It all starts with an acquisition, but most people don't understand how private equity firms actually find and buy companies. Devin sits down with Ryan Milligan to break down the mechanics of deal sourcing, banker-led processes and direct founder relationships. From the early days of rotary phones ringing with deals to today's hyper-competitive sourcing environment, we discuss how firms build pipelines, win founders over, and decide which companies to buy. If you've ever wondered how private equity truly functions behind the scenes, this is your go-to guide for the entire process.