Do Diligence
Welcome to The Do Diligence Podcast where we explore how leaders make and execute their biggest decision. The Podcast is produced by Sleeping Giant Capital, where we bring together talent, capital, and capabilities to acquire and grow West Michigan businesses. Hosted by SGC’s Co-founders and Executives in Residence, this podcast offers expert opinions and M&A theories through the eyes of professionals within industry.
To learn more, visit us at www.sleepinggiantcapital.com
All Episodes
Episode 23: Brad Morrill and the acquisition of Richfield Trailer Supply
In this episode of The Do Diligence Podcast, we sit down with Brad, President of Richfield Trailer Supply, to explore his journey from corporate leadership to business ownership. After more than a decade in an executive role at Crystal Flash, Brad decided he wanted to pursue his long-standing entrepreneurial ambition rather than return to another corporate position. He shares how he discovered the Entrepreneurship Through Acquisition model, developed the confidence to pursue it, and ultimately committed to a 19-month search that culminated in the acquisition of Richfield Trailer Supply. Brad walks through the realities of the acquisition search, including his decision to use both a buy-side broker and his own networking and outreach efforts. He reviewed roughly 85 potential businesses, conducted deeper diligence on about 15, submitted five offers, and ultimately found Richfield after narrowing his focus to the trailer industry. He explains how becoming more specialized allowed him to develop industry knowledge, ask better questions, identify patterns in financials, and recognize opportunities. Richfield, a 70-year-old family business with three Michigan locations, fit his criteria as an established distribution business with a strong reputation and a history of profitability. The conversation then moves into due diligence, closing, and Brad’s first 60 days as an owner. He discusses the six-month diligence process, the operational and financial work involved, transitioning employees and systems following an asset purchase, and the importance of getting critical details such as payroll right from day one. Brad also shares his initial priorities for the business—the “Big Four, Little Two”—which include completing the ownership transition, improving pricing, reducing expenses, upgrading technology, reducing excess inventory, and cleaning up and decluttering the facilities. His experience offers practical lessons for aspiring acquisition entrepreneurs about patience, preparation, networking, industry focus, leadership, and finding opportunities within an established business.Episode 22: The CEO-in-Residence Playbook: Mitch Brownell’s Path to Ownership and Leadership
In this episode of The Do Diligence Podcast, we sit down with Mitch Brownell, President of Process Engineering & Equipment Company (PECO), to explore his journey from a successful corporate leadership career at Stryker to acquiring and leading a lower middle market manufacturing business through Sleeping Giant Capital's CEO-in-Residence program. Mitch shares what motivated him to leave the security of corporate America in pursuit of business ownership, reflecting on the planning, mindset, and conviction required to take that leap. He discusses how he developed a focused acquisition thesis, navigated an 18-month search process, and ultimately found PECO through the relationships he built along the way. The conversation dives into the realities of the transition from searcher to operator, including lessons from the first 90 days as president, balancing strategy with the day-to-day demands of a growing business, and building trust with employees, customers, and the former owner. Mitch also shares practical advice for aspiring acquisition entrepreneurs on the importance of patience, networking, leadership, and finding work that truly energizes you.Episode 21: From Corporate to Co-CEOs Inside the Journey of Ben and Rick
In this episode of The Due Diligence Podcast, we sit down with Ben and Rick, the first co-CEOs at Sleeping Giant Capital, as they share their journey from corporate careers into leading two manufacturing businesses, Portland Products and Pro Stamp. With backgrounds in mechanical engineering and early entrepreneurial ventures, Ben and Rick walk through how they transitioned into acquisition entrepreneurship through the CEO-in-Residence program and what it actually looked like to move from diligence into day-to-day leadership. They reflect on the realities of stepping into ownership, from navigating the complexities of the acquisition process to adjusting expectations once inside the business. The conversation explores what life looks like as co-CEOs, balancing long-term strategy with the immediate demands of running manufacturing operations. They also share candid lessons from their experience, including the nuances of sales cycles in the industry, unexpected external pressures like tariffs, and the importance of building and trusting the right team.
Episode 20: Private Equity vs. The Local: Inside a Debate on Ownership & Community with Maryann Feldman and Martin Kenney
In Episode 20 of the Do Diligence Podcast, Doug Lepisto sits down with Maryann Feldman and Martin Kenney, authors of "Private Equity and the Demise of the Local." They delve into a critical examination of how private equity reshapes communities and the implications of ownership on local economies. Through their research, Maryann and Martin illuminate the troubling patterns of private equity investment, showcasing how it often leads to the offshoring of jobs, diminished local control, and the erosion of community ties. They advocate for alternative investment models that prioritize local ownership and community engagement. Join them as they explore the intersection of finance, community, and the future of local economies, emphasizing the importance of place-based investment strategies as a counter to traditional private equity practices.