1,500 Deals, 20 Acquisitions, 1 Gut Punch with Sequoya Borgman

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Sequoya Borgman, Founder & CEO of Borgman Capital, a Milwaukee-based independent sponsor firm that has completed over 20 acquisitions in roughly a decade. Sequoya shares how he left an 18-year career in public accounting — rising to Partner at a Big Four firm — to launch Borgman Capital in 2017 with nothing but a deal under LOI that promptly fell apart a week before close. He breaks down how the independent sponsor model actually works, why the first deal makes or breaks your track record, how people problems quietly tank more investments than anything else, and what Borgman looks for in the food and equipment rental spaces that keep them coming back.  In this episode, we discuss:  Why Sequoya walked away from a Partner-track career at a Big Four firm after 18 years in public accounting — and what finally pushed him to make the jump  The gut-punch of his first deal: an LOI lined up before he quit his job that collapsed a week before close when the seller chose his son instead  How he closed his first deal nine months after launching — a material handling manufacturer — and why that exit five years later set Borgman Capital up for everything that followed  The 2026 deal market reality: why only about 50% of deals are closing, big funds competing down market, and what that means for independent sponsors chasing $4–7M EBITDA businesses  Why the biggest risk in any lower middle market deal isn’t the business model — it’s the leadership hire, and how you usually know within the first 30 days if you got it wrong  The independent sponsor structure explained: deal-by-deal Reg D funds, over 500 LPs, co-sponsorship terms, and when Borgman brings in a mezzanine partner  Why food and equipment rental are Borgman’s favorite verticals — and why he’s closing on another equipment rental business tomorrow  How to reach Borgman Capital whether you’re a seller, a deal-finder looking to co-sponsor, or an investor looking to participate  Guest Contact Information  Sequoya Borgman  Founder & CEO, Borgman Capital  LinkedIn: https://www.linkedin.com/in/sequoya-borgman-8a6057a/  For business owners and deal partners: https://www.borgmancapital.com  For investors: https://www.passthehat.com  Additional Resources  Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities.  Contact Casey Minshew and Feras Moussa: [email protected]  Explore more: https://www.equity-launchpad.com  About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions. The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community. Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586 🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/