Authored by Graham Sparks

For some careers, there’s a playbook. If you’re a doctor, you start with med school and go through internships, residency, etc. But for business development (BD) in private equity (PE), that path isn’t totally clear, and thriving in the role is another matter entirely.

BD in PE blends strategy, persistence, and human connection, requiring a mix of technical know-how and soft skills that can’t be learned overnight. This is an intimidating industry when you’re in your early career. But after a few years under my belt, I’ve got some simple tips and areas to focus on that will (hopefully) help anyone newer in the field who is feeling unsteady find confidence and success!

Essential Soft Skills and Behaviors

External and Internal Relationship-Building

Success in BD hinges on your ability to connect with people. While most assume that means being the most talkative person in a room, it’s about authentic connection. You can forge meaningful relationships by making people feel comfortable and moving beyond surface-level conversation to find common ground, whether that’s a shared alma mater, favorite sports team, or a mutual passion for training for triathlons.

There’s no denying that conference and boardroom meetings play a key role in business development, especially early in your career when meeting new people. But as I continue to grow, I see even more value in deepening those relationships outside formal settings. Recreational activities like pickleball or golf foster camaraderie and allow for more natural, authentic connections in a way that traditional meetings simply can’t.

But BD isn’t just about building external relationships, it’s equally important to build trust within your deal team. As a BD professional, you’re the eyes and ears of the market. Sharing timely intelligence ranging from investor sentiment and transaction announcements to valuation metrics is critical, particularly when it relates to your team’s portfolio companies. Additionally, if a portfolio company has an active add-on mandate, BD should support the process by mapping the target landscape and advising on the most suitable buy-side advisors based on industry expertise. When done well, these efforts strengthen your rapport with the deal team and reinforce BD’s role as a strategic partner.

Being Diligent in Planning

“Plan your meetings well” might sound basic but being thoughtful and proactive with meeting logistics has a big impact on the quality and efficiency of a BD trip. For instance, scheduling your final meeting near your hotel allows you to leave your luggage with the bellhop instead of hauling it through the city. Or if you see that a snowstorm is coming, don’t wait until your flight gets canceled the morning of; fly in the night before. If plans fall through, thoughtfully follow up and pivot to remote meetings with an idea of when you’ll be able to see them in person next.

This is less common, but being based in a smaller town like Lexington, Kentucky, will mean even more rigorous planning since all in-person meetings require travel. Being strategic about which meetings to take and where to spend your time when you do visit major hubs like New York or Chicago is key. Maintaining strong relationships remotely requires discipline—frequent phone calls, one-on-one time, and thoughtful follow-ups make a difference.

The Long Game

BD is a role that requires resilience. The reality is that you’ll review hundreds of deals before you source your first closed deal. Staying focused on the big picture fuels enthusiasm and helps you stay positive, even during deal dry spells. I’ve learned that success isn’t immediate, but consistency compounds over time.

The Technical Side: Critical Hard Skills

Using Technology to Your Advantage

As a junior professional, your experience with a CRM may vary, but mastering this tool is non-negotiable. At its core, a CRM tracks deal flow and banking relationships, giving you a 360-degree view of your effectiveness in sourcing and relationship management.

While the analytical capabilities are exciting, your primary responsibility early on will be data entry. Manually uploading and updating datasets isn’t the most thrilling aspect of the job, but it’s one of the fastest ways to learn. To put it in perspective, within my first year, I had seen deals from numerous lower-middle market industrial bankers in the U.S. market. That exposure is invaluable early in your career, helping you understand key industry players and the market landscape.

That said, CRM data entry isn’t without its challenges. Misclassifying deals is easy if you don’t take the time to understand the nuances–like the differences between auction, brokered, limited, and proprietary sale processes. The industry is full of jargon, so learning these distinctions early will help you input data accurately and spot mistakes. But that takes time, so always have an experienced team member check your work. Data is only useful if it’s clean, and while accuracy may seem tedious, it’s incredibly important for firmwide strategic planning and decision-making.

Keeping Track of Industry Moves

An essential part of being a successful BD professional is the ability to connect the dots. Piecing together market intel from deal flow, meetings, calls, and data providers like Sutton Place Strategies and LinkedIn helps you to stay on top of industry activity.  It’s also important to track industrial manufacturing and specialty distribution deals that we didn’t review and understand why MiddleGround wasn’t included on the buyer list. Often, the process was strategic-only, or the business simply didn’t align with our investment strategy. Occasionally, the investment bank may not fully understand our criteria. These moments create an opportunity to introduce (or reintroduce) MiddleGround and ensure we’re top of mind for the right opportunities.

Final Thoughts: The Little Things Matter

In BD, small, consistent efforts lead to long-term success. Whether it’s a quick phone call to check in, tracking industry activity, or staying disciplined with outreach, the details add up. I’m always learning from those around me, and the best BD professionals understand that this role is a mix of strategy, persistence, and human connection. And when done right, it’s one of the most rewarding paths in private equity.

Graham Sparks is an Associate on the Business Development team at MiddleGround Capital, a private equity firm focused on investing in B2B industrial manufacturing and specialty distribution companies. Based in Lexington, Kentucky, Graham brings perspective to relationship-building and deal sourcing.