『ATLalts』のカバーアート

ATLalts

ATLalts

著者： Andres Sandate
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ATLalts is a podcast for independent RIAs and accredited investors interested in learning about alternative investments, private markets, and alternative asset classes through interviews with alternative asset managers, asset owners, and industry practitioners. ATLalts explores venture capital, private equity, real estate, private credit, infrastructure, crypto and digital assets, hedge funds, secondaries, ag- and timberland, and more specialized alternative assets such as specialty finance and collectibles.Copyright 2026 Andres Sandate マネジメント・リーダーシップ リーダーシップ 個人ファイナンス 経済学
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  • Navy Aviator to CIO: How Matt Sandretto Found the Best Asset Class No One Talks About

    Navy Aviator to CIO: How Matt Sandretto Found the Best Asset Class No One Talks About
    2026/09/18
    In this special double-release episode, I sit down with Matt Sandretto, CIO and co-founder of Prairie Hill Holdings — a Lake Forest, Illinois-based private real estate fund focused exclusively on net lease industrial and retail properties. Matt brings a rare background to real estate investing: Navy aviator, Wharton MBA, and former independent sponsor buying manufacturing businesses before discovering that the real estate inside those deals was often more compelling than the businesses themselves.This is Episode 1 of a multi-part series. Show two will go deeper into deal case studies, fund access for RIAs, and PHH's right to win.What You'll Learn in This EpisodeWhy Matt abandoned private equity to focus on real estate — and the pivotal 10x equity multiple deal that changed his perspectiveWhat net lease real estate actually is, and why it dramatically reduces operating risk versus multifamily or other property typesThe structural tailwinds behind industrial and retail that most advisors aren't talking aboutWhy retail vacancy nationally sits at just ~4% — and why that's been hiding in plain sightThe difference between investing in a business vs. owning the real estate underneath itHow Prairie Hill sources off-market deals through informational advantages that large institutional players can't replicateWhy portfolio diversification across properties matters more than single-asset syndications for the wealth management channelHow EnduranceX identifies and partners with institutional-quality managers that fly below the radarKey Timestamps[00:00] — Introduction: Why EnduranceX partnered with Prairie Hill Holdings and how the relationship began through a colleague connection in Nashville[02:42] — Matt's background: From Wharton MBA to independent sponsor acquiring manufacturing businesses; discovering industrial real estate inside those deals[08:04] — The mindset shift: How Matt realized real estate offered near-private-equity returns with dramatically lower risk than buying businesses[10:05] — The Lululemon example: Owning the business vs. owning the real estate — a framework for understanding risk in plain terms[13:59] — Prairie Hill's origin: The Chicago industrial facility that sold for a 10x equity multiple within a year and sparked the real estate focus[16:27] — Informational arbitrage in real estate: Why inefficiencies are "everywhere" and how knowing a corporate tenant's expansion strategy before buying a property creates outsized returns[29:39] — What is net lease real estate? Matt breaks down NNN vs. gross leases and why tenants paying operating expenses changes the entire risk/return profile for landlords.[36:04] — Industrial tailwinds: Falling construction, onshoring of supply chains, geopolitical uncertainty driving domestic demand[41:17] — Retail tailwinds: ~4% national vacancy, 20+ years of underbuilding, grocery-anchored centers, necessity retail, and health & wellness tenants[45:46] — What RIAs get wrong about real estate allocation: Why most client portfolios don't have a thoughtfully constructed real estate bucket[56:09] — Portfolio approach vs. single-asset syndications: Why diversification across multiple properties matters for the wealth management channel[01:03:37] — Prairie Hill's mission and what's ahead: How the team approaches LP relationships and what show two will coverKey Quotes"I realized I was wrong. I did not understand the true risk profile of private equity versus real estate, and how you could earn close to private equity-like returns in various real estate strategies with far, far less risk." — Matt Sandretto."Inefficiencies in real estate? They are everywhere. They are absolutely everywhere." — Matt Sandretto"If the brand fails and you own the real estate — if you do your underwriting correctly on market rents — sometimes the vacancy actually provides upside. So it's like the business fails and you can still win." — Matt Sandretto."Retail vacancy is about 4% nationally. Far lower than industrial, actually. And the reason is the last 20-25 years of online commerce caused developers to completely pause retail development — while the US population kept growing." — Matt Sandretto."We try to be the best in the world at that narrow focus of what we do. Industrial, retail, net lease." — Matt SandrettoAbout Prairie Hill HoldingsPrairie Hill Holdings is a private real estate fund manager based in Lake Forest, Illinois (Chicago Metro), focused exclusively on net lease industrial and retail properties. The firm was founded approximately five years ago and manages approximately $100 million in assets across a team of five to ten investment professionals.2025 Net Return: 17.41%; Average Annual Net Return Since Inception: 12.3%Prairie Hill offers two primary vehicles for investors:Net Lease Fund — a diversified portfolio of industrial and retail net lease properties1031 Exchange Service — for investors seeking tax-efficient real ...
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    1 時間 11 分
  • The Exit Playbook: How to Sell a Business the Right Way

