KARMA SCHOOL OF BUSINESS PODCAST

The Business Builders’ Podcast

The Karma School of Business Podcast provides one-of-a-kind insights into the private equity industry, business best practices and real-time trends. You'll learn from leading private equity professionals, visionary business executives and top industry thought leaders who will help you take action, improve your business and enhance your life.
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Episode 129

Private Equity in Q3 2025: Moving from Defense to Offense

In this special edition of the Karma School of Business, Sean Mooney, Founder and CEO of BluWave, breaks down key findings from BluWave’s Q3 2025 Private Equity Insights Report. Drawing parallels between his son’s fencing lessons and today’s economic climate, Sean explains how the best investors are shifting from a defensive stance to an offensive one. Seeing through the noise, leaning forward, and playing to win.

He shares fresh data showing that deal activity, due diligence spending, and AI investment are all surging—signs of an industry on the offense. From the manufacturing renaissance to the rise of flatter, AI-enabled organizations, Sean offers a grounded, data-backed view of where private equity and the broader economy are heading next.

Episode Highlights
1:07 – The Sport of Fencing and PE: what private equity can learn from shifting from defense to offense
4:40 – Why the U.S. economy is “good enough” and accelerating despite the noise
11:45 – Deal data shows confidence returning: due diligence projects up 43% year-over-year
14:33 – PE firms’ AI and analytics demand surges 300% and 1,600% for AI/ML advisory
18:39 – Manufacturing reshoring, venture collaboration, and the next wave of innovation
21:06 – The coming of flatter, AI-enabled organizations and what it means for talent
25:39 – Sticky inflation, rate cuts, and why the next economic cycle is already underway

For more on BluWave, visit: https://www.bluwave.net/
To request the full Q3 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

PE Firms
CEOs
Due Diligence

Episode 128

Laurens Goff on Focus, Visibility, and Driving Value in B2B Services

In this episode of Karma School of Business, Sean Mooney interviews Laurens Goff, Co-Founder and Managing Partner at Stone Goff Partners. Laurens shares insights from his path to private equity, the founding story of his firm, and how leveraging focus and visibility transforms lower-middle-market companies.

Key points include:
1:05 - Laurens’ journey: From early life in Providence to successfully navigating investment banking and private equity.
9:52 - Stone Goff’s evolution: Lessons learned as an independent sponsor and the foundation of a committed capital fund.
19:41 - The scorecard for success: Why visibility, recurring revenue, and vertical ecosystem focus create winning business models.
25:57 - Enabling value creation: The TEOS framework (Talent, Experts, Outsourced Resources, Support) and collaborative growth strategies.
34:52 - Supporting portfolio companies: Stone Goff’s management summits and thought leadership tools to foster executive collaboration.

For more information on Stone Goff, go to https://www.stonegoff.com/
For more information on Laurens Goff, go to https://www.linkedin.com/in/laurens-goff-ba47714

PE Firms
CEOs
Value Creation

Episode 127

Scaling Consumer Brands: Jared Stein’s Approach to Growth and Loyalty

Jared Stein, Co-founder and Partner at Monogram Capital Partners, shares his expert approach to scaling consumer businesses, fostering customer loyalty, and driving sustainable growth. From partnering with family-owned companies to identifying sectors with lasting demand, Jared provides actionable insights for excelling in fragmented markets and navigating today’s rapid disruption cycles. A must-listen for private equity professionals and business builders looking to sharpen their playbook.

Episode Highlights:
00:33 - Jared’s family business origins and lessons learned from hard jobs
06:04 - Why "growth mindset" and passion are critical for business builders
13:23 - Scaling consumer brands: leadership, customer focus, and profitability
19:46 - Identifying winning brands: consumer loyalty and market potential
24:37 - Partnering with family businesses: trust, talent, and transformation
27:27 - Inside the Western Smokehouse case study: 5x EBITDA growth
30:51 - Building anti-fragility: Preparing businesses for rapid disruptions

About Monogram Capital Partners
Headquartered in Los Angeles, CA, Monogram Capital Partners currently manages over $1.5B in RAUM, focusing exclusively on investing in leading consumer businesses, supply chain partners, and service providers. With an operationally oriented mindset, the firm seeks to be the first institutional partner to inspire founders and family owners alongside strong management teams to help them achieve their full potential. For more information on Monogram Capital Partners, please visit www.monogramcapital.com.

