Podcast
Investors & Operators
Hosted by 51 Labs · EN
The M&A market can be boring, but everyone has a story. The Investors & Operators podcast is about discovering the stories people were holding back, didn’t know how to tell, or forgot about. The goal is simple: fresh, authentic storytelling to bring people together in the M&A community.
With over 1M organic views and counting on LinkedIn, 51 Labs is disrupting the M&A market through the use of videography and content creation. In a market that longs for authenticity, 51 Labs helps strengthen your brand and tell your story. From concept to distribution, we strategize and produce thoughtful content to be used across a multitude of channels, to help you stand out in an otherwise traditionally boring market.
New episodes every other Thursday at 6:00am Eastern.
14episodes
Episodes
Newest firstAll episodes
Ep. 151: Andrew Nelson, Chief of Staff to the CEO at Waste Eliminator
2w ago00:43:30Tap to summarizeAndrew Nelson is Chief of Staff to the CEO at Waste Eliminator, where he helps drive strategic initiatives, operational execution, and growth across the company’s expanding footprint in the Southeast. Before entering the private sector, Andrew spent six years in the U.S. Army with 3rd Ranger Battalion, completing five deployments across Syria, Iraq, and Afghanistan. He transitioned from the military in 2022 and later earned his MBA from Emory University. Topics:Why Portcos Need a Chief of Staff Military Speed as a PE AdvantageThe Military-to-Civilian ShiftTranslating Military Skills Into Business...and so much more.Top TakeawaysA Chief of Staff can become a force multiplier for a PE-backed CEO. Andrew described the role as part project manager, part operator, and part accountability driver. In lean portfolio companies where leadership teams are stretched thin, a Chief of Staff can help move strategic initiatives forward across operations, finance, systems, and growth projects simultaneously.Clear ownership prevents projects from stalling. Andrew shared a military execution principle he still uses in business today: every task needs a clear owner, a standard, and a “time hack” — the agreed-upon deadline for completion. Many fast-growing companies struggle because ownership and timelines are vague. As projects pile up inside PE-backed businesses, unclear accountability often becomes the bottleneck that slows execution.Military operators fit portfolio companies better than Fortune 500s. Andrew made the point that large corporations can feel slow and highly segmented, while lower middle market businesses offer more ownership, faster decision-making, and clearer impact. For many veterans, that environment feels much closer to the pace and accountability they were used to in the military.The right network changes the trajectory of a transition. Andrew’s path to Waste Eliminator didn’t come through LinkedIn or a recruiter. It came through a direct introduction from a 51 Vets member who had already made a similar move. One of Andrew’s biggest takeaways was how valuable it is to have people a few years ahead of you who understand both the military background and the PE/portfolio company world. 51 Vets is that network, with 500+ members from the special operations and aviation communities and mentors across IB, PE, consulting, and operating roles.About Waste EliminatorWaste Eliminator is a waste and recycling platform focused on sustainable waste solutions and landfill diversion. The company handles a broad range of waste streams, serving customers from households to large commercial and industrial facilities. Backed by Allied Industrial Partners, Waste Eliminator has expanded through acquisitions and now operates across multiple locations throughout Georgia and the broader Southeast.Investors & Operators is brought to you by 51 Labs51 Labs is a marketing agency for the lower middle market. We offer full-service digital marketing for PE, portfolio companies, IB, VC, hedge funds.Brand Identity, Marketing Strategy, Marketing & AGM Video, LinkedIn Strategy & Execution, Web Design & Development, CRM Support & more400+ videos100+ projects#1 content creator on LinkedIn in the lower middle market
Transcribe →Ep. 150: Miguel Silva, Investment Manager, CalPERS
3w ago00:45:32Tap to summarizeMike Silva is an Investment Manager at CalPERS, where he has spent more than a decade leading the institution’s Emerging Manager Program across private equity, private debt, and real estate. He focuses on sourcing, evaluating, and advocating for emerging managers internally while helping shape CalPERS’ broader approach to middle-market and venture investing.Topics:Where Emerging Managers Should Focus FirstNailing the 30-Minute First MeetingTimeline from First Meeting to CommitmentSeeding vs. Staking vs. Direct Investment...and so much more.Top TakeawaysIf you can’t explain your firm in 2 minutes, LPs will move on. Emerging Managers need to quickly distill their team, strategy, and differentiator into a narrative that sticks. LPs like Mike are meeting hundreds of managers a year. Long-winded explanations don't just waste time but signal a lack of clarity. The managers who cut through can clearly explain four things: who they are, what they invest in, why they're differentiated, and why it matters to that LP specifically. LPs value predictability as much as performance. Mike made the point that trust starts forming well before capital is committed. LPs are watching whether managers actually execute what they said they would do: hiring the right people, closing the deals they discussed, and staying consistent with the strategy they pitched. Every update becomes proof of credibility.Your IC dynamics matter more than you think. Mike shared that when evaluating Emerging Managers, he spends significant time understanding team dynamics: how long the partners have worked together, how investment committee decisions are made, whether there’s healthy debate, and how disagreement is handled. Strong track records matter, but LPs are also underwriting the decision-making culture that produced them.About CalPERSCalPERS is one of the largest public pension funds in the world, managing retirement and health benefits for California public employees, retirees, and their families. Through its Emerging Manager Program, CalPERS invests across private equity, private debt, and real estate, backing smaller and differentiated managers it believes can generate long-term outperformance and expand access to overlooked areas of the market.
