Employee-led Buyouts - Apis & Heritage - Phil Reeves and Michael Brownrigg

Investing in People, Not Unicorns - Mark Phillips - 11 Tribes

Mark Phillips, Founder of 11 Tribes Ventures, joins Impact Investing Roadshow to discuss his firm's founder-first venture capital thesis and their investment in NQS (National Quality Systems), a vertical AI platform transforming trauma registry management for U.S. hospital emergency departments. Get The Full Episode Notes Here [https://www.impactinvestingroadshow.com/11tribes] MARK PHILLIPS Founder, 11 Tribes Ventures Email [mark@11tribes.vc] | LinkedIn [https://www.linkedin.com/in/markphillips11t/] | Website [https://www.11tribes.vc/] Masters of Resilience Podcast [https://rss.com/podcasts/mastersofresilience/] | Co-hosted Mark Phillips and Ryan Seger DEAL HIGHLIGHTS - NQS (NATIONAL QUALITY SYSTEMS) Founded by multi-time entrepreneur Mark Feinberg, NQS is a vertical AI platform designed to streamline trauma registry management for hospital emergency departments. The company addresses a highly specialized domestic market of approximately 2,400 trauma registry departments—a space previously served by a single, broad-based incumbent whose undifferentiated software left users deeply underserved. 11 Tribes co-invested alongside lead investor Long Run Capital, committing an initial $750,000 check into a priced seed round at an $8 million post-money valuation, with the total raise of $2 million split between the two firms. A defining feature of the investment was NQS's 16 signed hospital contracts at the time of closing—despite the product being six to eight weeks from launch—a rare validation of both market urgency and founder credibility. Operating partner Carolyn Wilson, former COO of the University of Chicago Health System, provided critical domain expertise during diligence. The round closed in March 2025, the product launched within weeks, and NQS has since grown rapidly. 11 Tribes has made two additional investment tranches, including a recent $750,000 follow-on that effectively constitutes a Series A. I'd love to connect with you on LinkedIn. You can find me here [https://www.linkedin.com/in/themarkwking/]. This podcast and related content are for informational purposes only and do not constitute financial, investment, tax, or legal advice. Always consult a qualified professional before making any investment decisions. A full disclaimer [https://www.impactinvestingroadshow.com/disclaimer/] of liability and disclosure of important information is available with the show notes for each episode and on our website at impactinvestingroadshow.com/disclaimer [https://www.impactinvestingroadshow.com/disclaimer/].

Rehabbing & Flipping Churches - Narthex - Rob Boyer

Rob Boyer, CEO and founder of Narthex Properties, joins Impact Investing Roadshow to discuss his firm’s mission of acquiring and repositioning underutilized historic church properties as thriving faith-based community hubs—illustrated through the Our Lady of Lourdes transaction in Raytown, Missouri. Get The Full Episode Notes Here [https://www.impactinvestingroadshow.com/narthex] Guests: Rob Boyer: CEO and Founder, Narthex Properties Email [Rob.Boyer@Narthex.com] | LinkedIn [https://www.linkedin.com/in/rob-boyer-0164535/] Deal Highlights: The Our Lady of Lourdes Catholic Church in Raytown, Missouri—a multi-building compound on three acres near Arrowhead Stadium—had been vacated by the Archdiocese and left largely unused. Narthex acquired the property in 2023 for $1,290,000 after negotiating down from a $1.9 million asking price, then invested approximately $910,000 in renovations including HVAC upgrades, bathroom additions, and general refurbishment, bringing the total all-in cost to roughly $2.2 million. The project was financed at a 50/50 equity-to-debt ratio, with $1.1 million in investor equity. Narthex secured City KC—a rapidly growing Kansas City congregation led by Pastor Armor Stevenson II, whose membership has grown from approximately 1,000 to nearly 2,000 since moving in—as the anchor tenant. Under a two-year lease structure, City KC is under contract to purchase the property for $2.5 million, generating a projected 15% IRR and approximately 50% cash-on-cash return for investors over a three-year hold. I'd love to connect with you on LinkedIn. You can find me here [https://www.linkedin.com/in/themarkwking/]. This podcast and related content are for informational purposes only and do not constitute financial, investment, tax, or legal advice. Always consult a qualified professional before making any investment decisions. A full disclaimer [https://www.impactinvestingroadshow.com/disclaimer/] of liability and disclosure of important information is available with the show notes for each episode and on our website at impactinvestingroadshow.com/disclaimer [https://www.impactinvestingroadshow.com/disclaimer/].

