In this episode, we dive deep into the fascinating (and sometimes salacious) business of fishing. 🌊 We explore the journey of Simms Fishing, the iconic brand that went from a family-owned boutique in 1980 to a $1.3 billion private equity play.

What happens when a brand built on craftsmanship and "Mom and Pop" loyalty scales for the masses? We discuss the recent retail boycott by small fly shops, the impact of the COVID-19 outdoor boom, and why professional guides are starting to ditch their favorite gear.

In this episode, you’ll learn:

• The Evolution of Simms: From specialized craftsmanship to a $1.3B valuation. 📈
• Private Equity vs. Quality: How "roll-up" strategies and PE ownership can change a brand’s complexion and alienate its core customer base.
• The Big-Box Shift: Why Simms moved away from small shops to cater to giants like Bass Pro Shops and Cabela’s. 🛒
• Market Strategy: The "Louis Vuitton" model of addressing different market segments without cannibalizing them.
• Personal Fails: Emily shares her hilariously embarrassing fishing excursions, including catching a glove and—ouch—her own arm. 🩹

Whether you're a business strategist, a private equity enthusiast, or just an angler wondering why your waders feel different, this deep dive into the outdoor industry is for you!

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

📉 Is the Private Equity model fundamentally broken, or is it just a pause?

In this episode of the Private Equity Experience, hosts Ed Barton, Rory Liebhart, and Emily Sander dive deep into the "structural reset" currently hitting the industry. Based on recent data from Cascadia Capital, the team debates whether the recent slowdown is a temporary cyclical pause or a permanent shift in how private equity operates.

Inside this episode:

• The Family Business: Ed shares a personal update on hiring a "nepo baby" to navigate a challenging tax season.
• Structural Reset vs. Cyclical Pause: Why 30-40% of existing PE funds might not be operating in five years.
• The Rise of Secondaries: Understanding why continuation vehicles now make up 30% of PE exits.
• The Valuation Gap: Dealing with the "bid-ask spread" and the reality of 13x vs. 9x EBITDA multiples.
• Transparency is King: Why Limited Partners (LPs) are moving from a "just trust us" mentality to demanding hard numbers and predictable returns.

Key Takeaways:
Whether you are an investor, a business owner, or a finance professional, understanding these new market forces—from the $1.4 trillion in unrealized value to the increasing competition from family offices—is crucial for navigating the 2026 landscape.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Does private equity just optimize businesses, or does it optimize the entire playing field? 📈 In this episode of The Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart pull back the curtain on the "sophisticated" world of public policy and lobbying.

We dive deep into how private equity firms use their outsized weight to influence laws, regulations, and tax codes to protect their returns. From the famous (and controversial) carried interest tax treatment to "rent-seeking" strategies that create obstacles for competitors, we explore the tools PE firms use to ensure their portfolio companies stay on top.

In this episode, you’ll learn:

• The Power of Politics: Why politics might be the most important form of leverage for PE firms.
• Carried Interest Explained: Why this "bonus" is taxed at long-term capital gains rates instead of ordinary income.
• The Lobbying Machine: How firms like Blackstone and KKR use internal teams and industry coalitions to shape legislation.
• Rent-Seeking & Regulation: How businesses use the government to create barriers for their competition.
• Litigation as Strategy: Using the courts to interpret and influence policy when lobbying isn’t enough.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory