In today’s episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.

[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.

[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.

[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.

[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.

[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.

[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.

[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.

[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.

[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.

[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.

[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.

[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.

[18:21] Jared’s recommendations: Bain's Dry Powder, Adam Coffey’s Private Equity Playbook, Dan Cremons' Winning Moves.

[19:39] Contact Jared at jwiesel@revenueanalytics.com or on LinkedIn.

[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.

Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso’s long-term partnership model is flipping the script on traditional roll-ups.

[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition

[00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA

[00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch

[01:50] Lessons from Walmart and foundation of Kelso

[02:21] Mistake PE firms make: copying each other, bidding up same assets

[03:05] Advice: PE should pursue untapped markets and take first-mover risks

[04:21] Kelso's differentiator: deep focus on one long-term strategy

[05:49] “All in” mindset and scaling Kelso as one big platform

[06:18] First acquisition story: moving to AZ, transition challenges

[07:46] Struggles, COVID, and lessons learned from initial takeover

[08:43] Pivot to partnership model after burnout and realization

[09:42] Defining partnership: skin in the game, shared long-term vision

[11:08] Case study: Pancho in Idaho becomes the blueprint for future deals

[13:03] Criteria for Kelso partnerships and alignment with long-term goals

[14:00] Integration learnings: then vs. now at deal #25

[14:50] Kelso now offers finance, legal, HR, recruiting, and systems support

[17:44] Operational push: MEP+ and one-call solution model

[18:43] Scale enabling better integration and centralized resources

[19:12] Raw Selection salary reports plug

[20:11] Top 3 learnings: partnership, finance investment, data center boom

[23:23] Walmart story: monetizing eyeballs, retail media, Sam’s Club success

[26:17] Building a $250M EBITDA business unit through creative thinking

[27:42] Why HVAC: passion, mission-critical systems, smartest people on site

[28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”

Connect with Steve Carroll on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.

[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.

[00:29] Private equity mistake: solving adaptive people problems with technical solutions.

[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.

[03:49] Change takes time, but skipping the adaptive side slows everything down.

[04:45] “Intervention without diagnosis is malpractice.”

[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).

[07:38] Run changes in parallel to prove success before full implementation.

[08:33] Adaptive resistance often comes from fear of loss, not logic

[09:30] Key issue isn’t just communication—it’s the resistance behind it.

[10:55] Missed clarity of roles and vision derails integration.

[12:22] Diligence mistake: confusing deal confirmation with actual diligence.

[13:21] Integration failures often come from ignoring cultural misalignment.

[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.

[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.

[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.

[20:34] Sellers always experience some remorse—plan for it during diligence.

[22:00] Ask: “What does ending well look like for you?” Define success before they exit.

[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.

[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.

[29:32] Former founders can still add value via advisory roles or special projects.

[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.

[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.

[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.

[38:39] Book recs:

• Why Should Anyone Be Led by You? – leadership authenticity
• Falling Upward – personal development and meaning
• Necessary Endings – pruning for growth

[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.

[40:58] Falling Upward explores this journey.

[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!