[Private Equity Series] Building Enduring Businesses With Keith Burns

​Keith Burns is the CEO and Co-chairman of Lullwater & Co., a private investment firm dedicated to building enduring companies through long-term partnerships. He also serves as Co-executive Chairman of Apex Physics Partners, the largest medical physics services provider in the US, and previously led Seneca Creek Partners, a search fund that completed 15 acquisitions and achieved a successful investor exit in 2019. A former attorney and Goldman Sachs executive, Keith holds a BBA from Emory University and a JD and MS in real estate development from Columbia University. He is an adjunct assistant professor of entrepreneurship at the University of Chicago Booth School of Business and actively mentors emerging entrepreneurs through teaching and board service. In this episode… Scaling a business feels like navigating chaos — especially when taking over a company in its awkward adolescent phase, where systems are fragile, leadership is thin, and growth potential remains untapped. Many entrepreneurs struggle with transitioning ownership, aligning staff, and building toward a sustainable future without losing what made the business special. So, how do you effectively professionalize and grow a service business while honoring its core culture? Keith Burns, an experienced investor and operator, shares his strategic approach to acquiring and scaling service-based businesses. Drawing from his background in law, finance, and healthcare services, he outlines the importance of starting with a rock-solid foundation — listening to employees through HR assessments and building trust. He emphasizes the power of recurring revenue models, the risks of integration debt, and how to avoid common pitfalls like promising no change during acquisitions. Keith also dives into red flags to watch for, such as poor seller alignment or low cash flow conversion, and offers frameworks for assessing business viability and long-term potential. In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz interviews Keith Burns, Co-chairman and CEO of Lullwater & Co., about strategic business acquisitions and scaling through thoughtful integration. Keith discusses how he grew the largest medical physics company in the US, shares lessons from teaching entrepreneurship at the University of Chicago, and talks about identifying business red flags, embracing culture, and choosing the right problems to solve.