The most successful initial PE meetings share a counterintuitive trait: they feel less like presentations and more like a conversation over coffee. Yet founders repeatedly make the same missteps, mistaking polish for preparation and performance for partnership potential.
It’s not Dragon’s Den. It’s not a bank meeting. It’s a two-way chat between people who could, if all goes well, be working together for years. And while every meeting is different, the same themes, and the same mistakes, pop up again and again.
Drawing on insights from YFM Equity Partners’ investment team, who conduct hundreds of first meetings annually, Jamie Roberts has put together what works and what doesn’t.
DO: Make it a conversation, not a performance —
“DO make the session as interactive as possible. Request an agenda or list of key questions ahead of time – this demonstrates strategic thinking rather than a presentation which makes the whole thing flow better.
The founders who come in curious, not rehearsed, always stand out. It’s not about dazzling investors; it’s about connecting with them.
One partner recalls a meeting where the founder’s presentation clicker failed three slides in – cue panic, sweating, and frantic laptop swapping. The founder laughed, shut the laptop, and proposed a conversation – “It became one of our most productive first meetings,” the investor notes. “We learn more about their decision-making under pressure than any deck would have shown.”
DON’T: Turn it into death-by-deck —
The fastest way to drain the room is reading through a 40-slide presentation word-for-word without pausing for engagement or questions about the firm’s investment approach.
One investor described a technically flawless presentation that progressed no further like a bad first date “Great deck, zero chemistry or indication they’d viewed this as a potential partnership. They never once asked about our portfolio strategy or what we look for in management teams.”
First meetings are supposed to start with friendly chit-chat, something light, something safe. In this case, the investor picked a topic the founder was into and thought he’d nailed the perfect icebreaker. But the harmless opener somehow morphed into a low-key competition neither side meant to start. Within minutes, the vibe had gone from “nice to meet you” to “this is tense for a Tuesday.”
No shouting, no drama, just that sinking feeling when a conversation slips out of your hands and into the abyss. The meeting wrapped up early, everyone stayed polite and no one suggested a follow-up.
It was a reminder that even well-intentioned rapport-building can veer off-course if you misread the moment. Early meetings are as much about chemistry as numbers, and once the mood turns, it’s hard to steer things back.
DO: Trust your team —
The best meetings are team efforts. Everyone contributes; nobody dominates. “Trust your team to present, it’s always awkward when someone in the room doesn’t join in.”
It signals confidence and culture, two things’ investors care about as much as numbers.
DO: Flip the script —
A clever way to break the ice? Ask the PE firm to present first. It gives you a breather, sets the tone, and helps you see what matters to them before diving into your own story.
“It’s a small thing that changes the energy in the room. It stops feeling like you’re being grilled.”
Following one meeting, a CEO offered a lift to the station. The investor found themselves in a family car complete with child seats and crisp crumbs. The informal 15-minute conversation proved more revealing than the formal presentation. “You see how someone actually operates when the setting shifts,” the investor explained.
Moments like that show everyone’s human. You don’t need polish; you need connection.
Quickfire tips —
Pitfalls to avoid —
- Trying too hard to be “corporate.” We just want to get to know you and hear about your business
- Focusing on the deck, not the discussion
- Letting nerves take over
- Forgetting the small human touches that build trust
A question worth asking —
If there’s one line that separates the prepared from the not and shifts the tone to collaboration, it’s: “What would partnership success look like for you?”
Quick prep checklist —
- Know your “why” what are you looking for from an investor?
- Decide who’ll cover which areas in the meeting.
- Read up on the firm’s portfolio where do you fit?
- Prepare a couple of thoughtful questions.
- Have one story ready that shows resilience or change.
- And yes, check your clicker works.
The most effective first meetings feel effortless because they are. They’re authentic, conversational and a bit human. Bring curiosity, a story or two and a sense of humour, that’s the stuff partnerships are built on.
Jamie Roberts is Managing Partner at YFM.
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