Grab your popcorn! In this special inaugural watch-along episode of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart watch and react in real-time to the 1993 financial classic, Barbarians at the Gate. Based on the legendary 1988 leveraged buyout (LBO) of RJR Nabisco, this movie details the greed, corporate excess, high-stakes boardroom warfare, and private equity maneuvering between CEO F. Ross Johnson and KKR's Henry Kravis.Ed, Rory, and Emily provide running commentary on the financial mechanics, corporate governance dynamics, bidding war psychology, and how dealmaking has evolved from the wild 1980s junk-bond era to today's PE universe.

The Deal That Defined Private Equity: The $25+ billion takeover of RJR Nabisco by Kohlberg Kravis Roberts (KKR) remains the benchmark mega-deal that transformed modern corporate finance and institutional buyouts.

MBO vs. External PE Sponsors: How Ross Johnson's attempt to take RJR Nabisco private via a Management Buyout triggered an open auction that ultimately cost him control of the company.

Corporate Governance Lessons: The critical role of independent board committees, conflict-of-interest disclosures, and shareholder value maximization when management participates in a buyout bid.

The Evolution of Debt & Leverage: Contrasting the high-yield "junk bond" frenzy of the 1980s with modern PE capital structures, covenant packages, and debt underwriting standards.

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Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

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