Minds Capital Podcast

Will Smith & Niklas James

Private Equity

Independent Sponsors

Independent Sponsorship

Minds Capital

Independent Sponsor

Lower Middle Market

Investment Strategy

Entrepreneurship

Capital Providers

Deal Flow

M&A

Family Offices

Investment Strategies

Vacation Rental Property Management

Healthcare

Mcguirewoods Conference

Independent Sponsor Model

Dallas

Retail Investors

Borgman Capital

Your connection to the growing world of independent sponsors and deal-by-deal private equity.

41 ratings

Publishes	Weekly	Episodes	85	Founded	2 years ago
Number of Listeners		Categories	EntrepreneurshipBusinessInvesting

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Guests Hosts Reviews Charts Talking Points

Latest Episodes

Report from McGuireWoods 2026

Niklas, Max, and Will debrief Day 1 of the McGuireWoods Independent Sponsor Conference at the Fairmont in Dallas, aka the industry Superbowl. The Minds guys also reflect on their second-annual Investor Day, which saw them host 70+ LPs the day before.... more

28 Oct 2026 • 39 min • Most popular

32x MOIC After 100 Investors Said No

Since Kevin Ramsier's last appearance on this podcast, his firm, Sier Capital, has closed a new infrastructure platform (where Minds Capital is an investor) and exited another business that generated a 32x MOIC over a 7-year hold. The same business s... more

21 Oct 2026 • 1 hr 11 min

The $600M Bet on Independent Sponsors

Grant Kornman co-founded NCK Capital as an independent sponsor in 2013, then moved to the capital side with Align Collaborate in 2023. Align now manages $600m+ across 2 dedicated funds and writes $10-40m equity checks into sponsor-led LMM deals. Gran... more

14 Oct 2026 • 1 hr 10 min

815 Independent Sponsor Deals Analyzed

Greg Brown is a Professor of Finance at UNC Kenan-Flagler and Founder of the Institute for Private Capital. On July 15, 2026, he published the first large-scale study of independent sponsor performance, covering 815 deals. Investor-reported transacti... more

7 Oct 2026 • 54 min

Key Facts

Accepts Guests

Accepts Sponsors

Contact Information

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Recent Guests

Kevin Ramsier

Managing partner of Sier Capital and entrepreneur

Sier Capital

Episode: 32x MOIC After 100 Investors Said No

Grant Kornman

Partner and co-founder of Align Collaborate; previously co-founded NCK Capital

Align Collaborate

Episode: The $600M Bet on Independent Sponsors

Greg Brown

Professor of Finance at UNC's Kenan-Flagler Business School; founder of the Institute for Private Capital

University of North Carolina; Institute for Private Capital

Episode: 815 Independent Sponsor Deals Analyzed

Sequoya Borgman

Founder of Borgman Capital, independent sponsor with a mature platform

Borgman Capital

Episode: When Equity Oversubscribes 2-3x

Ben Tiggelaar

Owner of Datatel, investor in Minds Capital

Datatel, Minds Capital

Episode: Funding Deal #2 From Exit #1

Ziv Bendor

Founder/Managing Partner at Pinewell Capital

Pinewell Capital

Episode: Rolling Up Tiny $400k EBITDA Targets

Chad Scripps

Founder and Managing Partner at Black Lake Capital

Black Lake Capital

Episode: Over $60m of Second Bite Liquidity

Lisa Piercey

Board-certified physician, health system executive, former Tennessee health commissioner, independent sponsor

Tristella Capital Partners

Episode: The Doctor & The Finance Bro

Drew Bagin

Founder/Partner at North Haven Capital

North Haven Capital

Episode: $2m to Start as an Independent Sponsor

Hosts

Will Smith

Host of Minds Capital Podcast; focuses on deal sourcing, sponsor dynamics, and practical strategy in independent sponsorship.

Niklas James

Co-host with deep experience in independent sponsorship and portfolio development.

Max Lummis

Partner at Minds Capital; contributes financial discipline and deal-by-deal perspective.

Reviews

4.5 out of 5 stars from 41 ratings

Great Podcast
This is a great addition to the SMB podcast market. The independent sponsor model has received far too little attention. Thanks for shedding light on the space!
Apple Podcasts
5
BudFox87
United States2 years ago
Svend Hansen
Couldn’t follow the tips. Went bankrupt. Do not recommend
Apple Podcasts
1
tildeeridubai
Norway2 years ago
Another great show from Will Smith
Will is a great interviewer, I have been a listener for a long time and it is easy to overlook how thoughtful his questions are because he has such a natural style.
Apple Podcasts
5
corporate_struggling
United States2 years ago
Great podcast!
Keep up the good work, Will & Niklas! Thank you for this terrific new resource for people, considering buying an operating their own business.
Apple Podcasts
5
Plazure
United States2 years ago

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Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Thoughtful questions and natural interviewing style are frequently highlighted by listeners.

