In an established business, private equity (PE) investors hold two main views on management. Some PE players consider management the paramount factor, akin to a start-up, and support this by offering extremely generous, ratcheted equity packages to management teams, conditional on the successful delivery of their plans. Conversely, other PE players view management as replaceable 'units of production.' They expect managers to perform their duties, reward them well for results, and ruthlessly replace them for non-delivery. These investors conduct detailed due diligence on market, finances, and legal aspects, but minimal management due diligence, as they deem managers replaceable. Most PE players fall in between these approaches, performing detailed management due diligence pre-investment. They prefer avoiding the hassle of replacing a manager mid-plan, choosing instead to rigorously vet the team initially and then commit to those they back. Regardless of their position on management dispensability, all private equity players share a common goal: seeking managers capable of implementing strategy and delivering against the plan.