Think PE buyers care most about your EBITDA? Think again. In this episode of CEOs Unscripted, host Jane Gentry sits down with Paul Idziak: PE advisor, former CEO of GV Windpower North America, and field service industry veteran to pull back the curtain on exactly what private equity firms evaluate before writing a check.

Whether you’re thinking about selling in 3–5 years or simply want to build a more valuable business, this episode is packed with the unfiltered truth most business brokers won’t tell you.

Key Topics Covered:

• Why management team quality beats financials as the #1 due diligence factor
• The real reason client concentration can tank your valuation overnight
• What PE firms mean by “selling the future, not the past”
• How free cash flow matters as much as EBITDA, and why founders miss this
• The M&A muscle, greenfielding capability, and other factors buyers quietly score you on
• Why you should conduct a Quality of Earnings (QoE) study on yourself before going to market
• How to vet a PE firm the same way they’re vetting you

📌 Episode Timestamps:

• 00:00 — Cold open: What PE looks at first (it’s not financials)
• 01:02 — Welcome to CEOs Unscripted
• 02:38 — Paul’s background: energy services, PE exits & advising
• 05:22 — Demystifying private equity for CEOs
• 06:39 — #1 due diligence factor: management team
• 08:30 — Does it have to be the founder? No — here’s why
• 09:20 — Leadership succession & its impact on valuation
• 10:44 — How PE evaluates cultural fit with management
• 12:54 — “You’re selling the future, not the past”
• 14:32 — Evaluating growth potential: markets & talent
• 16:02 — Recruiting, retention & training as valuation factors
• 18:49 — Culture KPIs buyers actually look at
• 20:22 — Client concentration: the deal-killer no one talks about
• 23:10 — Contracts, blue-chip clients & recurring revenue
• 25:33 — Why profitability per client matters more than revenue
• 28:14 — The hidden cost of difficult customers
• 29:10 — M&A muscle & greenfielding: what excites buyers
• 30:41 — Technology stack & ERP maturity
• 33:21 — Is AI on PE’s radar yet?
• 34:10 — Job costing: the discipline most companies lack
• 36:23 — Free cash flow vs. EBITDA, what founders miss
• 38:32 — Pricing strategy & protecting your margins
• 41:49 — Accounts receivable: why founders avoid collecting
• 43:45 — Full due diligence checklist recap
• 45:35 — What to clean up before going to market
• 46:54 — Why you should run a QoE on yourself first
• 48:11 — What PE actually needs to see in your processes
• 50:55 — Not all PE firms are equal, how to vet your buyer
• 53:47 — Book rec: The Private Equity Playbook by Adam Coffee
• 55:35 — Teaser: Paul returns to talk life as a PE-backed CEO operator
• 56:47 — Jane’s closing thoughts

🎙️ About CEOs Unscripted:

CEOs Unscripted is a bi-weekly podcast for mid-market CEOs — no fluff, no jargon, just real conversations with founders and executives who’ve been in the trenches.