In this episode James Kennedy sits down with Mike Jerman, founder of Hollywell Partners, to dive deep into the world of financial due diligence, quality of earnings, and the real work behind private equity deals. Mike shares his unique journey from Air Force captain to PwC director and ultimately founder of a high-performing fractional CFO firm that he later sold to a PE-backed group.
They explore why private equity firms rely on fractional CFOs, the hidden risks revealed in due diligence, and what really separates accounting from financial storytelling when preparing a business for sale. Mike also opens up about how his firm discovered fraud during a routine quality of earnings check – and what business owners can learn from that.
Stick around to the end to hear Mike’s heartfelt tribute to his business mentor, and why mentorship is one of the most underrated drivers of success.
About Mike Jerman:
Mike Jerman is the founder of Hollywell Partners, a firm that provides private equity-grade CFO and controller services to clients across North America and the UK. A former Air Force officer and PwC deal specialist, Mike brings a rigorous, no-nonsense approach to financial leadership – whether it’s turning around a distressed company, preparing a business for sale, or uncovering the truth during due diligence.
What You’ll Learn:
- Quality of Earnings 101: What it means, how it’s different from an audit, and why it’s critical on both the buy and sell sides.
- Why PE Loves Fractional CFOs: A behind-the-scenes look at how CFO-as-a-Service powers value creation across multiple portfolio companies.
- How to Spot Red Flags: Real-world examples of fraud, add-back manipulation, and cost control failures uncovered during diligence.
Episode Highlights:
“A quality of earnings report isn’t just numbers – it’s the narrative that buyers need to trust.”
“We’re not your typical fractional CFO firm – we’re built for PE expectations from day one.”
“Even great businesses have blind spots. Diligence shines a light on what’s hiding in plain sight.”
More About Mike’s Role:
At Hollywell Partners, Mike Jerman leads a senior team of finance professionals who support private equity firms, search funds, and growing businesses with fractional CFO and controller services. From technical accounting and deal prep to full financial turnarounds, Mike’s team delivers results that stand up to investor scrutiny. Following a successful exit to a PE-backed platform, Mike now plays a larger leadership role – mentoring finance professionals and expanding Hollywell’s ability to serve complex, fast-moving clients.
