"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

James Bohannon
EP.
47
with
James Bohannon

Family Offices + Independent Sponsors = Strong Match

James Bohannon of Belzberg & Co explains how family offices evaluate independent sponsors, the power dynamics of LP relationships, and why choosing the right capital partner matters more than closing any deal.

Michael Healy
EP.
46
with
Michael Healy

The 16-Year Path to a $175m Revenue Portfolio

Michael Healy founded Gardner Standard in 2010, building a unique independent sponsor strategy focused on legally complex deals like bankruptcies and distressed situations.

Peter Lehrman
EP.
45
with
Peter Lehrman

Axial's Lessons From 10,000 Lower-Middle Market Deals

Peter Lehrman of Axial shares tactical insights on how independent sponsors source, win, and fund deals in the lower-middle-market M&A space.

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.