M&A Launchpad

1,500 Deals, 20 Acquisitions, 1 Gut Punch with Sequoya Borgman

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Sequoya Borgman, Founder & CEO of Borgman Capital, a Milwaukee-based independent sponsor firm that has completed over 20 acquisitions in roughly a decade. Sequoya shares how he left an 18-year career in public accounting — rising to Partner at a Big Four firm — to launch Borgman Capital in 2017 with nothing but a deal under LOI that promptly fell apart a week before close. He breaks down how the independent sponsor model actually works, why the first deal makes or breaks your track record, how people problems quietly tank more investments than anything else, and what Borgman looks for in the food and equipment rental spaces that keep them coming back. 
In this episode, we discuss: 
Why Sequoya walked away from a Partner-track career at a Big Four firm after 18 years in public accounting — and what finally pushed him to make the jump 
The gut-punch of his first deal: an LOI lined up before he quit his job that collapsed a week before close when the seller chose his son instead 
How he closed his first deal nine months after launching — a material handling manufacturer — and why that exit five years later set Borgman Capital up for everything that followed 
The 2026 deal market reality: why only about 50% of deals are closing, big funds competing down market, and what that means for independent sponsors chasing $4–7M EBITDA businesses 
Why the biggest risk in any lower middle market deal isn’t the business model — it’s the leadership hire, and how you usually know within the first 30 days if you got it wrong 
The independent sponsor structure explained: deal-by-deal Reg D funds, over 500 LPs, co-sponsorship terms, and when Borgman brings in a mezzanine partner 
Why food and equipment rental are Borgman’s favorite verticals — and why he’s closing on another equipment rental business tomorrow 
How to reach Borgman Capital whether you’re a seller, a deal-finder looking to co-sponsor, or an investor looking to participate 
Guest Contact Information 
Sequoya Borgman 
Founder & CEO, Borgman Capital 
LinkedIn: https://www.linkedin.com/in/sequoya-borgman-8a6057a/ 
For business owners and deal partners: https://www.borgmancapital.com 
For investors: https://www.passthehat.com 
Additional Resources 
Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities. 
Contact Casey Minshew and Feras Moussa: info@equity-launchpad.com 
Explore more: https://www.equity-launchpad.com 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

The $13M Deal That Unlocked Scale with Christopher Burke

In this episode of the M&A Launchpad Podcast, hosts Feras Moussa and Ben Suttles sit down with Christopher Burke — Australian entrepreneur, founder of Brickendon Consulting and HybridHero, and Managing Partner of Aduvo — to talk about what 25 years of building companies from the inside actually teaches you. Christopher shares how he scaled Brickendon to 300+ professionals across four countries before executing a management buyout, how he launched HybridHero before COVID validated the workplace management software thesis, and why he now works alongside founders at Aduvo to help them avoid the structural traps that stop growth in its tracks. This conversation covers the people problems that stall every growing company, the mechanics of a UK Employee Ownership Trust, the $13M deal that tripled Brickendon’s revenue overnight, and why founders who are central to every decision don’t actually have a sellable business. 
In this episode, we discuss: 
Why the systems, processes, and people architecture — not the market — are what stop businesses from scaling 
The two revenue thresholds (~$10M and ~$30M) where founders most often become the bottleneck 
How to hire only A players and build a culture that self-selects for top talent 
The org chart exercise every founder should do: put your name in every box, then figure out which ones to hand off 
Why being irreplaceable in your business makes it unsellable — and what to do about it 
How Brickendon’s management buyout worked, including the data room, warranties, and share purchase agreement 
The UK Employee Ownership Trust (EOT): selling your company tax-free to your staff and why it beat private equity 
What Aduvo does for founders looking to scale, acquire, or exit — and why outside perspective changes what you can see 
Guest Contact Information 
Christopher Burke 
Managing Partner, Aduvo 
LinkedIn: https://www.linkedin.com/in/chris-burke-uk/ 
Website: https://theaduvo.com/ 
Additional Resources 
Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities. 
Contact Feras Moussa and Ben Suttles: info@equity-launchpad.com 
Explore more: https://www.equity-launchpad.com 
 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

