In this episode, Todd Saunders shares how one small group of customers with much better retention changed the direction of his entire business. Instead of chasing trends or going broader, he went deep into a simple, overlooked niche -- independent flooring retailers -- and ended up building the core software used across the industry.Todd explains why brand and community mattered more than features, how Facebook groups and events became his main growth drivers, and how that approach helped him roll up 8 niche software companies, grow past $30M in revenue, and exit for $100M+.Show notes:0:00 From Google to flooring software5:19 The retention data that changed everything 7:44 The bold pivot (and why revenue collapsed first)8:37 8 acquisitions lead to a platform build13:35 Sponsor: CapitalPad15:40 51% brand, 49% product (the real moat)18:58 The Facebook group engine25:05 FloorCon: turning community into a movement28:12 Sponsor: Spacebar Studios31:09 The “great idea” that nearly blew up the business40:07 Buying niche software: relationships vs outreach44:03 Integration: the stuff nobody tells you57:47 His founder filter: “I know in 5 minutes”59:22 Hospitality vs service (the lesson that explains everything)Sponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

We go deep on Justin Ishbia, co-founder and Managing Partner of Shore Capital Partners - one of the most successful lower-middle-market private equity firms in the U.S.After inviting Justin on the podcast and being asked to reconnect in early 2026, I used the time to study Shore’s work more closely. This episode is the result: a synthesis of Justin’s long-form interviews, public commentary, and Shore’s operating history, focused on the systems behind their results.TIMESTAMPS0:00 Why to study Justin Ishbia1:30 Buy small, professionalize, roll up, sell the platform2:20 The numbers: Shore’s reported track record (platforms, exits, and why the median matters)3:15 “I’m not smart, I just know who to copy”4:30 How “luck” is earned through repetition6:55 Reserving most capital for add-ons to create multiple paths to 3x - 8x outcomes8:43 Sponsor CapitalPad: backing acquisition entrepreneurs buying real, unsexy businesses9:47 Why “the system is the star”Sponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Steve Lawrence, the founder of Uncomplicated Group went from middle management at a $14B manufacturer to buying five businesses in a few short years -- now running two injection-molding factories, employing 45 people, and shipping 200M parts a year.But this episode isn’t about the highlight reel. It’s about the real path: quitting his job for a deal that collapsed at the finish line, burning cash on diligence, watching funding evaporate, and learning what “the seller isn’t emotionally ready” actually means -- when the mortgage clock is ticking.We dig into how Steve rebuilt his deal process from scratch, how he sold himself with zero acquisition track record, the red flags he now screens for, and the operating system (EOS) that changed everything post-close.TIMESTAMPS0:00 From corporate manager to 5 acquisitions in manufacturing1:06 The moment Steve knew he was done with corporate life2:54 The “measured exit” that turned into months of uncertainty4:59 The first deal: tiny business, bad structure, and a lucky failure5:42 The seller starts ghosting -- and the deal unravels7:01 Losing the deal, burning cash, and rebuilding his entire approach8:57 Why most people shouldn’t pursue acquisitions (the “strong why” test)9:55 Sponsor: CapitalPad -- backing real operators in overlooked markets11:06 How to tell if a seller is actually ready to sell14:02 The exact outreach message that landed his first acquisition19:04 Structuring and closing the first deal + brutal first 90 days20:57 Sponsor: Spacebar Studios — building newsletters for HoldCos & investors23:18 Implementing EOS: turning chaos into an operating system39:45 80/20 thinking in manufacturing: cutting noise, expanding marginsSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

