EP028: Teamshares: The Next Programmatic Acquirer

Episode 28 of the Pitch The PM podcast, hosted by PitchThePM, titled "EP028: Teamshares: The Next Programmatic Acquirer" was published on March 30, 2026 and runs 66 minutes.

March 30, 2026 ·66m · Pitch The PM

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Summary

Teamshares: The Next Programmatic Acquirer. Coming Soon: $LOKV → $TMSDoug Garber chats with Michael Brown (Teamshares, TMS) and Rick Hendrix (Live Oak, LOKV) about taking a programmatic acquirer of small businesses public via a DSPAC — the sourcing tech, capital plan, and why this opens a new asset class for investors. 🚀In this episode:How Teamshares buys retirement-sale SMEs, systemizes sourcing (70k leads → <1% close) and runs them as audited subsidiaries. 🧩The advantages of being public include a lower cost of capital and the ability to leverage the infrastructure the team has built to acquire and run SME’s efficiently. The large runway to continue to acquire companies at around 15-20% ROE’s.The company could be FCF positive in the near future and be self-funding. T. Rowe Price has already anchored the PIPE.Subscribe to the Pitch The PM newsletter for weekly market insights, episode follow-ups, and our job board!https://pitchthepm.substack.com/🎧 Listen on Spotify and Apple Podcasts.💡 Presented by AlphaSense: Free trial access💡Model tools by InSyncAnalytics: The complete buy-side model productivity suitThis episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://PitchThePM.comListen on Spotify • Subscribe for new episodes 🎧Disclaimer: Educational only — not investment advice.

Episode Description

Teamshares: The Next Programmatic Acquirer. Coming Soon: $LOKV → $TMS

Doug Garber chats with Michael Brown (Teamshares, TMS) and Rick Hendrix (Live Oak, LOKV) about taking a programmatic acquirer of small businesses public via a DSPAC — the sourcing tech, capital plan, and why this opens a new asset class for investors. 🚀

In this episode:

How Teamshares buys retirement-sale SMEs, systemizes sourcing (70k leads → <1% close) and runs them as audited subsidiaries. 🧩
The advantages of being public include a lower cost of capital and the ability to leverage the infrastructure the team has built to acquire and run SME’s efficiently.
The large runway to continue to acquire companies at around 15-20% ROE’s.
The company could be FCF positive in the near future and be self-funding.
T. Rowe Price has already anchored the PIPE.

Subscribe to the Pitch The PM newsletter for weekly market insights, episode follow-ups, and our job board!https://pitchthepm.substack.com/

🎧 Listen on Spotify and Apple Podcasts.

💡 Presented by AlphaSense: Free trial access💡Model tools by InSyncAnalytics: The complete buy-side model productivity suit

This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://PitchThePM.com

Listen on Spotify • Subscribe for new episodes 🎧

Disclaimer: Educational only — not investment advice.