    The Exit Playbook: How to Sell a Business the Right Way
    2026/06/30
    The Exit Playbook: How to Sell a Business the Right WayEvery business owner expects the exit to be the finish line. But for most, it's the moment they're least prepared for. In the third and final episode of the ATL Alts Business Owner Masterclass, host Andres Sandate and Brad Gunter (Founder & CEO, High Point Advisory Group) go deep into the sell-side playbook -- covering everything RIAs need to know to help their business owner clients navigate the most consequential financial event of their lives.Brad and Andres break down the critical mindset shift from 'I'm ready to sell' to truly 'exit ready,' the timeline reality that surprises most owners (three years is the minimum; five if you want full tax optimization), and why showing up to a deal without a sell-side QOE is like going to court without a lawyer. They map the full buyer universe -- from SBA-backed search funds to independent sponsors, private equity, strategics, and family offices -- and explain what each type of buyer actually wants, how they operate, and which seller profile fits each best.The conversation then turns to deal mechanics that can make or break the net economics: equity rollovers and the second bite at the apple, seller notes, earnouts, escrows, holdbacks, working capital adjustments, and reps and warranties. They also cover the tax planning conversation that most advisors wait too long to have -- QSBS, short vs. long-term capital gains, qualified opportunity zones, deferred sales trusts, and charitable structures. And they close with what happens after the wire hits: how to help a liquid entrepreneur think about generational wealth, alternatives, and the next chapter.This episode is for every RIA with a business owner client considering a sale in the next three to five years.Episode OverviewThe series culmination. Brad and Andres cover the full exit arc -- mindset, timing, sell-side diligence, buyer selection, deal mechanics, tax strategy, and post-liquidity wealth deployment. This episode is the most immediately actionable for RIAs: every section maps to a specific conversation they should be having with business owner clients right now.Timestamps0:00 Series recap -- buying (Ep 1), operating (Ep 2) -- and why the exit is the 'peak of the trilogy'3:37 The critical mindset shift: 'I'm ready to sell' vs. 'exit ready' -- and why most owners confuse the two5:08 The Rolls-Royce vs. deal-hunter spectrum: how to identify which buyer profile fits your client's business6:45 The clean test for exit readiness: could a QOE team, lawyers, and a lender go through the business without substantial issues?8:18 The wealth event and why it's underestimated: 75-80% of net worth in a single transaction, often for the first and only time10:00 Why owners resist outside advisors: 'I've been successful at everything else -- why would this be different?'11:37 The surgeon analogy: why you want a specialist, not a generalist, for every lane of the exit13:30 The continuum of wealth: from OpCo cash flow to family office -- and where the RIA fits throughout16:28 Sell-side timeline reality: start the day you launch; buyers look at 3 years of financials; QSBS takes 5 years18:31 What to do if you have 18 months: sell-side assessment, retroactive cleanup, quick-hit fixes19:41 The RIA's call to action: ask 'what's the five-year strategy?' not 'when are you selling?' -- and listen for alarm bells21:40 The sell-side QOE: why the seller should pay for one, how it shifts negotiating leverage, and when it's required by M&A advisors24:28 War story: $50M deal collapses to $3M cash at close -- seller note the rest, life's work nearly gone25:33 The buyer universe from bottom to top: SBA/search funds, independent sponsors, private equity, strategics, family offices29:00 What each buyer type actually wants: SBA timeline (90+ days), IS deal-first capital-second, PE's return clock, strategics overpaying for a gap-fill, family offices holding forever33:00 It's not just price -- employees, community reputation, business continuity, and legacy all matter to sellers33:33 The second bite at the apple: equity rollover mechanics -- 80/20 split, capital stack math, betting on PE to grow EBITDA 50%+36:52 Deal terms that determine net economics: seller notes, earnouts, escrows, holdbacks, working capital pegs, reps and warranties40:00 Time value of money in deal terms: why buyers beat the headline number by spreading payments -- and how the RIA can model this41:05 Tax planning at exit: short vs. long-term capital gains, QSBS (5 years, first $10M tax-free), QOZs, deferred sales trusts, charitable structures44:35 The three forces converging in alternatives: clients asking for alts, asset managers targeting wealth, and underserved investors -- and how EnduranceX addresses all three48:00 The advisor coordination problem: 5-6 parties at the exit table, and who plays quarterback49:14 The full exit advisory team: M&A advisor, wealth advisor, tax advisor, accountant, fractional CFO, legal51:...
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    1 時間 8 分
  • The Forgotten Chapter - Operating a Business Like an Institution

