Daniel Zinman: Two Decades of Growth, Leadership, and Legacy at CSI
Over the past two decades, Daniel Zinman has played a pivotal role in shaping the growth and culture of Perseus Group. From his early days building Constellation Homebuilders to his current leadership as Co-President of Perseus, Daniel’s journey is a testament to perseverance, people-first leadership, and a long-term vision. In this interview, he reflects on the lessons learned, challenges faced, and the values that continue to drive Perseus forward.
Professional Background: Building Over Two Decades
How have you personally evolved as a leader during your time with Perseus? Were there any defining moments in your growth?
Some of the most valuable lessons in my career have been about people. I’ve had to learn to trust people and get out of their way, let people have the space to deliver their best work. Early in my career I struggled with that, in fact I had one of my Portfolio Managers tell me he needed more space, which now he jokes he doesn’t see me enough.
The second lesson I’ve learned is the importance of hiring great people. An empty seat is better than the wrong person in the seat. The right team makes all the difference, and taking the time to find those people is always worth it.
What were some of the biggest challenges you faced in your early years, and how did those experiences shape your leadership style?
I’m not a technical person, and I’d never built a software product, so when we started one of our first product initiatives in the early days of Constellation Homebuilders I was relying heavily on our central R&D team.
We quickly realized that without a dedicated R&D resource, the process was too clunky and took far longer than necessary. Today we staff all our initiatives with dedicated technical teams so the new product gets the attention it deserves and we don’t rob resources away from our core products.
On the investment side, early in my M&A experience, I handled an acquisition where I didn’t fully trust the vendor. Despite the lack of trust, we managed to close the deal. However, the business they sold us had deep-rooted issues that affected the product, employees, and customers.
That experience reinforced that trusting in the people you’re buying from isn’t just a nice-to-have, it’s fundamental to a successful deal.
Over the last 20 years, what has been your proudest professional accomplishment, and why does it stand out?
I’ve felt very proud to witness the growth of some of the people that I have hired, many of which have key leadership roles in our business today. Seeing these individuals progress has been very gratifying.
It’s also been rewarding to close a few investments after years courtship. Last year for example, we closed Auto-IT, I had been in contact with the previous CEOs, Ken, and Wayne, for fourteen years. As the investment environment becomes more competitive, developing authentic relationships with Founders is a key to success, so they think about us first when they contemplate selling the business.
If you could go back and give advice to yourself 20 years ago, what would you say?
Surround yourself with the best people you can—people who are honest, intelligent, and hardworking. And, finding mentors who are willing to share their knowledge and success with you is incredibly powerful, especially early in your career. The right people will challenge you, support you, and push you to be better.
What has kept you motivated and inspired to stay with the company for two decades?
One of the things I love most about this job is meeting business owners and hearing their stories. It never gets old. I always tell my Business Development team to keep me involved in their conversations because I genuinely enjoy connecting with other entrepreneurs. When I’m traveling, I make a point to connect with local leaders, there’s always something new to learn. That’s one of the best parts of what I do, and I can’t imagine ever wanting to give that up.
Building Perseus: Then & Now
Can you tell us about the early days and how Perseus Group came to be?
In the early days back when we started in 2004, we were known as Constellation Homebuilders, a small group made up of three homebuilding businesses that had recently been acquired and brought together under one umbrella. At the time, we had fewer than 100 employees, all working out of the back of an old auto-parts warehouse with only a couple of windows, not exactly the corporate headquarters you’d picture today!
When I joined, I was hired without a defined job description and reported to Dexter Salna, who had assembled this group of businesses. Dexter was a truly unique and special mentor, I learned a lot from him during the time we spent building Perseus.
Some of the key lessons he imparted on me:
- Don’t panic even when you think the house is burning
- The virtue of being patient
- Resist the temptation to be emotional, rely on facts
- Don’t sweat the small stuff – worry only about the big boulders
- Don’t be afraid to take risk AND don’t be paralyzed by the 1% of bad things that could happen
- Look after yourself first—Make it a priority
- Be vigilant with your time management
- Focus on the core issue and ignore the noise
- Always be honest, and
- Never check a bag at the airport!
Fast forward a few years, in 2008, the financial crisis hit. The homebuilding market collapsed, and we lost a lot of employees and customers. That was a pivotal moment because it forced us to look beyond homebuilding and explore new verticals.
I volunteered to help identify new markets, and that journey led us to the dealership vertical. We entered dealership with a single small acquisition, but interestingly, this vertical has since grown into our largest portfolio.