About Jared Stein
Jared is the Co-Founder & Partner at Monogram having started the firm in 2014 after a long career at leading financial institutions, which include Goldman Sachs, Bain Capital, HGGC and Golden Gate. In addition to managing the firm and leading investments, Jared currently serves on the Board of Olipop, Westerns Smokehouse, Grand Fitness, among many of Monogram's other portfolio companies.

PE Firms
CEOs
Due Diligence

Episode 126

Private Equity’s AI Shift: Bob Morse on SaaS, Pricing, and Alignment

Sean Mooney speaks with Bob Morse, Co-Founder & Managing Partner at Strattam Capital, about the changing playbook in private equity, especially in tech.

Morse traces his path from Morgan Stanley and Oak Hill to founding Strattam, then lays out a no-surprises model: turn cards face-up pre-signing, align on a founder-written five-point plan, and opt-in support with real accountability. He explains why AI threatens seat-based SaaS economics, where outcome pricing wins, and how PE firms should push portfolios to experiment while keeping the founder’s innovative spark alive.

Clear-eyed and practical, this conversation arms business builders with a framework to act now.

Episode highlights:
1:26 – An engineer’s path into private equity
7:15 – Why tech needed a dedicated, specialized PE fund and the genesis of Strattam
13:03 – Solving the “first board-meeting surprise”
19:45 – The founder persona Strattam backs: industry operators with proven product-market fit
27:15 – AI as invention vs. innovation and the early business models that actually work
32:27 – The SaaS shake-up: from seat licenses to outcome-based pricing and financing impact
41:54 – “Aliens landed”: a mantra for leading through uncertainty and running smart experiments

For more on Bob Morse’s firm, visit: https://strattam.com/
Connect with Bob Morse on LinkedIn: https://www.linkedin.com/in/bob-morse-3567595/
Explore more episodes: www.bluwave.net/podcasts

PE Firms
CEOs
Due Diligence

Episode 125

Focus, Metrics, and AI: Dan Gaspar’s Private Equity Strategies

Dan Gaspar, Partner at TZP Group, shares how private equity investors drive growth through focus, actionable insights, and strong partnerships. Hear Dan’s approach to evaluating businesses, aligning on key priorities, and leveraging innovations like AI. With decades of experience, Dan breaks down what it takes to create value in today’s dynamic market. A must-listen for private equity professionals and business builders alike.

Episode Highlights:
1:12 - Dan Gaspar's pathway to private equity: A straightforward yet insightful start
12:14 - What "specialness" means when evaluating businesses for investment
19:33 - How TZP Group aligns with management teams to focus on 2–3 key growth priorities
26:19 - The role of AI in modern private equity: Dan’s take on experimentation and adaptability
35:54 - Navigating uncertainty in today’s market: Lessons on maintaining margins and flexibility
39:21 - Book recommendations for business builders: Traction, Good to Great, and Who Moved My Cheese
41:35 - Practical advice for private equity professionals and the value of collaborative partnerships

For more on Dan Gaspar’s firm, visit: www.tzpgroup.com
Connect with Dan Gaspar on LinkedIn: https://www.linkedin.com/in/dangaspar/

PE Firms
CEOs
Value Creation

Episode 124

Private Equity’s Resilience and Q2 2025 Economic Trends

The second quarter of 2025 showcased one of the most compelling periods for private equity, revealing how firms responded to disruption through strategic action and decisive adaptation.

Join BluWave Founder and CEO Sean Mooney as he unpacks the insights from BluWave's Q2 Private Equity Insights Report, including data showing rolling recovery trends, reshoring efforts in manufacturing, and technology investments.

