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Published on:

15th Apr 2025

Winning Before the CIM: If You’re Waiting for the Book, You’ve Already Lost

How do top PE firms consistently win deals before they even hit the market? Today’s episode of Deal Sourcery pulls back the curtain with Justin Smith, Managing Director of Business Development at Agellus Capital. Justin reveals the playbook behind one of the most sophisticated intermediary-first sourcing functions in the middle market.

Matt and Dan sit down with Justin to dissect the strategies Agellus uses to build relationships, leverage data, and secure access to exclusive opportunities. Learn why pre-work is paramount, how to effectively utilize buy-side advisors, and the infrastructure needed to track every critical interaction. This is your blueprint for competing and winning in today's hyper-competitive deal environment.


CHAPTERS:

00:00 - Intro: Winning Deals Before the CIM Goes Out

01:19 - The Proprietary Deal Flow Debate: Insourcing vs. Outsourcing

04:19 - Understanding and Leveraging Buy-Side Advisors

07:51 - The BD Professional as an Account Executive: Driving the Conversation

10:45 - Building Rapport & Messaging to Founders

15:16 - Setting Up Your BD Infrastructure: CRM, Data, and Tech Stack

19:08 - Key Metrics: Tracking Conversations, Deal Flow & Missed Opportunities

21:41 - Banker Coverage Strategy: Tiering, Industry Focus & Road Shows

27:59 - Out-Hustling the Competition: Conferences vs. Road Shows

34:10 - The Rise of "Advantaged Auctions" & Exclusive Processes

38:25 - Thesis Development: The Role of BD & Leveraging Your Network

44:30 - Who To Surround Yourself With: Beyond the Bankers

45:12 - The Critical Importance of Pre-Deal Executive Talent Strategy

48:04 - Justin's BD Career Path & Advice for Aspiring Leaders

53:24 - The Future is BD: Why Sourcing is Leading Private Equity

55:26 - Final Thoughts & Wrap-up


🔗 CONNECT WITH DAN, MATT & JUSTIN:

Dan: https://www.linkedin.com/in/danielherr/

Matt: https://www.linkedin.com/in/matt-rooney-coastalpartners/

Justin Smith: https://www.linkedin.com/in/justinwsmith/

Coastal Partners: https://www.coastalpartners.co/

Agellus Capital: https://www.agellus.com/


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About the Podcast

Deal Sourcery
Engagement & The Art of M&A
Deal Sourcery is the must-listen podcast for Private Equity professionals aiming to master the art of deal origination. Hosted by Dan Herr - who’s closed over $1B in transactions in the last decade while building and leading world-class deal sourcing teams - and Matt Rooney, a top recruiter in PE business development, we dive into cutting-edge trends, proven tactics, data-driven sourcing strategies and the technology shaping the future of M&A. Each episode features in-depth discussions with exited founders, PE professions and investment bankers, delivering exclusive, actionable insights you won’t find anywhere else. Tune in to elevate your sourcing skills and optimize your firm’s capital deployment.

About your hosts

Daniel Herr

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Dan is the visionary Founder & CEO of Acqwired after more than a decade sourcing more than $1B in TEV in proprietary private equity deals across software, services and industrials highly engineered end markets like aerospace, medical and consumer electronics.

Matt Rooney

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Matt is the Founder of Coastal Partners, a specialized recruiting firm focused on placing deal-sourcing and investor relations professionals in mid-market private equity. With over a decade of experience, he has placed hundreds of professionals and advises firms on building BD teams.

He regularly shares insights on private equity business development, breaking down role dynamics and hiring strategies for firms and professionals navigating the space.