By 2019, we had expanded into a dozen vertical markets, and the name Constellation Homebuilders no longer fit who we had become. That’s when we officially established Perseus Group—a new umbrella to house our diverse businesses across all.
In 2023, Dexter stepped back from the business to focus on his family. At that time, Perseus split into two divisions: Zodiac, led by me, and Andromeda, led by Bonnie Wilhelm. Today, Bonnie and I serve as Co-Presidents, driving Perseus forward with a shared vision.
What was the original vision for Perseus, and how has that vision evolved over the years?
When we first started, our approach was to make a smaller number of high-quality investments in businesses with strong market positions—companies that had a clear competitive edge and the potential to deliver outsized returns.
Over time, though, we realized we needed to widen our aperture when it came to valuation and focus. The reality is, you can’t always find the market leader at the lowest price, and great vertical market technology businesses come in many different forms.
What values have been most instrumental in building Perseus’ reputation and culture?
I think about our values a lot, and I encourage our team to embrace them every day. Ultimately, people sell businesses to people they like, and that connection is often built on shared values and cultural alignment.
- Treat people the way you want to be treated
- Confront the truth even when its uncomfortable
- Be patient and play the long game
What are some of the biggest differences in how Perseus operates today compared to when you and Dexter first started building it?
One of the largest changes over the years has been the move towards a division of labor on the investment side. In the early days, one person would source the relationship, manage the process, and see the transaction through to completion. It worked well because we had a handful of people who could “do it all”, but as we grew, that model wasn’t scalable.
Out of necessity, we created dedicated teams that now manage different stages of the pipeline—from Business Development to M&A execution and operational leadership within our businesses. It was a natural evolution that came with growth, and today, our leaders have more autonomy than ever before. Many are now looking to build out their own internal support teams, including HR and legal, so they can fully oversee their own M&A functions.
Another key difference is our willingness to go further with the businesses we acquire. We’re actively expanding into new geographies and putting resources behind that growth. Just last year, we entered Brazil, and Australia and we’re excited about continuing to expand our global footprint in the years ahead.
What has surprised you most about the journey of building Perseus into what it is today?
A lesson I’ve learned time and time again is that everything takes longer than expected to do right. Whether you are building a product, sourcing investments, or finding great people, it always takes longer than you think.
But in my experience, the time invested is always worth it. Since we’re in this for the long haul, I don’t mind the slower pace when it means doing things right. There’s a certain comfort in knowing we’ll be with these businesses forever, which makes the journey even more worthwhile.
Looking Ahead: What’s in Store
What are your biggest hopes for the future of Perseus Group over the next 10 years?
I’d love to see five independent portfolios within the Zodiac side of Perseus, each operating with its own flywheel of capital deployment. My goal is for these portfolios to be able to reinvest their profits year-over-year, fueling new acquisitions, growth initiatives, and long-term sustainability. I also want to continue to ensure that every vendor that sells their business to us would gladly be a reference for us.
I’m also very excited about developing the next generation of leaders. We are always looking for opportunities to promote from within our businesses as much as possible. We’ve also built a unique Chief of Staff Program, to build a pipeline of young professionals with an apprenticeship-style experience that exposes them to every aspect of the business before they graduate into leadership roles. What started with just one person has now grown to several across the group.
What advice would you give to the next generation of leaders within the organization?
There’s 3 pieces of advice I would give:
- Don’t wait to be told what to do, if you see an interesting problem, put your hand up and offer to figure out how to solve it.
- Try to be patient, success is an incremental journey.
- Lead with results. I believe in the idea that before you ask for more, demonstrate you can do more, because it will be evident to everyone around you that you are ready.
How do you see the role of Perseus evolving in the context of the larger constellation ecosystem?
I see Perseus shifting from being viewed as the smaller, value-focused division to becoming a larger, more dynamic group that is willing to go further and take calculated risks. As we continue to grow, we’ll expand our reach, explore new opportunities, and position ourselves as a key player within the broader Constellation ecosystem.
If you could leave one legacy or impact on the company, what would it be?
I want to preserve the spirit of collegiality that Dexter instilled in this company—it was a beautiful gift, and I never want to lose what he imparted. More than anything, I hope Perseus remains a place where leaders feel a deep sense of community, where collaboration and shared success are at the core of what we do.
Finally, I want to ensure that no one ever feels like they have to leave us to grow professionally. My goal is to create an environment where endless professional development opportunities exist, so that people can continue evolving, learning, and taking on new challenges within the organization for as long as they want to.
Cheers! Here’s to the next chapter!
Daniel
Back to Insights