How to Survive and Succeed in Private Equity: Lessons from Maurizio Garavello

When you hear the words private equity, what comes to mind? For some, it’s an image of sharp-suited financiers swooping in to slash costs and gut companies. For others, it’s an adrenaline rush—the ultimate accelerator for ambitious leaders who want to learn how businesses really work.

Maurizio “Maury” Garavello, now SVP of APAC at Qlik, has lived through both sides. His journey is anything but linear. He started out as an engineer, fixing servers on night shifts in Milan. Over time, he moved from technical roles into sales, then into leadership. He lived and worked across four continents, shifting between public companies and private equity–backed firms, always adapting to the new reality.

When I sat down with him on the High Performance Sales Leader podcast, his insights into private equity were blunt, practical, and refreshingly human. What follows is his story, reframed into lessons for anyone who wants to not just survive but thrive when private equity takes control.

From Techie to Leader: The Unplanned Journey

Maury laughs when he thinks back to his early career. “I didn’t plan any of this,” he says. “Some moves happened because the company needed it. Some because I wanted a change. And sometimes it was family. You just go where life takes you.”

He recalls his first job, working night shifts as an engineer in Italy, setting up servers in the early 2000s. “Back then, the internet was exploding, everyone wanted outsourcing. I was just another tech guy doing the graveyard shift.”

But gradually, the company pulled him toward customer-facing work. At first, he resisted—it felt safer behind the screen. Yet, as he started joining sales calls and talking to clients, something clicked. “I realised I loved it. I loved the energy, the deal-making, the way sales forced you to bring everything together.”

Bit by bit, he moved into management. “That’s the thing,” he explains. “In sales, you start with your number. Then suddenly, you’re managing others. Then, you’re looking across the business. Before you know it, you’re running regions.”

It wasn’t a straight ladder. It was more like a zigzag, where agility mattered more than a rigid plan.

Life on the Move: Istanbul, Rio, Singapore

Agility wasn’t just about job titles—it was about geography. Maury has lived and worked in more countries than he can count, and each move taught him something different.

He remembers his first overseas assignment vividly. “I was a single guy in Milan, and one Sunday afternoon my boss called. ‘Do you have your passport ready?’ That was it. Next thing, I was on a plane to Istanbul.”

He chuckles at the memory. “It was winter in Milan, so I packed light. I thought, ‘Turkey must be warm.’ I landed in Istanbul under the snow.”

It was unplanned, uncomfortable—and life-changing. That first move showed him the power of saying yes when opportunity knocks. Later came Rio, Singapore, the U.S.—each move more complex as family came into the picture.

“When you’re young, you just pack a bag and go. When you’re married, it’s a different ballgame,” he says. He recalls the tension when he and his wife were offered a relocation to Asia. She had a successful career of her own. “She realised she’d have to resign and follow me. That was hard. But we made the decision together.”

Those experiences taught Maury that career decisions in leadership are never just individual—they’re collective, family-driven, and deeply human.

The Shock of Private Equity

For Maury, his first experience with private equity was a thunderclap. He was at a publicly traded company, comfortable with stock options, managers he respected, and a predictable rhythm. Then came the call: the company had been acquired by a private equity firm.

His first reaction was blunt. “I lost my stocks.” The second was worse. “My boss is gone. His boss is gone too.” Overnight, the entire chain of command vanished.

“It was shocking,” Maury says. “The way you operate changes overnight.”

And yet, what began as panic became an opportunity. “In hindsight, it was probably the best thing for my career.”

Why? Because private equity forced him to think like an owner. “Suddenly, you’re not just running sales or marketing or R&D in silos. You’re running the company together. You learn the balance sheet. You learn efficiency. It’s like an accelerated MBA.”

It’s not that the pace slowed down. “You still have quarterly targets, the same intensity. But you also have this longer mission: three to five years to make the company bigger, leaner, more efficient for an exit.”

Maury has now worked with the same PE firm three times. “There must be something good in what they do,” he grins.

