Kelly Conway’s Post

Sleeping Giant Capital It’s been a minute and since I last posted a lot has happened! The political billboards disappeared almost overnight, I upheld my annual tradition of forcing the family to run a Turkey Trot (see picture—every family has that one family member/kid!), and winter has officially arrived in Southwest Michigan. I’m now five months into my search to buy or build a mid-sized Human Capital firm. So, how’s it going? Two words: buckle up! This journey feels like a fast car on a winding road—it’s not for the faint of heart. Here’s the latest: I’m in due diligence on one firm, actively engaging with seven others, and starting conversations with four more that look promising. I also had to say goodbye to a few firms this month—the “it’s me, not you” conversation is very real and hard. I’m focused on finding the right fit to build a strong foundation for this platform. I’ve kicked a lot of tires, but now I’m now looking under the hood. It’s been an exciting, fast-paced ride, and I wouldn’t trade it for anything! My theme song for the month Tracey Chapman or Luke Combs (pick your version) You got a fast car I want a ticket to anywhere Maybe we can make a deal Maybe together we can get somewhere What I’ve Learned This Month: 1) Cars may look the same, but they don’t drive the same. Diving into quality of earnings and understanding how businesses navigate down cycles has been eye-opening. These details reveal so much about the “ride” each business offers and its ability to handle bumps in the road. 2) Owners LOVE their cars. I have so much admiration for the hard work and dedication owners pour into building their businesses—it’s truly inspiring. That said, the “Kelley Blue Book” value is what it is, and while I wish I had unlimited funds to match every owner's expectations, I have to stay realistic about valuations. Balancing this with respect for their achievements is one of the tougher parts of the journey. 3) Taking a test drive and walking away? Let’s just say it’s harder than leaving a puppy at the pet store. Honestly, I kind of want to buy ALL the cars! But my garage only has room for so much. My hope is to acquire great platform firms now and, as we grow, have the cash flow to pick up smaller businesses as strategic tuck-ins or bolt-ons. It’s all about building something amazing, one step at a time! The Stats 11: Active deals in the pipeline 14: Deals walked away from either not ready or not a good fit 1: LOI Signed and in Due Diligence 1: Broken Toe (long story) 379: Deal Calls or owners I have talked with Wishing you a joyful Christmas! #TalentAlwaysWins P.S. Own an HR services business and considering an exit? Email me at [email protected] or PM me. Own a manufacturing business? Check out Jessica and Mitch—Sleeping Giant Capital could be the perfect succession partner: https://lnkd.in/eX2i8mZg   Doug Lepisto Derrick McIver Janice Oshinski Jessica Sweet Mitch Brownell