The BBS Connect Newsletter is an extension of our BBS Connect Operating Partner Database, which connects middle-market healthcare-focused private equity funds with experienced executives. In this quarter’s edition, we are pleased to feature insights from Steve Corbeil. With more than 34 years of healthcare management experience, Steve currently serves as the Executive Chairman at LucidHealth, a physician-owned and led radiology management company with nearly 300 providers across the United States.
Featured Q&A:
Steve Corbeil – Executive Chairman, LucidHealth
When stepping into the operating partner/board member role, what’s the first thing on your list to evaluate?
The absolutely first thing I would evaluate as an operating partner/board member is the cultural fit. It’s imperative that the investors/PE firm share the same values and business objectives that I do regarding the company. Everyone understands what the financial objectives of the investment is—HOW one goes about achieving it is the critical question.
How do you approach resolving differences in strategic views?
First, understand that the operating partner/board member role is advisory! Given this reality, being a conduit to discuss and resolve differences and conflicts requires outstanding listening and communications skills. Asking questions, drawing out all perspectives, anticipating consequences and seeking compromise positions is vital to the operating partner/board role.
What do you think is the most important intangible for a successful business?
Hiring and developing the right senior management team! CEOs need a sounding board—they also need to assure that their team is capable of scaling up to a larger organization (many to multi-site, multi-state footprints). CEOs who have the talent to identify, develop and lead high performing teams is an intangible that is critical for success.
What are the three most important things about being an operating partner/board member?
- Understand your role — have clear expectations set with the PE leaders and senior management of the portfolio company.
- Don’t limit your “value contribution” to your previous executive role or industry. At times I see board members simply talk when there are discussions in “their lane” from a subject matter expert perspective. The best operating partners/board members contribute on strategy, leadership development, HR, operations, etc. whether it was in the industry they came from or not.
- Be brave! As an advisor you are at the table to provide a different perspective! There are ways to express differences that is constructive and helpful to the company and the investors.
Operating Partner Database
The Bass, Berry & Sims Healthcare Private Equity Team is proud to announce the launch of our BBS Connect Operating Partner Database. This exciting new resource is intended to connect middle-market healthcare-focused private equity funds with highly experienced operating partners, independent directors, management executives and consultants available to drive operational value and growth for portfolio companies. This database includes seasoned executives from across the healthcare spectrum with experience from start-ups to the largest public or private organizations. Sign up today to get connected to leaders in our industry.