.58,"body":"an agreement on the budget that pretty"},{"startTime":456.6,"endTime":460.74,"body":"much as long as the president is working"},{"startTime":458.58,"endTime":462.75,"body":"within that budget that's been agreed by"},{"startTime":460.74,"endTime":464.55,"body":"the board could pretty much call his own"},{"startTime":462.75,"endTime":466.68,"body":"shots within the budget if he needs to"},{"startTime":464.55,"endTime":468.3,"body":"go outside of the budget then you"},{"startTime":466.68,"endTime":470.13,"body":"definitely have to come to me and"},{"startTime":468.3,"endTime":473.49,"body":"depending on how far outside of the"},{"startTime":470.13,"endTime":474.93,"body":"budget you might say boy we you know we"},{"startTime":473.49,"endTime":476.1,"body":"had this great opportunity but we need"},{"startTime":474.93,"endTime":476.73,"body":"another million-dollar piece of"},{"startTime":476.1,"endTime":479.04,"body":"equipment"},{"startTime":476.73,"endTime":481.08,"body":"well that that needs to go to the board"},{"startTime":479.04,"endTime":483.06,"body":"of directors right so but it comes to me"},{"startTime":481.08,"endTime":485.16,"body":"first okay let's put together a you know"},{"startTime":483.06,"endTime":488.07,"body":"a plan and let's justify this to the"},{"startTime":485.16,"endTime":489.87,"body":"board of directors so generally speaking"},{"startTime":488.07,"endTime":491.88,"body":"if you're if you're looking at sort of"},{"startTime":489.87,"endTime":492.72,"body":"you know levels of authority matrix and"},{"startTime":491.88,"endTime":496.59,"body":"things like that"},{"startTime":492.72,"endTime":498.39,"body":"so our early workforce that is purely"},{"startTime":496.59,"endTime":500.01,"body":"within the control of the president of"},{"startTime":498.39,"endTime":501.3,"body":"the company do you need to hire do you"},{"startTime":500.01,"endTime":503.94,"body":"need to fire do you need to run over"},{"startTime":501.3,"endTime":506.37,"body":"time that sort of thing"},{"startTime":503.94,"endTime":507.93,"body":"purchasing of you know materials to come"},{"startTime":506.37,"endTime":511.17,"body":"in and out you know raw materials for"},{"startTime":507.93,"endTime":513.33,"body":"the business service items maintenance"},{"startTime":511.17,"endTime":516.81,"body":"items that's entirely within the realm"},{"startTime":513.33,"endTime":520.68,"body":"of the president if you want to hire or"},{"startTime":516.81,"endTime":523.52,"body":"fire or change the salary of executives"},{"startTime":520.68,"endTime":525.47,"body":"on your team now you have to come to me"},{"startTime":523.52,"endTime":527.0,"body":"and the president can't change its own"},{"startTime":525.47,"endTime":529.64,"body":"salary or compensation and that's that's"},{"startTime":527.0,"endTime":532.73,"body":"pretty obvious I I think in terms of"},{"startTime":529.64,"endTime":536.75,"body":"people a good rule to follow is one over"},{"startTime":532.73,"endTime":538.07,"body":"one so you know if you want to if you"},{"startTime":536.75,"endTime":540.08,"body":"have a vice president working for you"},{"startTime":538.07,"endTime":542.69,"body":"and you want to move a salary up or down"},{"startTime":540.08,"endTime":544.37,"body":"or her salary up or down well you need"},{"startTime":542.69,"endTime":546.89,"body":"one over one approval so that comes to"},{"startTime":544.37,"endTime":549.11,"body":"me the president salary that goes to the"},{"startTime":546.89,"endTime":551.93,"body":"board of directors that one over me one"},{"startTime":549.11,"endTime":554.99,"body":"yes one over one and I try to do that"},{"startTime":551.93,"endTime":558.56,"body":"also in the communication thing so I"},{"startTime":554.99,"endTime":560.6,"body":"tell the executive team you should feel"},{"startTime":558.56,"endTime":564.44,"body":"free to be able to call me at any time"},{"startTime":560.6,"endTime":567.8,"body":"I said now if you do call me you know it"},{"startTime":564.44,"endTime":569.93,"body":"is proper business etiquette that you"},{"startTime":567.8,"endTime":571.97,"body":"should tell the president you know hey"},{"startTime":569.93,"endTime":574.01,"body":"I'm gonna call Harry or I called Harry"},{"startTime":571.97,"endTime":575.63,"body":"so you should let him know the president"},{"startTime":574.01,"endTime":578.18,"body":"should not be surprised that you talk to"},{"startTime":575.63,"endTime":581.209,"body":"him and the president shouldn't feel"},{"startTime":578.18,"endTime":583.76,"body":"bent