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
Yeah, I mean, Scott, I think, you know, obviously the deal world's been a little slower than anyone would probably like it to be. Lots of reasons for that, obviously. You know, we've got interest rates, you know, higher than we would normally like them to be. We've got, you know, political uncertainty, things of that nature.
Obviously, I think people that listen regularly know I follow healthcare the closest, and healthcare's got a lot of headwinds between Medicaid changes and other things that might impact the healthcare world, especially in the services sector. I think there's a lot of headwinds in that respect. I think a lot of us are still thinking at some point, big deals have to happen.
You mentioned this deal today with Skechers and other deals. I think with the amount of capital that's available to be spent. And then, you know, the hold period that some of the investments are at, you know, in terms of what happened in, you know, 19 and 20 and 21, you know, with the deal flow volumes that we saw then, a lot of those kind of are at the hold period end.
So you'd think at some point, some of these assets will start trading again, and some of these funds will put their capital that they have available to use. But at what point that might be, it's hard to tell.
I mean, unless you have a crystal ball, I guess, you know, so, you know, I think, I think we'll continue to kind of work on, you know, being prepared when, when that deal full volume kind of opens up, if the spigot opens up, so to speak. And then, you know, I think at this point we're still kind of waiting for that to happen.
Yeah, I mean, obviously the public markets inform people just because of the availability of data, right? People can access it, they understand it, they see it on the news, everything, you know, it's right in front of you all day long. So, you know, I think the public markets influence sentiment, they influence lots of things. So,
I think as the public market continues to hopefully recover from the turmoil we saw during the last couple of weeks related to tariffs and other things, I think that will create better sentiment, which will obviously just hopefully change the mindset of a lot of people. But I think because of that, you'll see hopefully some recovery, some rebounding. But I do think the other part too is just,
Timing is everything. And, you know, as we see these, you know, negative news stories come out, you know, as time elapses, people start to forget about it or we start to understand what the real impact is and not just rely on kind of the news headlines. We see like, OK, well, if tariffs went up, what happens to the price of this product or that product?
instead of uncertainty, now we have certainty. We start to know, we start to figure things out, we start to realize how we can adapt. And I think the successful businesses will adapt quickly and hopefully be prepared to move forward with things that they were originally planning on doing. So again, I think these times, just like any times, we talk a lot about
when deal flow isn't happening, focusing on your business model, focusing on your efficiency and focusing on becoming the highest grade asset you can be, I think in addition to focusing on those things, also focus on being nimble and understanding how to adapt and change to the economy as it continues to change because those are the companies that are likely to be the most ripe for sale are those that can prove that they're
their ability to adapt is a market differentiator against their competitors.
I mean, I think that's the definition of success in some respects is to, you know, I think a good leader can lead their team through that turmoil, right?
You hear something, you know, I hear a bad news story or something, maybe even something that's impacting your sector, say you're in healthcare services and you hear all these news about potential cuts to Medicaid and maybe you're heavily relying on Medicaid. If the leader of your company or the leader of your PE group is telling you, hey, We're going to get through this.
We're going to move forward. We're going to find a way to be profitable even under reduced reimbursement rates or something. If the leader of your group is telling you that and making you feel that that's accurate and that you can achieve those goals, well, then, you know, that's how you succeed in the business. So I think it all comes down to good leadership, really.
Well, yeah, and almost to some extent, if you're confident in your business model and you're confident in your ability to succeed, double down, you know, invest heavily in the dip, right?
Like understand that this is a time to really focus on your business and to, you know, make sure that you're as efficient as possible, that your technology is as strong as possible to run your business so that when you can grow, when you can do acquisitions and bolt on that your platform is sustainable and ability and its ability to be agile is at the highest point possible.
Thank you, Scott.
Well, you know, Scott, I would love to be able to just come on and talk about all the positivity that we're hopeful for. But I mean, I do think that there are pieces of positivity out there when it comes to private equity. Obviously, you know, there are there are headwinds against us. You know, I would say, you know, uncertainty is never good for us.
Any investor, it doesn't matter if you're private or public, but if there's uncertainty in the market, it's harder to predict what will come together in the future.
So it's not unlikely that somebody would say that right now we've got a pretty high level of uncertainty of where the future will go, whether it be because of tariffs or other regulatory challenges that have come up in the recent kind of Six to eight weeks or so. So, you know, I do think there's a lot of uncertainty, but I think with that uncertainty, there's opportunity to find value.
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