Transcribe →Ep. 149: Jarrett Turner, Founder & Managing Partner at Soundcore Capital Partners
Apr 2301:10:21Tap to summarizeTopics:Why Fewer, Better Theses WinIntegration Lessons from 100+ AcquisitionsWhat LPs Look for in the First MeetingHow to Win Trust in Controlled Deals...and so much more.Top TakeawaysAvoid overpaying, overlevering, and overconcentrating. Because Jarrett has seen firsthand how getting this wrong—even on a “good” business—can take down an entire fund. His rule: only buy what already makes sense — disciplined price, manageable leverage, no oversized bets. If the return depends on fixing everything post-close, you’re exposed.Slow down idea generation to improve deal quality. The Soundcore team moved from ~500 loosely formed ideas a year to about one per week, each built on a required template, reviewed in advance, and pressure-tested as a team. The result is a tighter, higher-quality pipeline (~40 ideas annually, ~30 advancing to qualification) and far fewer wasted cycles on weak or unvetted theses.Start slightly bigger, so you can scale faster. Soundcore found that sub-$1M EBITDA deals often lack the infrastructure to grow, making them harder to double. $2M+ businesses already have systems, teams, and customer density in place. That’s why they shifted upmarket: not for size, but for execution. Cheap doesn’t always matter if it can’t scale.Lead with trust and a clear angle. Or you won’t get a second meeting. In Jarrett’s experience, fundraising comes down to two things—credibility and a differentiated strategy. That’s why the first few minutes of LP meetings matter most. If you can’t clearly answer why you, why this strategy, and why now, they won’t get to the rest.About Jarrett TurnerJarrett Turner is the Founder and Managing Partner of Soundcore Capital Partners. He has led 100+ acquisitions, building the firm from an Independent Sponsor into a $450M+ platform focused on buy-and-build investments in fragmented, recession-resistant industries. Jarrett’s approach is shaped by his blue-collar upbringing: growing up around his father’s business, he saw firsthand the inefficiencies in founder-led companies.About Soundcore Capital PartnersA New York–based private equity firm focused on building companies through buy-and-build strategies in fragmented, lower middle-market industries. Since its founding in 2015, the firm has completed 100+ acquisitions and has grown to $700M+ in AUM. They invest in mission-critical, recession-resistant sectors, partnering with founder-led businesses to create scalable platforms through disciplined sourcing and operational improvements.
Transcribe →Ep. 148: Chris Nikic, First IRONMAN Athlete with Down Syndrome
Mar 1900:46:35Tap to summarizeChris Nikic is the first person with Down Syndrome to complete an Ironman.He has also ran all SIX Global Marathon Majors, Won TWO ESPY's, and become a global Ambassador for the Special Olympics. He’s an Adidas-sponsored athlete, an author, and a public speaker.Topics:From Overweight to IronmanInclusion Through SportThe 1% Better PhilosophyLimiting Parenting Beliefs...and so much more.Top TakeawaysReset limiting beliefs at the top. In Chris’s story, the biggest constraint wasn’t physical, it was what parents were told their child couldn’t do. Once those protection-driven beliefs shifted, everything else followed: training, discipline, results. The same applies in business. What leaders believe about their team or growth potential sets the ceiling. If leadership operates with constraint, that mindset spreads fast. But when leaders expand what’s possible, behavior follows—teams take bigger swings, operators push further, and performance changes.Commit to 1% better, every day. The biggest transformations don’t come from massive leaps, they’re built through small, consistent improvements. Over time, those incremental gains compound into outsized results. For Chris, that meant stacking daily progress until an “overweight beginner” became an Ironman and global athlete.Speakers like Chris Nikic break the pattern of predictable AGMs. An external speaker helps break up a full day of presentations and makes the event more memorable—something you’d actually want to talk about afterward. Chris brings a real, human example of what consistency and long-term effort look like, making ideas like compounding and execution easier to connect with.About 1% Better Chris Nikic FoundationThe 1% Better Foundation is a nonprofit initiative that supports individuals with intellectual and developmental disabilities by expanding access to fitness, training, and inclusive opportunities. It helps them build confidence, independence, and a path to reach their full potential.