This episode dives into the unique frameworks private equity applies to thrive amid uncertainty, setting the stage for long-term growth. Confidently engage with insights that matter to your business.

Episode Highlights
1:21 – Navigating stop-and-go economic disruptions: Key Q2 observations
5:45 – How private equity firms utilize OODA loops for decision-making
12:30 – April 2nd tariffs: A black swan reshaping manufacturing and trade
18:20 – Technology investments surge: AI and data projects skyrocket
27:05 – Resilience returns: PMI and consumer sentiment rebound in June
34:50 – The deal economy ramps up for mid- and long-term growth cycles
41:30 – Why private equity firms remain focused on growth investments

For more on BluWave, visit: https://www.bluwave.net/
To request the full Q2 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

PE Firms
CEOs
Due Diligence

Episode 123

From Turnarounds to Growth: Ben Gaw on Building High-Performing Teams in Private Equity

In this episode of Karma School of Business, Sean Mooney speaks with Ben Gaw, Partner and Head of Portfolio Operations at Cross Rapids Capital. Ben shares stories from his journey as a first-generation immigrant to becoming a sought-after private equity leader, highlighting lessons learned from turnarounds, rapid decision-making, and building successful companies.

Episode Highlights:
1:03 - Ben’s background: From chemical engineering to corporate turnarounds, restructuring, and private equity.
10:03 - What makes a good company great: Identifying defensible markets, customer relationships, and opportunities hidden in mismanagement.
12:20 - The Cross Rapids playbook: Leveraging pattern recognition, providing resources, and empowering management teams to execute.
18:13 - Advice for uncertain times: The importance of assembling the right team, moving quickly, and focusing on growth from day one.
22:27 - Soft skills and leadership: How servant leadership and bedside manner help operating partners and executives thrive.

For more information on Cross Rapids Capital, go to https://www.crossrapids.com/
For more information on Ben Gaw, go to https://www.linkedin.com/in/benjamingawjr
For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

PE Firms
CEOs
Due Diligence

Episode 122

What Dave Shephard Learned at West Point—and Applies in Private Equity

In this episode of Karma School of Business, Sean Mooney sits down with Dave Shephard, Director of Portfolio Operations at Rainier Partners. Dave shares how his military experience, consulting background at Bain, and hands-on leadership approach shape his work in private equity today.

Episode Highlights:
1:30 - Dave’s journey from West Point to portfolio operations, and how problem-solving shaped his career.
6:14 - Lessons from the military: Developing grit, resilience, and the ability to lead without authority.
13:48 - How Rainier Partners drives value creation through a defined, repeatable process: strategy alignment, tactical execution, and operational improvements.
30:31 - The foundational role of data and systems in applying AI to portfolio companies—and why starting small can make the difference.
40:14 - Dave’s advice to his younger self and the value of curiosity, continuous learning, and thinking beyond immediate tasks.

For more information on Rainier Partners, go to https://www.rainierpartners.com/
For more information on Dave Shepard, go to https://www.linkedin.com/in/dave-shephard-auxga/
For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

PE Firms
CEOs
Due Diligence

Episode 121

Board Meetings that Matter: Strategy, Structure, and Impact

This Karma School of Business feed drop from our sister podcast, Best But Never Final, explores the private equity approach to board meetings. Sean Mooney sits down with Lloyd Metz of ICV Partners and Doug McCormick of HCI Equity Partners to unpack how to turn board meetings into strategic powerhouses that drive real outcomes.

