"I Sold My Business to an Independent Sponsor"

Aaron Stahl sold P3 Cost Analysts to an independent sponsor after 21 years, choosing trust over complex PE terms to reclaim time and enable growth.

Aaron Stahl

Aaron Stahl sold his business in 2025 to an independent sponsor. He had spent the previous 21 years founding & building P3 Cost Analysts, a cost reduction consulting company. The change in ownership, he states, was necessary to take risks and grow, and it also enabled Aaron to reclaim his most important asset: time.

Minds Capital is an equity fund for independent sponsors. We invest $1-3m of equity per platform and average one commitment per month.

This episode is sponsored by

Aaron launched P3 in 2004 with $0 in the bank and a "no savings, no fee" model that took 4 years to break 6 figures. In 2012, Aaron recapitalized with partners, which prompted renewed focus on growth that professionalized his $300k job/shop into a $6m revenue engine run by 80 specialized contractors. His LPs eventually realized 10-12x MOIC over the following decade.

Aaron treated P3 as a lifestyle business, taking 3 separate sabbaticals in 2011, 2017, and 2023. The sabbaticals also pressure-tested the firm's autonomy: he spent months in Medellin and Alaska, proving the business could breathe without him. He eventually codified this, offering staff 1 month of paid leave at 5 years and 3 months at 15 years.

By 2024, Aaron hit the "operator ceiling" and hired an advisor to run a formal auction. The process stalled as election uncertainty and tariffs turned 30 projected bids into just 6 LOIs with structures he didn't like. Aaron viewed the complex earnouts and aggressive PE structures as "shark-y", and ultimately killed the process and instead pursued a deal with a long-time friend and trusted partner.

Aaron chose an independent sponsor over the "sharks" because a trust-based deal with Mike Sutton of Guideboat Capital Partners offered more certainty than a messy auction. Aaron preferred Mike's transparent approach over the "exotic" terms offered by traditional PE funds, or the uncertainty of partnering with smaller-scale searchers. The structure allowed partners to roll equity while Aaron stepped into a Board role, successfully solving his "money problem" while installing a CEO for the next climb.

More recent episodes

Grant Kornman
EP.
83
with
Grant Kornman

The $600M Bet on Independent Sponsors

Grant Kornman co-founded NCK Capital as an independent sponsor in 2013, then moved to the capital side with Align Collaborate in 2023. Align now manages $600m+ across 2 dedicated funds and writes $10-40m equity checks into sponsor-led LMM deals. Grant has watched the independent sponsor market evolve from both sides.

Greg Brown
EP.
82
with
Greg Brown

815 Independent Sponsor Deals Analyzed

Greg Brown is a Professor of Finance at UNC Kenan-Flagler and Founder of the Institute for Private Capital. On July 15, 2026, he published the first large-scale study of independent sponsor performance, covering 815 deals. Investor-reported transactions generated a 2.86x average gross TVPI and 29.3% gross IRR, outperforming matched non-IS PE deals by 0.73x TVPI and 11.4% IRR on average, with no statistically significant increase in downside risk.

Sequoya Borgman
EP.
81
with
Sequoya Borgman

When Equity Oversubscribes 2-3x

Sequoya Borgman is the first repeat guest on the Minds Capital Podcast. Since his last appearance, Borgman Capital has exited 1 company (4x+ net MOIC) and acquired 2 more (Minds Capital invested in the latest one, PCCD)

new episode every week
new episode every week
new episode every week
new episode every week
new episode every week
new episode every week

Be the first to know about new episodes!

Receive summaries of our weekly interview drops:
Thank you! You've subscribed to our podcast list.
Oops! Something went wrong while submitting the form.
Want to recommend a guest for the Minds Capital Podcast?
Send an email to podcast@mindscapital.co.