out of shape if I put a call to one"},{"startTime":581.209,"endTime":586.25,"body":"of his vice presidents so by the same"},{"startTime":583.76,"endTime":587.57,"body":"token you know the president can pick up"},{"startTime":586.25,"endTime":589.04,"body":"the phone and he can call somebody on"},{"startTime":587.57,"endTime":591.829,"body":"the board of directors about something"},{"startTime":589.04,"endTime":593.57,"body":"mm-hmm and it's proper etiquette for him"},{"startTime":591.829,"endTime":595.579,"body":"to say to me hey I'm gonna put a call"},{"startTime":593.57,"endTime":597.04,"body":"through to maybe Bobby's on the board or"},{"startTime":595.579,"endTime":600.339,"body":"maybe Martin answers on the board"},{"startTime":597.04,"endTime":604.94,"body":"so the communication ought to be"},{"startTime":600.339,"endTime":607.82,"body":"free-flowing and you know the key to"},{"startTime":604.94,"endTime":611.93,"body":"good communication the number one key is"},{"startTime":607.82,"endTime":614.69,"body":"honesty you know you just tell people to"},{"startTime":611.93,"endTime":617.39,"body":"the best of your knowledge what it is so"},{"startTime":614.69,"endTime":619.01,"body":"and that tends to pay off if everybody"},{"startTime":617.39,"endTime":620.329,"body":"has the same goals right so not"},{"startTime":619.01,"endTime":621.98,"body":"somebody's not trying to go over this"},{"startTime":620.329,"endTime":623.75,"body":"way and somebody else is going out way"},{"startTime":621.98,"endTime":625.94,"body":"right so let's let's stay with"},{"startTime":623.75,"endTime":627.649,"body":"communication for a bit so you know"},{"startTime":625.94,"endTime":630.02,"body":"business owners think about selling"},{"startTime":627.649,"endTime":632.3,"body":"their business and one of the things"},{"startTime":630.02,"endTime":634.1,"body":"that they wouldn't say concerned about"},{"startTime":632.3,"endTime":635.75,"body":"but are interested in is the level of"},{"startTime":634.1,"endTime":637.579,"body":"communication how often do I need to"},{"startTime":635.75,"endTime":640.149,"body":"reach out to the private equity firm you"},{"startTime":637.579,"endTime":643.12,"body":"know what's what's the cadence of"},{"startTime":640.149,"endTime":646.67,"body":"communication do I need to you know with"},{"startTime":643.12,"endTime":648.5,"body":"what is necessary for me to provide so"},{"startTime":646.67,"endTime":650.7,"body":"that that's a really good question so"},{"startTime":648.5,"endTime":652.56,"body":"when is it what's required in others you"},{"startTime":650.7,"endTime":656.25,"body":"what do you want to do right so what's"},{"startTime":652.56,"endTime":657.6,"body":"required if I'm the senior operating"},{"startTime":656.25,"endTime":659.43,"body":"partner in the business there's gonna be"},{"startTime":657.6,"endTime":661.41,"body":"a weekly call and the weekly call one"},{"startTime":659.43,"endTime":663.78,"body":"involved the president it'll involve his"},{"startTime":661.41,"endTime":666.87,"body":"senior financial person and will"},{"startTime":663.78,"endTime":669.78,"body":"probably involve his senior technical"},{"startTime":666.87,"endTime":672.15,"body":"person his senior plant ops person in a"},{"startTime":669.78,"endTime":673.92,"body":"senior sales and marketing person and"},{"startTime":672.15,"endTime":674.73,"body":"those calls are generally on the order"},{"startTime":673.92,"endTime":677.16,"body":"of an hour"},{"startTime":674.73,"endTime":678.63,"body":"in fact I I staged them one after the"},{"startTime":677.16,"endTime":681.45,"body":"other so I I don't want them to go over"},{"startTime":678.63,"endTime":683.16,"body":"an hour and and they and they don't and"},{"startTime":681.45,"endTime":686.01,"body":"those calls aren't homework those are"},{"startTime":683.16,"endTime":688.05,"body":"you know really know and I'll come back"},{"startTime":686.01,"endTime":690.3,"body":"to that but let me so so that's the"},{"startTime":688.05,"endTime":692.42,"body":"first thing and that's pretty much the"},{"startTime":690.3,"endTime":695.85,"body":"only thing that the president has to do"},{"startTime":692.42,"endTime":697.05,"body":"with me now on a monthly basis their"},{"startTime":695.85,"endTime":698.93,"body":"monthly finances that are put together"},{"startTime":697.05,"endTime":702.18,"body":"you know according to GAAP principles"},{"startTime":698.93,"endTime":704.49,"body":"they go to me they go right up to