Episode 424: The DealQuest Quarterly Roundtable With Brian Meegan And Sara Mostafa

There is more capital in private markets than most dealmakers have ever seen, and much of it has nowhere obvious to exit. In this second quarterly deals roundtable, Corey Kupfer sits down with his partners Brian Meegan and Sara Mostafa to break down what actually happened across the deal world in Q2 2026.

Brian and Sara are Corey's partners on the deal side of the practice, working alongside him across mergers and acquisitions, capital raises, and complex negotiated transactions in wealth management and well beyond.

WHAT YOU'LL LEARN:

How record dry powder, a slowing IPO market, and the rise of continuation funds are reshaping exits, why cash at closing keeps giving way to earnouts and rollover equity, what is driving longer holds and stretched diligence timelines, what minority investors actually control, and why one founder near 450 million dollars in revenue decided not to go public.

THE ROUNDTABLE'S JOURNEY:

The conversation opens on the macro picture Corey brought back from the Echelon Deals and Dealmakers Summit, then moves through hard data on the collapse in private equity backed IPOs and the record surge of lower middle market deals coming to market.

From there it turns human, with Brian's deal in history on the founding of US Steel, Sara's debut segment on remarkable women in business, and Corey's closing reflection on choosing a path that fits your values rather than the default one.

KEY INSIGHTS:

Private equity backed IPOs fell from 424 between 2017 and 2021 to 70 between 2022 and the present, according to Dealogic, and that narrowing exit window is a major reason so much capital is stuck in private markets.

As dollars move down market, the lower middle market benefits. Axial reported a record 3,523 deals coming to market in Q2 2026, up roughly 4.79 percent over the same quarter last year.

Longer holds are now the norm. A New York Times report put private equity's unsold portfolio companies at 33,575 as of June 30, up from about 32,500 a year earlier and roughly 15,923 a decade ago.

Taking a minority investment does not mean keeping full control. Board seats, veto rights, tag along rights, and priority rights all come into play, a point Sara raised in a Family Wealth Report quote.

In Echelon's post closing survey, the top reason sellers felt their expectations fell short, at 40 percent, was not deal economics or equity performance. It was autonomy and workload.

Perfect for founders, business owners, and investors weighing whether, when, and how to do their next deal.

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FOR MORE ON THIS EPISODE: 
https://www.coreykupfer.com/blog/brianmeegansaramostafa

FOR MORE ON KUPFER.
https://www.kupferlaw.com

FOR MORE ON COREY KUPFER
https://www.linkedin.com/in/coreykupfer/
https://www.coreykupfer.com/

Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Episode Highlights with Timestamps

00:02 Opening the quarterly roundtable, continuation funds, dry powder, and a slowing IPO market
09:15 Sara Mostafa on risk shifting to sellers through earnouts and rollover equity
11:12 Brian Meegan on the collapse in private equity backed IPOs, 424 down to 70
19:26 The New York Times data, 33,575 unsold private equity portfolio companies
28:34 Deal in history, how a single dinner led to the founding of US Steel
44:18 Remarkable women in business, the story of Estée Lauder
52:37 A founder who chose not to go public, and why it mattered

Guest Bio

Brian Meegan has represented US and multinational clients on corporate matters for more than 25 years, primarily on M&A, business formation, contract negotiation, and real estate. Before joining Kupfer, he founded Evergent Law, listed in Best Law Firms in America (Colorado) for Corporate Law and the exclusive Colorado M&A firm in the IR Global network, and he separately founded Watson Ltd., a back-office support company serving law firms nationwide. Brian earned his B.S. and J.D. from the University of Colorado, is listed in Best Lawyers in America (Colorado), and is a self-described history nerd who powers the new Deals in History segment on the show.

Sara Mostafa is a corporate attorney with nearly two decades of experience representing private companies and individuals across M&A, private equity, financing, corporate governance, employment, real estate, and outside general counsel work, with clients spanning technology, wealth management, retail, entertainment, construction, restaurants, medical practices, and fitness and nutrition. She began her practice at Cooley LLP in San Diego and later served as a Partner at Lobb & Plewe LLP before joining Kupfer. Sara earned her J.D. from UCLA School of Law and her B.A. magna cum laude from the University of Pennsylvania, completed Harvard Law School's Executive Education program in M&A in 2023, and is licensed in California and Hawaii. She speaks English, Spanish, Arabic, and French

Related Episodes

Episode 293, Sunny Vanderbeck, on selling without selling out and building deals aligned with your values.

Episode 325, Kelly Finnell, on employee stock ownership plans and internal succession as an alternative exit path.

Keywords/Tags

DealQuest, quarterly roundtable, private equity, dry powder, continuation funds, IPO market, lower middle market, mergers and acquisitions, earnouts, rollover equity, minority investment, board seats, tag along rights, seller satisfaction, US Steel, Andrew Carnegie, J.P. Morgan, Estée Lauder, women in business, exit planning, capital raising, negotiation, Corey Kupfer, Brian Meegan, Sara Mostafa