Interview Q&A

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1. You spent eleven years at Keyence on factory floors - from Tesla and Intuitive Surgical in Silicon Valley to regional shops across Florida and the Southeast. Most people who do that become better salespeople. You became an acquirer. What did you see in those shops that others were missing?

It was actually 14+ years at Keyence. I started there in 2012, right after graduating from college.

As for sales versus becoming an acquirer, it was not that I saw something in shops that others missed. At Keyence, I became a strong salesperson and developed communication, time management, leadership, and collaboration skills—especially from a management perspective. But most people who work at Keyence do not go on to acquire companies.

What I found was a clear vision for the life I wanted to build. In 2018, I committed to owning a manufacturing company. That conviction—and the determination to turn it into reality—is what set me apart.

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2. You founded HIHG in 2018 and didn't close your first acquisition until 2026. That's a long time to be building something without a deal to show for it. What does that runway actually look like for an Independent Sponsor, and what kept you convicted?

I used to box competitively, and after I stopped competing, I trained amateur fighters. A lot of people walk into a gym saying they want to be world champions or compete at a high level. I always think, “Sure.” It is one thing to say you want something and another to do the work. Let us see if they still want it after sparring someone better than they are and taking a body shot. Let us see if they still want it when they are exhausted but still have three more miles to run. Saying it is easy. Doing it is hard.

The interesting thing about boxing is that the mindset applies to everything. You want to be the best salesperson in your company? A director? A house flipper? A business owner? Fine—but there is a road you have to take to get there. The real question is whether you are willing to take it.

In 2018, when I said I was going to own a manufacturing company, I meant it. I committed to that path for as long as it took. I looked to people like Colonel Sanders, Thomas Edison, and Jack Ma for inspiration to keep going no matter what. I knew the road would be hard. I knew there would be highs and lows. Most importantly, I knew the fastest way to fail was to quit—so I kept going.

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3. You earned your CM&AA while still at Keyence - a credential most Independent Sponsors don't have. When you're in a room with a seller or a capital partner, how much does that technical dealmaking foundation actually matter versus just having closed deals?

There are two parts to this question. First, the CM&AA credential. When I decided I wanted to own a manufacturing company, I knew nothing about M&A. My degree is in Mechanical Engineering, with a minor in Mathematics and an emphasis in Robotics. I did not study finance. I had never looked at a balance sheet or income statement. I did not know what a CIM was, let alone what an Independent Sponsor was. But I knew everything starts with a first step, and momentum builds if you keep moving forward.

I came across the Alliance of Merger & Acquisition Advisors and the CM&AA certification. It was a one-week course with an exam at the end. I made it a point to tell everyone in that class that my goal was to acquire a company. From there, I started building my network.

For most people, the CM&AA designation probably does not matter much. No one ever highlighted it directly. But I did meet other people with the credential who helped me tremendously.

The second part of your question is how much the technical dealmaking foundation matters. It matters a lot.

You need to know your fundamentals—especially as an Independent Sponsor. People draw conclusions from how you speak, often subconsciously. If you are talking to a broker and you do not understand the basics, they will dismiss you. A seller will not want to hand over a business if they do not believe you can grow it. Lawyers, accountants, private equity groups—everyone is evaluating you based on how you discuss the deal. Fundamentals are essential.

I also know many people who worked at larger firms, completed hundreds of millions of dollars in transactions, and then assumed they could do the same on their own. They move from being employees to becoming Independent Sponsors and expect to raise capital easily. But those deals were on the firm’s track record, not their own. Once they go

independent, they realize things are different. Deal flow can be harder to find. Investors can be harder to secure. At a firm, there is often already a fund behind you. As an Independent Sponsor, you do not have that luxury.

I know many people in that position. Two years in, they still have not closed a deal because they are trying to operate as if they still have firm-backed capital. Having closed deals before does not automatically mean you can make things happen on your own. In lower middle market M&A, you have to know how to do it all. If you are not ready for that, this may not be the right path.

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4. Byford has customers who've been with the business for over twenty years. For a first platform acquisition, that kind of retention is both an asset and a concentration risk. How did you underwrite the customer relationships, and what gave you confidence?

I have spent a lot of time around machine shops, and in the lower middle market, many of them look similar. The seller has usually been in the business for 20+ years—either as the founder or someone who worked their way up to ownership—and is now ready to exit. Most of the company’s business comes from word of mouth and repeat customers, and a small number of customers often account for most of the revenue.

If you think like everyone else, a customer representing 30% to 40% or more of revenue looks risky. The obvious question is, “What if that customer leaves?” But in the machine shop world, that is not the only question. I wanted to know why that customer had stayed with the shop for so long.

In this industry, customers are constantly getting bids from other machine shops. So if one shop keeps winning the work, something important is driving that loyalty. Price matters, but it goes deeper than that. Parts must be machined to tight tolerances. They have to pass first article inspections. Customers need flexibility on partial shipments. Communication matters. Trust matters.

So instead of asking surface-level questions, I went deeper. I wanted to understand the core reasons customers kept coming back, then ask myself whether I could preserve those strengths and still grow the business. I believed the answer was yes. That gave me confidence, and it also helped build credibility with the seller because he could see I was asking the right questions.

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5. You stepped in as President of Byford - not just owner. For the Independent Sponsor community, there's always a debate about how hands-on to get post-close. What drove your decision to take the operating seat, and what has it cost you and given you?

This goes back to the vision I had for my career. I did not just want to own a company from a distance. If it was going to be my company, I wanted to be involved. I wanted to understand how my employees think, hear their problems, and be there as they solved them. I wanted to be boots on the ground. There is no better way to learn a business than by being involved in the day-to-day.

