M&A Masters

Hosted by Patrick Stroth

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Episodes

175

Latest episode

Oct 2026

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About the show

Master the clean exit! Discover secrets of M&A Masters. You'll hear inside interviews with M&A advisors, attorneys, investment bankers, private equity players, and the entrepreneurs themselves. If you ever want to sell your business this is a must-listen podcast.

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60 recent

October 14, 2026Episode 17626 min

Mark Hartmann | The Kidnap Test for Business Owners

What would happen to your business if you disappeared for a day, a week, two weeks, two months? When you finally decide to sell, will you be exiting on your terms or on somebody else's? Mark Hartmann, founder of Hartmann Rhodes and author of Sweat Equity Payday, joins Patrick Stroth to explain what separates a planned transition from a forced one. Hartmann Rhodes is a lower middle market M&A advisory firm working with businesses between $1 million and $25 million in enterprise value. You'll discover... - The kidnap test Mark uses to find out, in about a minute, how dependent a business is on its owner - Why owner dependency, vendor dependency and customer concentration are the three things buyers price hardest - Why written policies and procedures raise your multiple, and what buyers are actually buying when they ask for them Connect with Mark Hartmann HartmannRhodes: https://www.hartmannrhodes.com LinkedIn: https://www.linkedin.com/in/markhartmann/ Sweat Equity Payday is available on Amazon

October 7, 2026Episode 17526 min

Niklas James | How a Podcast Appearance Turned Into an Investment Fund

What if the fastest way to find your next deal is to stop waiting for credentials to speak for you? What could happen when a dealmaker trained to stay low profile decides to put themselves out there and publish instead? Niklas James is a 3x independent sponsor who splits his time between Florida and Norway. He co-hosts the Minds Capital Podcast, the leading media for the independent sponsor ecosystem. The podcast serves as the media arm of Minds Capital, a gap equity fund for searchers and independent sponsors which invests $1-3m per platform out of their second fund. NiklasJames.com is a library of content & posts about lower-middle market private equity. Niklas, an alumnus of HBS and Bain & Company, is 6'9", drives a Chinese EV, and has a rollup of 3 kids. Niklas James, founding partner of Minds Capital and co-host of the Minds Capital Podcast, joins Patrick Stroth to explain how one guest appearance on someone else's show turned into a fund. Minds Capital invests equity into lower middle market acquisitions led by independent sponsors and searchers. You'll discover... - The difference between the searcher model and the independent sponsor model, and why Niklas moved from one to the other after his first acquisition - Why four of Minds Capital's last five investments were previous podcast guests, and how featuring someone doubles as vetting - Why committing to a publishing cadence matters more than the volume you publish Connect with Niklas James Minds Capital: https://mindscapital.co Minds Capital Podcast: on Spotify, YouTube, and other podcast platforms Niklas's content library: https://www.niklasjames.com/ LinkedIn: https://www.linkedin.com/in/niklaswjames/

September 30, 2026Episode 17433 min

Bill McLaughlin | What a Buyer Looks For After 27 Acquisitions

What does a buyer who has closed 27 acquisitions actually look for before making an offer? When your industry is consolidating around you, how do you decide whether to raise capital and become the platform or sell to one? Bill McLaughlin, CEO of Thrive, joins Patrick Stroth to explain how a serial acquirer evaluates a target. Thrive is a technology outsourcing provider delivering cybersecurity, cloud, and managed IT services to mid-market SMB clients. You'll discover... - What Thrive screens for in an acquisition target - Why integrating people is harder than integrating technology, and what that means for the leaders and employees of an acquired company - Why Thrive uses rep and warranty insurance on every deal Connect with Bill McLaughlin Thrive: https://thrivenextgen.com LinkedIn: https://www.linkedin.com/in/billmclaughlinmsp/

September 23, 2026Episode 17337 min

Peter Hissey | How a Culture-First Investment Bank Runs a Lower Middle Market Sale

Does culture fit between buyer and seller really make a difference to a successful deal? Peter Hissey, Director at Strategic Exit Advisors, joins Patrick Stroth to explain why his firm puts culture fit in front of sellers before a buyer ever sees a financial model. Based outside Philadelphia, SEA is a lower middle market investment bank focused on helping entrepreneurs maximize value and protect their legacy through an ownership transition. You'll discover... - Why taking an offer on your own costs both value and time, and how much a buyer's quality of earnings can cut from the price you were quoted - Why Patrick's culture-first process puts owners on 30 minute calls with prospective buyers before any confidential information memorandum goes out - Why Patrick’s firm will decline an engagement when a seller's price expectation runs ahead of what the market will deliver Connect with Peter Hissey Strategic Exit Advisors: https://www.se-adv.com LinkedIn: https://www.linkedin.com/in/peter-hissey-73277a24/ Peter's podcast, SEA Entrepreneur Spotlight: https://www.youtube.com/@StrategicExitAdvisors