Transcribe →Ep. 147: Brian Bank, PE Strategy, IR & BD Executive at Kirkland & Ellis
Mar 500:30:42Tap to summarizeTopics:Venue Do’s & Don’tsAgendas for Emerging ManagersPanels vs. Single PresentersPublic LP ConstraintsAGMs as a Brand Opportunity...and so much more.Brian Bank shares what actually makes AGMs stand out from an LP’s perspective—from venue and agenda to networking, speakers, and swag. It offers clear, experience-driven takeaways for GPs and emerging managers who want their AGM to feel differentiated and worth the trip.Top TakeawaysChoose a venue LPs will remember. The AGMs that stand out don’t stay in hotel ballrooms. They bring LPs to portco sites, operating assets, sporting venues, museums, or distinctly local experiences. The right venue either reinforces the investment strategy or creates a memorable experience that LPs will still recall long after AGM season ends.Never assume LPs remember who you are. AGMs often include new faces. Always reintroduce the team, restate strategy, and provide context for roles and investments. Clear speaker handoffs and background reminders prevent confusion and disengagement.Reinforce the firm you’re becoming, not just the fund you raised. An AGM is both a branding and promotional moment. Speaker selection, team visibility, and agenda structure should signal institutional depth, succession, and where the firm is headed next. Highlight rising leaders, repeat portfolio CEOs, and functional expertise to show LPs what Fund II or Fund III will look like. Build differentiation into every detail. Templates, venues, speakers, and formats repeated year after year erode impact. The most effective AGMs ask one question throughout planning: What will make this one distinct from the other 20 meetings LPs attend this year?About Brian BankBrian Bank is a seasoned strategy and client relations executive in the Investment Funds Group at Kirkland & Ellis. With 25+ years of experience as both an institutional LP and a placement agent, he’s committed capital across asset classes, served on multiple LPACs, and attended hundreds of AGMs. This gives him a firsthand view of what LPs actually value in investor relations and annual meetings.About Kirkland & Ellis Kirkland & Ellis is a global law firm known for its strength in corporate, litigation, and client advisory work across industries including private equity, M&A, and finance. The firm regularly advises leading investors and funds on complex transactions, strategy, and governance, and has built a reputation for deep legal expertise paired with practical, business-focused guidance.
Transcribe →Ep. 146: Liz Weindruch, Managing Director at Barings
Feb 1200:24:22Tap to summarizeLiz Weindruch breaks down what makes an AGM work from an LP’s perspective. The result is a practical, no-fluff guide for emerging managers planning their first or next AGM.Topics:Comms Best PracticesUse of Panels & PresentersAI & Technology DiscussionSwag StrategyWhat Makes an AGM Memorable...and so much more.Top TakeawaysDesign the AGM experience around LP value, not GP convenience. The meetings that stand out offer insights LPs can’t get from quarterly reports and meaningful face time with people they rarely interact with, such as operating partners, VPs on the deal teams, or former CEOs who’ve exited a business and want to do it again with the firm. Easy-to-reach locations matter, and portfolio “field trips” are a bonus when feasible.The best structure for AGM materials and portfolio updates. The strongest AGMs follow a clear arc: a concise firm update, current macro and sector context, and a disciplined walk-through of the portfolio. Macro commentary should always be tied to company-level impact. Portfolio deep dives should restate the original thesis, show what has changed since acquisition, and explain how capital structure, timelines, and return expectations have evolved.Swag: What LPs keep vs. what they toss. If you’re giving out clothing, assume it might end up at Goodwill. Fit is hard, branding is risky, and most items won’t get worn. Consumables almost always are a safe bet: high-quality, portable, and waste-free. The best swag ties back to a portfolio company or the firm’s ethos in a thoughtful way. If it feels generic, it probably is.About Liz WeindruchLiz Weindruch is a Managing Director on the Diversified Alternative Equity team at Barings, where she serves on the investment committee and leads global fund, co-investment, and secondary origination and underwriting. With 20+ years in private markets, Liz has reviewed and attended hundreds of AGMs across funds, vintages, and strategies, giving her a front-row view into what actually works from an LP perspective.About BaringsBarings is a global investment management firm headquartered in Charlotte, North Carolina. The firm manages $480B+ across public and private markets—including fixed income, real assets, and alternatives—for institutional, insurance, and intermediary clients across North America, Europe, and Asia Pacific.