the"},{"startTime":702.18,"endTime":706.32,"body":"Cleveland Home Office and then there's a"},{"startTime":704.49,"endTime":710.76,"body":"quarterly board meeting so those are the"},{"startTime":706.32,"endTime":712.38,"body":"things that have to be done depending on"},{"startTime":710.76,"endTime":715.23,"body":"you know where we are with a cycle of"},{"startTime":712.38,"endTime":717.24,"body":"business and and in how well I you know"},{"startTime":715.23,"endTime":721.11,"body":"I really get to know that the team I'll"},{"startTime":717.24,"endTime":723.72,"body":"I'll personally visit you know either"},{"startTime":721.11,"endTime":724.98,"body":"you know once every week and a half you"},{"startTime":723.72,"endTime":727.71,"body":"know right when we start out there'll be"},{"startTime":724.98,"endTime":730.26,"body":"a lot of visits and then it usually"},{"startTime":727.71,"endTime":731.73,"body":"tends to tail off you know so if I know"},{"startTime":730.26,"endTime":734.01,"body":"somebody really well been working"},{"startTime":731.73,"endTime":735.69,"body":"together for three or four years you"},{"startTime":734.01,"endTime":737.67,"body":"know I might only visit one side of"},{"startTime":735.69,"endTime":738.99,"body":"every six weeks probably by that time"},{"startTime":737.67,"endTime":740.37,"body":"though in addition to the weekly call"},{"startTime":738.99,"endTime":743.31,"body":"the president's calling me or I'm"},{"startTime":740.37,"endTime":745.11,"body":"calling him a couple of times a week you"},{"startTime":743.31,"endTime":748.11,"body":"know for whatever you know it might be"},{"startTime":745.11,"endTime":750.78,"body":"that gee I've bumped into somebody from"},{"startTime":748.11,"endTime":752.28,"body":"General Electric blah blah blah division"},{"startTime":750.78,"endTime":753.78,"body":"you know and they could really use some"},{"startTime":752.28,"endTime":755.94,"body":"of your products and here's the contact"},{"startTime":753.78,"endTime":758.25,"body":"number or the president might call and"},{"startTime":755.94,"endTime":759.81,"body":"say hey guess what you know I think we"},{"startTime":758.25,"endTime":762.6,"body":"might have a really good opportunity on"},{"startTime":759.81,"endTime":769.14,"body":"sales so whatever it is but that's"},{"startTime":762.6,"endTime":771.18,"body":"really a developing thing getting back"},{"startTime":769.14,"endTime":774.02,"body":"to the core of it though it it's really"},{"startTime":771.18,"endTime":776.91,"body":"about honesty no one should really be"},{"startTime":774.02,"endTime":778.63,"body":"surprised at a conversation you know"},{"startTime":776.91,"endTime":780.819,"body":"where the other person is coming from"},{"startTime":778.63,"endTime":782.56,"body":"and those were you know getting back to"},{"startTime":780.819,"endTime":785.889,"body":"though it to the weekly calls you know"},{"startTime":782.56,"endTime":787.66,"body":"it as a business owner some I think you"},{"startTime":785.889,"endTime":790.06,"body":"know I've never had to report to anybody"},{"startTime":787.66,"endTime":791.709,"body":"before now you're asking to do this once"},{"startTime":790.06,"endTime":793.66,"body":"a week you know what's this board what's"},{"startTime":791.709,"endTime":797.019,"body":"the purpose so the way we start out with"},{"startTime":793.66,"endTime":799.75,"body":"this is I ask the business owner and his"},{"startTime":797.019,"endTime":802.87,"body":"team to come up with key performance"},{"startTime":799.75,"endTime":805.75,"body":"indicators KPIs I don't tell them what"},{"startTime":802.87,"endTime":807.579,"body":"those KPIs are I said but you know when"},{"startTime":805.75,"endTime":809.74,"body":"you put together the KPIs I want you to"},{"startTime":807.579,"endTime":811.3,"body":"think about something in the realm of"},{"startTime":809.74,"endTime":813.61,"body":"sales and marketing come up with some"},{"startTime":811.3,"endTime":815.35,"body":"really good indicators for your business"},{"startTime":813.61,"endTime":817.329,"body":"then come up with something with"},{"startTime":815.35,"endTime":820.17,"body":"operations you know what might that be"},{"startTime":817.329,"endTime":822.699,"body":"yeah on-time delivery might be one"},{"startTime":820.17,"endTime":825.759,"body":"delivery quality is probably going to be"},{"startTime":822.699,"endTime":828.639,"body":"one maybe over time is important in that"},{"startTime":825.759,"endTime":830.529,"body":"business maybe not you know