    The Forgotten Chapter - Operating a Business Like an Institution
    2026/06/24
    The Forgotten Chapter: Operating a Business Like an InstitutionMost conversations in wealth management focus on two events: buying a business and selling one. But the years in between -- the operating chapter -- are where 90% of the value is created or destroyed. In Episode 2 of the ATL Alts Business Owner Masterclass, host Andres Sandate sits back down with Brad Gunter, Founder & CEO of High Point Advisory Group, to explore exactly what it looks like to run a lower middle market business with institutional discipline -- and why RIAs need to be in that conversation.Brad and Andres walk through what good operating infrastructure actually looks like for a $20M-$100M business: accrual accounting, governance cadence, clean entity structure, management depth, and the capital allocation frameworks that separate companies that command premium exit multiples from ones that collapse in diligence. They introduce High Point's four-phase institutional roadmap -- from OpCo stability through portfolio visibility, capital controls, and strategic optionality -- and walk through a nine-dimension Family Office Readiness Assessment that any RIA can use to diagnose where a business owner client truly stands.Brad also shares two war stories from the construction industry where sellers expecting $10-15M at close walked away with a fraction -- because no one had been paying attention to the operating infrastructure. If you manage business owner clients and you're not having this conversation at least quarterly, this episode will show you exactly what you're missing -- and how to fix it.Episode 3 is coming soon: The Exit Plan -- how to prep a business and maximize the liquidity event.Episode OverviewBrad and Andres tackle the middle chapter of the business ownership lifecycle -- the operating years. This episode is the most actionable of the three for RIAs: it delivers concrete frameworks, diagnostic tools, and a sequenced roadmap for how to help clients build institutional-grade businesses before ever entering an exit process.Timestamps0:00 Intro -- Recap of Episode 1 (acquisition as alpha) and the focus of Episode 22:35 "The Forgotten Chapter" -- why the operating years are where 90% of value is created or destroyed4:24 The RIA's role during the hold period: from reactive to integrated, from asset-gatherer to growth partner5:20 What good operating infrastructure actually looks like: accrual accounting, governance, systems, customer concentration, management depth7:08 How to introduce a 20-minute business update into a quarterly client review -- and why it makes the RIA stickier8:09 High Point's role: transaction advisory + fractional CFO/OpCo management for the lower middle market8:44 The diagnosis step: what does Brad find when he walks into a $50M business? The most common patterns10:09 Finance as an afterthought: the cash-in-the-bank fallacy vs. institutional reporting discipline12:12 Owner dependency, lifestyle businesses, and why personal/business expense mixing kills exit value14:25 Clean entity structure: HoldCo, OpCo, IP co, real estate -- the two core principles (tax efficiency + liability isolation)16:28 "Flooding the zone" -- how to introduce structural and operational conversations without overwhelming the client18:14 People vs. systems: why people are 70% of the equation and why AI doesn't change that -- yet19:55 The five-year operating roadmap: finance first, reduce concentration, build the team, governance and capital allocation framework23:51 High Point's four-phase institutional roadmap: Phase 0 (OpCo stability) -> Phase 1 (portfolio visibility) -> Phase 2 (capital and decision controls) -> Phase 3 (optionality and scale)26:12 How the RIA uses the roadmap: introducing the capital allocation conversation, spotting trapped cash, and growing AUM29:34 Capital allocation discipline: the four doors for free cash flow (acquire, reinvest, distribute, pay down debt) and the written framework with return hurdles32:07 The nine-dimension Family Office Readiness Assessment -- a scoring tool for RIAs to use with business owner clients37:14 Cybersecurity as a due diligence risk in lower middle market acquisitions38:16 Capital allocation deep dive: WACC, return hurdles, and the cadence of deploying cash intelligently44:05 War story #1: $15M construction deal collapses to $3M cash at close -- no inventory system, no job costing, no way to track COGS46:30 War story #2: Miami construction company, $5M EBITDA, handwritten invoices only -- four LOIs, zero closed deals, $150K in financial cleanup they refused to pay48:48 Advisor's role summary: quarterly cadence, quarterback the relationship, bring in High Point for the operational assessment49:04 High Point's free evaluation offer: value creation plan, minimum 300% ROI on findings50:37 Three-years-to-exit action plan: who to call and what to do this weekKey Takeaways90% of a business's value is created or destroyed during the operating years -- not at acquisition or exit. The ...
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    51 分
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