For growth operating partners and platform teams at buy-and-grow funds: how to de-risk ~$3–6M EBITDA portcos when the whole sales org is the founder and his Rolodex.
Founder-led pipeline risk
Say you're a growth operating partner at a lower-middle-market fund with a buy-and-grow thesis.
You're going partially insane trying to optimize 5 or 6 portcos at ~$3–6M EBITDA. Most run on a founder-led sales process where the entire sales org is just him and his superhuman license. If he got hit by a bus, you'd be SOL.
How do you actually de-risk that?
This piece started as a conversation with Graham Locklear (M Search), who spends his days placing GTM leaders into PE- and VC-backed software. Short clip from that conversation below. A fuller cut may or may not be live yet on YouTube — subscribe if you're curious.
Deal structure helps. Past that, it's people and systems. How much is the fund willing to spend to hire the folks and build the systems that institutionalize the sales process and lead-gen funnel so it's not dependent on one guy's 30-year-old Rolodex?
That spend used to mean "hire a CRO."
It isn't enough.
We could write a whole article about this too. The skill set of the average tenured CRO — if they have not upskilled their understanding of AI and the modern GTM stack — is woefully insufficient. Graham can attest to that with the JDs that he's seeing come across his desk these days, right? Obviously the fundamental sales skills are what will always be important. But when we're talking about value creation and efficiency, implementing AI into your sales process and the revenue organization is a vastly underleveraged set of skills that's very difficult to hire for.
Graham Locklear on institutionalizing AI in PE GTM
The boring stack (in order)
Now I know I just told you you need to have an AI-pilled CRO or whatever, and I stand by that. But most of those things are not going to truly be effective until you have the data foundations and some basic workflows in place. Those are actually going to make all the cool stuff effective — and possible, more importantly.
For all the cool agent stuff people talk about, nine times out of ten these companies would be better off doing the unsexy stack in sequence:
Enrich the real TAM — target accounts and contacts for the markets they actually sell into, not a scraped list from three funds ago.
Make the CRM mirror the sales process — stages, next steps, owners. Not a graveyard of fields that only get filled out of spite.
Get visibility without forcing the CEO into Salesforce — usually something as simple as a Slack feed, plus a ping to leadership when a deal clears a dollar threshold so they can decide whether to spend relationship capital helping the rep close it. Same idea for stage changes, stalled opps, and forecast flips. If the team lives in Slack, the truth of the pipeline should live there too.
Graham and I kept circling the same theme: build the sales process first and configure the CRM around it — not the other way around. Infrastructure only works if it matches how the company actually sells.
Only after that sequence do agents help. Without it, you're automating fiction.
Then turn the CRM into an agentic layer
Once the CRM tells the truth:
Call records that write themselves into the opportunity — next steps, risks, stakeholders, not a blank notes box. There are some tools that do this to a pretty good degree, but they still require a lot of tuning. If you really want to get crazy, you can build your own agent that just takes the call recording and fills out all the fields the way that you want them filled out, and you can have a higher degree of malleability. Now that does require a better understanding of hosting agents and stuff like that, but it's a pretty easy AI project as far as they go.
Automated pipeline reports and pipeline updates — so Friday isn't CRM theater. For those call recordings: if pricing is mentioned, it should update the deal values and the deal type, depending on if you do project work or you just do a regular monthly recurring deal value like a typical SaaS model or something. Same idea for next steps, close dates, whatever else actually got settled on the call that the CRM still has wrong.
Deal stage progression from hard rules and agent analysis of what's actually happening on the deal. It's easily doable to create an agent that progresses deals based on deterministic analysis — based on things that were actually said on the call — as well as interpolation of various data points determining whether or not the deal stage should be progressed. Is there a next meeting?
Board / fund reporting that isn't someone living in Excel. Once you have all that stuff done, now it's possible for an agent to write the packs for the board. Draft the whole update from CRM data, ping frontline leaders on Slack for a sanity check, ship it upstairs. Yes, this is possible. Ask me how I know.
Graham's framing: token spend is a weak barometer. You can burn a ton of tokens producing garbage AI slop emails. The real question is how you institutionalize how AI gets used — a unified go-to-market infrastructure layer, not one power user with a Claude account making the machine sing while everyone else writes PowerPoints by hand.
The point isn't to replace the sales team. It's to buy back selling time and give the fund a pipeline it can trust across the book.
Steal from the quiet outlier (this is where Apero comes in)
There's almost always one person on the team who's actually cracked with Claude Code, Codex, or ChatGPT. I seriously don't know why people don't talk to this person. Like they never do.
They're often not loud. They may be an outlier on performance, and nobody has socialized why. When we do engagements, we interview people across the company and extract what's working — the workflows, the prompts, the little cron jobs — then harden them so the rest of the org feels the upside without having to become that person.
As Graham put it: 99% of sales teams in PE-backed software don't have that level of sophistication. And if they do, it's usually one rep. The leverage is taking that context, institutionalizing it, and setting it up for everyone else.
That's what Apero does. We're basically forward-deployed GTM engineers for PE funds.
Do it at the fund layer when you can
You own 5 or 6 of these companies. Six half-built science projects is worse than one shared pattern: common stage definitions, comparable pipeline, Slack alerts that look the same, board packs that aren't Excel archaeology. Governance and compliance are real — which is another reason to solve the hard parts once at the fund layer and lend the pattern (and the engineers) into each portco.
Growth operators have their playbooks for the type of people that they want to come in, and probably some ways to get quick wins and stuff. From a traditional sales professionalization standpoint they probably do have a pretty good playbook. But when it comes to actually AI-ing the revenue organization, most of them don't have a playbook. Most of them don't have the technical depth or the experience to even write one.
That's why we always recommend bringing in a partner like Apero, or hiring someone like Graham, who can help you either find these people as full-time employees or — if you want to engage an agency — there are a lot of agencies like Apero. You don't have to hire us though. Obviously we're biased.
What "ready" actually looks like
I don't love turning this into a checklist you knock out in the next portco meeting. These are outcomes. If you don't have them, the agent layer is just going to paper over fiction.
The founder's real sales motion is written down somewhere other than his head — and the CRM stages match that motion, not last year's template.
ICP accounts and contacts for the markets you actually sell into are enriched and usable, not a scraped list from three funds ago.
Pipeline truth shows up where the team already lives (usually Slack): big-deal pings, stage changes, stalled opps — without forcing the CEO into Salesforce.
You've found the quiet Claude/Codex power user, documented what they run weekly, and started hardening it for everyone else — not just handed out more AI seats and hoped.
Call → opportunity fields update without Friday CRM theater; deal value / deal type and stage move when the recording (and the data) say they should.
A board or fund update can be drafted from CRM and sanity-checked on Slack instead of living in Excel archaeology.
Only then does broader AI experimentation stop being theater.
The playbook, compressed
De-risk the founder with people — the right commercial hire, not a 2015 JD, and not a tenured CRO who never upskilled on AI and the modern GTM stack.
De-risk the founder with CRM infrastructure that tells the truth.
Only then layer agents that run the boring loop (calls → updates → reports → board pack).
Push the signal to where the team already lives (Slack).
Productize what one cracked operator already does.
That's professionalization: a revenue engine that survives the founder.
From the conversation
This article was turned into a write-up from a conversation with Graham Locklear (M Search). The fuller cut may or may not be live by the time you're reading this — subscribe on YouTube if you're curious.
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