the"},{"startTime":828.639,"endTime":832.42,"body":"financial indicators are well you know"},{"startTime":830.529,"endTime":834.13,"body":"is anybody going past ninety days you"},{"startTime":832.42,"endTime":836.68,"body":"know past due on your receivables you"},{"startTime":834.13,"endTime":838.87,"body":"know where's your cash or things like"},{"startTime":836.68,"endTime":843.279,"body":"that but it's up to the president and"},{"startTime":838.87,"endTime":846.069,"body":"his team to pick those KPIs and then we"},{"startTime":843.279,"endTime":850.029,"body":"use those in the weekly call to help"},{"startTime":846.069,"endTime":855.009,"body":"manage the business so I try really hard"},{"startTime":850.029,"endTime":857.68,"body":"not to force the business into an MCN"},{"startTime":855.009,"endTime":859.63,"body":"mold yeah what I do want the business to"},{"startTime":857.68,"endTime":861.97,"body":"do though is I do want them to manage to"},{"startTime":859.63,"endTime":866.8,"body":"the cake to kpi's of their choosing but"},{"startTime":861.97,"endTime":868.99,"body":"manage to those so my belief is if you"},{"startTime":866.8,"endTime":872.019,"body":"if you have the right KPIs in place and"},{"startTime":868.99,"endTime":874.75,"body":"you manage and track those KPIs the"},{"startTime":872.019,"endTime":876.67,"body":"financial numbers will come you'll get"},{"startTime":874.75,"endTime":879.37,"body":"good results it's generally not a good"},{"startTime":876.67,"endTime":881.589,"body":"idea to try to manage to somebody else's"},{"startTime":879.37,"endTime":883.329,"body":"financial numbers that doesn't"},{"startTime":881.589,"endTime":886.149,"body":"necessarily track directly to the"},{"startTime":883.329,"endTime":888.25,"body":"business performance right so if we"},{"startTime":886.149,"endTime":889.72,"body":"could take a step back for a minute kind"},{"startTime":888.25,"endTime":893.5,"body":"of getting back to the senior operating"},{"startTime":889.72,"endTime":895.87,"body":"partner role for the business owners"},{"startTime":893.5,"endTime":898.63,"body":"that are viewing this you know what"},{"startTime":895.87,"endTime":901.209,"body":"generally are we looking for what is the"},{"startTime":898.63,"endTime":904.389,"body":"senior operating partner looking for in"},{"startTime":901.209,"endTime":907.54,"body":"an attractive acquisition well that's a"},{"startTime":904.389,"endTime":911.23,"body":"really good question so usually when I"},{"startTime":907.54,"endTime":912.25,"body":"when I talk when I when I talk to people"},{"startTime":911.23,"endTime":914.44,"body":"with a cocktail part"},{"startTime":912.25,"endTime":915.67,"body":"and you know that's kind of a frequent"},{"startTime":914.44,"endTime":917.59,"body":"question now well gee what do you look"},{"startTime":915.67,"endTime":919.93,"body":"for when you buy a business C well I"},{"startTime":917.59,"endTime":922.63,"body":"really look for long-term assets but I'm"},{"startTime":919.93,"endTime":924.94,"body":"not using that phrase in the financial"},{"startTime":922.63,"endTime":926.77,"body":"right sort of phrase right so I'm"},{"startTime":924.94,"endTime":928.75,"body":"talking about it from an operating point"},{"startTime":926.77,"endTime":931.15,"body":"of view so what is a long-term asset"},{"startTime":928.75,"endTime":933.28,"body":"well your quality reputation and that's"},{"startTime":931.15,"endTime":933.79,"body":"particularly true say in aerospace or"},{"startTime":933.28,"endTime":936.25,"body":"medical"},{"startTime":933.79,"endTime":938.2,"body":"if you have a quality reputation it's"},{"startTime":936.25,"endTime":939.66,"body":"taken you a long time to build it it's"},{"startTime":938.2,"endTime":941.8,"body":"going to be with you a long time"},{"startTime":939.66,"endTime":944.17,"body":"conversely if you have a poor reputation"},{"startTime":941.8,"endTime":946.15,"body":"in one of those industries it's going to"},{"startTime":944.17,"endTime":948.94,"body":"take a really long time to correct that"},{"startTime":946.15,"endTime":952.3,"body":"so that's a long-term asset a short-term"},{"startTime":948.94,"endTime":955.09,"body":"asset might be cash availability we can"},{"startTime":952.3,"endTime":956.92,"body":"fix cash availability when we do the"},{"startTime":955.09,"endTime":958.6,"body":"deal so that's part of the thing that"},{"startTime":956.92,"endTime":961.36,"body":"MCM does you know okay we've got a"},{"startTime":958.6,"endTime":965.85,"body":"structure this so