In this episode of The Market That Moves America, Doug Farren, Executive Director of NCMM and Andrew Korz, Senior Vice President of Investment Research at Future Standard, explore how private equity and private credit are shaping growth for U.S. middle market companies, debunking common misconceptions and highlighting key trends. Learn why operational value creation—not cost-cutting—is driving success in today’s evolving economic landscape.

Future Standard, formerly FS Investments, is a global alternative asset manager that invests in private equity, credit, and real estate, focusing on the U.S. middle market. The company's mission is to deliver differentiated performance for its institutional and private wealth clients by connecting them to hard-to-access private market opportunities, challenging the status quo, and innovating in its investment solutions.

Private Equity’s Growing Role in the Middle Market

In this episode of the NCMM podcast, we sit down with Dr. Mike Knemeyer, Professor of Logistics and Supply Chain Management at The Ohio State University, and Jeremy Jansen, Head of Global Originations for Wells Fargo Supply Chain Finance. Together, they explore how middle market firms are adapting to ongoing supply chain disruptions, economic uncertainty, and shifting trade policies. From short-term tactics like inventory front-loading to long-term strategies around diversification, financing tools, and global resilience, this conversation sheds light on how businesses can turn volatility into opportunity.

For more on this topic, check out the Wells Fargo report From factory to checkout: The supply chain story you didn’t know you were living [https://www.wellsfargo.com/assets/pdf/commercial/insights/business-viewpoints/supply-chain-report-factory-to-checkout.pdf].

Navigating Global Supply Chain and Economic Uncertainty

In this episode of The Market That Moves America, Minyi Su, Head of Marketing at Bluemercury and Fisher College of Business alum, joins us to share how a premium beauty retailer is adapting to rapid change. We discuss the evolving role of brick-and-mortar stores in a digital-first world, the ways AI is enhancing—not replacing—human connections, and the importance of innovation in meeting shifting consumer preferences. Minyi also offers candid insights into the challenges of attracting and retaining top talent, balancing supply chain pressures, and fostering agility in a mid-sized company. From consumer behavior trends to practical leadership lessons, this conversation highlights how middle market firms can stay resilient while putting the customer experience at the center.

Navigating Technology and Talent in the Middle Market

In this episode, Doug Farren is joined by Roger Bailey, Associate Dean of Executive Education and Centers at The Ohio State University Fisher College of Business, to explore how AI is reshaping customer-centricity.  We discuss why putting customer value at the center of business decisions drives profitability, how AI is transforming both qualitative and quantitative research, and what these changes mean for mid-sized companies.

From practical examples of AI in action to strategies for maintaining authenticity in a digital-first world, this conversation offers a roadmap for leveraging technology without losing sight of what matters most — the customer.

How AI is Changing Customer Connections 

In this episode, we dive into the transformative power of AI in the modern workplace with Stephanie Donahue, Practice Leader at Avanade. As tools like Microsoft 365 Copilot and agent-based systems gain momentum, the pressure is mounting for middle market companies to modernize responsibly. Stephanie unpacks how businesses can build a strong digital foundation, shift organizational culture, and empower employees through intentional change enablement. With real-world insights and a future-focused lens, she explores what it means to prepare for a hybrid workforce of humans and intelligent agents.

Building an AI Ready Workplace

In this episode, we dive into the growing urgency of climate risk and resilience with Amelie Fava-Verde, Chubb Resilience Services leader. As natural disasters, from wildfires to floods and hurricanes, become more frequent and severe, the stakes are rising for middle market companies. Amelie unpacks why proactive risk management is no longer optional, sharing real-world examples and expert insights on how businesses can reduce financial and operational disruption, overcome internal hurdles and transform resilience into a strategic edge.

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Additional information can be found at chubb.com.

Building Climate Resilience in the Middle Market

In this episode, we dive into the evolving world of talent strategy in middle market companies with Laura Davidson, Head of People at Homage, a Columbus-based retailer known for its nostalgic apparel and vibrant culture. Drawing from her 15 years of HR experience across startups and Fortune 500s, Laura shares how Homage is scaling its people practices while staying true to its roots. From hiring with purpose and embedding development into daily work, to preserving culture and collecting meaningful feedback, Laura offers a candid look at how middle market companies can grow without losing what makes them special.

Laura Davidson leads the people function at Homage [https://www.homage.com/?utm_source=google&utm_medium=cpc-br&utm_campaign=CP+%7C+LF+%7C+GOO+%7C+TXT+%7C+BR+%7C+TXT%3A+Homage+Brand&utm_content=brand_text&tw_source=google&tw_adid=467147291508&tw_campaign=173533291&gad_source=1], where she focuses on aligning talent development, organizational design and leadership coaching with the company’s mission to celebrate the people, places and moments that matter. Her career spans multiple industries and company sizes, giving her a unique perspective on how to build culture and capability in fast-moving, resource-conscious environments.

People First: Talent Strategy at a Middle Market Retailer

In this episode, Doug Farren sits down with John Manning, Executive Vice President and Head of Commercial Banking Market Coverage at Wells Fargo. With over three decades of experience in commercial banking, John offers deep insights into the shifting macroeconomic landscape and what it means for middle market businesses. Together, they discuss the critical role of strong banking partnerships, strategies for managing market volatility and evolving trade policies, and the importance of a patient, strategic approach in uncertain times. Tune in for expert perspectives and actionable advice to help your business confidently navigate growth, risk, and innovation.

John Manning is executive vice president and head of Wells Fargo’s Commercial Banking Market Coverage team, overseeing a $200 billion portfolio and delivering a full range of financial services to diverse clients across the U.S. and Canada. A 35-year industry veteran, he has held multiple leadership roles since joining Wells Fargo in 1994, most recently leading the West region for Commercial Banking. Learn more at www.wellsfargo.com/com [https://www.wellsfargo.com/com]. 

Navigating Uncertainty: Strategies and Trends Across the Middle Market

The lower middle market makes up 80% of the total middle market, representing approximately 160,000 businesses in the U.S. In this episode, we dive into how digital payment innovations are fueling growth in this critical segment with two industry experts: Edward Galvin (Visa) and Andrew Jamison (Extend).Our discussion explores key findings from NCMM research, highlighting the evolving needs of middle market businesses and how financial tools can drive efficiency and expansion. Tune in to hear expert perspectives on how businesses can bridge the gap and future-proof their operations.

Edward Galvin is responsible for North America B2B Commercial Payments Sales at Visa. Visa helps connect businesses to a secure, global network of platforms, products, and services—no matter where you are on your business journey.

Andrew Jamison is the CEO of Extend, a financial technology company building innovative payment solutions for banks and their SMB customers. Extend has built a virtual card and expense management platform as an out-of-the-box product available for issuers to offer alongside their corporate card programs, allowing businesses to access modern spend management software with the commercial card they already have.

Read the report at globalclient.visa.com/middlemarket [https://globalclient.visa.com/middlemarket].

How Digital Payments Are Transforming the Lower Middle Market

Join us to hear from NCMM Managing Director, Doug Farren, as he discusses key insights from the 2024 End-Year Middle Market Indicator.

Listen to the full webinar presentation, see the slideshow, and explore more from the most recent MMI here: https://www.middlemarketcenter.org/performance-data-on-the-middle-market.

2024 End-Year Middle Market Indicator

With the help of industry experts and company leaders, the National Center for the Middle Market offers insights about a critical but often overlooked segment of the US economy – the middle market. Each episode, we get a new perspective from middle market leaders and stakeholders on current trends and emerging issues, allowing us to see the full picture and get an inside look into the market that moves America.

Doug Farren

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