Private Equity Experience
Demystify the world of private equity with insider knowledge.Join hosts Ed Barton, Rory Liebhart, and Emily Sander - seasoned professionals who have worked from all angles as C-suite leaders, private equity managing directors, and investors.In this podcast, they break down complex private equity concepts into everyday language. You'll gain a clear understanding of the PE landscape, key players, and market dynamics. Expect practical insights on deal-making, growth strategies for founders and management teams, and exit strategies. Plus, hear real-world examples and real-time breakdowns of trending news stories.Whether you're a seasoned pro or just starting out, considering selling...
Is AI Really Reinventing Private Equity? The $885M Aldaron Bet
A new private equity firm has raised $885 million with a bold proposition: instead of relying primarily on cost-cutting and financial engineering, embed AI engineers directly into portfolio companies to drive growth.
It's called Aldaron, and its founders come from Palantir and the Carlyle Group. The firm's first acquisition is Oak Point Partners, a business that specializes in finding and monetizing overlooked assets.
But is this genuinely a new model for private equity — or the same old PE playbook with a shiny new technology?
Emily Sander, Ed Barton, and Rory Liebhart dig into Aldaron's st...
LIV Golf and Leslie’s Filed Chapter 11. Here’s What Bankruptcy Actually Means
Two companies we previously dissected on Private Equity Experience have now filed Chapter 11: LIV Golf and Leslie’s Poolmart.
Same bankruptcy chapter. Very different businesses — and very different reasons for ending up there.
In this episode, Emily Sander, Ed Barton, and Rory Liebhart revisit both cases to explain what Chapter 11 actually means in practical business terms. They unpack why bankruptcy doesn’t necessarily mean a company has failed or is shutting down, how a prepackaged bankruptcy works, what debtor-in-possession (DIP) financing does, and why creditors may agree to swap debt for equity rather than simply try to...
Barbarians at the Gate Movie Watch-Along: The Ultimate LBO Battle
Grab your popcorn! In this special inaugural watch-along episode of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart watch and react in real-time to the 1993 financial classic, Barbarians at the Gate. Based on the legendary 1988 leveraged buyout (LBO) of RJR Nabisco, this movie details the greed, corporate excess, high-stakes boardroom warfare, and private equity maneuvering between CEO F. Ross Johnson and KKR's Henry Kravis.Ed, Rory, and Emily provide running commentary on the financial mechanics, corporate governance dynamics, bidding war psychology, and how dealmaking has evolved from the wild 1980s junk-bond era to today's P...
Trapped Capital: The $348 Billion "Zombie Fund" Crisis in Private Equity
What happens when a private equity fund reaches the end of its 10-year lifespan and can't sell its assets? Welcome to the era of Zombie Funds.
In Episode 40 of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart break down the alarming $348 billion backlog of net asset value trapped in aging PE funds past their standard 10-year expiration date.
The team examines why private equity firms are holding assets longer than ever, how frozen M&A markets affect Limited Partners (LPs) and General Partners (GPs), and what creative...
What Everyone's Asking About Private Equity Right Now
In Episode 39 of the Private Equity Experience Podcast, the hosts answer listener questions and discuss the biggest topics shaping today's Private Equity landscape. From AI and recession concerns to valuation trends, venture capital changes, and investment strategies, they break down complex topics into practical insights anyone can understand. The conversation also reflects on what listeners have learned from the podcast, why Private Equity is becoming more relevant to business leaders, and where the show may go next. Whether you're a founder, executive, investor, or simply curious about PE, this episode offers valuable perspectives on today's market and the opportunities...
Swimming with the Sharks: The Leslie’s Pool Mart Cautionary Tale
In Episode 38 of the Private Equity Experience, hosts Ed Barton, Rory Leaphart, and Emily Sander break down the cautionary tale of Leslie's Pool Mart. They dive into an Inc. Magazine feature detailing how a successful regional brand expanded nationwide through the classic private equity playbook, only to find itself mired in debt as market conditions shifted.