cash availability"},{"startTime":961.36,"endTime":969.01,"body":"makes sense we plan for that upfront so"},{"startTime":965.85,"endTime":972.27,"body":"other other than these long-term assets"},{"startTime":969.01,"endTime":975.88,"body":"we look for attractive industries"},{"startTime":972.27,"endTime":978.43,"body":"attractive meaning one we think they're"},{"startTime":975.88,"endTime":981.19,"body":"gonna grow and two that they're not"},{"startTime":978.43,"endTime":983.02,"body":"going to roller-coaster so in a world of"},{"startTime":981.19,"endTime":984.85,"body":"private equity it's really tough to"},{"startTime":983.02,"endTime":990.24,"body":"manage if you you know go through big"},{"startTime":984.85,"endTime":992.47,"body":"dips and big climbs we look for"},{"startTime":990.24,"endTime":994.48,"body":"particularly in my field which is which"},{"startTime":992.47,"endTime":996.19,"body":"is manufacturing something special"},{"startTime":994.48,"endTime":996.67,"body":"you're bringing something special to the"},{"startTime":996.19,"endTime":1001.35,"body":"party"},{"startTime":996.67,"endTime":1004.11,"body":"so what what that might that be well it"},{"startTime":1001.35,"endTime":1005.37,"body":"could be the design of the product it"},{"startTime":1004.11,"endTime":1007.44,"body":"could be there's something unique about"},{"startTime":1005.37,"endTime":1010.11,"body":"your process that either delivers better"},{"startTime":1007.44,"endTime":1013.77,"body":"quality faster delivery better"},{"startTime":1010.11,"endTime":1015.9,"body":"performance it might be you have a"},{"startTime":1013.77,"endTime":1018.12,"body":"unique connection to your customer base"},{"startTime":1015.9,"endTime":1020.79,"body":"you're really really tied in with these"},{"startTime":1018.12,"endTime":1023.91,"body":"guys so we're looking for something"},{"startTime":1020.79,"endTime":1026.16,"body":"unique and and that is something we"},{"startTime":1023.91,"endTime":1029.91,"body":"really want to protect so when the deal"},{"startTime":1026.16,"endTime":1031.83,"body":"is done we an act you our founding"},{"startTime":1029.91,"endTime":1034.1,"body":"partner used to say one of the big"},{"startTime":1031.83,"endTime":1036.57,"body":"mantras is you know do no harm and"},{"startTime":1034.1,"endTime":1039.21,"body":"that's that's still true you know don't"},{"startTime":1036.57,"endTime":1041.9,"body":"screw up what got the company where it"},{"startTime":1039.21,"endTime":1044.449,"body":"is today don't mess with that"},{"startTime":1041.9,"endTime":1046.64,"body":"and so you have to be you know very"},{"startTime":1044.449,"endTime":1049.7,"body":"careful if you're gonna make a major"},{"startTime":1046.64,"endTime":1050.78,"body":"change like you know well well you know"},{"startTime":1049.7,"endTime":1052.64,"body":"we used to have engineering and"},{"startTime":1050.78,"endTime":1054.29,"body":"manufacturing altogether led by one guy"},{"startTime":1052.64,"endTime":1055.97,"body":"and want to split it apart or I want to"},{"startTime":1054.29,"endTime":1057.65,"body":"split engineering into plant engineering"},{"startTime":1055.97,"endTime":1060.38,"body":"and design engineering and well be"},{"startTime":1057.65,"endTime":1062.57,"body":"careful with that yeah and if you do"},{"startTime":1060.38,"endTime":1064.97,"body":"want to go down that path make sure that"},{"startTime":1062.57,"endTime":1066.41,"body":"the president this team really are in"},{"startTime":1064.97,"endTime":1068.809,"body":"agreement they you know they really go"},{"startTime":1066.41,"endTime":1075.41,"body":"yes we believe in this this is the right"},{"startTime":1068.809,"endTime":1080.3,"body":"way to go but it's an asset generally"},{"startTime":1075.41,"endTime":1082.7,"body":"that that may or have you know some some"},{"startTime":1080.3,"endTime":1084.77,"body":"dimensions of the company might not be"},{"startTime":1082.7,"endTime":1088.1,"body":"all that good but if we can fix them a"},{"startTime":1084.77,"endTime":1089.84,"body":"short-term asset issue excuse me it"},{"startTime":1088.1,"endTime":1092.96,"body":"could be their financial position or it"},{"startTime":1089.84,"endTime":1094.49,"body":"might be gee you know we don't we don't"},{"startTime":1092.96,"endTime":1095.69,"body":"have very good financial software in"},{"startTime":1094.49,"endTime":1097.67,"body":"place and we don't really know what our"},{"startTime":1095.69,"endTime":1098.78,"body":"stuff costs we know at the end of