A private equity buyer of manufacturing companies tells sellers what actually moves the multiple — how to spot founder dependency in one question, and why closing a deal is the start of the work, not the end.

Most operators spend their careers trying to reach the buy side of the table. Eric Wiklendt lives there. As a Managing Director at Speyside Equity, he buys lower-middle-market manufacturing companies, and in this episode he tells Doug Foley exactly how a disciplined buyer thinks.

They get specific. Eric explains what owners get wrong about private equity — including why a strategic buyer, not a PE firm, is the one more likely to restructure — the single question that reveals whether a business runs on systems or on one person, and the philosophy that names his whole approach: close is not completion, it’s commencement.

He breaks down why the industry is splitting into small focused funds and giant generalists, what Speyside looks for in a management team, and the three things every first-time seller should do before going to market, including why a good investment banker is worth their weight in gold.

If you own a manufacturing, trades, or services business and you will one day sell it, this is the buyer’s side of the conversation you rarely get to hear.

In this episode: what owners get wrong about private equity vs. corporate M&A, the business life cycle and the right CEO for each stage, Speyside’s human capital assessment framework, the three-week vacation test for founder dependency, what makes a management team investable, “invest in what you know” and Eric’s path from the shop floor to the deal table, why close is commencement rather than completion, the bimodal private equity industry and why ego multiples rarely hold, and how to pick a partner and a banker across the 18 to 24 month runway to a close.

Disclaimer: All expressions of opinion in this podcast are subject to change without notice and are not intended to be a forecast of future events or results. There is no assurance that any trends discussed will continue or that any projections will be met.