WORK Podcast: Net/Net – "Always Be Closing"
Host: Erika Ayers Badan
Release Date: February 8, 2026
Episode Theme: The Art and Fundamentals of Fundraising and Selling

Overview

In this Net/Net episode of the WORK Podcast, Erika Ayers Badan dives into the essentials of raising capital—whether for billion-dollar funds or new business ideas. Drawing on insights from investment legend David Rubenstein, her own war stories, and lessons learned, Erika distills what it really takes to "always be closing" in fundraising, sales, and partnerships. The conversation blends big-league finance perspectives with practical advice for anyone looking to pitch, persuade, and bring bold visions to life at any scale.

Key Discussion Points & Insights

1. Foundation of Capital Raising and Selling (00:25–01:23)

• Erika kicks off by summarizing David Rubenstein’s approach to raising capital at Carlyle, noting the universality of sales skills.
• Rubenstein’s Core Principles:
  • Build trust and credibility (“knowing what you’re talking about”).
  • Be persistent and always follow up.
  • Develop a strong track record – “if you don’t have a good track record, you can’t sell almost anything.”
  • Create multiple products to give investors different options, leveraging a strong brand across funds.
  • Expand globally and localize your pitch.

2. Translating Big Money Lessons to Everyday Deals (01:24–03:45)

• Erika relates Rubenstein’s strategies to her experiences outside the world of billion-dollar funds.

• Timeless Fundamentals:

  • “The basics of it are really the same,” Erika says—even when pitching different types of deals (from strategic partnerships to advertising to new ventures).
  • Main ingredients for any pitch or partnership:
    • Initiative—“Go sit in the room, go be with the person, go look at someone face to face.”
    • Construct a logical, compelling story that shows value for them, not just for you.
    • Shape your pitch to solve their problems.

• Memorable Anecdote:

  • Erika describes furiously building a pitch deck in the back of a plane, connecting the experience to “old school” hustle: “I think I will die writing a deck on an airplane...”

3. Pitching with Empathy and Vision (03:45–05:22)

• Vision Building:
  • “You have to create the vision in someone else’s eyes and in someone else’s image.” (Erika, 02:22)
• She cautions against pitches focused only on self-interest; instead, anchor the narrative in your audience’s goals and challenges.
• Give real examples: Erika outlines how after meeting a prospective partner, she created a custom deck of “10 ideas that could be great for this company”—focused on their pain points, not just a standard sales push.
• Following up quickly and thoughtfully sets you apart: “Most other people in that room did not come up with a pitch the next day after they left the meeting...” (Erika, 05:01)

4. Relentlessness, Curiosity, and the Underdog Advantage (05:22–End)

• Proactive Strategy:
  • Be relentless, follow up persistently, and be genuinely present for opportunities.
  • Dig for insight wherever possible—sometimes you need money, sometimes a new ad deal, sometimes something as simple as advice or structure.
  • Erika contrasts her style (“chasing ideas and potential deals”) with a newly hired CFO/CEO’s preference for predictability and order, highlighting the need to know your strengths in fundraising and partnerships.
• Personal Story:
  • She shares her “harebrained idea” about building something in the Middle East for women—a pitch that hasn’t succeeded yet, “but could it, and someday will it? Yeah, probably it will.” (Erika, approx. 06:15)
• Be Yourself and Use Your Niche:
  • Celebrates Rubenstein’s strategy of capitalizing on unique market knowledge (the government for Carlyle) and draws comparison to her own world:
    “We get the Internet, we get communities, we get real people, we get little c creators in a way that no traditional media company is going to get.” (Erika, approx. 06:50)
  • Underdogs and nimble players can win—especially in technology and new media.

Notable Quotes & Timestamps

• Persistence and Track Record:

  “Persistence, follow up is always key. And just trying to have a good track record, too. If you don’t have a good track record, you can’t sell almost anything.”
  — David Rubenstein (00:57)

• Universal Fundamentals:

  “The basics of it are really the same…We’re looking to tell a story and we’re looking to share a value proposition and we’re looking to set a vision for what we think could be created by acquiring capital from a company or…furthering a commercial relationship with someone.”
  — Erika Ayers Badan (01:31)

• Empathy in Pitching:

  “You have to set the vision of what this could be, but you have to create the vision in someone else’s eyes and in someone else’s image…You really have to create a vision that works for someone else. It solves a problem that someone else has.”
  — Erika Ayers Badan (02:22)

• Action and Initiative:

  “Go sit in the room, go be with the person, go look at someone face to face. Like, get on the plane, pick up the phone, take the initiative.”
  — Erika Ayers Badan (03:00)

• Creative Follow-up:

  “…It wasn’t a sales pitch…It was more about, ‘Hey, I’m thinking about your business, I’m thinking about what your marketing challenges are. I have a huge amount of passion for your product. I know how to do something…that’s relevant. Let me just put it out there and let’s see where it goes.’”
  — Erika Ayers Badan (04:35)

• Underdog Advantage:

  “…There’s so many rooms for an underdog and an underdog looking to build something I think is the most exciting place to work.”
  — Erika Ayers Badan (07:10)

Segment Timestamps

• Introduction & Episode Setup – 00:00–00:24
• David Rubenstein on Capital Raising – 00:25–01:24
• Erika’s Take: Fundamentals of Fundraising & Selling – 01:24–03:45
• Vision and Empathy in the Pitch – 03:45–05:22
• Persistence, Initiative, and Underdog Energy – 05:22–End

Summary Takeaway

Whether you’re raising billions, selling a partnership, or trying to land your next job, Erika and her guest remind us that the art of the deal is rooted in timeless fundamentals: proactive outreach, authentic storytelling, putting yourself in others’ shoes, relentless follow-up, and leveraging your unique perspective. The episode is a funny, direct, and practical masterclass in "always be closing"—with a strong underdog spirit and more than a little airplane hustle.

For more, follow Erika at erikaayersbadan.substack.com and join the "Work like a Girl" community for idea sharing and networking.