In this episode, Peter Lehrman sits down with Michael Arrieta, founder of Garden City, to discuss his unique journey from a successful career in tech with companies like DocuSign to founding a people-first holding company focused on service-based businesses. Michael shares insights into his decision to leave tech, the principles guiding Garden City, and the impact of a values-driven approach to business acquisition and management.

The conversation also examines Garden City's investment thesis, focusing on B2B nationwide services, and how Michael's team is bringing mission-aligned shareholders into the fold. This episode is packed with actionable insights for anyone interested in small business acquisitions and the human side of M&A.

Discussion Points:

• Michael Arrieta’s transition from tech to small business acquisitions.
• The inspiration behind founding Garden City and its core mission.
• Garden City’s focus on service-based businesses with B2B nationwide services.
• The importance of mission-aligned shareholders and building trust-based relationships.
• Challenges faced in the lower middle market and the importance of simplicity in business models.
• The development of the 3F program (Faith, Family, and Finances) for enriching employees' lives.
• The role of community and shareholder engagement in Garden City’s success.
• Insights into the process of deal flow management and strategic acquisition.
• Lessons learned from five years of running Garden City, including the importance of focus and team structure.

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors, strategic acquirers, and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

• Michael Arrieta LinkedIn
• Michael Arrieta X
• Peter Lehrman LinkedIn

Today’s conversation is with Ryan Sullivan, Managing Director and Co-Founder at North Park Group (https://northparkgroup.com/), a Chicago-based private investment firm focused on acquiring and operating US-based manufacturing and distribution businesses for the very long-term.

Ryan was a multi-chapter manufacturing operator and CEO and North Park Group reflects this operator DNA. He shares his experience and investment perspectives on the resilience and adaptability of US-based manufacturing, how he and his team get comfortable taking an extremely long-term view of U.S. manufacturing, his unconventional approach to personal guarantees and leverage, LP liquidity, and the importance of taking care of every employee.

The key topics we cover in this 60-minute conversation include:

• Manufacturing in America in 2040 — A 15+ Year View

• What Separates Winners and Losers in the U.S. Manufacturing Space

• The North Park Model: De-Risking Transactions and Taking the Conservative Approach

• The Labor Spectrum and Why Every Employee Counts

• The Emotional Impact of M&A: Why an Anti-Climatic Transition is the Best Transition

• Providing LP Liquidity with Indefinite Hold Periods

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available Axial’s member directories, downloadable tools for dealmakers, the Axial lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Subscribe to Masters in Small Business M&A

Resources:

Peter Lehrman on LinkedIn

Follow Peter Lehrman on X

Ryan Sullivan LinkedIn

North Park Group

Axial Website

Today’s conversation is with Tom Barber, Co-Founder and Managing Partner at SBJ Capital (https://www.sbjcap.com), a California-based private equity firm investing into the consumer and business services verticals.

In this episode, Tom dives into how he and his team continue to build SBJ Capital, paying special attention to some of the firm’s most unconventional beliefs and organizational design decisions. Tom is remarkably and refreshingly an “open book” about how he and SBJ have gone about building and differentiating their firm.

In this 50-minute conversation, we cover the following topics:

• What it Took to “Win” in the 2000s vs. What it Takes Today
• The Evolution of Teams & Talent in Private Equity
• How to Avoid Unintended Consequences with the Operating Partner Model
• SBJ Capital’s “Sourcing Partner” Program
• Investing in the “Boring” Supply Chain That Power Consumer Brands

And then we go into two case studies and some advice for young professionals

• The Perfect Purée: A Case Study in Substantial Growth via GTM and Sales Channels
• Troy Lee Designs: Tripling EBITDA in a Hyper-Niche Consumer Market
• How the Perfect Private Equity Resume is Changing for Young Professionals

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Subscribe to Masters in Small Business M&A

Resources:

Peter Lehrman on LinkedIn

Follow Peter Lehrman on X

Tom Barber LinkedIn

SBJ Capital

Axial Website