#074 From a Beer to a Market Leader with Jonathan Carson and Eric Kurtzman

Built For This Podcast, with Carly Pepin

August 20, 2026 by

Carly Pepin

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What happens when two lawyers who barely know each other sit down for a beer, discover they share the same frustration with an industry, and decide they can build something better?

In this episode of Built For This, Carly Pepin sits down with Jonathan Carson and Eric Kurtzman, co-CEOs of Stretto, to explore a business partnership that has lasted more than 25 years and helped reshape the bankruptcy services industry.

Jonathan and Eric first met as bankruptcy attorneys and quickly recognized a problem hiding in plain sight. The claims agencies supporting major bankruptcy cases were difficult to work with, their technology was outdated, and both lawyers and clients were frustrated with the experience.

Their first thought was to acquire an existing business. But after looking more closely at what they would actually be buying, they came to a different conclusion: starting from scratch might be easier.

That decision led to the creation of KCC, a technology company they grew into a market leader before eventually selling it to Computershare. Years later, Jonathan and Eric returned to the industry with an even bigger vision, building Stretto into a technology and services platform supporting corporate restructuring, bankruptcy trustees, and consumer bankruptcy.

But this conversation is about far more than bankruptcy.

Carly, Jonathan, and Eric explore the partnership behind their success and why being very different from one another has become one of their greatest strengths. Jonathan naturally gravitates toward relationships, marketing, business development, and the external face of the organization. Eric is more focused on numbers, operations, execution, and the internal mechanics of the business.

Instead of both trying to control every decision, they learned to trust each other's strengths. Sometimes that means one of them disagreeing with a decision while still recognizing that the other person is better equipped to make it.

That same clarity has shaped Stretto's approach to growth.

Rather than following what Jonathan describes as a "spray paint strategy" and expanding into anything that might generate additional revenue, Stretto has remained deliberately focused on bankruptcy and insolvency. Its acquisitions are designed to deepen the company's expertise and capabilities within that market rather than take it into unrelated industries.

That specialization is becoming even more valuable as AI transforms professional services. Instead of trying to create generic AI products for everyone, Stretto can apply the technology to very specific bankruptcy workflows and problems where decades of industry knowledge provide a significant advantage.

Jonathan and Eric also share a candid look at acquisitions from the buyer's perspective. They discuss integrating companies and cultures, retaining founders and key employees, structuring earnouts, and understanding what the person selling the company actually wants from the transaction.

Because sometimes it isn't simply money.

For a founder who has spent 15 years building something, success might mean finally seeing their technology reach its full potential. It might mean watching their product become an industry standard or knowing the business they created has found the right home.

The conversation also offers a glimpse into the culture Jonathan and Eric built along the way, including company trips, unconventional annual "board meetings," and a commitment to helping employees grow alongside the business. Many of the executives working with them today have been part of their journey for more than two decades.

At its heart, this episode is a fascinating conversation about partnership, trust, acquisitions, AI, culture, leadership, and the many different ways entrepreneurs can define success.

Key Themes

Great Partnerships Are Built on Complementary Strengths

Jonathan and Eric don't succeed because they think alike. In many ways, they succeed because they don't. Over the years, they've learned where each person's strengths lie and developed enough trust to give each other genuine ownership in those areas.

That means accepting that sometimes the other person will make a decision you wouldn't make yourself. Instead of constantly second-guessing one another, they trust the person best equipped to make the call. The result is a leadership partnership with what Jonathan describes as twice the horsepower.

Growth Doesn't Have to Mean Going Broader

Stretto has resisted the temptation to become everything to everyone. Instead, Jonathan and Eric have chosen to go deeper into an industry they understand exceptionally well.

That philosophy also guides their acquisitions. They aren't simply buying revenue. They're adding technologies, services, expertise, and capabilities that make Stretto more valuable within bankruptcy and insolvency.

As AI creates opportunities to rethink how professional services are delivered, that depth of expertise gives Stretto an opportunity to create highly specialized solutions rather than competing as another generic technology provider.

There Are Infinite Versions of Wealth

One of the most thought-provoking parts of the conversation is Eric's perspective on what success actually means.

Financial outcomes matter, but they're not the only way people measure the value of what they've built. For founders selling their companies, success might also mean seeing their product finally achieve widespread adoption, creating opportunities for employees, protecting their legacy, or becoming part of something bigger.

Understanding what the person on the other side of a transaction genuinely values can change the entire nature of an acquisition, partnership, or negotiation.

About Jonathan Carson

Jonathan Carson serves as co-CEO of Stretto, a bankruptcy technology and services firm retained in some of the country's largest corporate restructurings and providing proprietary software used to prepare more than 80% of consumer bankruptcy cases filed nationwide.

Jonathan began his career as a corporate restructuring attorney with Kirkland & Ellis before leveraging his legal expertise to co-found Kurtzman Carson Consultants, or KCC, with Eric Kurtzman. Together, they grew KCC into a market leader in the administration of large Chapter 11 bankruptcy cases before its acquisition by Computershare.

Their entrepreneurial leadership earned Jonathan and Eric widespread recognition, including the Ernst & Young Entrepreneur of the Year Award.

Jonathan is also an adjunct professor at the University of Michigan Law School and is regularly called upon by the media to share his expertise in entrepreneurship and bankruptcy.

About Eric Kurtzman

Eric Kurtzman serves as co-CEO of Stretto, where he directs the company's growth and expansion strategy.

A former bankruptcy attorney and award-winning entrepreneur with more than 20 years of industry experience, Eric plays a central role in evaluating investments, conducting risk analysis, guiding acquisitions, and shaping the company's long-term strategic direction.

Working alongside Stretto's executive leadership team, Eric helps establish financial, service, and development objectives across the company's business divisions while ensuring the organization continues strengthening its position as a leading bankruptcy technology and services provider.

Together with Jonathan, Eric has spent more than two decades building businesses, developing teams, completing acquisitions, and challenging traditional approaches within the bankruptcy industry.

Memorable Quotes
"There are a lot of moments in our partnership where one of us looked at the other and said, 'I don't get it. I don't agree with you, but this is your area of the world.'"
"Better, faster, cheaper. Everything that we're doing and everything that we get done through AI, it's done better, it's done faster and it's done cheaper."
"There's an infinite versions of wealth, and it's up to each of us to decide what wealth means to us and what we're willing to sacrifice to reach that wealth."

Jonathan Carson & Eric Kurtzman