In this episode of the Investor Podcast, we sit down with Callum Lang, a veteran M&A and private equity investor with nearly 30 years of entrepreneurial experience. Callum shares his contrarian, genuinely founder-friendly approach to the capital markets, specializing in rolling up traditional, "old economy" small businesses into public holdings without stripping founders of their brand, culture, or operational control.
The conversation focuses on the strategic landscape of small-cap public markets, cross-border listings, and creative acquisition strategies for businesses looking to scale.
Key topics discussed include:
The Fallacy of Small-Cap Liquidity: Why the traditional investment banking advice to maximize stock liquidity often leaves small-cap companies highly vulnerable to market manipulation and downward pressure.
The Constrained Stock Model: How Callum’s unique five-year lockup structure aligns founders, staff, and sophisticated institutional investors to focus entirely on long-term growth rather than short-term exit liquidity.
Navigating Global Exchanges in 2026: An analysis of the regulatory and financial differences between listing in the US versus European markets like London and Frankfurt, including the advantages of cross-listing.
Scale Through Equity, Not Cash: Insights into utilizing stock as a powerful currency for joint ventures and rapid acquisition-led growth in the fragmented middle market.
Callum wraps up the conversation with a surprising piece of advice for ambitious entrepreneurs: "Don't go public unless you are using the public markets to grow by acquisition", reminding the audience that listing for ego or quick liquidity is a recipe for value destruction.
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