Ep. 161: Stephen Saunders, Operating Executive, Trivest Partners

Across 55 add-on acquisitions at TurnPoint, Stephen learned that a business can perform exceptionally well but struggle once its founder steps away. His advice is to assess whether the founder has built a strong leadership team, repeatable processes, and a culture that can sustain performance without them. If those foundations aren't there, building them from scratch can take longer than a typical private equity hold period.

A company posting record results might look like an attractive acquisition target, but those numbers can be difficult to sustain. Stephen saw this firsthand at TurnPoint, where buying businesses at peak performance sometimes meant setting the platform up for a dip. Rather than betting on exceptional results continuing indefinitely, the team focused on acquiring already successful companies where they could unlock additional value through purchasing power, operational efficiencies, and shared best practices.

At TurnPoint, Stephen's team documented every stage of the acquisition process and used each deal to identify what could be done better. That meant sharpening diligence questions, cutting unnecessary steps, and finding ways to close deals faster with less friction.