Lessons from 100+ Acquisitions You Can Implement TODAY | Joe Liemandt

In this deep dive, we unpack the operating philosophy of Joe Liemandt - builder of Trilogy Software and ESW Capital, and now the force behind Alpha School - including lessons from 100+ acquisitions. Liemandt became a billionaire by buying sleepy software assets and turning them into cash machines, vanished from public view for years, then re-emerged with a mission to rebuild systems from first principles. This episode isn’t about education - it’s about how great operators think.The SponsorThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformTimestamps00:00 Intro: Who is Joe Liemandt & why this episode01:16 The real job of a boss: raise the bar03:25 Reality-distortion & Trilogy’s elite culture06:44 Expect more than they expect of themselves08:46 ESW Capital’s “insane” bet: buying legacy software09:20 Sponsor: CapitalPad12:47 Pricing power: why most companies undercharge14:33 Value-based pricing: the ESW playbook16:15 Pricing moats17:56 The real bottleneck: motivation vs information19:48 Hiring for fire21:27 Inner scorecard23:12 Information is commodity; motivation is scarcity24:45 Leaders as motivators26:10 Systems that reward curiosity, not compliance27:06 Closing framework: light the fire27:55 “Customers have the answers” - sit with end usersSupport our SponsorCapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.