What does it take to create lasting value in an industrial or manufacturing business — without chasing quick wins or financial engineering?
In this episode of Growth Without Referrals, Mark Ferguson sits down with Kevin Salquist of Big 7 Ventures to explore how a long-term, operator-focused approach can unlock growth in overlooked lower-middle-market businesses.
Kevin's career began as a market maker on the Pacific Stock Exchange before taking him through prime brokerage and ultimately into private equity. Today, he helps Big 7 Ventures identify, acquire, and grow niche industrial and manufacturing companies.
For Kevin, successful investing starts with much more than a spreadsheet.
It means buying the right business at the right price, avoiding excessive leverage, understanding the people already inside the company, and getting into the trenches before deciding what needs to change.
Kevin and Mark discuss why relationships remain critical in traditional industries, how Big 7 identifies hidden potential in mature family-owned businesses, and why some companies that appear stagnant may simply need renewed leadership, investment, and operational discipline.
They also explore how Big 7 approaches growth after an acquisition — from improving margins and modernizing sales and marketing to entering new markets, rewarding employees for creating value, and using technology and AI to improve operational efficiency.
In this episode, you'll hear about:
- Kevin's journey from the Pacific Stock Exchange to private equity
- Why Big 7 Ventures focuses on niche industrial and manufacturing businesses
- How to recognize hidden value in mature, family-owned companies
- Why buying at the right price and avoiding over-leverage matters
- The importance of listening before changing an acquired business
- How employee buy-in can drive operational improvement
- Why face-to-face relationships still matter in industrial markets
- How Big 7 thinks about short-term returns versus long-term value creation
- Where operational discipline becomes a growth bottleneck
- Opportunities Kevin sees in data centers and energy
- How AI could improve efficiency inside traditional manufacturing companies
- Why great leaders shouldn't be afraid to get their hands dirty
One of Kevin's central philosophies is simple: play the long game.
Big 7 isn't acquiring businesses with the assumption that they must be sold again in five or seven years. The focus is on building stronger companies, creating sustainable growth, taking care of employees and customers, and making decisions that compound value over time.
For founders, investors, and operators working in traditional industries, this conversation offers a grounded perspective on what sustainable growth actually looks like.
About Kevin Salquist
Kevin Salquist is part of the team at Big 7 Ventures, where he focuses on sourcing lower-middle-market industrial and manufacturing businesses while developing relationships with limited partners, family offices, RIAs, and other investors interested in alternative investments.
His background spans decades in financial markets, including market making and prime brokerage, giving him a unique perspective that combines financial discipline with a hands-on approach to operating and growing businesses.
Email - kevin@big7ventures.com
About Growth Without Referrals
Growth Without Referrals explores how business leaders build predictable, sustainable growth beyond traditional referral networks.
Host Mark Ferguson speaks with founders, executives, investors, and operators about the strategies, systems, decisions, and lessons behind building businesses that can grow intentionally.
Email - mark.ferguson@prestige-services-group.com