The rookie operator is now the veteran. In this episode of As The Deal Turns, Chris Nolte breaks down the "War of Attrition"—how sometimes the best career strategy isn't being the smartest, but simply being the last person standing. Listen to eh episode so you too can analyze the pivotal moment when an operator realizes they hold the leverage, and the specific risks of partnering with Family Offices versus Financial Buyers.

Chris discusses:

• The "Spouse" Analogy: Why Family Office mandates change emotionally, unlike committed PE funds.

• The Competence Paradox: Why being too good at your job can actually scare off family investors.

• Toxic Patience: When does "patience" become a mere code word for a lack of accountability?

• Roll, Sell, or Buy: The decision matrix every operator eventually faces.

Timestamps:(02:48) Family Office risks & changing mandates(06:33) The "War of Attrition" strategy(10:39) Why competence scares capital(14:54) Don't destroy the "magic" in M&A(17:15) When patience becomes a bad word(20:51) The myth of being your own boss

Resources:Website: AsTheDealTurns.comConnect with Chris Nolte on LinkedIn.

In this episode, host Chris breaks down one of private equity’s most defining decisions — when to buy, when to build, and when to walk away. Monroe Family Capital’s portfolio company, Iron Air, has transformed its business since acquisition, driving its multiple from 6.5x to 4.5x through disciplined operations. Now, the team sets its sights on North Shore Climate Services (NCS) — a premier HVAC contractor with a deep talent bench, strong client base, and valuable technical college partnership.The question: Should they pay up for a bolt-on acquisition, or build their presence from scratch?KEY TAKEAWAYS• The Buy-vs-Build Dilemma: Iron Air’s expansion hinges on whether acquiring NCS at a premium 8x–9x EBITDA multiple is worth the immediate market access and workforce advantages.• Operational Excellence Creates Value: NCS’s technical college partnership and focus on technician development highlight how strong workforce systems can drive higher valuations.• Discipline vs. Ambition: Monroe Family Capital’s team debates how far to stretch on price — testing whether strategic fit can justify a top-of-market deal.• Investment Banker’s Role: The episode reveals how a well-run competitive process creates market clarity and maximizes value for sellers — reinforcing why representation matters in middle-market M&A.• Aligned Incentives: Alex, Marla, and Derrick co-invest in the deal, ensuring that management and ownership share both the upside and the risk — a hallmark of professional private equity governance.

• Buy-and-Build Strategy in Action: By bolting on complementary operators like NCS, Iron Air aims to expand route density, market relevance, and blended valuation — showcasing a classic PE roll-up playbook.

Deal Snapshot — Iron Air & Target NCS

Iron Air — 1 year MFC Post-Close

• Trajectory: Steady growth in Western Suburbs; weekly scorecards, dispatch rules, & parts standards embedded.

• Constraint: Integration bandwidth is finite—service windows, technician load, & backlog risk.

• Strategic Goal: Enter Chicago’s North Shore to secure route density & defend the 3–5 year thesis.

Target — NorthShore Climate Services (NCS)

• Type: Bolt-on to Iron Air Services

• Size: ~$6M revenue; service-heavy with sticky municipal & hospitality contracts

• Footprint: Chicago’s North Shore

• Founder: Evan Park — brand-proud, process-wary, respected by facility managers

• Process: Banker-run broad auction; top-of-market ask

• Strategic Fit:

• • Route density → less windshield, more wrench time

  • Sticky renewals if SLAs are protected

  • Brand strength → best-in-region, stronger than Iron Air in the North Shore

• Primary Risks:

• • Overpay if “robust bidding” is real—or lose the market if it isn’t

  • More profitable, but also more technical accounts.

  • Corporate creep post-close is a fast track to earn-out friction.

If Won — Day-30 KPI

Targets: NPS ≥ 62

Backlog ≤ 3.0 days

First-Time Fix ≥ 78%

Truck Rev/day ≥ $1,850

Redo Rate ≤ 2.5%THE OPS PARTNER FOR HIGH-GROWTH OPERATORSThe difference between a good deal & a great one lies in execution. As an operator, you’re under pressure to scale fast — but building the right team takes time, money, and focus away from value creation.That’s why Chris Nolte built Kayana Capital. We partner with PE-backed operators to deliver embedded global talent, performance infrastructure, and operational rigor that accelerate growth.Stop letting hiring bottlenecks slow your portfolio’s momentum. Visit https://www.KayanaCapital.com to learn how we help build the teams that drive returns.

Iron Air Services Private to Private Equity. The Operator's Dilemma: Aligning Incentives and Unlocking Value

In this episode, host Chris Nolte dives into the human side of a private equity acquisition of a Chicago-based HVAC company. As Monroe Family Capital takes the reins, the management team is forced to confront a new reality of professional ownership. Chris unpacks the starkly different reactions from two key employees: Marla, the underappreciated operator who sees a new world of opportunity, and Reggie, the lifestyle-focused manager whose requests raise immediate red flags.

The discussion goes deep into the psychology of a deal, exploring how private equity firms align incentives to drive growth in a portfolio company. Chris also provides a masterclass on navigating the opaque world of family offices, breaking down the generational differences between risk-taking founders (Gen 1) and risk-averse stewards (Gen 3) that every investor must understand. Today’s episode is a must-listen for anyone in Private Equity, Venture Capital, or M&A looking to understand the critical human factors that can make or break a PortCo’s success.

• The Human Stories of Private Equity: This episode of As the Deal Turns emphasizes that the real stories are about the people involved in a deal and how changes in ownership impact their lives. The human element, from the boardroom to the dinner table, is critical for taking the risks necessary for growth.

• Decoding Family Offices: To effectively engage with a family office, you must first understand which generation you're talking to.

• • Gen 1: The wealth creators. They are risk-takers with absolute confidence in their ability to make back any capital they lose. They are often hands-on operators who built the company from the start.

  • Gen 2: The stewards of Gen 1's execution. They focus on institutionalizing the efforts of their predecessors, often by focusing on operations and upskilling the team.

  • Gen 3: The preservers. They tend to be more risk-averse and are focused on not losing the wealth their predecessors built.

• The "Lifestyle Business" Acquisition: Private equity firms often see a great strategic opportunity in buying stagnant "lifestyle businesses" that have untapped growth potential. The previous owner, Jerry, ran the company as a lifestyle business, which was not in the best interest of its growth or its key employees.

• Incentives Drive Everything: There is no stronger incentive than giving management a stake in the business. The new owners anticipated that employees might not have the capital for a co-investment and smartly prepared to offer loans, ensuring the incentive structure could be put in place.

• Identifying Talent and Red Flags:

• • Marla is identified as key to the deal's performance and history. She feels underappreciated but is confident she can double the company now that ownership and management interests are aligned.

  • Reggie raises a red flag by simultaneously asking for a loan to co-invest while also trying to protect his month-long summer vacation. This focus on lifestyle over growth puts him at risk in the new structure.

• The Positive Role of Private Equity: Despite occasional bad press, professional ownership plays a vital role in a well-functioning economy. It unlocks opportunities for stagnant companies and helps talented employees fulfill their capabilities and expertise.

The difference between a successful deal and a stalled one is execution. As an operator, you're under pressure to hit aggressive growth targets, but building the right team is slow, expensive, and often misses the mark.

That’s why Chris Nolte, built Kayana Capital — the ops partner for operators who don't have time to build it all themselves by providing embedded global talent, performance structure, and execution trust, so you can focus on driving growth, not hiring.

Stop letting hiring bottlenecks stall your portfolio's potential. Visit KayanaCapital.com to see how we build the teams that drive returns.