The crew uses this real-world case study to unpack critical financial concepts, including the dangerous intersection of high operating leverage and high financial leverage. You'll learn the core differences between fixed and variable cost structures, how corporate store roll-ups risk brand...
Should Private Equity Soften Its Image? (Why Investors Say Absolutely Not)
Is private equity still stuck with its 1980s "corporate raider" reputation, or has the industry evolved into something entirely different? In this episode of the Private Equity Experience Podcast, hosts Ed Barton, Rory Leaphart, and Emily Sander dive into a recent Reuters article claiming PE is crying out for a facelift.
The trio breaks down why average holding times have stretched to seven years, the rise of "growth equity", and how the industry is rapidly shifting toward a mutual fund-style model to attract retail investors. They also pitch their own rebranding ideas, including Rory’s "Value Creation Fu...
YMCA vs. Wall Street: The Multi-Billion Dollar War Over Local Sports
Is big business ruining the purity of youth sports, or is it funding the modern infrastructure families actually want?
In this episode of the Private Equity Experience Podcast, hosts Ed Barton, Rory Liebhart, and Emily Sander dive into a highly buzzed-about, bicameral bill introduced by Senator Chris Murphy and Representative Chris Deluzio: The Let Kids Play Act. Designed to target what legislators call "vulture capital," this bill aims to restrict private equity ownership across youth leagues, camp facilities, scheduling software, and biometric data tracking.
The crew strips away the political grandstanding to look at the...
Don’t Count Your Dollars Yet! The Truth About PE Valuations
Is the "Crazy Math" of private markets masking the truth about your investments?
In this episode of the Private Equity Experience Podcast, hosts Rory Leaphart, Ed Barton, and Emily Sander break down a recent Wall Street Journal article titled "The Crazy Math Confronting Everyday Investors in Private Markets." If you’ve ever wondered how private equity and private credit funds actually value their portfolios and whether those numbers are real or just subjective "engineering," this episode is your backstage pass.
What we cover in this episode:
Private Credit vs. Private Equity: The fundamental differences be...Inside Saudi Arabia’s PIF: Liquidity Pressure, LIV Golf, and the Future of Private Equity Investments
Saudi Arabia’s Public Investment Fund (PIF) once positioned itself as an unstoppable financial powerhouse, backing massive projects like LIV Golf, NEOM, and global sports investments. In this episode, the hosts break down why the $900 billion sovereign wealth fund is now facing liquidity pressure and what it reveals about risk, cash flow, and long-term investment strategy in Private Equity.
The conversation explores how ambitious “empire-building” investments can clash with the fundamentals of disciplined capital allocation, especially when projects prioritize branding and global influence over financial returns. The team also examines whether investments like LIV Golf were strategic moves...
High-Performance Teams vs Family Businesses in Private Equity
In this episode, the hosts explore a fundamental question in Private Equity: should you build a high-performance team of top external talent, or rely on trusted family members to run the business? Through real-world stories, they unpack the trade-offs between trust, competence, and scalability– especially during high-stakes moments like PE transactions.
The conversation dives into the complexities of family dynamics, including trust gaps, role misalignment, and the emotional ties that can both strengthen and hinder performance. They also highlight how outside executives, especially in roles like Chief of Staff, can help bridge gaps and drive alignment.
Why Small Business Owners Are Saying No to Private Equity
In this episode, the hosts unpack a growing trend of small business owners rejecting private equity offers, highlighted by a plumber who repeatedly turned down buyout opportunities. They explore how PE firms identify and target fragmented industries, and why roll-up strategies remain a core playbook. The conversation dives into the real reasons behind founder resistance, from preserving legacy and culture to concerns about control and financial risk. Listeners will gain a balanced perspective on whether private equity is misunderstood or simply not the right fit for every business owner.
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🎙 Podcast – Strategies, PE 101 & witty banter
📚 B...
The $1.3 Billion Hook: Did Private Equity Ruin the World’s Best Fishing Brand?
In this episode, we dive deep into the fascinating (and sometimes salacious) business of fishing. 🌊 We explore the journey of Simms Fishing, the iconic brand that went from a family-owned boutique in 1980 to a $1.3 billion private equity play.
