Rick Kes
speaker
172 appearances
12 recordings
1 series
first heard Feb 2025
last heard Jun 2025
Rick Kes’s voice in public audio — every appearance, attributed to the second.
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Appearances
And I think credit is such an important vehicle for private equity to use to leverage where they're going to do a buyout or what have you. But on the other end, a lot of deals are being executed today using credit
other alternatives whether it be rollover equity or other things to kind of capitalize some of the transactions so you know i think it could have some impact uh the impact is on i guess it's a little hard to predict per se but i'd say i think to me the biggest concern would be the access to to further liquidity for some of these deals that we're hoping to finance
Yeah, we had a call this morning with all the partners of the firm, just listening to some of the perspectives that our Washington national tax leaders have. And I think there's some discussion in the bill related to a lot of the things extending what the tax cuts and jobs acts did in the previous Trump administration. So some of those things would be kind of
I would say sometimes positive from a tax perspective to some of our clients. I think there'll be some changes potentially to the interest deductions. Currently, some of the interest deductions are limited or capped at a certain level for different businesses. You know, some of those things I would say are what we're hearing are probably, you know, somewhat business friendly.
But obviously, you know, for every push, there's a pull, so to speak, in the tax bill. So, you know, from, again, back to the health care ecosystem, you've got, you know, some negative impacts with Medicaid and some other issues. you know, potential changes to, you know, subsidies for ACA plans or exchange products that are offered to people that buy their own insurance.
So, you know, there's some good and some bad from all those perspectives. But, you know, I think all in all, you know, I'd say for the first in particular in the non-healthcare ecosystem, it could be more positives than negatives within the tax bill currently structured.
Yeah, I mean, I think I mean, obviously, my perspective is usually time removes uncertainty risk. So hopefully we get more and more time away from, you know, some of the things that we kind of consistently hear about, whether it's tariffs or Medicaid changes or, you know, tax cuts or, you know, tax extenders and things like that. And we kind of learn everything.
what the new reality is and then understand how that's going to impact our businesses, be able to price that into our deal economics and then start making deals. So I guess I hope for the elapse of time so that people can start
know having less uncertainty and start making some you know movement in terms of the deal environment um so i'd say that's probably top of the list you know second but very close to that list is hopefully seeing the timberwolves advance past the oklahoma oklahoma city thunder
and play in the NBA Finals, ideally against the Knicks, because it would be wonderful to see Karl-Anthony Towns come back and play against Anthony Edwards and see how that works. But I'd say those are the two things that kind of excite me at this point in time.
Yeah, Scott, thank you. Yeah, for those of you who aren't familiar with RSM, we are the leading provider of services to the middle market. So we are the fifth largest professional service firm in the U.S., very focused on companies, you know, around a hundred million dollars to about $5 billion of revenue.
So big swath of the GDP, roughly about a little over a third of the overall GDP is represented in that client base. So, you know, we provide tons of services to private equity companies and their portfolio holdings due to the fact that many of them kind of sit in the middle market. And we have been doing so for a very long time and build a pretty robust
both brand reputation in the market as well as just kind of infrastructure of managing our private equity relationships in a way that we think differentiates us from the competitors. You know, me, myself, I've been at the firm about 20 years, served in many roles within the industry of healthcare and overall just private equity related management.
So I'm glad to be part of the conversation and, you know, talk a little bit about what's going on and what we're seeing.
Yeah, I mean, obviously, with the news that broke this morning about a 90-day pause on certain tariffs with China, I think that's interesting news for sure. And I wasn't surprised to see the markets react in a favorable fashion to that. I do think, like we've talked about before, Scott, that The public market is obviously very easy to read. It's very easy to obtain data about.
It's very easy to kind of get insights. You can pop on CNBC or Bloomberg Television or whatever you want to watch and get a lot of great intel and kind of the sentiment of the street, if you will. It's a lot harder in the private equity world, as you know, because, you know, a lot of that stuff is just quite frankly private. And so really harder to get to it.
You know, I think we spent a lot of time, obviously, with fund fund managers, you know, people within private equity groups, people at the portfolio level. I think the overall sentiment is that a lot of them are kind of cautiously optimistic and they've been that way for a long time.
I think we all see a lot of the data points, whether it be dry powder or hold periods or other things where we start to think, well, if we just get a couple nice, you know, momentum changes, whether it's interest rate cuts or, you know, good deal environment or any, you know, any little thing that could help, you know, push the ball down the hill.
Once that ball starts, I think a lot of people are hoping that it keeps rolling. And, you know, I think that there's some truth to that. So I think, you know, The news that broke today is great. I think it pushes people into a positive sentiment overall, even though it's more probably from the public markets.
But I think overall, positivity is going to help push that ball forward and start to gain momentum and speed and have it go down the hill and start the deal flow volume that I think we've all kind of been waiting for for the last 18 months or so.
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