Joe Zanca is the Managing Partner of Deal Gen Partners, where he helps private equity funds, independent sponsors, and PE-backed operators source proprietary deals. Previously, he built and exited On Demand Storage, launched a top-rated business podcast, and most recently joined Bullpen Technology Partners. With founder-operator chops, a banker’s Rolodex, and a nose for off-market opportunities, he offers insights into buy-side sourcing, valuation in lower-middle-market software and services, and the real terms that make (or break) a deal. In this episode, he discusses why founder empathy beats spreadsheets, how multi-channel outreach actually lands sellers, and the tradeoffs between clean cash at close, earn-outs, equity rolls, and seller financing.In Today’s Episode We Discuss:00:01 Introduction00:41 Origin Story04:12 Operator Lessons That Shape Sourcing08:31 Why Start Deal Gen Partners11:46 Launching the “Behind the Deal” Podcast14:08 Defining the Podcast Focus15:18 Content to Relationships (Credibility Flywheel)20:07 Sourcing Toolkit & Channels22:26 Fee Model (Retainer + Success)25:26 Process & CRM Hygiene27:38 Where They Hunt (LMM Software & Services)29:56 Valuing Software Today30:47 What Expands or Compresses Multiples34:04 Three $10M ARR Exit Scenarios39:42 How Much Equity Should Founders Roll?40:12 Offer Structures: Cash, Earn-Outs, Notes44:36 Negotiating Aggressive Earn-Outs45:03 Blending Terms to “Meet in the Middle”50:35 Other Critical Terms (WC, Escrows)55:34 Working Capital Deep Dive56:33 Bullpen Technology Partners Overview59:03 Closing Takeaways01:00:50 Final CTA & Where to Reach JoeSubscribe on Spotify: https://open.spotify.com/show/6Ga6v0YUsHotLhjap67uu5Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/ignite-conversations-on-startups-venture-capital-tech/id1709248824Follow Joe Zanca on LinkedIn: https://www.linkedin.com/in/joe-zanca-8b154559/Follow Team Ignite on X: https://x.com/teamignitevcFollow Brian on X: https://x.com/brianrbellFollow Brian on Linkedin: https://www.linkedin.com/in/bblinkedin/Visit Our Website: https://www.teamignite.venturesSubscribe to Our Newsletter: https://insights.teamignite.ventures/👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast🔥 Club Ignite is booking fast — our next gathering of top founders, investors, and operators will be our biggest yet. Apply now before spots fill: https://teamignite.decilehub.com/e/club-ignite-25

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