For the last 20 years, private equity followed a simple formula: buy with leverage, cut costs, rely on multiple expansion, exit at a higher valuation.That playbook worked incredibly well.But it no longer does.In this episode, I break down why the old private equity model is structurally broken - not just cyclically - and why a new model is emerging. A model where cheap debt doesn’t save you, multiple expansion can’t be assumed, and real value creation matters more than spreadsheets.TIMESTAMPS:00:00 Why the old private equity playbook is dead and why buy at 8x sell at 12x no longer works02:05 What the old PE model was and why it worked for 20 years06:25 Why the old playbook is failing structurally as rates rise and leverage weakens09:18 The shift from capital deployment to capability deployment11:00 How the industrial builder mindset creates real alpha today14:10 Why specialization beats being a generalist buyer18:30 How founders should diligence buyers in the new model22:15 The opportunity for HoldCo builders and small buyers in the lower middle marketSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, I’m joined by John Seiffer - the person investors, company buyers and operators call when growth starts getting expensive, messy, or fragile. John has spent decades across manufacturing, software, restaurants, chemicals, and professional services, and he sees the same pattern over and over: founders are great at the product and the sale… but the company can’t scale until the structure scales.TIMESTAMPS00:00 Deals are great, but the money is made in operations02:15 The real business model: CAC, LTV, gross margin07:06 What a “healthy company” looks like + why founders get stuck on structure10:10 Sponsor: CapitalPad (back the next generation of business buyers)11:09 The expectation gap: hiring for outputs + breaking sales into subdivisions15:48 Scaling myth: reinvesting blindly (why ROIC and attribution matter)20:22 “Exit without selling”: free your time, keep ownership benefits, serve your life24:34 Sponsor: SpaceBar Studios ($0 newsletter build, limited spots)33:13 Delegation done right: specify the output + schedule follow-ups (no surprises)42:33 John’s 1-week playbook: “systems inventory” + 2 questions that reveal misalignmentSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

The future of private equity talent is moving toward ownership.We explore why the traditional PE career path is breaking, why carry no longer delivers the upside it once promised, and why more professionals are choosing to build - not wait - for real equity.You will discover:0:00 The Quiet Exodus Inside Private Equity1:45 Carry That Never Materializes2:56 “I Didn’t Join PE to Be an Operator”3:38 No Real Path to Ownership5:27 Where PE Talent Is Going NextSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, we break down a powerful idea from Jeffrey Walker, a private equity veteran who backed thousands of entrepreneurs and watched success and failure up close. His conclusion is uncomfortable but freeing: the people who win don’t follow a path, they create one.You’ll hear why talent is overrated, why “perfect careers” quietly fail, how one pathless founder built a $200M company, and a practical framework for building a career or business that actually compounds over decades.TIMESTAMPS0:00 The dangerous myth of “the path”1:04 Jeffrey Walker’s core insight: there is no path3:05 Talent is common, intentionality is rare4:12 The banker assembly line trap5:53 The perfect resume that led nowhere7:01 The pathless entrepreneur who built a $200M company8:34 Sponsor CapitalPad - Curated deal flow. Aligned sponsors. Simplified investing.9:44 How building your own path changes everything12:13 A practical framework for creating your own path14:16 The real takeaway: paths only make sense in hindsightSponsors:https://capitalpad.com/Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Today’s guest, David Dowda (Dowda Holdings), went from burned-out insurance salesman working 80-100 hour weeks to buying his first business doing just $30,000 a year - fully seller-financed.Ten years later, he owns nine companies across multiple industries - all acquired with zero outside equity and often minimal cash down.TIMESTAMPS0:00 How he bought a $30k revenue business with zero cash down3:00 Rolling up a beach town with chairs, linens, golf carts and a coffee shop8:03 Buying a construction company 6 hours away with no experience10:31 Sponsor: CapitalPad - investing alongside small business buyers11:58 Flipping the construction business for a 300% return in 18 months17:19 Scaling a moving company22:15 Sponsor: SpaceBar Studios - b2b newsletter35:04 Creative M&A structures with 100% seller finance, bank debt and earnouts42:57 Building teams, promoting from within and making businesses “transition ready”52:05 Why he believes multiples will compress on Main Street1:02:13 Managing personal guarantees, stress and four kids under five1:06:20 Next chapter raising capital to buy $5-20M companiesSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