What happens when a brand built on craftsmanship and "Mom and Pop" loyalty scales for the masses? We discuss the recent retail boycott by small fly shops, the impact of the COVID-19 outdoor boom, and why professional guides are starting to ditch their favorite gear.
In this episode, you’ll learn:
The Evolution of Si...Is 40% of Private Equity About to Disappear?
📉 Is the Private Equity model fundamentally broken, or is it just a pause?
In this episode of the Private Equity Experience, hosts Ed Barton, Rory Liebhart, and Emily Sander dive deep into the "structural reset" currently hitting the industry. Based on recent data from Cascadia Capital, the team debates whether the recent slowdown is a temporary cyclical pause or a permanent shift in how private equity operates.
Inside this episode:
Is Private Equity Optimizing the Business or the Playing Field?
Does private equity just optimize businesses, or does it optimize the entire playing field? 📈 In this episode of The Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart pull back the curtain on the "sophisticated" world of public policy and lobbying.
We dive deep into how private equity firms use their outsized weight to influence laws, regulations, and tax codes to protect their returns. From the famous (and controversial) carried interest tax treatment to "rent-seeking" strategies that create obstacles for competitors, we explore the tools PE firms use to ensure their portfolio companies stay on top.
Is "Family Capital" the New Private Equity?
In this episode of the Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart dive into the secretive and rapidly growing world of family offices. Think Private Equity is the only big player in town? Think again. In our latest episode of the Private Equity Experience, we’re pulling back the curtain on the $5.5 trillion world of Family Offices
From 40-year investment horizons to the "poaching" of top Wall Street talent, family offices are changing the rules of the game for founders and investors alike.
In this episode, we discuss:
💰 Why family offices are b...
Private Equity in 2026: AI, Rates & Survival Strategies
Dive into the future of private equity with hosts Rory Liebhart, Emily Sander, and Ed Barton! In this episode, they break down the top trends shaping 2026, from AI's impact on labor to soaring interest rates and deglobalization. Learn how PE firms are adapting to these challenges, what it means for founders and investors, and hear their bold sports predictions for the year!
🔔 Subscribe for expert insights and hit the bell to stay ahead in the PE world!
Key Topics Covered:
-Interest Rates & Private Equity Strategies: How rising rates affect leverage, deal-making, and ref...
Private Equity Unpacked: Lessons from Writing "On Ramp to Exit"
Dive into the world of private equity with hosts Rory Liebhart, Emily Sander, and Ed Barton! In this episode of The Private Equity Experience Podcast, the trio discusses their groundbreaking book On Ramp to Exit—a no-nonsense guide to navigating PE transactions, avoiding pitfalls, and preparing for the future. Learn why they wrote the book, their personal stories from the trenches, and their predictions for AI’s impact on private equity in 2026. Whether you’re a founder, investor, or curious professional, this episode is packed with actionable insights. Don’t miss their plans for live case studies and guest intervie...
NIL on Steroids: PE is Taking Over College Athletics!
In this trending topic episode of the Private Equity Experience Podcast, hosts dive into the explosive intersection of private equity (PE) in college sports. Fueled by NIL deals, revenue sharing, transfer portal chaos, and massive TV rights contracts, college athletics—especially college football and basketball—is on the brink of a PE revolution. Is the Big Ten "selling its soul"? Could Notre Dame sell 10 years of TV rights for $2.8B? The team unpacks how PE could transform conferences like the SEC, Big Ten, Big 12, and ACC, boost efficiencies, and reshape the "student-athlete" model. Predictions: PE investments within the next year...
How PE Turns Hot Founders into Giants in 18 Months
Discover the secret sauce behind private equity (PE) growth strategies! In this episode, Emily Sander, Rory Liebhart, and Ed Barton break down why PE firms target founder-led businesses and reveal the tactical playbooks to scale them. From "buy low, sell high" foundations to aligning visions, unlocking growth through talent/capital infusion, and leveraging technology, they cover it all. You’ll learn how PE turns underperforming businesses into high-performing powerhouses in 18–72 months. Perfect for founders, business owners, and growth hackers!