Stop Chasing Sexy Deals: Why This Buyer Chose Sheet Metal with Andrew Kurzrok

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Andrew Kurzrok, owner-operator of Hopewell Sheet Metal Manufacturing in Hagerstown, Maryland. Andrew shares his unconventional path from national security to Fortune 500 manufacturing executive to self-funded searcher — and how he closed on a 45-year-old business with a 17-year average employee tenure. He breaks down why he chose a self-funded SBA deal over the independent sponsor route, how he found Hopewell through cold outreach, and what the first seven months of ownership actually look like. 
In this episode, we discuss: 
Why Andrew chose self-funded search over independent sponsor or PE-backed acquisition 
How he structured his search: cold outreach vs. broker deals, and what actually worked 
The deal structure behind Hopewell — SBA financing, equity strategy, and why he deliberately over-equitized 
What it was like to buy a 45-year-old business with a 17-year average employee tenure 
The biggest surprise in the first 30 days (hint: it’s HR paperwork) 
Why Hopewell’s “best value” positioning mirrors the connector industry he came from 
Plans to implement EOS and lean manufacturing — and why the team’s expertise is the real asset 
Guest Contact Information 
Andrew Kurzrok 
Owner-Operator, Hopewell Sheet Metal Manufacturing 
LinkedIn: https://www.linkedin.com/in/akurzrok/ 
Additional Resources 
Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities. 
Contact Casey Minshew and Feras Moussa: info@equity-launchpad.com 
Explore more: https://www.equity-launchpad.com 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

Inside the ER Rollup Serving 1.5 Million Patients with Kevin Baker

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Kevin Baker of Emergency Care Partners (ECP) to unpack the business side of emergency medicine and the acquisition strategy behind one of the country’s fastest-growing emergency care platforms. Kevin shares how ECP scaled from a Louisiana-based merger into a 10-state organization serving more than 1.5 million patients annually, while breaking down how hospital emergency departments are actually operated behind the scenes.  The conversation dives into physician practice acquisitions, healthcare EBITDA valuations, recurring revenue, liquidity events, and how buyers structure recapitalization deals that keep doctors invested in future growth. Kevin also shares practical insights into sourcing acquisition opportunities, building relationships with industry advisors, and why consistent outreach is critical for long-term pipeline development. 
In this podcast episode, we discuss: 
The surprising business structure behind hospital emergency departments and outsourced physician staffing 
Why succession planning and liquidity are major drivers for physician practice acquisitions 
Common EBITDA adjustments in healthcare acquisitions and how buyers evaluate recurring earnings 
Why recurring revenue and operational stickiness command higher EBITDA multiples 
What buyers look for during Quality of Earnings and confirmatory diligence 
Guest Contact Info: 
Website: https://www.ecp.net 
LinkedIn: https://www.linkedin.com/in/kmb23/ 
Additional Resources: 
Contact Casey Minshew and Feras Moussa at info@equitylaunchpad.com 
Explore more: https://www.equity-launchpad.com 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

Why 20% of Small Business Owners Close Instead of Sell | Mike Ehrle

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Ben Suttles sit down with Mike Ehrle, founder of FinParency, to discuss one of the most overlooked problems in the lower-middle market: business owners who simply lock the door and walk away rather than securing a proper exit. Mike draws on his experience watching UnitedHealth Group complete 65 acquisitions and leading companies through multiple private equity and family office transactions to explain how FinParency is building a platform to get small business owners exit-ready, match them with the right buyers from a pool of 4,500+ private equity groups and 4,000+ family offices, and bridge the knowledge gap that causes so many deals to fall apart. 
 