Transcribe →Ep. 145: Matt Salisbury, Founder at EVP Strategic Advisors
Jan 2201:14:02Tap to summarizeTopics:“99% Right Is 100% Wrong” MindsetMaximizing Outcomes in a Sale ProcessPost-Close Seller Regrets...and so much more.Top TakeawaysMake your first deals your brand. Matt emphasizes that early deals define how the market sees you and become proof of your standards and the caliber of clients you can win. That’s why it pays to set a clear bar for what you’ll take on: deal quality, counterparty strength, and your ability to run a clean process.Build an advisory board with a clear purpose. Matt notes that advisory boards only create value when you’re clear on what you want from them At Edgeview, advisors were brought in for credibility, introductions, and high-level guidance. That clarity kept the relationship lightweight and efficient. Decide early whether you need a stamp-of-approval and network board with periodic check-ins or an operator board that requires heavy preparation and greater accountability.Private business owners: not every great outcome is a sale. The best path forward might be a recap, a minority partner, or a keep-and-grow strategy with the right buyer. Before going to market, owners should align on liquidity needs, legacy goals, leadership succession, and employee impact. That clarity reframes value from price alone to after-tax outcomes and long-term fit.Mid-level bankers: don’t get stuck as “the execution person.” If you don’t build a revenue lane, you’ll never leave the trenches. The bankers who create real leverage carve out a clear wedge—a vertical, sponsor set, buyer niche, or unique POV—and spend real time developing deal flow and ideas, not just executing.About Matt SalisburyMatt Salisbury has built, scaled, and exited two successful investment banking firms over a 25+ year career, advising on 100+ M&A and strategic transactions primarily for private business owners. Matt launched EVP Strategic Advisors to focus on helping entrepreneurs navigate complex strategic decisions with clarity and confidence.About EVP Strategic AdvisorsEVP Strategic Advisors is a boutique advisory firm dedicated exclusively to privately held and family-owned businesses. Rather than pushing owners toward a transaction, EVP helps founders clarify their long-term goals, evaluate strategic options, and maximize outcomes across growth, liquidity, and legacy.
Transcribe →Ep. 144: Grant Kornman, Partner at Align Collaborate
Dec 1900:45:36Tap to summarizeTopics:How Sponsors Communicate EfficientlyWhat Investors Look For in First CallsLower Middle Market Buy-and-Build Strategies...and so much more.Top TakeawaysMatch your capital partners to your stage of maturity. Grant notes that choosing the right capital partner upfront prevents misalignment and speeds your path forward. For example, early sponsors gain the most by co-sponsoring with seasoned PE funds to learn what “good” looks like. Sponsors aiming to raise a future fund need co-investors who protect attribution and let them build a clean track record. Lead with the value you’ll create, not the deal you found. Grant sees it all the time: independent sponsors spend 45 minutes on deal mechanics and leave only a few minutes on the plan that actually drives returns. It’s backwards. Investors care far more about the growth thesis, the value levers, the M&A roadmap, and why you are the right person to execute it. VOC + Market Mapping is the new standard for top sponsors. Grant expects more sponsors to invest in structured market studies, especially voice of customer to validate why the company wins, and market mapping to define the actual M&A universe. Most sponsors talk about add-ons, but few can prove how many targets exist, which ones fit, or whether sellers transact. Investors back the sponsors who can quantify this, not just claim it.About Grant Kornman Grant Kornman is a former independent sponsor with more than a decade of experience buying and growing lower-middle-market companies. He co-founded NCK Capital and built a track record across multiple sectors through disciplined investing and operator-level execution. As a Partner at Align Collaborate, Grant brings a sponsor-first approach to equity shaped by a deep understanding of what independent sponsors need to execute and create value.About Align CollaborateAlign Collaborate is an equity partner purpose-built for independent sponsors. Launched by Align Capital Partners in partnership with Grant and Michael Kornman, the firm provides fast, flexible equity for lower middle-market buyouts. Their model is designed around the realities of the IS ecosystem: clean attribution, quick decisions, tailored structures, and the option to leverage ACP’s operational resources.