🔑 Key Topics Covered:
🔑 Why founder-led companies are PE’s favorite acquisitions (spoiler: it’s all about untapped...
EA Sports' $55B PE Acquisition: The WORLD'S BIGGEST Gaming LBO Explained!
Breaking news! Electronic Arts (EA) – the studio behind FIFA, Madden, and Battlefield – is being acquired in the largest-ever private equity buyout ($55B! Katie stuns at the size of the deal). In this episode, we break down:
✅ How Leverage Buyouts (LBOs) work (Rory’s $500k house analogy!) ☑️ The players: Saudi Arabia’s Public Investment Fund + Jared Kushner’s PE firm + Silver Lake
✅ EA’s $5B revenue surge, subscription model, and eSports addiction
✅ The real question: Do investors see a $55B gaming empire or a ticking time bomb?
📜 Regulatory delays (deal closes in 2027!) 🔍 Future predictions: 7-10 year hold + IPO exit
Five Founder Fails: Navigating Private Equity
In this 35‑minute episode, the hosts break down the five most common pitfalls that founders face when they bring a private‑equity (PE) firm aboard. From overlooked deal structures to the emotional reality of an eventual exit, the conversation is packed with hard‑won lessons, humorous anecdotes, and actionable advice for entrepreneurs who are looking to or already in a PE partnership.
“A founder’s job is to build a company. A PE partner’s job is to unlock value—so you need to know the difference.” – Ed Barton
Navigating private equity is less about groundbreaking inn...
The AI Revolution in Private Equity: Diligence, Operations, & Value Creation | PE + AI
Artificial Intelligence (AI) is no longer a futuristic concept—it’s actively reshaping the landscape of Private Equity (PE) right now. In this can’t-miss episode of The Private Equity Experience, hosts Emily Sander, Ed Barton, and Rory Liebhart dive deep into how AI is creating immediate, tangible value in the PE ecosystem.
The discussion kicks off with a rapid-fire round of questions about trusting AI in our personal lives, but quickly moves to how AI is transforming core business functions.
In this episode, you will learn:
Operational Engine...
Why Private Equity LOVES the Flash Report (And You Should Too)
In this episode, hosts Emily Sander, Ed Barton, and Rory Liebhart dive deep into one of the most powerful tools for leadership teams and private equity-backed companies: The Flash Report.
What You’ll Learn:
What a Flash Report is and why it’s a game-changer for leadership transparency and decision-making.How to structure a Flash Report using frameworks like Balanced Scorecard, OKRs, or EOS.Why Flash Reports improve communication with boards, investors, and internal teams.Real-world examples of key metrics and narrative sections that make Flash Reports effective.How to avoid common pitfalls—like overcomplication or incons...Is Private Equity Too Big to Fail?
Welcome to another insightful episode of The Private Equity Experience podcast! In this episode, Emily Sander, Ed Barton, and Rory Liebhart dive into the controversial question: Is private equity too big to fail? As they discuss the parallels between the banking industry's "too big to fail" concept and private equity's massive influence, they explore the implications for investors, companies, and the broader economy.
Key Topics Covered:
What does "too big to fail" mean for private equity?The role of private equity in the economy and employment.Historical precedents and lessons from past financial crises.Potential triggers...PE's Secret Weapon? How Operating Partners Drive Returns
In this episode of the Private Equity Experience Podcast, we dive into the critical role of operating partners in private equity funding and their impact on the dilution of investment value. Hosts Emily Sander, Rory Liebhart, and Ed Barton break down how operating partners bridge the gap between PE firms and portfolio companies, offering tactical expertise, strategic oversight, and operational efficiencies. From CFOs and CTOs to turnaround specialists, discover why these professionals are a game-changer for PE returns and how they help mitigate risks in high-stakes investments.
Key Topics Covered:
Private Equity in 401(k)s: A Risky Bet or a Game-Changer?
