In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.

⏱️ Timestamps & Key Topics

00:00 – Introduction
Robert’s journey across founding, exiting, and re-entering private equity.

00:30 – Building & Selling a Business

Grew to ~80 technicians and exited at 29
Joined a PE-backed roll-up, completing 100+ acquisitions

01:21 – Biggest PE Mistake: People

Misalignment of talent and roles
Importance of matching personal goals with business needs

02:42 – Off-Market Sale Process

Relationship-driven deal (~18 months)
Shared vision and timing were key

03:40 – Why Sell?

Rapid growth (3M → 12M revenue)
Opportunity to scale within a larger platform

06:57 – Winning Deals

Human connection over price
Understanding seller motivations (legacy, growth, people)

09:18 – Scaling a Roll-Up

Leadership staying close to frontline teams
Challenges of tech and data integration

10:47 – Key Lessons

Retaining founders drives value
Equity rollovers create alignment

12:14 – Frontline Reality

Change fatigue is real
Strong leadership needed during integration

14:13 – Founder Retention

Tailor roles to individuals
“Right person, right seat” approach

16:36 – Buffalo Growth Partners

Focus: service businesses (“guys in trucks”)
Operator-led investment model

18:30 – Off-Market Strategy

Dedicated outreach + industry credibility
Aim to be the “first call” when owners sell

21:21 – Recommendations

Brad Jacobs (M&A & scaling)
Alpine Investors (people-first PE)
Bill Gurley – Running Down a Dream

🔑 Key Takeaways

People alignment is the biggest driver of success
Trust and credibility win off-market deals
Retaining founders unlocks long-term value
Execution and integration are critical
Operator-led PE is gaining momentum

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

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From Founder to Three Exits Building a Services Company and Selling to Private Equity

The Private Equity Podcast, by Raw Selection

From Founder to Three Exits Building a Services Company and Selling to Private Equity