In this podcast episode, we discuss: 
Why roughly 20% of small business owners in their 60s plan to shut down rather than sell -- and what's driving that trend 
How FinParency's platform diagnoses a business, scores its exit-readiness, and flags red flags before buyers ever see them 
What business owners need to understand about add-backs, working capital, and cleaning up financials before going to market 
How cutting costs (especially benefits and insurance) directly increases your exit multiple 
Inside look at how strategic buyers like UnitedHealth Group approach acquisitions differently than private equity 
How FinParency matches sellers with the right buyers -- PE groups, family offices, and individual investors -- and when to bring in a banker 
 
Guest Contact Info: 
LinkedIn: https://www.linkedin.com/in/mikeehrle/ 
Email: mikeehrle@finparency.ai 
Website: finparency.ai or finparency.com 
 
Additional Resources: 
Thinking about buying or selling a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities. 
Contact Casey Minshew and Ben Suttles: info@equity-launchpad.com 
Explore more: https://www.equity-launchpad.com 
 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

How PE-Backed Companies Scale Fintech Revenue with Robert Checchia

**Please note: There are periodic audio distortions.  Thank you for bearing with the tech glitches. 
In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Robert Checchia, CFO of Benzinga, to discuss what happens after private equity acquires a fast-growing media company and how leadership teams reposition businesses for long-term enterprise value. Robert shares how Benzinga evolved from a financial media platform into a fintech and data licensing company, why recurring revenue and sticky data products matter, and the operational playbook he uses when stepping into PE-backed businesses. 
In This Episode We Discuss: 
How Benzinga transitioned from financial media into a fintech and data licensing company 
Robert’s 30-60-90-180 day CFO framework after joining a PE-backed acquisition 
Why cash flow management and centralized data are critical after acquiring a business 
The biggest mistakes entrepreneurs make when scaling and productizing companies 
Guest Contact Info: 
LinkedIn: linkedin.com/in/robert-g-checchia-cfa 
Email: robert@benzinger.com or checchia.robert@gmail.com  
Benzinga: https://www.benzinga.com 
Additional Resources: 
Equity Launchpad helps acquisition entrepreneurs, investors, and operators learn how to buy, scale, and grow businesses through strategic acquisitions. Explore educational resources, podcast episodes, and investment insights at https://www.equity-launchpad.com or contact Casey Minshew and Feras Moussa at info@equity-launchpad.com 
 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

Legal Mistakes that Kill Acquisitions with Fareed Kaisani

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Fareed Kaisani of MW Law to discuss the legal side of buying businesses and the costly mistakes that can derail acquisitions. Fareed shares insights from working on lower middle market deals ranging from SBA-funded acquisitions to private equity rollups, including why buyers should engage counsel early, how working capital disputes kill deals, and why trying to save money on legal or QoE support can backfire.  In this podcast episode, we discuss:  • Why buyers should engage experienced M&A counsel before signing an LOI  • How working capital, holdbacks, escrows, and seller notes impact transactions  • The legal and financial mistakes that commonly blow up deals before closing  • Why AI-generated LOIs and “cheap” legal advice can create major problems for buyers  Guest Contact Info:  • LinkedIn: https://www.linkedin.com/in/fareed-kaisani/  • Email: Fareed@MWFirm.com  Additional Resources:  • Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities.  • Contact Casey Minshew and Feras Moussa: info@equity-launchpad.com  • Explore more: https://www.equity-launchpad.com  About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

Scaled a Business to $30M After a Brutal First Deal | Joe Van Deman

He went from working at Google to driving trucks at 3AM after a brutal first acquisition—then turned those hard lessons into a business that scaled to nearly $30M. 
 
Join us at the M&A Launchpad Conference on May 2, 2026 in Houston. Use code LAUNCH for $150 off. Get details: https://malaunchpad.com 
Serious about buying a business? Start your acquisition journey here: https://equity-launchpad.com/invest-with-us/ 
 
In this episode of the M&A Launchpad Podcast, Casey Minshew and Ben Suttles sit down with Joe Van Deman of Circle City Capital Group to break down what it actually looks like to buy and operate small businesses. 
After reviewing more than 1,200 deals, Joe and his partner acquired an overnight trucking business that looked great on paper but quickly became a grind of middle-of-the-night routes, missed drivers, and operational chaos. Instead of walking away, they stabilized it, grew it, and exited using that experience to reshape their entire strategy. 
From there, they built a diversified portfolio across e-commerce, bookkeeping, and manufacturing, including scaling an American-made denim platform to nearly $30M in revenue. Their approach is simple: buy stable businesses, improve operations, and focus on long-term value, not hype. 
In this episode, we discuss: 
Reviewed over 1,200 businessesand still got the first deal wrong• Bought a “great on paper” business that had them driving trucks at 3 AM • Doubled the business in year one and exited to a strategic buyer • Scaled a niche denim manufacturing business from under $2M to ~$30M • Built a portfolio by buying overlooked businesses most people ignore 
Guest Contact Info: 
Joe Van Deman Email: joe@circlecitycapitalgroup.com Website: https://circlecitycapitalgroup.com LinkedIn: https://www.linkedin.com/in/joevandeman/ 
 
