Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, Alex is joined by Robb Powell, an experienced Operating Partner and former CEO who has successfully built and sold two businesses. Robb discusses the deployment of technology and AI in private equity-backed companies, shares insights on driving cultural transformation, and explores the importance of enabling people for business success.

Breakdown:

[00:00] Robb discusses how private equity firms and portfolio companies can start using AI.

[00:12] Introduction to Robb Powell, an operating partner and former founder and CEO. The episode covers tech, AI, and culture.

[00:41] Robb shares his background and experience with acquisitions, board work, and leveraging technology for business growth.

[01:11] The importance of using technology to drive sales and agility in companies.

[02:06] Common mistake in private equity: focusing too much on finances post-acquisition, neglecting team assessments and aligning people with goals.

[03:33] Robb’s method for assessing management teams, using written responses to understand their thought process.

[05:00] Building a culture of success focused on enabling others and creating referral-worthy work.

[07:01] The importance of having a clear narrative about the value you're providing in any role.

[08:29] Robb’s thoughts on aligning people and driving change in organizations, including when it’s time to let people go.

[11:19] Overview of Robb’s technology and digital transformation work with various companies, particularly in sales and service industries.

[13:41] Robb shares how AI is being used to transform roles, including automating coding tasks in a tech company.

[14:34] Exploring where private equity firms and portfolio companies should start with AI and ChatGPT.

[15:59] Robb’s advice on using AI tools to help businesses innovate and work more efficiently.

[17:54] The future of AI: replacing tasks, not jobs, and making people smarter through automation.

[20:19] The potential of using existing tools to implement AI in businesses without needing large consulting firms.

[21:46] Robb’s current AI project with a high-end wine room business and the value AI adds to search functionality on websites.

[22:45] Robb’s influences and recommendations for books, podcasts, and thought leaders, including Acquired and Peter Diamandis’ work.

[26:04] How to connect with Robb Powell via LinkedIn.

You can connect with Robb on LinkedIn by visiting his profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast, by Raw Selection! In this episode, Alex is joined by Andrew Towne, a partner at Olympus Pines and a five-time world record holder. Andrew shares his journey from private equity to breaking world records, including his impressive mountain climbing feats and insights into the private equity industry. Join us as we dive into the mindset and strategies of this remarkable private equity leader.

Breakdown:

[00:00] Andrew shares his experience climbing Aconcagua during a deadly season.

[00:19] Introduction to Andrew’s investment focus in the American car wash industry and his world records.

[01:53] Andrew discusses his career journey, starting in international relations and transitioning to private equity.

[02:18] The common mistake private equity firms make: neglecting operations and transformation.

[02:45] Why portfolio operations are essential for unlocking value in competitive deals.

[03:14] Examples of operational improvements in revenue and cost management within portfolio companies.

[05:06] Andrew’s consulting background at Boston Consulting Group and his shift into private equity.

[06:07] How living abroad in countries like Germany and Kenya shaped Andrew’s worldview.

[07:34] Moving from consulting to private equity: Andrew wanted to own decisions and manage risk.

[09:31] Lessons from world travel: people are more similar than different across cultures.

[12:36] A customer’s comment at a car wash illustrates how people view different roles in society.

[15:05] Why Andrew and his team chose to invest in the evolving American car wash industry.

[16:26] Technological innovations and automation driving growth in the car wash business.

[17:49] How Andrew’s car washes use advanced technology to ensure customer satisfaction.

[18:48] Balancing customer service with profitability in the car wash sector.

[20:15] The fragmented nature of the car wash industry creates growth opportunities.

[21:44] Challenges in building new car washes and scaling operations.

[22:25] Andrew’s journey from overcoming childhood obesity to breaking world records.

[24:47] How rowing at Yale taught Andrew to push through mental barriers and trust himself.

[26:09] After completing the Seven Summits, Andrew turned to ocean rowing and set world records.

[28:04] Stories from his expeditions, including surviving a deadly earthquake at Everest base camp.

[29:02] The story behind Andrew’s world-record row from South America to Antarctica.

[31:28] Andrew’s approach to confronting fears and mental challenges in everyday life.

[35:21] Closing remarks from Alex and Andrew summarizing their discussion on private equity, personal growth, and world records.

You can connect with Andrew Towne on LinkedIn by visiting his profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com

Welcome back to The Private Equity Podcast by Raw Selection! In this episode, Alex is joined by Beth Pollack, an applied AI and data strategy operating partner with over two decades of experience in building decision systems. Beth works closely with private equity firms and their portfolio companies to drive value through AI and data initiatives. She shares insights on how AI can be effectively implemented in private equity-backed companies, avoiding common mistakes and maximizing opportunities for growth.

Breakdown:

[00:00] Introduction to Beth Pollack, AI and data expert, discussing AI's role in private equity-backed companies.

[00:31] Beth shares her background, with over 20 years of experience in AI and data strategy.

[00:59] Beth highlights common mistakes in AI implementation, like starting without clear problem definition and not integrating workflows.

[01:50] The importance of aligning AI projects with business goals and involving the right people early is emphasized.

[02:49] Beth advises against using large consulting firms without AI expertise.

[03:19] She explains the need for selecting the right AI tools beyond ChatGPT.

[03:46] Breaking down problems into smaller components helps with AI efficiency.

[04:16] Beth shares her journey from data mining to building AI systems.

[05:09] A case study shows how AI increased EBITDA in a healthcare company.

[06:07] In the healthcare project, AI and machine learning were used to process medical records and improve clinical decision-making.

[07:33] AI helped the company enter new markets and improve patient outcomes by identifying conditions that human review may have missed.

[07:57] Successful AI implementation begins by identifying workflows, engaging teams, and understanding investment needs.

[08:53] Gaining leadership and team trust is crucial for effective AI strategies.

[09:50] AI projects should align with broader business goals and focus on problem-solving.

[10:46] Speed to value can be achieved by using existing tools and internal resources.

[11:42] AI is advancing rapidly, becoming more accessible and cost-effective for businesses.

[13:07] Beth discusses how the acceleration of AI innovation is impacting private equity firms.

[14:06] Large language models (LLMs) and open-source technology are helping optimize AI for businesses.

[15:23] Private equity firms should involve AI experts during the diligence process to assess investments and create value.

[16:50] AI can transform not only new investments but also portfolio companies nearing exit.

[17:11] Beth recommends staying updated by talking to practitioners and following AI publications and podcasts.

[17:41] She shares her favorite podcasts, including Lex Friedman's and "AI on AI."

[18:37] You can reach Beth Pollack on LinkedIn for further discussions on AI and data strategy.

[19:07] Closing remarks from Alex.

You can connect with Beth Pollack on LinkedIn by visiting her profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com