Sequoya Borgman on How Independent Sponsors Buy Companies, Structure Deals, and Spot Pretenders

What do acquirers really want? 

Sequoya Borgman has acquired 19 companies and exited two. He’s raised capital on a deal-by-deal basis, working outside the traditional private equity model. In this episode of Built to Sell Radio, Borgman explains how “independent sponsors” operate—and why more wealthy individuals are now pooling money to buy lower middle-market businesses. 

You discover how to: 

• Navigate the flood of buyer outreach 

• Spot the difference between a legitimate buyer and a poser 

• Avoid getting burned by a broken LOI 

• Understand the trade-offs in seller financing 

• Think like an acquirer (so you can negotiate better when it’s your turn to sell) 

• Decide whether to sell or double down 

Whether you want to sell to a private equity firm, an independent sponsor, or a search fund, this episode gives you an insider’s look at how professional buyers value and structure deals. 

Show Notes & Links

Connect with Squoya on LinkedIn

Borgman Capital’s Investment Criteria

Definitions

In M&A lingo, an independent sponsor is an individual or small team that acquires companies without having a committed fund. Instead of raising a blind pool of capital in advance (like a traditional private equity firm), they: 

• Source a deal first, 

• Negotiate the acquisition, and 

• Raise capital on a deal-by-deal basis from high-net-worth individuals, family offices, or institutional investors. 

They’re also known as “fundless sponsors.” 

Key distinction: An independent sponsor doesn’t control investor capital upfront. They secure it only after they’ve found a deal worth backing. 

About Our Guest

Sequoya Borgman

Sequoya Borgman is the Founder and Managing Partner of Borgman Capital, a Milwaukee-based private equity firm focused on acquiring and growing lower-middle-market businesses. With a deep understanding of operations, finance, and long-term value creation, Sequoya leads investments with a hands-on, partnership-driven approach.

Under his leadership, Borgman Capital has built a reputation for preserving the legacy of founder-led companies while fueling their next phase of growth. In this episode, Sequoya shares what he looks for in a great business, how he approaches acquisitions, and the lessons he’s learned from working closely with entrepreneurs across industries.