Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors If You’re Not Using This $450M PE Framework, You’re Already Behind
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Dec 29, 2025 
Eliot Kerlin, co-founder and managing partner of Broadwing Capital with 20+ years in operational private equity, shares a $450M operational playbook for lower middle-market buyouts. He covers a 10-day hot list and 120-day plan, a five-part value-creation framework, first-90-day KPIs, sourcing strategies, underwriting for today’s rates, and how to drive change without disempowering teams.
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Win Sellers With A Proven Operational Playbook
- Differentiate by building a repeatable operational playbook and show proven results to win seller and management trust.
- Use that playbook to partner with founders, not just transact, to secure long-term alignment.
You Can't Eat LTM EBITDA
- Don't underwrite a business on LTM EBITDA alone because past results don't feed tomorrow's cash flow.
- Focus on forward-looking drivers: volume, pricing, margins, and adjusted pro forma assumptions.
Use A 10-Day Hot List Then 120-Day Plan
- Prioritize a 10-day hot list then a 120-day 'Fortify the Foundation' plan with owners for accountability.
- Sequence initiatives: talent & technology, growth acceleration, ops optimization, asset monetization, and stakeholder impact.