Additional Resources: 
Contact Casey Minshew, Ben Suttles and Feras Moussa at info@equitylaunchpad.com https://www.equity-launchpad.com 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

100 Days to Unlock Millions? How Sale-Leasebacks Work | Tyrell McGee

Most investors leave millions locked inside their deals because they don’t understand how to turn real estate into usable capital through sale-leasebacks.
Join us at the M&A Launchpad Conference on May 2, 2026 in Houston. Use code LAUNCH for $150 off. Get details: https://malaunchpad.com
Looking to buy a business or scale through acquisition? Submit your information here: https://www.equity-launchpad.com
In this episode of the M&A Launchpad Podcast, Casey Minshew sits down with Tyrell McGee, a commercial real estate expert specializing in sale-leaseback transactions. Ty shares how investors use real estate as a strategic tool to unlock capital, solve financing challenges, and accelerate growth.
This conversation breaks down how sale-leasebacks work, when they make sense, and how operators, searchers, and private equity firms use them in real deals. From credit and EBITDA thresholds to lease structure and long-term risk, this episode gives a clear, practical look at one of the most powerful tools in M&A.
In this episode, we discuss:
What a sale-leaseback is and how it works in M&A
How investors use real estate equity to fund acquisitions and growth
A real-world example of solving a debt maturity using a sale-leaseback
Minimum EBITDA and deal size thresholds that make deals viable
How credit quality and operator strength impact deal structure
The role of market rent and how lease rates are determined
Risks of long-term lease obligations and overburdening the business
When sale-leasebacks make sense for searchers vs private equity sponsors
How to think about real estate as a strategic lever in acquisitions
Guest Contact Info:
Tyrell McGee
Email: Tyrell.McGee@marcusmillichap.com
LinkedIn: https://www.linkedin.com/in/tyrellmcgee/
Additional Resources:
Contact Casey Minshew and Feras Moussa: info@equitylaunchpad.com
Explore more: https://www.equity-launchpad.com

Infinite Banking for Business Buyers with Erica Neal

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Erica Neal, an infinite banking practitioner, real estate investor, and acquisition entrepreneur. Erica breaks down how infinite banking works, how cash value life insurance can be used as a financial tool, and how she is applying these strategies to acquire and scale a CPA firm.  This episode connects liquidity strategy with deal execution, showing how entrepreneurs can build capital, protect assets, and deploy funds into acquisitions more efficiently. 
In this episode, we discuss: 
What infinite banking is and how it differs from traditional banking 
How cash value whole life insurance functions as a private banking system 
Borrowing against your policy while continuing to earn compound growth 
Asset protection strategies and why policies act as a financial “vault” 
Using life insurance to meet SBA liquidity and collateral requirements 
Erica’s strategy for acquiring a CPA firm 
The difference between buying a firm vs. a book of business 
How she sourced deals using niche brokerage platforms 
Negotiation dynamics including SBA delays and non-compete structuring 
CPA firm valuation multiples and how timing impacted pricing 
Using policy loans for down payments and maintaining control of capital 
Turning your policy into a revolving source of capital for future deals 
The role of masterminds and accountability in scaling a business 
Guest Contact Information: 
Email: erica@infinityinvestmentstrategies.com 
Additional Resources: 
Equity Launchpad – A platform for acquisition entrepreneurs, investors, and operators focused on buying and scaling businesses. 
Explore more: https://www.equity-launchpad.com 
Join us at the M&A Launchpad Conference on May 2, 2026 in Houston. This is a one-day, high-impact event focused on real deal execution. Use code LAUNCH for $150 off tickets: https://malaunchpad.com 
Contact Casey Minshew and Feras Moussa: info@equity-launchpad.com 
About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/