Balancing Growth and Cost: The Family Budget Analogy

So how do you lead in an environment where every decision feels like a trade-off? Maury uses a simple analogy: running a family budget.

“At home, you ask: Do we buy the new car? Do we send the kids to private school? Do we buy the boat? You can’t do everything. If you buy the boat, maybe you can’t pay the school fees.”

The same applies in PE. Expanding into a new market, hiring headcount, investing in a product—all are choices. “It’s not gambling,” Maury insists. “It’s educated bets. You put resources where they matter most.”

In his APAC role, he feels like a CEO of his own business. “We take those decisions here. We balance revenue and costs. We propose to the CFO and CRO, but we own the choices. That’s empowering.”

For leaders in PE, the lesson is clear: think like an owner. Make decisions as if the money were your own. That mindset earns you trust and autonomy.

The Human Cost of Efficiency

Of course, efficiency comes with a price: people.

Maury doesn’t sugar-coat it. “It’s very easy to look at an Excel sheet and see what makes sense. But the night before you have to tell someone, you don’t sleep.”

He recalls his first time letting someone go. The colleague was older, more experienced, and had been with the company for years. Maury spent the night before restless, rehearsing lines, consulting HR.

The conversation was hard. But months later, that same man reached out. He had found a better role, one that suited him more. He went on to lead a country business and thrive. “He told me that moment was the shock he needed,” Maury says.

It’s not always that neat. But the point is this: exits aren’t just about cutting costs. They can be about freeing people from roles where they’re stuck.

And contrary to the myth, PE isn’t always about reducing headcount. “Often we cut from 100 to 90 so we can grow to 110. It’s repositioning, not destruction.”

Making Yourself Too Valuable to Lose

One of the most striking lessons Maury shared came from another leader: “Ask your manager this—if you had to cut one third of the team tomorrow, would I be in the third you keep or the third you let go?”

It’s a brutal question. But it cuts to the heart of survival in PE.

If you’re not in the indispensable third, you have two choices: increase your contribution or move somewhere you will be.

It’s not about loyalty—it’s about mutual value. “If you’re in a non-strategic business unit, even top performers struggle,” Maury says. “Sometimes the smartest move is relocation or exit.”

In PE, survival is about relevance. Are you contributing to growth, efficiency, or value creation? If not, you’re on the wrong side of the ledger.

Reading the Signals

The final piece of the puzzle is knowing when to stay and when to go.

“No one wants to work in a dying business,” Maury says flatly. He recalls a conversation with a friend whose boss had resigned, and whose business unit was suddenly no longer strategic. “What should I do?” the friend asked.

Maury’s answer was simple: make a conscious decision. “You can sit and wait. But if you do, you can’t blame the outcome. Or you can act—either fight for growth or move on.”

In PE, indecision is dangerous. Leaders who read the signals and act quickly stay ahead. Those who don’t often get left behind.

Treat PE as Your Accelerated MBA

For Maury, the ultimate lesson is this: treat PE as an accelerated MBA.

“You learn balance sheets, operations, cross-functional leadership—all at speed. It’s brutal, yes. But it’s also brilliant.”

It’s not for everyone. If you crave comfort, you’ll hate it. But if you’re adaptable, financially literate, and ambitious, PE will sharpen you faster than any course.

Maury has gone back to PE environments again and again—not because they’re easy, but because they stretch him.

And that’s the paradox of PE: it can feel like a shock, a loss, even a crisis. But for those who embrace it, it’s the opportunity of a lifetime.

Summary

Private equity is not for the faint of heart. It shocks, disrupts, and demands. But as Maurizio Garavello’s journey shows, it’s also a masterclass in leadership.

Say yes to opportunities, even when they’re uncomfortable. Think like an owner, balancing growth and costs. Handle the human impact with empathy. Make yourself indispensable. And always read the signals.

Do those things, and you won’t just survive in private equity—you’ll thrive.