Description:
Tune in to the Private Equity Experience Podcast as we dive into the increasingly controversial topic of private equity making its way into 401(k) retirement accounts. This episode explores the latest developments, including Senator Warren's strong concerns and the potential risks associated with adding illiquid and volatile assets to employee retirement savings.
Key Takeaways:
Senator Warren's Stance: We discuss Senator Warren's critical letter to Empower, highlighting concerns about transparency, high fees, and liquidity risks associated with private equity offerings in managed 401(k) accounts.
The Allure...
Rollin' Up Value: The Strategy & Risks of Private Equity Rollup Mergers
Overview:
In this episode of The Private Equity Experience, Emily, Rory, and Ed dive into the world of rollup mergers in private equity. Rollup mergers involve acquiring and consolidating multiple smaller companies in the same industry to create a larger, more efficient entity. The hosts discuss the intricacies, challenges, and potential pitfalls of this strategy, providing insights into how private equity firms can navigate these complex transactions successfully.
Key Discussions:
Understanding Rollup Strategies:
A rollup strategy involves acquiring and integrating multiple businesses in the same industry to achieve economies o...
Leveraged Buyouts Uncovered: Private Equity’s High-Stakes Game
In Episode 15, hosts Emily Sanders and Rory Liebhart delve into the world of Leveraged Buyouts (LBOs), examining how private equity firms and other entities utilize substantial debt to acquire companies. Joined by expert Edward Barton, the conversation examines the mechanics of an LBO, its benefits and substantial risks, including cash flow pressure and covenant breaches. The episode also addresses why the current private equity market is experiencing a "log jam" due to factors like high valuations from past years and rising interest rates.
Key Takeaways & Discussion Highlights (Leveraged Deal Structure)
What is...
The Dilution Dilemma: Navigating the World of Equity Funding
Introduction to Equity Dilution and Its Impact on Investors
Equity Dilution Definition: Occurs when a company issues new shares to raise capital, leading to a decrease in the ownership percentage of existing shareholders.
Founder's Perspective: Founders often face the decision of whether to retain complete control over their company or raise capital by accepting dilution, which can significantly impact their future earnings and control.
Key Stakeholders: Includes founders, employees, and investors who are all affected by dilution.
💡 Understanding the Mechanics of...
Raising Capital 101: Insights from Seasoned PE Pros
Description:
In this episode, we explore the various types of funding rounds that a startup or business can undergo, ranging from angel investing to private equity buyouts. Our guests, Emily Sander and Rory Liebhart, are joined by Ed Barton, who shares his expertise on the private equity side.
Key Takeaways:
Angel investing: This refers to the initial round of funding, typically provided by high-net-worth individuals or family offices. It's a high-risk, high-reward investment, and the investor typically seeks a 10- to 20-fold return on investment.
Pre-Series A: This is the next round of...
Private Equity vs. Private Credit: Demystifying the Capital Stack, Risk, and Returns
In this episode, we dive into the world of private credit and its relationship with private equity. Our hosts, Rory, Emily and Ed, share their expertise on the differences and similarities between these two asset classes.
Key Takeaways:
Private credit refers to debt financing that is not publicly traded and is typically provided by private companies or investors.
Private credit is not a new phenomenon, but its terminology has become more prominent in recent years as a separation from traditional banking and debt financing.
Private credit is often used in...
Tariffs, Trapped Equity, and the PE Tightrope: Navigating Uncertain Markets
Summary:
In this episode, the hosts discuss the current economic environment, tariffs, and their impact on private equity. They also explore the concept of "trapped equity" and how it affects private equity firms. The conversation touches on the uncertainty created by tariffs, the risk premium required, and how it changes the dynamics of buying and selling assets.
Key Takeaways:
Tariffs create uncertainty: Tariffs lead to uncertainty, which can result in inaction and trepidation among investors and private equity firms.
Trapped equity: Trapped equity refers to assets that...
The PE Leadership Gambit: What Happens to the C-Suite After Acquisition?
