Keith Burns
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Hey Keith — similar background in finance and PE. Been thinking a lot about proprietary origination in healthcare services lately. Would be good to connect.
Hey Keith, see we share a similar PE path, though I was in London doing growth equity not building an ETA platform like Lullwater. most funds at this stage have stacked up a pretty solid toolkit — PitchBook, a CRM like Affinity or DealCloud, maybe Grata, sourcing consultants, the works. but the off-market pipeline doesn't seem to match. the tools don't talk to each other, thesis and network stay disconnected, so proprietary origination never really builds on itself — it just restarts. how's that playing out over at Lullwater these days? — Russ
Hey Keith, see we share a similar PE path, though I was in London doing growth equity not building an ETA platform like Lullwater. most funds at this stage have stacked up a pretty solid toolkit — PitchBook, a CRM like Affinity or DealCloud, maybe Grata, sourcing consultants, the works. but the off-market pipeline doesn't seem to match. the tools don't talk to each other, thesis and network stay disconnected, so proprietary origination never really builds on itself — it just restarts. do you disagree? — Russ
hey Keith — this kept rattling around. when I was doing growth equity we had every subscription going — PitchBook, CRM, enrichment tools, the lot — and I still spent half my time manually pulling origination together across all of it. always wondered if that was just us being disorganised or if it's genuinely universal. did you ever run into that at Lullwater, or was it just us? — Russ
hey Keith — appreciate the connect either way. I'm in and around healthcare services origination all day — if you ever want to swap notes on what's working, I'm easy to find. — Russ
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Prospect Research
## PROSPECT INFORMATION: Name: Keith Burns Title: Co-Chairman & Co-CEO Fund: Lullwater & Co. Background: Prospect Summary: Keith Burns Current Focus Keith is an operator, investor, and business builder based in Los Angeles. He is currently the Co-Founder and CEO of Lullwater & Co., a private equity firm that focuses on long-term business acquisition and stewardship. Additionally, as of October 2025, he serves as the CEO of CyberData Pros, focusing on cybersecurity and compliance for enterprise and federal clients. He is also an Adjunct Assistant Professor of Entrepreneurship at the University of Chicago Booth School of Business. Background Keith has a deep professional foundation in corporate law and finance. He earned a JD from Columbia Law School and a BBA from Emory University. His early career included roles as a Vice President at Goldman Sachs (Securities Division Compliance) and as an Associate at elite law firms Latham & Watkins and Jones Day, specializing in M&A and Corporate Finance. In 2014, he transitioned into entrepreneurship by acquiring Krueger-Gilbert Health Physics, which he scaled 15x and grew into One Physics, the largest outsourced medical physics provider in the U.S. before exiting to a Co-Executive Chairman role in late 2024. Key Skills - Blue-chip M&A and Corporate Finance (Buy-side and Sell-side) - Entrepreneurship Through Acquisition (ETA) - Scaling operations and disciplined business growth - Regulatory compliance and federal contracting strategy - Board governance and leadership development - Teaching and mentoring (specifically in academic and MBA settings) Relevant Post Data March 13, 2026: I'll be honest — there were moments in my career where I was completely frozen... because I was terrified of what people would think if I got it wrong. February 25, 2026: When you think about selling your business, what scares you more: Not being the 'boss' anymore, or handing it to someone who might ruin what you built? February 24, 2026: If you're involved in the sausage-making more than 5% of the time, you're a bottleneck. In 95% of cases, your leaders should be informing or recommending. February 23, 2026: It took our team 12 years to take OnePhysics from a little house in Jarrettsville, MD to the largest outsourced medical physics provider in the U.S. We didn't buy another company for the first four years. Now we have bought over 20 and counting. February 21, 2026: I teach at a top 5 MBA program... until you've had to make payroll, fire someone, lose a key client, or pivot a business model, you don't really know. February 14, 2026: I've been underestimated in rooms where I was the most qualified and credentialed person. But here's what I know: results speak louder than assumptions. January 30, 2026: On paper, I wasn't great. But I was extremely coachable. The investors who backed me didn't see what they see now. January 25, 2026: Compliance isn't sexy. But it's defensible... My legal training wasn't wasted. It gave me an edge in industries where precision, documentation, and regulatory knowledge are table stakes. January 12, 2026: I asked a mentor why I should buy another business... His response shocked me. He said there's only one reason to be an entrepreneur: An undying need to be in control. January 10, 2026: My first office was located between a funeral home and a liquor store. It wasn’t the kind of place you brag about. January 9, 2026: Then I found a book in college that changed my life. It was called 'Why Should White Guys Have All the Fun?' by Reginald Lewis... I decided to copy his blueprint. December 27, 2025: What sellers really want is confidence that the work they poured their lives into will be handled with care and respect. That only happens when the buyer has carried real responsibility before. Fund details: - Description: Lullwater & Co. is a next generation private investment firm focused on working with talented individuals pursuing entrepreneurship through acquisition (ETA) and business owners seeking to transition their businesses confidently to the leaders of tomorrow. - Website: https://lullwaterco.com/ - Location: Towson, Maryland, United States - Lead qualification: Research: - Query: =Lullwater & Co. Keith Burns recent investments fund thesis - Answer: Keith Burns is Co-Chairman and CEO of Lullwater & Co., focusing on long-term investments in enduring businesses, primarily in healthcare services. He also serves as Co-Executive Chairman of Apex Physics Partners. Burns has a background in law and finance.