Introducing founders to an independent chair is one of our first priorities when signing a deal. Bringing deep knowledge of the growth journey, the right chair acts as a vital sounding board and feedback loop between investors and the business.

When founders partner with Copilot Capital, they benefit not only from our team but also our wider network. Scaling a software business is complex and demanding, so the more expertise and experience you can draw on, the better. Nothing beats tapping into entrepreneurs and leaders who have been on the same journey. That’s why we prioritise making valuable introductions from day one, including identifying an independent chair, either pre-deal or very soon after.

The right chair can be an invaluable resource for a rapidly growing private equity-backed business, providing additional wisdom and support to complement the existing team. Their experience scaling businesses means that chairs understand the pressures founders are under and the tough decisions they face. They help facilitate constructive discussions between investors and leadership, drawing on their years of experience, while providing valuable oversight to make sure the right business decisions are made.

In the last 12 months, we’ve introduced chairs to all three of our portfolio companies: Andrew Blatherwick at Relesys , Peter Ryan at SecureFlag, and Stewart Holness at PriceShape . All three have been embraced by the founders and are now making their impact felt.

It’s reassuring and rewarding to see these appointments going so well, but it’s no coincidence. At Copilot, we believe finding the right chair comes down to focusing on four key attributes when making introductions.

1) Experience in our growth sweet spot

We always look for chairs who have led companies through the same growth journey that our portfolio businesses are on, from roughly £10m to £50m in revenues. Their first-hand experience of making this transition, and leading or advising much larger businesses, means they know what is coming down the road and what needs to happen to meet longer-term business objectives. In essence, a good chair should help founders fast-track the learning curve and, as one chair put it to me, avoid making the same mistakes they did.

“The chair is always trying to see around corners and look several moves ahead,” says Peter Ryan, Chair at SecureFlag. “Your value-add is providing an outsider’s view, nudging founders on things they haven't thought of, and having enough separation to see the big picture. Your job is not to be an executive.”

2) Deep sector or business model insights

The chair candidates we put forward should have a background that aligns with the exact sector or business challenges a company is navigating. We pinpoint the key areas where we want to support businesses in scaling, whether improving sales team performance, expanding abroad, M&A, or using AI.

For example, at Relesys, a platform serving the retail sector, Andrew Blatherwick brings a wealth of experience scaling retail technology companies, including Relex, the supply chain and retail planning software company. Meeting him pre-deal gave the founding team a huge boost and the confidence that we were the right partner to accelerate their growth.

“Combining Andrew with Copilot gives us deep insights into what’s involved in scaling a SaaS company, but also very focused expertise on the retail industry,” explains Jesper Roesgaard, co-founder at Relesys.

Similarly, Peter Ryan, who joined SecureFlag last year, has not only advised and sat on the board of multiple companies, but his go-to-market background means he understands the commercial levers required to drive growth. As a result, he’s already helped in the hiring of a new CRO for the leadership team.

“How you take a product to market and sell it at scale is my big area of expertise - I've done that in big and small companies,” he says. “Founders want you to be there to listen to the problem they face, understand it, and partner with them to work through it.”

And at PriceShape, which specialises in pricing intelligence and competitor monitoring, chair Stewart Holness brings deep technical expertise, plus experience spanning sales, marketing, product management, plus numerous Chief Executive and Chair roles under his belt.

“Stewart has seen our business stage many times before, particularly the challenge of exceeding 100 employees for the first time, which is a big milestone,” says Frederik Christiansen, CEO and Co-Founder, PriceShape. “It’s hugely valuable to hear from someone who can explain what is normal for this period of growth, the impact of taking capital, and entering new markets.”

3) Founder chemistry

Alongside skillset, chemistry fit with the founders is critical, which is why we try to make introductions pre-deal, to test out what works and what doesn’t, always deferring to founders for the final decision. Every chair has their own style and each relationship develops in its own way, but a good chair will never try to dominate, despite their vast experience. They’re there to advise and guide, but never take over.

“Andrew talks the same language as us, understands where we’re coming from as founders and what we’re aiming for,” says Roesgaard at Relesys. “He has the same mindset and is there to support us, not add more reporting and put up obstacles.”

Striking the right balance between empowering the founding team and supporting investors, without treading on any toes takes experience and nuance.

“You're not supposed to be the chief executive, so don't talk over them; you're not replacing the CFO, so don't pretend to be a finance guy; you're not managing the investor’s money, that's what the investor does. But you are supposed to know in detail about all these functions and be able and ready to lean in whenever needed.  In the Venn diagram of activities, you have to work out how to influence those areas quickly with charm, fact-based views, and good grace,” says Stewart Holness, Chair at PriceShape.

Chemistry is also vital when mediating between founders and investors, regarding differences of opinion, points of tension, or tough decisions. As Andrew Blatherwick puts it: “The chair is like the cartilage between two bones. The bones might both be very strong, but they won’t work without the cartilage between them. You've got to be soft and tough all at the same time to help people gel.”

4) A hands-on mindset

Finally, there are a lot of independent chairs out there, but the key is finding those who are really committed to making the business better and actively supporting the founders, rather than simply showing up for board meetings. During the selection process, we get under the skin of chairs to understand their motivations and identify those who like to hustle and play a meaningful role.

For example, at Relesys, Andrew has already been involved in helping the company break into the UK market and setting up a key partnership. Stewart, Chair at PriceShape, takes a similar hands-on approach.

“I lean in and help do things, whether that’s helping win a customer, raising money, guiding the process to resize a team, helping the audit function move along smoothly, or keeping customers happy,” he says. “As a chair, you should be willing and able to do those things when the moment comes. The days of a chair pontificating once a month at a turn-the-page board paper meeting are thankfully long gone.”

A focused approach to private equity

It's all part of the Copilot Capital philosophy: staying focused on our investment sweet spot, understanding what makes each company unique, and empowering founders to realise their vision.

As Stewart at PriceShape puts it: “Copilot really understand their subject matter, where they want to be on the transformation journey, and what their value-add is. They understand how to compensate their teams, and what good looks like, and they enjoy what they do.”

Building a team around the founder is vital to that strategy and approach and, while the chair might frequently fly under the radar, their subtle influence and guidance can give founders an edge where it matters most.

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