What happens to leadership teams when private equity enters the picture? In this revealing episode of The Private Equity Experience, Emily Sander, Rory Liebhart, and Ed Barton discuss the dramatic shifts that occur when PE firms acquire companies. Drawing from their battle-scarred experiences, they explore how founders navigate new stakeholder relationships, why CFOs often become CEOs, and the critical importance of meeting financial covenants. Learn why "business as usual" isn't an option, why flash reports become non-negotiable, and how to identify hidden talent during reorganization. Whether you're a founder considering a PE partnership or an executive navigating post-acquisition waters...
Cracking the Code on Private Equity Valuations: Understanding the Art and Science of M&A Deals
This episode of The Private Equity Experience dives deep into the crucial and often dramatic world of business valuation in private equity deals. Hosts Emily Sander, Rory Liebhart, and Ed Barton explore the complexities, emotions, and strategic considerations determining a company's worth during the "buy phase." They discuss key valuation methodologies (revenue multiples and EBITDA multiples), the importance of revenue recognition, and how "corporate hygiene" (organized and accurate financial records) directly impacts perceived risk and, ultimately, the final valuation. The hosts emphasize that getting the valuation right is paramount, as it sets the tone for the entire private equity ho...
Understanding the Private Equity Ecosystem: VC, Series Funding, and PE Firms
In this informative episode of the Private Equity Experience podcast, hosts Emily Sander, Rory Liebhart, and Ed Barton break down the complex world of private equity, venture capital, and series funding. Learn the differences between VC and PE firms and how to navigate the ecosystem to secure funding for your startup. Discover the importance of assembling a strong team of advisors and resources, including investment banks, financial advisors, and startup accelerators like Y Combinator and Startup Grind. Get insights on preparing for private equity investment and learn about essential books like "On Ramp to Exit" that can help you...
Is Incorporating In Delaware Still A Good Idea?
Description: Delaware has been the go-to state for incorporating businesses due to its business-friendly environment, strong case law, and lack of business taxes.
The recent court case involving Elon Musk's compensation package has raised questions about Delaware's predictability and has prompted some companies to consider alternative states like Texas, Wyoming, and Nevada.
While Delaware will likely remain a popular choice for incorporation, especially for larger companies, the changing landscape prompts companies to consider their options and consult with legal and financial advisors.
Businesses must focus on their core operations while being aware of...
Due Diligence: The Key to Unlocking Your Company's Value
In this episode of the Private Equity Experience podcast, Ed and Rory dive into due diligence, a crucial step in buying or selling a business. They explain what due diligence is, how it works, and why it's essential for determining a company's valuation. The hosts also discuss the importance of working with experienced professionals, such as investment banks and financial advisors, to navigate the due diligence process and ensure a successful transaction. Learn the importance of due diligence in buying or selling a business and how to navigate the process with experienced professionals. Get tips and resources for finding...
The Ultimate Private Equity Buy Phase Guide: Preparation is Key
The Private Equity Experience podcast discusses the buy phase of private equity, focusing on the preparation required for business owners to sell their companies. The hosts, Ed Barton, Emily Sander, and Rory Liebhart, emphasize the importance of assessing one's personal and business situation, identifying motivations for selling, and assembling a team of experts, including investment banks and wealth advisors. They also stress the need for corporate hygiene, including getting financial records in order and addressing regulatory gaps. The hosts encourage listeners to ask themselves "why" and "what" questions, know their goals and motivations, and proactively prepare for the sale...
Selling Your Business to Private Equity: The Crucial Steps Before Selling Your Business
In this episode of PEX, the hosts explore the private equity selling process, comparing it to a dating game to illustrate the stages from initial teasers to detailed due diligence. They cover critical concepts like Confidential Information Memorandums (CIMs), virtual data rooms, and essential legal mechanisms such as drag and tag rights. Additionally, the discussion highlights the challenges founders face when adapting to new roles post-sale and offers practical insights into managing these transitions. Overall, the episode provides valuable guidance for navigating the intersection of entrepreneurship and private equity.
00:34 Host Banter
01:17 Reasons Founders Consider Selling<...