Some episodes emphasize credibility-building and structured deal processes, resonating with professionals aiming for sponsor-led growth.

The show is a valuable resource for people considering buying and operating their own business, with practical takeaways.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts	#63	Indonesia/Business/Entrepreneurship
Apple Podcasts	#165	Switzerland/Business/Entrepreneurship
Apple Podcasts	#188	Mexico/Business/Entrepreneurship
Apple Podcasts	#192	Ireland/Business/Entrepreneurship
Apple Podcasts	#232	Poland/Business/Entrepreneurship

Talking Points

Recent interactions between the hosts and their guests.

32x MOIC After 100 Investors Said No

Q: How do you structure around to protect yourself in a 95% customer concentration deal?

Ramsier says the seller remained significantly involved, the customer had multiple independently operating divisions and had renewed its contract, and a seller note and earn-out were tied to that customer's outcomes.

32x MOIC After 100 Investors Said No

Q: What are the drivers behind the 32x MOIC over seven years?

Ramsier credits favorable timing, a suitable deal structure and protections, a strong partnership with the family office, a capable management team, and a sales operation that expanded existing accounts, won new customers, and pursued acquisitions.

The $600M Bet on Independent Sponsors

Q: What are some of the favorite qualities that you see in independent sponsors?

Kornman highlights a strong need for the deal to succeed, excellent communication, and grit. Sponsors must attract and communicate effectively with executives, investors, and management teams, and solve problems through the inevitable challenges of owning smaller companies.

The $600M Bet on Independent Sponsors

Q: When we talk to sponsors who have been doing this for a while, I think they would tell you that it's important to find product market fit between themselves and investors. That can mean a lot of things. That can mean the sectors they're targeting, the size companies they're targeting and check sizes. But it's also a lot of soft stuff. When Michael and I were an independent sponsor, we were a little more entrepreneurial than some folks. We hadn't spent our whole careers at an A-brand private equity fund, so a lot of friends of ours who were more like fund-to-funds and maybe some family offices just shied away from us.

Kornman explains that sponsors should seek investors whose sectors, target company sizes, check sizes, and working styles fit their own. He and his brother found that they raised capital more effectively once they focused on investors suited to their entrepreneurial background.

When Equity Oversubscribes 2-3x

Q: What is your interpretation of the fact that deal flow has been slower this past year, and how does that relate to Borgman's strategy?

The slower flow is tied to a softer economy and higher seller expectations; Borgman remains disciplined, avoids stretching for deals, and focuses on actionable opportunities that align with their scalable back office and sourcing capabilities, aiming to deploy capital at a steady, value-driven pace rather than rushing to close suboptimal deals.

Audience Metrics

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Frequently Asked Questions About Minds Capital Podcast

What is Minds Capital Podcast about and what kind of topics does it cover?

This show centers on independent sponsorship and deal-by-deal private equity in the lower middle market, with frequent explorations of deal sourcing, portfolio building, governance, and creative capital structures. Episodes often feature operators, financiers, and sponsor-led firms sharing tactical playbooks for credibility, capital formation, and execution in niche sectors. Notable angles include open-ended and evergreen hold structures, cross-border and VC/PE convergence, and the role of content, events, and partnerships in accelerating deal flow. The format highlights actionable insights for sponsors, fund-structure experimentation, and real-world case studies across consumer, services, and industrial niches, making it valuable for profe... more

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Which podcasts are similar to Minds Capital Podcast?

These podcasts share a similar audience with Minds Capital Podcast:

1. Acquiring Minds
2. Think Big, Buy Small
3. Acquisitions Anonymous - #1 for business buying, selling and operating
4. Built to Sell Radio
5. Moneywise

How many episodes of Minds Capital Podcast are there?

Minds Capital Podcast launched 2 years ago and published 85 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Minds Capital Podcast?

Recent guests on Minds Capital Podcast include:

1. Kevin Ramsier
2. Grant Kornman
3. Greg Brown
4. Sequoya Borgman
5. Ben Tiggelaar
6. Ziv Bendor
7. Chad Scripps
8. Lisa Piercey

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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