AI for Main Street - Fireroad - Christy Johnson

Christy Johnson, Founding Partner of Fireroad Ventures, discusses the firm’s thesis around applying AI to small and local businesses and digs into their pre-seed investment in Ando, a workforce scheduling platform designed to improve job quality and scheduling flexibility for the 82 million hourly W-2 workers across food service, hospitality, and transportation. Get The Full Episode Notes Here [https://www.impactinvestingroadshow.com/fireroad] Guests: Christy Johnson: Founding Partner, Fireroad christy@fireroad.io [christy@fireroad.io] | LinkedIn [https://www.linkedin.com/in/sincerelychristy/] Deal Highlights: Ando is a workforce management platform serving industries with large hourly W-2 workforces—food service, hospitality, and transportation—where chronic overemployment and unpredictable scheduling drive turnover rates exceeding 150% annually. The platform delivers AI-powered predictive scheduling for employers while simultaneously giving employees cross-employer schedule visibility, enabling workers to coordinate hours across multiple jobs and personal obligations. The company is targeting the 82 million hourly workers in the U.S., positioning itself to build the largest labor graph in the country. Fireroad invested in Ando’s approximately $1 million pre-seed round via a SAFE note, writing a check in the $100–200K range. Diligence spanned roughly three weeks, from an initial partner call on April 7 to an investment committee decision on April 25, with the round closing in early June. Key conviction drivers included founder and CEO Paul Wellens’ deep domain experience scaling brands such as KFC and Einstein Bagels, a rigorous 40-page first-party research white paper, and early commercial traction with multi-location partners. The company, originally named Methodic, rebranded to Ando ahead of a planned $ 3–4 million seed raise targeting further commercial expansion. Connect with the host, Mark King, on LinkedIn [https://www.linkedin.com/in/themarkwking/].

Employee-led Buyouts - Apis & Heritage - Phil Reeves and Michael Brownrigg

Phil Reeves and Michael Brownrigg, co-founding partners of Apis & Heritage Capital Partners, discuss their employee-led buyout (ELBO) strategy that converts lower middle-market businesses to employee ownership. They detail how they sourced and structured the Blooming Nursery transaction (Cornelius, Oregon), including screening criteria, diligence on agriculture-specific risks like seasonality and weather. They explain ESOP mechanics, trustee oversight, tax advantages, multilingual employee communications, post-close governance and ownership-culture training, operational upgrades, and their non-sale exit model focused on refinancing principal and monetizing warrants as the business grows. Get The Full Episode Notes Here [https://impactinvestingroadshow.com/apisandheritage] Guests: Phil Reeves: Co-founder, Apis & Heritage Phil@apisheritage.com [Phil@apisheritage.com] | LinkedIn [https://www.linkedin.com/in/philipreeves/] Michael Brownrigg: Co-founder, Apis & Heritage Michael@apisheritage.com [Michael@apisheritage.com] | LinkedIn [https://www.linkedin.com/in/mikebrownrigg/] Deal Highlights: Blooming grows branded, high-quality plants and sells exclusively to specialty garden centers across the western U.S. Demand is tied to seasonal and weather-driven buying patterns which creates diligence and forecasting challenges. Apis & Heritage found the deal through a brokerage and structured the acquisition as a sale into an ESOP, enabling the founder, Grace Dinsdale, to receive about 90% of value upfront. The ESOP approach protected the land and Grace's legacy by keeping ownership with the company and workers. The debt transaction put roughly 70 full-time employees plus about 50 seasonal H-2A workers on a path to wealth, with plan tweaks so seasonal workers could earn shares. Post-close, Apis & Heritage added governance, ownership-culture training, finance upgrades, and expanded capacity with new greenhouses. Apis & Heritage received share purchase rights along with their subordinated note which gives them the opportunity for upside. I'd love to connect with you on LinkedIn. You can find me here [https://www.linkedin.com/in/themarkwking/].

Making Housing Affordable - Sycamore Equity - Glenn Bean and Ian Noyes

Glenn Bean and Ian Noyes of Sycamore Equity examine a shared-equity housing model designed to bridge the gap between what nonprofit and church staff can afford and local housing costs. Bean and Noyes explain how equity sharing agreements provide 10–30% of a home’s value at closing to reduce mortgage burdens, typically targeting 3–9% IRRs, with capital recycled upon sale or refinance to build a housing endowment-like reserve. Get The Full Episode Notes [https://impactinvestingroadshow.com/sycamore] Guests: Glenn Bean: Co-founder, Sycamore Equity glenn@sycamoreequity.com [glenn@sycamoreequity.com] | LinkedIn [https://www.linkedin.com/in/glenn-bean-1b47694/] Ian Noyes: Co-founder, Sycamore Equity ian@sycamoreequity.com [ian@sycamoreequity.com] | LinkedIn [https://www.linkedin.com/in/ian-noyes-b86116136/] Deal Highlights: They detail a Central Coast California transaction: a pastor family sought to buy a $1.2M home they had been renting, had saved $100k, qualified for a $600k mortgage, and filled a $500k gap through aggregated sources—about $200k in gifts from ~20 congregants to a designated church fund, about $200k from donor-advised funds, and $100k from a self-directed IRA—pooled into an LLC that invested in the shared-equity position. The church (annual budget ~$300k–$350k) raised $500k in about two months, which they say also strengthened congregational confidence and unity. I'd love to connect with you on LinkedIn. You can find me here [https://www.linkedin.com/in/themarkwking/].