POWERS Podcast Summary

Episode #404 — Chris Huckabee, Founder @ MORE Group: From Founder-Led to Private Equity-Backed

Date: March 3, 2026
Host: Chris Powers
Guest: Chris Huckabee

Episode Overview

This episode of the POWERS podcast features a candid, wide-ranging conversation between Chris Powers and Chris Huckabee, the founder and chairman of the MORE Group (formerly Huckabee). The discussion traces Huckabee’s journey from inheriting a small, founder-led architecture firm to scaling it into an industry leader, transitioning into private equity ownership, and navigating profound business and personal transformations along the way.

Key topics include:

• Moving from a founder-centric leadership model to private equity backing
• Strategic planning and business valuations
• Transparent leadership through major transitions
• Nuanced perspectives on private equity partners and deal-making
• The future of education in a world shaped by AI
• The story and inherent lessons behind rebuilding Robb Elementary in Uvalde, Texas, after tragedy

The episode is rich in practical advice for founders contemplating sales or partnerships, reflections on the human side of business, and insights into how leaders can use their platforms for public good.

Key Discussion Points & Insights

1. The Founder-to-Private Equity Journey

How Private Equity Entered the Story

• Personal Loss & Leadership Void: The sudden death of a close business partner left Chris Huckabee leading solo and re-evaluating the firm's direction.

  “I did not enjoy being at the top. We all say leadership is lonely at the top… suddenly I'm alone at the top of the business again." — Chris Huckabee [03:33]

• The Imperative to Move Forward:

  “Business is either moving forward or backwards, but you’re never in neutral… And if people believe they can just hold a business where it is, they’re wrong.” — Chris Huckabee [04:03]

• Exploring Succession Options: Initial consideration of an ESOP (employee stock ownership plan) was abandoned due to internal misperceptions.

  “I thought an ESOP made a lot of sense... But the perception was that I was going to make some money and they were going to be left, you know, kind of holding the bag... It made me slow down and say, let's just go look at all the options.” [05:21]

Strategic Planning and Realization of Scale

• Outside Facilitation: Brought the leadership team together, engaging in open debate about the firm’s future beyond Texas.

• National Vision and Broadening Mission:

  “We want to be a company that builds communities. Healthy communities have great educational component, a great healthcare component, and they have good public services.” [08:30]

• Challenge in Execution:

  “You can write anything on paper. It's the idea of, okay, how do we do this? That becomes the challenging part.” [10:45]

The Valuation Eye-Opener

• Hiring the Expert Banker: After interviewing many, Huckabee chose an expert in his niche, valuing specialization over generalist dealmakers.

  “I wanted somebody who was an expert in my space... I don't want a partner who doesn't understand my space and that I'm spending all my time educating them about my business.” [22:09]

• Valuation Shock: Internal share-buying calculations had significantly undervalued the company—by up to 8x.

  “We weren't—we were eight times off... Even at that lower level, we made our shareholders write checks... So, we knew we were transacting low, but did I know we were transacting as low as we were? No.” [19:00–19:50]

• The Importance of Outside Perspective:

  “I talked to all the usual... But what I said is, what other skill do you bring to the table?” [24:24]

2. Building a Transparent, People-First Process

• Total Transparency with Staff: All employees were kept in the loop about strategic changes—an approach rare in M&A transitions.

  “I talked to everyone in the company about our vision. I didn't keep it quiet. It was not secretive.” [12:28]

• Staff Anxiety and Resistance: Acknowledgment that change—even positive—triggers fear, but building trust over time helps.

  “People don't like change. Even if it's just, I'm nervous... The initial reaction is not positive.” [14:43]

• Taking the Long View: COVID and intentional team-building delayed action, ultimately to the business's benefit.

  “In hindsight... it turned out to be absolutely the right thing because it gave us no urgency.” [17:03]

3. The First Private Equity Deal: From Cockiness to Humility

• Selecting the Partner by Values:

  “If you want to do good deals, they need to be a win-win.” [00:00]

• The “No Negotiation” Email Offer: Huckabee made a bold, non-negotiable offer to a PE suitor—which initially seemed accepted, but then silence followed.

  “So I sent him a note and said, would you and your wife please come up to our house and have some wine?... My wife said, ‘I love him, he's the real deal. Do a deal with him.’” [03:33; 17:51]

• A Human Approach to Diligence: Relationship trust—validated by his wife in a simple social setting—proved pivotal.
• Rapid Transformation: In 12 months, the organization scaled rapidly through five acquisitions, tripling headcount and more than doubling EBITDA.

Notable Quote:

"We bought five firms in the first 12 months. We took the EBITDA... from about $20 million to $50 [million] in one year. Things changed a tremendous amount." — Chris Huckabee [35:26]

4. Selling (or Being Sold) Again: Partner Selection Done Right

• Proactive Relationship-Building: Huckabee preemptively developed relationships with five to seven founder-led PE groups he respected, anticipating a potential second sale.

  "I started kind of doing two things at the same time... I want to meet the leaders of these private equity firms because I'm not going to be with my current partner forever." [37:44]

• Inviting Culture Over Offers: Each potential partner was invited to Fort Worth for a deep, transparent management presentation—deficits and all.

  “I've always seen business as a marriage. And you have to be honest, you have to go in and say, okay I'm certainly not perfect and here are my problems.” [40:14]

• What Won the Deal: The chosen PE firm not only brought capital and experience but also cultural and personal alignment, as voted unanimously by his leadership team.

