Lee Minkoff, Managing Director, Renovus Capital Partners

In this episode of From Angel to Exit, host Bruce Eckfeldt speaks with Lee Minkoff, Managing Director at Renovus Capital Partners, about how private equity buyers approach founder-led, service-based companies in the lower middle market. With a focus on businesses under $10M in EBITDA, Lee shares how Renovus uses a sector-focused strategy to transform these often-overlooked firms into premium platform companies.

Lee outlines Renovus’s “RCP playbook,” which emphasizes thematic investing across knowledge and talent industries: education, healthcare, IT, and professional services. Rather than relying on arbitrary platform definitions, they invest behind a thesis, starting small and building scalable companies that are attractive to up market buyers. Many of their most successful add-ons have outgrown the original acquisition, highlighting their agility and commitment to compounding value.

The conversation dives into deal sourcing (mix of proprietary and brokered), the importance of founder alignment, and why relationship fit matters as much as price. Lee also explains why some founders struggle post-transaction—often due to a mismatch between expectations and post-sale roles—and how Renovus evaluates intangible metrics like delivery capacity, value per head, and team utilization in service-based models.

Founder-CEOs considering an exit will benefit from Lee’s candid insights on valuation expectations, how to avoid common prep mistakes, and the importance of getting mentally and operationally ready for sale. This episode is a rare glimpse into the mind of the buyer—and a blueprint for those hoping to be bought.

Key Takeaways

• Founder-led firms often overestimate EBITDA value by ignoring missing infrastructure costs
• Renovus focuses on investing in theses, and not the perfect first platform company – prioritizing industry tailwinds
• The best time to sell is when both growth and transformation potential align
• Fit and transparency are crucial: founders must envision working with buyers post-close
• Lower-market deals require strategic hands-on support, not heavy operational control
• Relationships drive deal flow: most deals emerge from vertical-specific networking
• Founders often underestimate the post-sale emotional impact and role transition
• Having a clear five-year vision pre-close improves execution and alignment post-close

Timestamps: 00:00 – Introduction to Private Equity and Lee Minkoff's Background 02:50 – Understanding Renovus Capital's Investment Strategy 05:24 – Identifying Ideal Investment Opportunities 08:19 – The Process of Sourcing Deals 11:00 – Evaluating Potential Investments 13:48 – Navigating the Sale Process for Founders 16:24 – Differentiating in a Competitive Market 19:17 – Market Trends and Future Outlook 22:17 – Conclusion and Key Takeaways

Links & Resources

• Lee Minkoff

  • Email: lee.minkoff@renovuscapital.com

  • Website: renovuscapital.com

  • LinkedIn: Renovus Capital

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What do anthropology and exit strategy have in common? For Ujwal Arkalgud, everything. In this insightful episode, Ujwal shares how he built a services business from scratch, used cultural insight to win Fortune 500 clients, and scaled into a SaaS platform with 70% EBITDA margins. His approach to engineering credibility, navigating buyer psychology, and preparing for an exit led to multiple private equity offers—and a successful sale within 3.5 months. Founders eyeing scale or exit will find practical gold in Ujwal’s unconventional path.

Key Takeaways:

• You don’t need pedigree to win enterprise clients—just a counterintuitive insight and clear POV.
• Build credibility by solving curiosity gaps, not showcasing credentials.
• Services businesses can be powerful cash engines—use them to fund product innovation.
• Transitioning from services to SaaS often means short-term pain for long-term valuation gain.
• A clean, disciplined P&L with no personal expenses is key to investor trust.
• Bundle tech + services wisely to protect ARR and maximize valuation.
• Structuring your company for exit should start 2–3 years before a sale.
• Taking time off post-exit is essential—clarity and purpose come from space, not speed.

Timestamps

• 00:00 Introduction to Ujwal Arkalgud
• 00:48 The Journey into Entrepreneurship
• 02:30 Cultural Anthropology and Business Insights
• 05:07 Building Credibility in Business
• 08:36 Transitioning from Services to Technology
• 10:22 Strategic Planning for Exits
• 14:05 Navigating the Exit Process
• 17:21 Lessons Learned from Failed Offers
• 20:12 The Impact of COVID-19 on Business Growth
• 23:28 Preparing for Negotiations
• 26:13 Choosing the Right Buyer
• 29:42 Post-Exit Reflections and New Ventures
• 34:12 Future Aspirations and Advice for Entrepreneurs

Links & Resources

• Ujwal Arkalgud

  • Website: https://invisible-rules.com

  • LinkedIn: linkedin.com/in/ujwalarkalgud

  • Instagram: @ujwal.arkalgud

• Subscribe to the Podcast:

  • Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode.

• Newsletter & Exclusive Content:

  • Sign up for the free newsletter at eckfeldt.com/podcast for episode transcripts, bonus insights, frameworks, and community updates.

• Connect with Bruce & the Community:

  • LinkedIn: Bruce Eckfeldt

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  • Email:

    • podcast@eckfeldt.com

    • bruce@eckfeldt.com

Peter Lang went from burnout running a digital agency to building and exiting multiple businesses through programmatic M&A—all without outside capital. In this founder-to-founder episode, he shares how acquisitions helped him scale faster, unlock hidden value, and eventually step away from the CEO role entirely. If you’re running an agency or founder-led business and looking to scale or exit smart, Peter’s insights will change how you see growth.

Key Takeaways:

• M&A is a mindset shift—not just a tactic—for solving business growth problems.
• Proprietary deal flow beats broker-led acquisitions; relationships and reputation matter most.
• Motivated sellers are often emotionally driven—understand their “why” to unlock creative deals.
• First acquisition enabled Peter to scale M&A outreach by repurposing offshore sales talent.
• Selling is easier when you’ve bought before—processes like LOIs and diligence become standard.
• Value creation happens after the deal, especially through integration and team alignment.
• Most founders overlook M&A as a growth lever, focusing only on organic or VC paths.
• Agencies, by design, are problem-solving engines—making them ideal entry points for M&A operators.

Timestamps

• 00:00 Intro
• 02:13 Peter’s backstory: growing up in a family business
• 04:33 Blogging success
• 07:59 Acquisitions, PE, and lessons learned
• 11:05 Why pursue growth through M&A
• 17:03 Building systems/process so M&A actually works
• 24:02 Seller motivations + the emotional side of exits
• 27:28 Why most deals fail (incentives + common pitfalls)
• 35:26 Fast deal example: LOI → close in ~30 days
• 39:49 The 126-question questionnaire / readiness framework
• 44:02 Market outlook: interest rates + M&A over the next few years
• 47:25 Closing

Links & Resources

• Peter Lang
  • Website: Lang Acquisitions
  • LinkedIn: Peter Lang

• Subscribe to the Podcast:

  • Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode.

• Newsletter & Exclusive Content:

  • Sign up for the free newsletter at eckfeldt.com/podcast for episode transcripts, bonus insights, frameworks, and community updates.

• Connect with Bruce & the Community:

  • LinkedIn: Bruce Eckfeldt

  • Instagram: @bruce_eckfeldt

  • Email:

    • podcast@eckfeldt.com

    • bruce@eckfeldt.com