I knew there would be a learning curve, just as there had been at every other stage of my journey as an Independent Sponsor. You keep going, keep learning, and keep improving.

What also gave me confidence to take the driver’s seat was the amount of preparation I had done beforehand.

In 2014, I told myself I was going to be successful. But I quickly realized I did not know how to define success. The first answer people usually give is money. But plenty of people are wealthy and unhappy—does that make them successful?

That question sent me on a long search to define success for myself. I started reading relentlessly—leadership, personal development, biographies, management—book after book, always learning.

By 2026, all of that learning had compounded. I felt comfortable in the driver’s seat because I had studied how others grew their companies and handled that responsibility. Seeing how they approached it gave me confidence that I could do the same.

So what did it cost me? I relocated my family to Central Texas to be here. But my wife and I had already agreed that we would go wherever the deal took us, so I did not view that as much of a sacrifice. I also deal with constant problems—but that is part of the appeal. I love solving problems. Honestly, it has not cost me much, because this is exactly what I wanted and committed to do.

What has it given me? In the six months I have been here, the amount of knowledge I have gained has been incredible. I have learned about people and the many roles inside a machine shop—what motivates them, what makes their jobs easier, and what creates friction. I have learned how machine shop economics work: how program time affects profitability, which jobs we want to run, what skills we need to hire for, and how it all ties back to the bottom line. I have also learned about the economic conditions affecting our

business, our competitors, and their strengths and weaknesses. And that is only the beginning.

If you are an Independent Sponsor, I strongly recommend getting boots on the ground—especially if you have never closed a deal yourself or actually run a company. I believe it is

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6. Independent Sponsors in manufacturing often struggle to convince capital partners they can actually run the business, not just buy it. How do you make that case, and what do you look for in a capital partner who genuinely gets the industrial space?

The big takeaway is that an Independent Sponsor needs to stay in a lane they know well. If you understand the industry, you will see a deal and form a clear vision for it. If you can communicate that vision effectively, most capital partners will engage. At the end of the day, an Independent Sponsor is an entrepreneur—you have to sell the vision.

In my experience, there are usually two kinds of capital partners: those who know the industry and those who do not. If they do not know the space, they will rely on you as the expert and watch closely for signs that you lack credibility. If they do know the industry, they will do the same—but they will also ask sharper, more specific questions to test your thesis.

Buying the company is only the first hurdle. The real challenge begins after the transaction closes. To convince capital partners that you can run the business, you need a thoughtful, clear, and concise thesis—and you need to present it intelligently.

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7. The CNC machining market is fragmented, relationship-driven, and largely off-market. Walk us through how you're actually finding deals - and what's working that you wouldn't have expected.

Before acquiring Byford, my deal flow came from the broker network and databases I had built over many years. PrivSource is a good example. Because it requires a paid subscription, it filters out a lot of tire-kickers and tends to surface better opportunities.

Now that I have acquired Byford, my deal flow looks different. I am still looking at broker-led opportunities, but I am also meeting machine shop owners in person and gauging their interest in selling.

I believe that approach is building a very strong pipeline for our next acquisition.

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8. You're targeting oil & gas, energy, aerospace, and defense end markets across multiple shops. As you think about building the platform, how do you balance end-market diversification against staying focused enough to have an edge?

At the end of the day, we are evaluating machine shops. A machine shop takes a 2D drawing, turns it into a 3D model, and then creates a program to machine raw material. The end market matters less than whether that process holds true and whether the key people are in place to execute it.

Viewed through that lens, we are staying highly focused—and we believe our specialized knowledge in machining gives us a real edge.

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9. There's a version of this thesis that a lot of people are chasing right now - manufacturing consolidation, American reshoring, defense tailwinds. What do you think most people getting into this space are getting wrong?

A lot of people think reshoring, tariffs, and other macro factors mean they can buy a machine shop and business will simply show up. That is far from the truth. Business will never just come to you—you have to earn it.

You have to differentiate yourself. You have to understand the customer. You need strong quality procedures. You need to understand your machines and where the bottlenecks are. There are many variables in play.

The biggest mistake people make is thinking this is simple. It is not.

But if you are willing to accept that it is hard, accept that it takes real work, and do that work anyway, then you are onto something.

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10. What do you know now - after closing Byford and sitting in the operator seat - that you wish every Independent Sponsor considering a manufacturing acquisition actually understood going in?

Buying a company is only the first step. Even that step is difficult: sourcing the right business, raising capital, structuring the deal, and getting it closed. But closing is just the beginning.

Once you own the company, the real work starts. You have to run it, grow it, and take full responsibility for the outcome.

Every Independent Sponsor needs to understand that this is a long-term commitment. Entrepreneurship is demanding, uncertain, and often uncomfortable—but that comes with the territory.

You have to learn to embrace that reality.

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Bonus: We always leave room for the one thing we didn't think to ask - what didn't we ask that you actually wanted to answer/share?

What does it take for an Independent Sponsor to get a deal done?

After years of pursuing a deal—and ultimately closing one—I believe three fundamentals matter most when you are trying to complete your first acquisition:

- Persistence: Keep going. You will face rejection, delays, and moments when progress feels invisible. You will be tempted to quit. Do not.

- Learn: Commit to constant improvement. Develop your health, communication, mindset, industry knowledge, and M&A skills. Learn from people who have already done it, and never stop learning.

- Network: Once you have a clear vision, share it. Talk to people. Early on, do not try to appear bigger than you are—ask for help. Over time, your network compounds. One connection can lead to the person who helps you find the right deal or raise the capital to close it.

If you let those three things compound—persistence, learning, and network—eventually a deal will happen. It is not a matter of if, but when.

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