the"},{"startTime":1097.67,"endTime":1100.429,"body":"month whether we make money or lose"},{"startTime":1098.78,"endTime":1102.17,"body":"money but we don't know which come you"},{"startTime":1100.429,"endTime":1104.96,"body":"know which products do which products"},{"startTime":1102.17,"endTime":1106.73,"body":"don't that we can fix that that we can"},{"startTime":1104.96,"endTime":1109.46,"body":"bring in you plan for it you know you"},{"startTime":1106.73,"endTime":1111.98,"body":"pick the right thing you put it in so"},{"startTime":1109.46,"endTime":1115.21,"body":"it's it's interesting you bring up you"},{"startTime":1111.98,"endTime":1118.04,"body":"know the the do no harm aspect where as"},{"startTime":1115.21,"endTime":1119.54,"body":"many people view private equity their"},{"startTime":1118.04,"endTime":1121.52,"body":"view of private equity has come in"},{"startTime":1119.54,"endTime":1123.35,"body":"hostile takeovers we're gonna change x"},{"startTime":1121.52,"endTime":1125.809,"body":"y\u0026z we're gonna cut costs we're gonna"},{"startTime":1123.35,"endTime":1129.46,"body":"fire people we're gonna do a B and C"},{"startTime":1125.809,"endTime":1135.13,"body":"it's from from your perspective and"},{"startTime":1129.46,"endTime":1137.39,"body":"being involved in a business how do you"},{"startTime":1135.13,"endTime":1139.07,"body":"work yourself into the company"},{"startTime":1137.39,"endTime":1140.86,"body":"ingratiate yourself into the management"},{"startTime":1139.07,"endTime":1142.85,"body":"team where you have all these outside"},{"startTime":1140.86,"endTime":1144.14,"body":"expectations from employees from a"},{"startTime":1142.85,"endTime":1146.48,"body":"management team about what private"},{"startTime":1144.14,"endTime":1148.34,"body":"equity is well first of all that you"},{"startTime":1146.48,"endTime":1149.48,"body":"know as we started this conversation I"},{"startTime":1148.34,"endTime":1152.09,"body":"there's a there's a difference between"},{"startTime":1149.48,"endTime":1154.88,"body":"big company private equity and small"},{"startTime":1152.09,"endTime":1157.309,"body":"company private equity big private big"},{"startTime":1154.88,"endTime":1159.02,"body":"company private equity and you can think"},{"startTime":1157.309,"endTime":1162.29,"body":"back to you know Richard Gere on pretty"},{"startTime":1159.02,"endTime":1163.97,"body":"woman yeah they they do they split"},{"startTime":1162.29,"endTime":1167.179,"body":"things up and they sell this off and"},{"startTime":1163.97,"endTime":1170.54,"body":"bump up up up up up but that's not our"},{"startTime":1167.179,"endTime":1173.52,"body":"world so we're buying something of value"},{"startTime":1170.54,"endTime":1177.36,"body":"we're buying a diamond in the rough"},{"startTime":1173.52,"endTime":1180.03,"body":"and we're trying to board or maybe it's"},{"startTime":1177.36,"endTime":1182.61,"body":"not totally in the rough but it's not"},{"startTime":1180.03,"endTime":1184.53,"body":"completely polished either but we have"},{"startTime":1182.61,"endTime":1186.36,"body":"the diamond and now we want to make it"},{"startTime":1184.53,"endTime":1188.37,"body":"worth more that that's where we're going"},{"startTime":1186.36,"endTime":1191.73,"body":"I can tell you"},{"startTime":1188.37,"endTime":1193.98,"body":"out of the 18 cut well 18 that I've run"},{"startTime":1191.73,"endTime":1198.81,"body":"for all of the private equity ones that"},{"startTime":1193.98,"endTime":1200.88,"body":"were in that which were 15 I have never"},{"startTime":1198.81,"endTime":1202.56,"body":"sold one I've never been involved in a"},{"startTime":1200.88,"endTime":1207.77,"body":"sale but we had fewer employees I'm"},{"startTime":1202.56,"endTime":1210.69,"body":"going to bought it so so from a"},{"startTime":1207.77,"endTime":1212.85,"body":"managerial standpoint and you know we've"},{"startTime":1210.69,"endTime":1217.2,"body":"talked in a number of different videos"},{"startTime":1212.85,"endTime":1219.93,"body":"to about culture and you know culture is"},{"startTime":1217.2,"endTime":1222.9,"body":"both a retention tool and a recruitment"},{"startTime":1219.93,"endTime":1225.51,"body":"tool and some businesses have a unique"},{"startTime":1222.9,"endTime":1227.81,"body":"culture a concern generally from"},{"startTime":1225.51,"endTime":1231.69,"body":"business owners is how do I maintain"},{"startTime":1227.81,"endTime":1236.33,"body":"that culture moving forward when I saw"},{"startTime":1231.69,"endTime":1238.98,"body":"after