In this episode we discuss: What can VC and PE backed operators learn from each other? We are joined by Sam Smith, the founder & MD of PepTalks, a training provider for private equity backed CEOs and their management teams. We chat about the following with Sam:  What are the types of PE companies? How are company valuations determined? How does the commercial model work between PE companies and LP’s? Can you shift track and move from VC-backed to PE-backed? How does a PE firm structure funds when they invest in an organisation?How does that structure impact the ability for the management team to make money?  How do share options work in VC-backed companies? What happens to the management team's equity when a second PE company buys the company? What does a successful COO look like in PE-backed companies? How does that contrast versus VC-backed?  How do VC-backed companies successfully ramp up headcount so quickly? How do you engage and motivate employees in PE-backed companies versus VC-backed?  References Sam SmithPepTalks Biography:  Sam Smith is the founder of PepTalks, a peer to peer training provider for private equity backed CEOs and Management teams. Founder of Marble Hill Partners an exec search and interim management consultancy which was sold to Henley Insights Group in September 2021. Summary:  Career relevance and identity after unexpected death. 0:05Bethany struggles with processing unexpected death of a friend, leading to a difficult weekend.Bethany and Brandon discuss feeling less relevant in their careers as they age, with millennials taking over management positions.Identity, ambition, and financial freedom. 3:35Bethany: Realized identity wasn't tied to work after leaving peak role, causing discomfort & self-reflection.Brandon: Ambiguity of mattering in work life vs. personal identity, with age & finite time, leads to essential questions.Bethany and Brandon discuss the importance of financial freedom and its impact on their lives, including the ability to think long-term and prioritize personal growth.Brandon highlights the importance of allocating time for networking and learning, even when not directly relevant to work, to maintain personal direction and growth.Entrepreneurship, private equity, and networking. 9:02Bethany and Brandon discuss networking and success in business with Sam Smith of pep talks.Private equity fundraising and investment strategies. 11:07Sam Smith explains the commercial models of private equity, including the need for return on investment and the importance of valuation based on EBITDA multiples.Bethany asks about the recurring revenue of a 20-500 million enterprise value business, and Sam provides examples of private equity funds for different transaction sizes.Sam Smith outlines a plan to raise £500 million for a private equity fund,...