Founder Q&A: Lessons Learned from a First Sale to Private Equity

A Conversation with Stacey Harralson, founder and president of Wasteology Group

For CEOs weighing a potential private equity partnership, hearing directly from leaders who have been through the process can offer invaluable clarity.

Wasteology, a recent Harris Williams client, is a leading managed waste services platform providing mission-critical, non-discretionary waste and recycling solutions to commercial and industrial customers. Harris Williams advised Wasteology on its sale to SkyKnight Capital.

In our recent conversation with the company’s founder and president Stacey Harralson, she reflected on the company’s evolution, the inflection points that led her to consider outside capital, and the lessons that shaped her experience. Her perspective provides practical guidance for executives evaluating how—and when—to pursue a private equity partnership.

Tell us about the origins of Wasteology. What problem did you see in the market, and how did that shape your early vision?

Stacey Harralson: After 20 years in the industry—half in hauling, half in landfill—I saw firsthand how rigid, yield-driven pricing models and spreadsheet-based fee structures were creating frustration and cost creep for customers. Many didn’t even realize how much their rates had increased because billing was so disconnected from decision-making. That disconnect opened the door for a different kind of partner.

What began as a simple “me, myself, and I” effort to replace my income quickly turned into something much bigger. Early organic growth showed us how much demand there was for a nimble, customer-centric partner that could build enterprise-wide, programmatic solutions around each client’s needs—not force them into a box. Reducing ancillary fees, increasing landfill diversion, driving sustainability, and delivering operational transparency became the foundation of Wasteology.

You’ve said culture was one of the most important parts of building the company. What did that look like inside Wasteology?

Harralson: From the beginning, Wasteology was fast-moving, urgent, and solution-oriented—full of people who wanted to be hands-on and collaborative. While many companies shifted toward hybrid or remote work, we stayed in the office intentionally. Being together accelerates problem-solving and drives career development. Our team gives its best hours to this place, and in return we’ve built a culture of ownership, loyalty, and pride. Everyone who’s been here any amount of time has their imprint on what Wasteology has become. This company is quite literally built by the people inside it.

That cultural identity—our urgency, likability, responsiveness—became a key filter as I later evaluated whether we could bring on a capital partner without losing what made us special.

At what point did outside interest start picking up? And how did you react to that wave of inbound calls?

Harralson: It felt like a switch flipped. One day, nothing; the next, a barrage of outreach from family offices and private equity firms. The volume alone made me skeptical. I didn’t know which groups were credible versus mass emailing. So I only took a few calls, and mostly to educate myself.

But some stood out. The groups who had taken the time to research us, connect the dots, and come with a clear reason for wanting to talk—that authenticity broke through the noise.

At that stage—lots of noise, lots of uncertainty—what made you decide it was the right time to bring in an advisor? And what ultimately led you to engage Harris Williams?

Harralson: I was introduced to Harris Williams, and that conversation changed everything. I didn’t fully understand investment banking at the time, or what it took to prepare a company for a transaction. But the Harris Williams team’s industry experience and clarity on what buyers would expect tactically and strategically made it obvious we couldn’t do this alone.

What I didn’t realize at first was how valuable their long-standing relationships with private equity firms would be. Over time, that formed what I call the “circle of trust”: We trusted Harris Williams, private equity groups trusted Harris Williams, and that trust extended to us. It became one of the most critical elements of a successful process.

Once you were in the process, what surprised you? Anything you would have done differently?

Harralson: I would have done more self-education on private equity fundamentals: fund structures, lender relationships, operating resources, and what questions to ask to differentiate firms. I didn’t know enough early on to ask, for example, “Give me three concrete examples of how your technology team has supported a portfolio company.” Understanding specifics versus generalities would have helped.

And data readiness is everything. A strong CFO who can pull numbers together clearly and accurately is essential. Every company has some issues, and transparency paired with a thoughtful plan is far better than trying to mask them.

When you weighed a strategic sale versus private equity, what ultimately led you to choose SkyKnight?

Harralson: Initially, I thought a strategic sale might be the cleanest path. But from the very first conversation, SkyKnight was authentic, entrepreneurial, and refreshingly transparent. Their founders had been at large firms but chose to build something of their own. Their portfolio wasn’t sprawling, meaning we wouldn’t get lost among dozens of companies.

The turning point was visiting them in San Francisco. Seeing their team, their operations, and the way they showed up validated everything we’d sensed. It wasn’t just capital; they genuinely wanted to partner for growth.

How did your perception of private equity evolve through the process?

Harralson: My view changed dramatically. With the right alignment, private equity becomes an accelerant. SkyKnight brought tools we couldn’t build ourselves, like technology, automation, and structured talent development. One of the biggest surprises was the employee ownership program. Over 30% of our team participated right away, even though the buy-in wasn’t inexpensive. That showed how much they believe in where we’re going.

It reshaped how our employees see their own growth and ownership in Wasteology’s next chapter.

Let’s talk about the day you announced the partnership internally. What was that moment like for the team?

Harralson: Their reaction was excitement, not fear. We positioned it not as a changing of the guard but as an investment in their careers and in the tools that would make their work more meaningful.

The equity piece was a huge moment—suddenly, they could be owners. Once we explained the resources, technology, and opportunities ahead, the room shifted into celebration. And today, if we hadn’t explicitly told them, many employees wouldn’t know a private equity firm was involved. The company feels the same, just moving faster and with more support.

How did the process affect you personally as a leader?

Harralson: For 10 years, we never stopped to celebrate wins. We were always running. The sale process forced us to pause, reflect, and see what we’d built from a new angle. It made me proud. It reignited my competitive spirit.

Sharing the leadership burden with SkyKnight has given me clearer headspace and renewed energy. I’m making better decisions, thinking more strategically, and having more fun. And as a team, we’ve gotten better at celebrating the milestones along the way.

What does success look like going forward—for you, for Wasteology, and for the partnership?

Harralson: We’ve laid out a strong strategic vision and value-creation plan. I rolled a significant portion of my equity, so I’m fully aligned with our long-term goals. We’re targeting a significant return over the next several years, and I believe we’re on that path.

Most importantly, the partnership has unlocked tools, technology, and support systems that amplify what our already strong team can do. The culture remains intact. The trajectory feels exciting. And the journey is fun again.

For other founders considering a sale, what advice would you offer?

Harralson: Start the conversation early, well before you think you’re ready. Don’t wait for the company to be “perfect,” because perfection isn’t the goal. Be transparent about the warts, and have a plan to address them.

Get a strong CFO. Educate yourself on private equity. Stay open-minded. And if your ambition is to keep building rather than exit, private equity can be an extraordinary path—full of partnership, shared upside, and renewed momentum.

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