The Do Diligence Podcast 10/6/2025

Episode 18: From Searcher to CEO: Lessons from Justin Murray’s Journey with SGC and SignComp

In this episode of The Do Diligence podcast by Sleeping Giant Capital, host Derrick McIver sits down with Justin Murray — CEO of SignComp and the firm’s first CEO in Residence — to unpack the real-world journey from Fortune 500 operator to ETA acquirer and hands-on leader.

Drawing on his path from Mars and Stryker to leading a 40-person manufacturer, Justin shares the playbook behind a successful search: crafting truly personal outreach, aligning with the right accelerator model, and weighing “fit vs. risk” when evaluating deals. He gets candid about seller psychology and negotiation structure — how motivations shape the mix of cash, notes, and earnouts — and walks through the curveballs that surface late in diligence, including a multimillion-dollar inventory swing and the creative working-capital solutions that kept the deal on track.

Listeners get a behind-the-scenes look at day-one transition and the first 100 days: communicating with employees, setting a sustainable cadence for change, building trust through one-on-ones, and learning the business by riding along with sales and visiting customers. Justin also shares why network-building (from bankers to peer CEOs), family alignment, and a clear personal North Star matter as much as modeling, and why revenue is a lagging indicator of brand, systems, and team investments.

With practical detail and zero gloss, this conversation reframes ETA as a “reverse sale” where buyers must sell owners on succession — and then deliver. It’s an actionable guide for aspiring searchers, operators stepping into their first CEO seat, and advisors helping leaders navigate from evaluation to execution.

 

Subscribe to the Do Diligence Podcast