A rollup can look attractive at signing: cash today, equity in a larger platform, and the promise of participating in what gets built next. But sellers rarely spend as much time understanding what sits above that equity, what has to happen before it becomes liquid, or whose economics take priority when the platform eventually exits.

Bill Johnson, Founder, Chairman & CEO of The Liberty Company Insurance Brokers, has completed roughly 50 acquisitions while building Liberty without PE equity capital. He joins Kison Patel to challenge some of the assumptions behind acquisition-led growth and explore what buyers and sellers often discover only after the deal is done.

What You'll Learn

What sellers should understand about common vs. preferred equity
How investor timelines can change deal economics after close
Why seller character is so difficult to diligence
What happens when acquisition growth outruns integration capacity
How Liberty balanced M&A, organic growth, and leverage
When red flags between LOI and close should make you walk away

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Why PE Rollups Fail the People Who Built the Business

M&A Science

Why PE Rollups Fail the People Who Built the Business