August 25, 2026Episode 17221 min

Chad Gottlieb - How a business first approach to law is transforming M&A

Is your M&A transaction at risk because your legal team isn’t truly business-minded? What if the right law firm could not only protect your deal—but actively make it better? In this episode, Chad Gottlieb, Partner at Darrow Everett, joins Patrick Stroth to share how a business-first approach to law is transforming M&A outcomes for founders, private equity firms, and independent sponsors in the lower middle market. You’ll discover… • Why being “proactive, not reactive” is the most important principle any M&A attorney can live by • How Darrow Everett grew from fewer than 20 attorneys to nearly 70—fueled by responsiveness and white-glove service • The waterfall mechanics mistake that nearly derailed a deal—and how Chad’s team caught it in time • Why lower middle market sellers are often blindsided by post-closing indemnity obligations—and what to do about it • How Seller Protect (the new rep and warranty product from Lloyd’s of London) is finally making M&A insurance accessible for deals under $30 million • What AI, secondary transactions, and pre-IPO activity mean for the M&A landscape heading into 2026

January 7, 2026Episode 17125 min

Mert Erkan | Driving Private Equity Value through Supply Chain Optimization

Is your business missing out on millions by overlooking supply chain efficiency? What if unlocking massive value in M&A deals was easier than you think? In this episode, Mert Erkan, Vice President of Efficio Consulting, joins Patrick Stroth to reveal how procurement and supply chain transformations drive game-changing results for both private equity and strategic acquirers on a global scale. You’ll discover… The surprising percentage of EBITDA growth hiding in procurement synergies How “clean room” analysis can set post-merger integration up for instant success Why even high-tech companies are underinvesting in their supply chain teams—and what to do about it The Formula 1 approach to leveraging AI and digital tools in procurement What resilience and agility really mean for modern supply chain networks—and why it matters more than ever

December 10, 2025Episode 17025 min

Warren Feder | Navigating Family Business Exits and Legacy

Navigating the emotional twists and turns of selling a family-owned business isn’t just about the highest offer—sometimes, it’s about finding the right partner to carry on your legacy. What does it really take to achieve a clean, meaningful exit? In this episode, Warren Feder, Partner at CMA Group, joins Patrick Stroth to reveal how investment bankers guide owners and founders through complex transitions, ensuring both financial success and continuity for generations to come. You’ll discover… The surprising reason one family business owner chose the lowest offer in a multi-bid sale How “complexity is our specialty” comes to life in deals with challenging family dynamics The evolving landscape of M&A for baby boomers—and why gray hair matters The crucial role of rep and warranty insurance in accelerating successful exits What’s really driving optimism for M&A in 2026, and how private equity is responding

October 15, 2025Episode 16930 min

Anthony Caporrino | Building a Trusted Advisory Team for Mergers and Acquisitions Success

The playbook for selling your company just changed—again. What separates those who merely survive from those who exit with maximum value? The answer may surprise even seasoned founders. In this episode, Anthony Caporrino, U.S. Transaction Advisory Group Co-Leader at Alvarez & Marsal, reveals the behind-the-scenes secrets to smarter M&A, how analytics are rewriting the rules, and what it really takes for owners and investors to achieve a clean exit. You’ll discover… The single biggest mistake even mature companies make when prepping for a sale What founders should be doing years before considering an exit (and why most miss it) How “operator experience” trumps traditional consulting in maximizing deal value The new analytics tools that give buyers (and sellers) the ultimate edge Why rep & warranty insurance is changing dealmaking—and what it means for your next negotiation

October 8, 2025Episode 16832 min

Dennis O'Rourke | Why Lower Middle Market Companies Need Specialized M&A Legal Expertise

Not every deal needs an army of lawyers and sky-high fees to get across the finish line… So how are today’s owners navigating increasingly complex M&A—and why is buyer behavior making it more challenging than ever? In this episode, Dennis O’Rourke, Partner and Chair of the Corporate, M&A and Securities Practice Group at Moritt Hock & Hamroff, shares why lower middle market companies don’t have to compromise on expertise or affordability—and explains how a dramatic shift in buyer dynamics, fueled by the rise of “other people’s money” (OPM), is adding new layers of complexity to deals. You’ll discover… The surprising impact of buyers using investors’ and lenders’ capital—and why that’s changing diligence Why “simple” deals are rarely as straightforward as sellers think How to access big-firm legal expertise without big-firm price tags The hidden tension between buyers and sellers (and one way insurance is helping bridge the gap) The critical moment to bring in a specialist M&A lawyer—before it’s too late

September 17, 2025Episode 16732 min

Paige Wiese | Digital Assets: The Hidden Value Buyers Often Overlook

Most business owners see their website as a digital business card—but what if it could become your company’s top-performing employee? Digital assets make or break deals in today’s M&A world, yet are still one of the most overlooked sources of value, risk, and growth potential. In this episode, Paige Wiese, founder of Tree Ring Digital, reveals how optimizing your company’s digital presence can unlock hidden value, improve M&A transitions, and future-proof your growth—whether you’re buying, selling, or scaling. You’ll discover… The costly mistakes most business owners make with their digital assets during M&A. How neglecting your website can quietly erode your company’s valuation. The surprising M&A pitfalls that even experienced IT teams routinely miss. Why Tree Ring Digital and a managed service provider are NOT interchangeable (and what’s at stake if you confuse the two). The next big digital risks (and opportunities) owners can’t afford to ignore in 2025.