YouSaid · the spoken record

Chris Michalik

lines on the record: 60
first: 2024-11-11
most recent: 2024-11-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Mergers and acquisitions. And when I got out of training six weeks later, we had a business card and had about six people left. So pretty much everybody would quit or was fired. The beauty of that, probably from a development standpoint, is though I'd worked on one live transaction in two years. I still work the 80 hours a week like everybody else does because it's part of the indentured servitude of invest in banking analysts. But you got a lot of reps and you got a lot of exposure to the handful of senior people that actually stayed. It's a really good experience. probably helped get into business school that you're associated with a firm that went through a real transition but like rob you learn a lot about business and i think what was apparent to me is that there's a lot of ways to make money but if you're a paper boy as an example you own something you get the job done in 10 minutes and you make 20 bucks to do it in 10 minutes if you get paid by the hour like we were in our teamster jobs hardworking jobs but the incentives are a little strange you want”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“That moment is that some enterprising young man was on his way to the Hamptons, had a brain fart about taking Quaker Oats private, and called Morgan Stanley, and I worked all weekend while he was having fun and going to parties and nice dinners, and when he came home on Monday he probably had some new idea from some interesting conversation he had over the weekend in the Hamptons. And I said, geez, I like to be on that side of the business. I've worked down at Saltmann Brothers, down at Severn World Trade. Solomon at the early 90s, I was in training when the bond scandal hit and the cadre of senior professionals were forced to leave Solomon Brothers, Warren Buffett stepped in to bail out the firm. We were in a recession. Our economy deal flow was very low. And then that Solomon Brothers deal flow is even lower because literally when I joined the M&A department as an analyst when I was in training, we had a legal sheet of the MDs and the deal teams and all the professionals within.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“Started my first job out of college with Morgan Stanley in the Mojes and Acquisitions Group. This was the early 90s and worked awfully long hours on lots of transactions. I think what woke me up to private equity, we had pagers back in that day. And the assignments associates would page you to call them to get an assignment when something came up. And one Friday, six o'clock, right on time, the pager goes off. So shit. Walked onto his office. He says, Rob KKR wants to do a buyout of Quaker Oats. We need you to put together this analysis, full comps, DCF, President Multiples, and we need it by Monday morning. Okay, so I spend pretty much the next 60 hours straight in the office finalizing this analysis. And no one ever asked for it. What I realized.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“Appreciates there's pros and cons, but one of the things that we talk about a lot is consistency despite the fights where brothers like any other brothers we fight. The stability and the foundational core values of what we're trying to achieve, those things don't change. And I think it's been very helpful to us over the course of our careers. Our grandmother, when we were born, looked at us and said to our mother, they're so cute, it's a shame they have to share a brain It's the collective judgment experiences that we can bring to bear. It's mutual respect, it's communication, it's trust, it's transparency and sharing information ideas. And when you put all that together as brothers, twins, families, or firms, you get better outcomes.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very much your stereotypical identical twins left handed, I'm right-handed, we are mere twins. You do become a bit of the sideshow, and our friends had great fun asking us to switch classes. Can you go take your brother's test? Okay. No one ever really knew. Switch on the girls. Okay, sure. That's fun for you guys. You do become pretty tight. Rob and I, we shared a bedroom for 19 years. We were roommates for 26 years. So down to literally, we obviously grow up together. We went to college together, played sports together, and ended up when we moved to the city and took our banking jobs, our roommates in the city, and then roommates when we returned to business school. So we have been 26 years. So the real separation anxiety occurred when we were adults. Maybe it never sank in. Now we live about eight miles apart and our kids pretty much grew up going to the same school. It's a unique thing. I think it's a real asset. It's something that we appreciate that our firm and our team.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“What's interesting about it is experience that kids don't get today. Everybody wants an internship today at a private equity firm or an investment bank. And I would call it the school of the real world. I think there's nothing better, be it working as a waitress or a waiter in a restaurant or working in a service business or working in a hospital and dealing with the real issues that make a business run and understanding how people treat the people that make the businesses run. Because ultimately when you start as an analyst or an intern at a bank, that's wonderful, but it doesn't really teach you much about what makes the real world tick. It makes you work hard, but not necessarily understand people. And I think when you roll forward to your career, understanding people and working with people is the things that help make you successful.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was an interesting experience for us. You really actually learn a bit about business in retrospect and things about customer acquisition and service collections. You get stretched by a customer at some point. They go, how do I owe you for four weeks? So, you have to stay on top of them as we got through high school, then we became truck drivers. So, my brother and I actually joined the Teamsters Union right out of high school, got our class one truck driver's licenses, and started driving delivery routes for Coca-Cola in Detroit and other fantastic experi We got to New Haven drove first our distributors in Fairfield County. My brother drove for Carolina Freight carriers. And again, you're interacting with customers on the street at local levels and really wonderful.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I grew up west side of Detroit. Dad was a fireman, mom worked at Wayne State, both Union employees. And Chris and I started in business together. Other than shoveling snow and cutting grass, had a paper route. Detroit News. Our first acquisition Routes were bought and sold in the early eighties. Just really interesting. We spent Four or five years with this route, we had over 100 customers. It was fifteen cents a day, fifty cents on Sunday, so a dollar forty a week. I think you got 25 cents out of that dollar forty for the paperboy. We're bringing home $40 a week to share. That by the hours worked, I guess it was just above minimum wage.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“This time around, we discussed their story attached at the hip. We cover their background and path to starting Kinderhook, including rooming together for the first 26 years of their lives. We discussed the firm's family-like culture, three pillars of its investment approach, unwarranted scrutiny of private equity in the healthcare sector, and the recent example of their purchase of stewardship medical group out of the bankrupt steward.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guests on today's show are Chris and Rob Mahalick, Twin Brothers and Cofers of Kinderhook Industries, a middle market private equity firm overseeing eight billion dollars focused on healthcare services, environmental services, and the automotive aftermarket. Chris and Rob join me on private equity deals to discuss one of their portfolio companies, Ironclad Environmental Services, and that conversation is replayed in the feed.”
2024-11-11 · Capital Allocators · Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) · IDENTIFIED FROM THE TRANSCRIPT · source