5. Life After the Deal: Identity, Accountability, and Scaling

• Mindset Shift After the Sale: From sole owner to “partner,” Huckabee committed fully to being a great partner.

  "There was a small bet going on... how long Chris Huckabee could work for another person... But I took it as a challenge... If you want a great partner, be a great partner." [45:22]

• Continuity of Purpose: “The only thing that was different is now I had somebody to be accountable to. And my thought was, I'm going to make sure they don't regret.” [47:01]
• Learning by Doing: Early M&A involved “kissing a lot of frogs,” but a core focus on relationships and cultural fit was central.

  "Doug would talk through the mechanics, and I would talk about how this will work on the human side." [49:08]

• Private Equity as Force Multipliers: Good private equity groups bring more than money—they bring guidance, discipline, and experience, especially useful in complex situations.

6. The Ideal Private Equity Partnership

• Qualities to Look For: Capital is a commodity; character and collaboration aren’t.

  “I have a kind of a no jerks rule of business. I think life's too short. I'm not going to work with jerks.” [52:03]

• Handling Tough Times: The right partners are steady through both success and setbacks.

  “What I'm really looking for in a partner is one that handles the bad days. We can all handle the good days, but how are they going to respond when the news is negative?” [54:35]

• Due Diligence Works Both Ways: Always call other PE portfolio companies for the unvarnished truth.

  “The ability to call other portfolio businesses and just have conversations with them about... they'll give you a flavor for how those have worked together.” [55:53]

7. The Future of Education and AI

• AI and the Core of Schooling: Despite technological advances, schools exist for more than knowledge transfer.

  “School is not about the transfer of knowledge. School is about the soft skills that we give our students through the process of transferring knowledge.” [57:54]

• AI in K-12 vs. Higher Ed: K-12 will embrace AI more rapidly than slow-to-adapt universities, but interaction and support functions remain essential, especially for younger students.

• Warning on Higher Ed’s Debt Trap:

  “They have the debt of college and nothing to show for it. No ability to pay that debt off.” [72:37]

• Policy Prescription: Early childhood engagement and career readiness are the real leverage points.

  “If students can have the right exposures at age 3 and 4... they will get into kindergarten at a certain level, which will allow them to proceed forward... And if we could do that with every student, it would be a game changer.” [63:13]

8. Purpose-Driven Leadership: The Rebuilding of Robb Elementary

• Catalyst: The tragic shooting at Robb Elementary in Uvalde, Texas moved Huckabee to act, leveraging his professional skills for public good.

  “You have children or you have grandchildren, and you see this, and it makes you sick... What can I do?” [74:28]

• Resourceful Mobilization: Assembled a coalition of contractors, donors, and suppliers—securing $65 million in cash and in-kind donations.

• Building Trust: Earned the wary community’s trust through transparency, respect, and follow-through.

  “We needed to gain the trust of the community. And that took time... We [promised] to never discuss anything with anyone outside the meetings with victims’ families.” [80:15]

• Lasting Impact:

  “It doesn't bring those kids back... But I will tell you that the day we cut the ribbon... I hope this gives them some hope, that there are good people in the world... It was, for me, the single most important thing I've done in my career.” [88:24]

Notable Quotes & Memorable Moments

• On Deal Ethics:

  "If someone walks away and says, I got to the other person on either side of the deal, that was a bad deal." — Chris Huckabee [00:00]

• On Transparency:

  “We didn't do things behind people's backs. I stood in front of every single employee in the company and put up a strategic plan and said, this is our vision.” [12:28]

• On Cultural Fit:

  "Life’s too short. I won’t work with jerks." [52:03]

• On Handling Tragedy:

  "We did not bring back those lovely children, those teachers... All we really did was help them with their healing process." [88:10]

• On His Mission Post-Business:

  “That’s what I wanted my life to be about—the back half of my life... There are plenty of places that there are crises... and you can kind of help people get back on their feet.” [88:48]

Important Timestamps

• 03:33 — Chris Huckabee’s background and how private equity came into his life
• 05:21 — Why the ESOP route was abandoned
• 09:27 — Strategic planning as a turning point
• 19:00 — Discovery of the true company valuation
• 22:52 — How to choose the best investment banker
• 29:17 — The non-negotiable offer and wine night with the private equity partner
• 35:26 — Rapid M&A growth post-PE deal (from $20M to $50M EBITDA)
• 37:44–44:49 — Diligence and founder-driven partner selection process
• 45:12 — What life felt like the morning after the sale
• 47:01 — On being accountable to new partners
• 52:03 — The “no jerks rule” for picking private equity partners
• 57:54 — The real role of schools in education and speculation about AI’s impact
• 63:13 — The two biggest leverage points in education policy
• 74:28 — The story of rebuilding Robb Elementary in Uvalde
• 88:10–89:10 — Emotional climax: “The single most important thing I’ve done in my career.”

Final Thoughts

This conversation serves as both a masterclass in founder transitions and a deeply human meditation on leadership, courage, and service. Huckabee’s journey illustrates how great businesses (and great leaders) are built through disciplined action, humility, and a focus on people first—not just profit. The episode concludes with moving lessons from Robb Elementary, reinforcing the potential for leaders to create broad societal impact beyond their core enterprises.

For any founder contemplating scale, sale, or reinvention, this episode is required listening.