Transcribe →Ep. 143: Sean Mooney, Founder & CEO at BluWave
Dec 400:50:38Tap to summarizeTopics:Emotional Highs & Lows of FoundersWhy Hire Above Your Skill SetLearning to Spot Opportunities...and so much more.Top TakeawaysFounders: Build a culture of cheap experiments and fast iteration. The first version of BluWave was a platform people liked in theory but hated in execution. That’s when the team leaned on Jim Collins’ “bullets before cannonballs” approach: test small, validate, then scale. Sean ran a series of low-risk experiments to see what actually worked before committing resources. By iterating quickly and scaling only what the market proved out, BluWave went from zero traction to the 2021 Inc. 5000 list of fastest-growing PE firms.Ask for help before you hit a wall. Sean nearly shut the business down because he tried to solve everything alone. Jordan saw the same thing: real breakthroughs only happened after admitting he was stuck. For founders, isolation is dangerous. Build a habit of pulling in outside perspectives early to shorten cycles, avoid blind spots, and make better decisions.Train your brain to see opportunity, not risk. Sean’s team uses the “red car theory”: whatever you train your brain to look for (red cars, opportunities, inefficiencies), you’ll start noticing them everywhere. Most people default to scanning for risks. Great operators do the opposite and train their attention toward leverage points. Practice that habit long enough, and it becomes a real advantage.About Sean MooneySean Mooney is the Founder and CEO of BluWave, a market network built for private equity. After two decades as a PE partner, he left a stable career to solve a recurring bottleneck he saw firsthand: the difficulty of finding reliable, high-quality third-party resources quickly. Today, BluWave serves hundreds of firms and their portfolio companies.About BluWaveBluWave is a Nashville-based platform that connects private equity firms and their portfolio companies with vetted third-party resources for diligence, value creation, and preparation for sale. It combines a curated network with a high-touch matching process to help teams find the specialists they need quickly and reliably.
Transcribe →Ep. 142: John Fruehwirth, Managing Partner at Rotunda Capital Partners
Nov 601:19:09Tap to summarizeTopics:Early Fundraising MistakesCulture of Constructive DebateUsing Data for Value Creation ...and so much more.Top TakeawaysSimplicity is a fundraising advantage. New managers often try to stand out with creative structures or mixed strategies. Instead, make it easy for investors to say “yes”: standard 2/20 terms, one defined strategy, three memorable differentiators, and an ongoing dialogue with investors. Predictability builds trust—and trust raises funds.Healthy debate drives better decisions. Rotunda’s culture is built on one principle: “Disrespect the idea, respect the colleague.” Every voice—associate or senior—is encouraged to challenge assumptions and pressure-test deals, but never the person presenting them. And if alignment isn’t there, the deal is dropped. Forcing a divided deal almost always costs more than the opportunity lost.Strategy maps make execution measurable. Before closing a deal, Rotunda aligns with management on a 3- to 5-year vision, defining success through clear EBITDA targets, growth priorities, milestones, etc. Post-close, that strategy map becomes a living document reviewed monthly and used to guide board discussions. Every new opportunity is tested against it. If it’s not on the map, it waits unless the team agrees to revise the plan. The result is sharper alignment, disciplined execution, and fewer “shiny object” distractions.Execution creates optionality. John’s mantra “Get Sh*t Done” captures his belief that motion beats perfection. At Rotunda, that mindset led to bold experimentation: hiring data scientists before it was common, testing new pricing models, and launching analytics projects. Every executed idea broadens perspective and adds insight. Stack enough of them, and you create optionality. About John FruehwirthJohn Fruehwirth is the Managing Partner and co-founder of Rotunda Capital Partners. With 20+ years of experience across debt and equity investing, he’s built a reputation for pairing disciplined execution with data-driven decision-making. Fruehwirth champions a hands-on, collaborative approach, focusing on operational improvement, culture, and measurable value creation.About Rotunda Capital PartnersRotunda Capital Partners is an operationally-oriented private equity firm that partners with founder- and family-owned companies in the lower-middle market. They focus on value-added distribution, asset-light logistics and service-oriented industrial sectors, employing a model built around people, process, technology and data to drive sustainable growth.
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