I sell my business well you know"},{"startTime":1236.33,"endTime":1243.81,"body":"culture is a broad term in and it has"},{"startTime":1238.98,"endTime":1245.4,"body":"many aspects so as I said we we trend by"},{"startTime":1243.81,"endTime":1248.37,"body":"business that has something unique it"},{"startTime":1245.4,"endTime":1250.56,"body":"has something of value to the extent"},{"startTime":1248.37,"endTime":1256.23,"body":"that culture is part of that value we"},{"startTime":1250.56,"endTime":1259.26,"body":"protect it there are other aspects to"},{"startTime":1256.23,"endTime":1263.91,"body":"culture that maybe aren't really"},{"startTime":1259.26,"endTime":1267.93,"body":"appropriate so very frequently in a"},{"startTime":1263.91,"endTime":1269.64,"body":"small business there isn't any formal"},{"startTime":1267.93,"endTime":1273.09,"body":"process for capex for capital"},{"startTime":1269.64,"endTime":1275.22,"body":"expenditures it's just you know if the"},{"startTime":1273.09,"endTime":1277.05,"body":"if the president owner is convinced that"},{"startTime":1275.22,"endTime":1278.76,"body":"it's a good thing to spend money on you"},{"startTime":1277.05,"endTime":1281.85,"body":"know he writes a check oh it's his"},{"startTime":1278.76,"endTime":1284.82,"body":"checkbook he writes the check that"},{"startTime":1281.85,"endTime":1286.92,"body":"doesn't work well in in the private"},{"startTime":1284.82,"endTime":1291.0,"body":"equity world so there tends to be more"},{"startTime":1286.92,"endTime":1294.21,"body":"of a need for planning for large capex"},{"startTime":1291.0,"endTime":1295.98,"body":"expense the same thing with the budget a"},{"startTime":1294.21,"endTime":1296.85,"body":"lot of people don't you know when"},{"startTime":1295.98,"endTime":1299.49,"body":"they're when they're running their own"},{"startTime":1296.85,"endTime":1301.38,"body":"show it's well it'll be what it'll be"},{"startTime":1299.49,"endTime":1302.61,"body":"you know if there's more money in the"},{"startTime":1301.38,"endTime":1303.84,"body":"till you know at the end"},{"startTime":1302.61,"endTime":1308.309,"body":"month in the beginning then we've had a"},{"startTime":1303.84,"endTime":1310.62,"body":"successful month so we tend to push a"},{"startTime":1308.309,"endTime":1313.7,"body":"little bit more into the strategic I"},{"startTime":1310.62,"endTime":1317.07,"body":"would say as opposed to purely tactical"},{"startTime":1313.7,"endTime":1320.01,"body":"so so that's you could say that's a"},{"startTime":1317.07,"endTime":1323.309,"body":"cultural change that real acquire but"},{"startTime":1320.01,"endTime":1326.49,"body":"the aspects of culture that have to deal"},{"startTime":1323.309,"endTime":1329.67,"body":"with connection to the customer identity"},{"startTime":1326.49,"endTime":1331.62,"body":"with a product or the process sort of"},{"startTime":1329.67,"endTime":1333.929,"body":"the feeling you know and in the whole"},{"startTime":1331.62,"endTime":1336.21,"body":"company that you know my heart is in my"},{"startTime":1333.929,"endTime":1339.799,"body":"work yeah quote Andrew Carnegie write"},{"startTime":1336.21,"endTime":1342.9,"body":"that we protect so drawing on your"},{"startTime":1339.799,"endTime":1345.54,"body":"unique experience and from a private"},{"startTime":1342.9,"endTime":1346.41,"body":"equity standpoint of an investor a board"},{"startTime":1345.54,"endTime":1348.299,"body":"member"},{"startTime":1346.41,"endTime":1350.1,"body":"running businesses for private equity"},{"startTime":1348.299,"endTime":1353.28,"body":"and now being a senior operating partner"},{"startTime":1350.1,"endTime":1356.76,"body":"what advice could you give to a business"},{"startTime":1353.28,"endTime":1358.74,"body":"owner who is thinking about exiting"},{"startTime":1356.76,"endTime":1361.86,"body":"their business and possibly selling to a"},{"startTime":1358.74,"endTime":1365.07,"body":"private equity firm I think there are"},{"startTime":1361.86,"endTime":1369.059,"body":"two things you need I think the two"},{"startTime":1365.07,"endTime":1373.59,"body":"things that you need to put in front of"},{"startTime":1369.059,"endTime":1376.74,"body":"just price and and the very first thing"},{"startTime":1373.59,"endTime":1379.23,"body":"is you know what's your goal what do you"},{"startTime":1376.74,"endTime":1383.19,"body":"as a seller whatwhat do you want out of"},{"startTime":1379.23,"endTime":1386.34,"body":"this if all you want to do is you