In this episode of the M&A Launchpad Podcast, host Casey Minshew interviews Cory Sandrock, Managing Partner of Pareto & Company. Cory shares his unique journey from theater to private equity, highlighting the nuances of independent sponsorship versus search funds and the critical role of teamwork in successful deal-making.  He dives into lessons from his first acquisition, funding strategies for independent sponsors, and a detailed case study of an HVAC deal. Cory also explores the future of independent sponsorship, the importance of understanding financial health in acquisitions, and practical advice for new investors.  Whether you’re an operator, investor, or entrepreneur eyeing your first acquisition, this episode provides grounded strategies and behind-the-scenes insights into the deal-making process.  In this podcast episode, we discuss:  Cory’s journey from theater to private equity  Independent sponsorship vs. search funds  Teamwork as a cornerstone of deal-making  The importance of assessing financial health before acquisition  Lessons from Cory’s first acquisition experience  Funding strategies for independent sponsors  Case study: HVAC acquisition and deal structuring  Incentivizing management teams for growth  How to differentiate in a competitive M&A landscape  The future of independent sponsorship and advice for new investors  Guest Contact Info:  LinkedIn: https://www.linkedin.com/in/corysandrock/  Company: https://paretoandcompany.com  Email: csandrock@paretoandcompany.com  Sponsored by O’Connell Advisory Group  Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions. Schedule a discovery call with Patrick of O'Connell Advisory Group—your dynamic Quality of Earnings partner. Visit: www.oconnelladvisorygroup.com  M&A Launchpad Conference  The next M&A Launchpad Conference is happening in October 2025 in Chicago. Date and location details coming soon. This is the premier event for entrepreneurs, investors, and dealmakers in the lower-middle market. Get your ticket at https://www.malaunchpad.com and use code LAUNCH for $200 off.  Additional Resources  Contact the hosts Casey Minshew or Feras Moussa at info@equity-launchapad.com  Looking to Buy or Sell a Business?  Equity Launchpad: https://www.equity-launchapad.com  About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/