GRAND RAPIDS — Bringing on two more equity partners gives Charter Capital Partners a deeper leadership bench to share management responsibilities as part of a long-term succession plan.
Mike Palm and Mark Streekstra became partners at the Grand Rapids-based investment banking and M&A firm on Feb. 1. They joined President and Managing Partner John Kerschen, Managing Director Mike Brown and Chief Operating Officer Debbie Kolar as partners at Charter Capital.
In expanding the management team to five partners, Charter Capital took a “step in the process” in preparing for an eventual succession, although Kerschen is “not going anywhere any time soon.” He is following the advice that Charter Capital Partners often gives to clients: Plan early and several years in advance for succession and partners’ eventual exit from the business.
“I’ve spent a lot of years trying to help other people make these kinds of plans, prepare for their ultimate exit, and have always been an advocate of (planning) sooner — earlier is better than later and last minute. This is a reflection of that,” he said. “This is definitely practicing what we preach.”
Both Palm and Streekstra now “are shouldering some of the management responsibility of managing the team” and running the business, Kerschen said. They each have “very accomplished backgrounds” and “have become integral parts of our business here at Charter,” he said.
“Part of the reward for that, and also part of our succession plan as a leadership group, is to bring them into ownership,” Kerschen told MiBiz. “It’s part of the long-term succession plan and the perpetuation of our firm, and the growth of our firm, too.”
With 16 years of financial and advisory experience, Streekstra serves as a managing director on the investment banking side of the business. A Grand Rapids native who described himself as a “classic boomerang,” he joined Charter Capital three and a half years ago after working in Chicago for 12 years following college.
“There’s something to be said about this place and the community that’s here and being a part of the professional community as well,” Streekstra said. “We’re really happy with what we’re building and happy to be part of it.”
Palm works on the financial and fund management side, managing the Charter Growth Capital Fund L.P. with Kerschen that does mezzanine lending and equity investments. He oversees deal sourcing, execution and portfolio management for the fund, which recently completed its 11th deal via an investment in Cleveland-based Malley’s Chocolates, a chain of candy stores in Ohio.
A Grand Rapids native and a boomerang as well, Palm has more than 18 years of finance and investing experience. He’s been with Charter Capital more than five years and previously worked in Chicago, also for 12 years, including time as vice president at Driehaus Private Equity LLC.
“I’m an equity investor at heart,” Palm said. “Being a part of what we’re actually building and growing here is important to me, just as much as it is investing in the businesses that we look to build and grow.”
