Phil is a Financial Advisor at Procyon Partners. Phil has more than 25 years of experience in providing investment consulting services to both institutions and high net worth families. Prior to co-founding Procyon Partners, he was a Senior Vice President of Wealth Management at UBS where he was also a member of the Institutional Consulting Group and its Advisory Council, a Senior Institutional Consultant and a Senior Retirement Plan Consultant. He also served as Co-Chair of the UBS Corporate Development Advisory Board and its Retirement Advisory Council.
It’s great that PE is involved with our business as a validation of sorts. But I think the thesis is wrong because they’re paying extremely high valuations with the idea that if they just aggregate a bunch of these, and then start to form some common disciplines within them—HR, maybe, reporting, maybe some other things—in order to synergistically fix the P&L, they can get to the right outcome from an EBITDA standpoint. Independent businesses don’t really do that. They left that in order to be independent.