know"},{"startTime":1383.19,"endTime":1391.02,"body":"liquidate your position and you know"},{"startTime":1386.34,"endTime":1393.96,"body":"move to Bimini well then it probably"},{"startTime":1391.02,"endTime":1397.2,"body":"defaults to just price if there's"},{"startTime":1393.96,"endTime":1400.799,"body":"something else that you want out of this"},{"startTime":1397.2,"endTime":1405.27,"body":"you want to continue in the business you"},{"startTime":1400.799,"endTime":1407.34,"body":"want the business to grow and flourish"},{"startTime":1405.27,"endTime":1409.35,"body":"and provide employment then you know you"},{"startTime":1407.34,"endTime":1412.44,"body":"might you might have some you know soft"},{"startTime":1409.35,"endTime":1413.78,"body":"side goals that you want but whatever"},{"startTime":1412.44,"endTime":1417.57,"body":"those are you need to get them"},{"startTime":1413.78,"endTime":1419.19,"body":"prioritized in your own head and have"},{"startTime":1417.57,"endTime":1421.62,"body":"that discussion with with the people"},{"startTime":1419.19,"endTime":1426.45,"body":"that you're selling to so whatever those"},{"startTime":1421.62,"endTime":1428.429,"body":"goals are I think the next thing is you"},{"startTime":1426.45,"endTime":1429.51,"body":"need to be comfortable with a personnel"},{"startTime":1428.429,"endTime":1430.71,"body":"if you're going to stay with the"},{"startTime":1429.51,"endTime":1431.79,"body":"business you really need to be"},{"startTime":1430.71,"endTime":1434.1,"body":"comfortable with the personalities"},{"startTime":1431.79,"endTime":1435.539,"body":"you're gonna be working with you know do"},{"startTime":1434.1,"endTime":1437.549,"body":"you feel like"},{"startTime":1435.539,"endTime":1439.529,"body":"the people at the private equity firm do"},{"startTime":1437.549,"endTime":1442.769,"body":"you feel like they're honest do you feel"},{"startTime":1439.529,"endTime":1444.87,"body":"like they have you know your interests"},{"startTime":1442.769,"endTime":1447.21,"body":"at heart you know so when they say oh"},{"startTime":1444.87,"endTime":1448.44,"body":"yeah we have shared goals is that what"},{"startTime":1447.21,"endTime":1452.309,"body":"they mean or are they just saying that"},{"startTime":1448.44,"endTime":1454.2,"body":"you know to get the deal done so you"},{"startTime":1452.309,"endTime":1457.799,"body":"know that that's a critical part because"},{"startTime":1454.2,"endTime":1460.139,"body":"you're gonna be family for six to eight"},{"startTime":1457.799,"endTime":1461.25,"body":"years so you don't want to be family you"},{"startTime":1460.139,"endTime":1465.0,"body":"don't want to walk in and have in-laws"},{"startTime":1461.25,"endTime":1467.639,"body":"that are you know all the time that's"},{"startTime":1465.0,"endTime":1469.71,"body":"not a pleasant situation yeah for most"},{"startTime":1467.639,"endTime":1473.34,"body":"business owners this is going to happen"},{"startTime":1469.71,"endTime":1475.86,"body":"once in their career once in their"},{"startTime":1473.34,"endTime":1477.87,"body":"lifetime for a very select few it may"},{"startTime":1475.86,"endTime":1479.669,"body":"happen multiple times if they partner"},{"startTime":1477.87,"endTime":1481.95,"body":"with private equity but if it's going to"},{"startTime":1479.669,"endTime":1483.929,"body":"happen once you want to ensure that not"},{"startTime":1481.95,"endTime":1486.899,"body":"only your your hard goals but your soft"},{"startTime":1483.929,"endTime":1489.48,"body":"goals are one Met achieved and aligned"},{"startTime":1486.899,"endTime":1491.159,"body":"with your potential partner and I"},{"startTime":1489.48,"endTime":1492.539,"body":"actually always say aligned is probably"},{"startTime":1491.159,"endTime":1495.09,"body":"more important than anything else right"},{"startTime":1492.539,"endTime":1496.679,"body":"if you sometimes you can't guarantee"},{"startTime":1495.09,"endTime":1498.529,"body":"that they'll be met you can plan on it"},{"startTime":1496.679,"endTime":1501.12,"body":"can't guarantee it but you can certainly"},{"startTime":1498.529,"endTime":1503.1,"body":"guarantee alignment from the get-go"},{"startTime":1501.12,"endTime":1505.47,"body":"thank you here thank you so much for"},{"startTime":1503.1,"endTime":1507.62,"body":"your time it's a pleasure we appreciate"},{"startTime":1505.47,"endTime":1510.86,"body":"it and look forward to the next episode"},{"startTime":1507.62,"endTime":1510.86,"body":"thank you thank you"},{"startTime":1520.029,"endTime":1522.09,"body":"you"}]}