Episode Highlights:
02:24 - Why private equity board meetings focus on strategic impact over routine reporting.
10:33 - The structure of PE boards: Who’s on them, the role of independent directors, and the value of concentrated ownership.
15:25 - How independent board members are chosen to address specific business needs and enhance executive decision-making.
35:55 - Avoiding tactical readouts: Making board meetings a forum for actionable strategy and meaningful discussions.
42:37 - Tactical details: Frequency, in-person vs. virtual meetings, committee structures, and agenda planning.
To listen to more Best But Never Final episodes, go to https://bestbutneverfinal.buzzsprout.com/2247932

For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

PE Firms
CEOs
Due Diligence

Episode 120

Elements of Value in Private Equity (Part 4): How PE Leaders Evaluate Businesses

In this episode of Karma School of Business, Sean Mooney continues the Elements of Value series, exploring what private equity professionals focus on when evaluating businesses that have the potential to thrive.
You’ll hear from:
0:49 - Vinay Kashyap of MainSail Partners on identifying bootstrap B2B software companies with strong growth potential, durable customer value propositions, and resourceful entrepreneurs.
6:19 - Kristin Johnson of Altamont Capital Partners on how her firm assesses market opportunities, team capabilities, alignment with founders, and introduces the concept of a "red team" to bring rigor to investment processes.
12:19 - Trent Hickman of VSS on partnering with founder-led businesses, the importance of management integrity, shared vision, and identifying "multiple ways to win."
20:50 - Misha Logvinov of MGX on the critical role of leadership quality, adaptability during change, and building a robust technology infrastructure that supports scalability and innovation.

To listen to Vinay, Kristin, Trent or Misha's full podcast episode, go to https://www.bluwave.net/podcasts.
To get connected to a world-class, perfect-fit service provider from our curated network, go to https://www.bluwave.net/start-a-project.

PE Firms
CEOs
Due Diligence

Episode 119

Two Decades of Investing in Franchise/Multi-Unit Businesses with CapitalSpring

Richard Fitzgerald, Co-Founder and Managing Partner at CapitalSpring, joins Sean Mooney to share the story behind one of the most enduring sector-focused firms in private equity. In a conversation that moves well beyond deal mechanics, Richard reflects on the early days of CapitalSpring, the value of sticking with a niche, and what it takes to build trust and alignment — across teams, LPs, and portfolio partners — over the long haul.

Episode Highlights:

1:07 – Richard’s path to private equity
7:53 – Building a sector-specialist investment firm with true competitive advantage
11:06 – We'd know Richard better if we knew this about him
18:27 – Working through hard things – navigating the pandemic
26:45 – The art of private equity in the franchise/multi-location sector – best practices
35:48 – Benefits of having a sector specialist franchisee investors for sponsors investing in franchisors
40:42 – Flexibility to provide both debt and equity solutions for growing businesses is a competitive advantage
43:05 – Richard’s advice for his 22 year-old-self

For more on CapitalSpring: https://www.capitalspring.com
To connect with Richard Fitzgerald: https://www.linkedin.com/in/fitzgeraldrichard
For more on Challenge Aspen: https://challengeaspen.org/
For more on the Michael J. Fox Foundation: https://www.michaeljfox.org/

PE Firms
CEOs
Value Creation

Episode 118

The Private Equity Playbook for Add-On Strategy, Data Discipline & Value Creation | Brooke Ablon, Fort Point Capital

Brooke Ablon, Co-Founder and Partner at Fort Point Capital, joins Sean Mooney to share how his firm scales lower middle market companies through a precise mix of strategy, data, and partnership. From executing disciplined add-on acquisition plans to transforming founder-led businesses into institutional-grade operations, Brooke walks through a real-world private equity playbook that’s built for today’s competitive landscape.

🔑 Key Topics Covered:
[00:01:09] How a psychology major and distressed investor found his way into private equity
[00:10:22] What distressed investing teaches you about cash flow, value, and conflict
[00:19:27] Fort Point’s investment criteria: value proposition, management excellence, and fit
[00:24:48] How to create value with strategic add-ons, board governance, and growth alignment
[00:29:09] Using data analytics and utilization tracking to uncover hidden margin
[00:32:34] Advice for management teams: think proactively, act decisively, use your data
[00:40:24] Why private equity careers (and outcomes) are marathons, not sprints


For more information on Fort Point Capital, go to: https://www.fortpointcapital.com
For more information on Brooke Ablon, go to: https://www.linkedin.com/in/brooke-ablon-5168514

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