How these serial acquirers generate 20-40% annual returns for decades?They buy small, niche, profitable companies again and again.In this episode, we break down the strategy, the structure, and what private buyers can learn from the greatest acquisition machines on earth.TIMESTAMPS0:00 Why tiny acquisitions beat big deals1:12 21x, 120x, 375x: Lifco, Addtech, Constellation & Heico’s insane returns2:07 The simple playbook: buying small boring companies again and again3:56 Engine #1 - Organic growth in the “unsexy” corners of the economy6:50 Engine #2 - Programmatic M&A: what these serial acquirers actually buy13:07 Sponsor: CapitalPad - deal-by-deal private equity access for accredited investors14:27 Owning 100+ companies: resilience, diversification & the 7-7-7 structure16:00 What private buyers & HoldCo builders can apply immediately (7 acquisition principles)19:35 Sponsor: Spacebar Studios - get your B2B newsletter built for $0 upfront21:02 Don’t chase synergies: culture, dominant niches & promoting leaders from within23:07 You’re playing the same game as Lifco & Constellation (long-term compounding mindset)Sponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, Cyrus Hessabi from Shore Capital Partners breaks down what it really looks like to build AI-enabled services, transition from VC to micro-cap private equity, and back searchers buying “boring” but powerful businesses.Cyrus has lived every chapter of the operator-investor journey: aerospace engineering, Salesforce sales, venture capital, architecting AI rollups at OpenOcean, and now backing searchers at Shore Capital Partners.We dive into how AI is transforming traditional service industries, where real opportunities (and risks) lie, how to evaluate founders, and why the best investing often happens in industries that don’t change.TIMESTAMPS:0:00 Cyrus’s operator & investor journey2:02 Spotting the tech gap in the traditional economy3:43 Data infrastructure, MySQL roots & AI rollups at OpenOcean5:15 Bridging VC, AI and micro-cap PE7:35 Sponsor: Capitalpad - invest alongside vetted searchers8:37 What AI-enabled services really are (with simple examples)12:21 Inside OpenOcean’s AI-enabled services thesis & deal work16:00 Joining Shore Capital & backing searchers and roll-ups17:08 Sponsor: Spacebar Studios - done-for-you newsletters18:14 How Cyrus evaluates AI risk and upside in real deals31:01 Moving from VC to ETA/PE and key mindset shifts45:46 Investing in what doesn’t change, AI as a tailwind & favorite bookSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Most people in ETA quote the Stanford Search Fund Study, but almost no one looks at what investors actually earn. In this episode, we break down new Yale data from 1,192 investor-level outcomes and shows why access, not modeling, is the #1 driver of 10x MOIC, 30%+ IRR results.You’ll learn why your portfolio will never be “the index”, how a tiny % of deals drive almost all returns, and what elite investors do differently to consistently catch those outliers. If you’re a searcher, investor, fund, or holdco, this is the episode that will change how you think about ETA returns forever.TIMESTAMPS0:00 Access as the #1 driver of outperformance & episode roadmap0:40 Dinner scene: Stanford-slide searcher vs seasoned LP reality2:15 Power laws, Magnificent Seven & how a few winners drive all returns3:40 Yale study: 1,192 investor observations vs the Stanford search fund myth5:35 Segment 1: The Illusion of the Stanford Index & why no one matches it7:45 Segment 2: The Batting Cage Problem & why access determines investor outcomes9:26 Segment 3: The Two-Stage Bet, broken searches, missing winners & 10x outcomes14:13 Sponsor: Spacebar Studios - guaranteed 10,000 newsletter subscribers in 90 days15:20 Elite ETA investor tier, access hierarchy & why “spray and pray” fails17:51 Real odds for searchers, importance of elite access & final “respect the griffins” takeawaySponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquire#ETA #SearchFunds #EntrepreneurshipThroughAcquisition #SelfFundedSearch #TraditionalSearch #SearchFundInvestor #SearchAcquisition #BusinessAcquisitionFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Sequoya Borgman has quietly built one of the most interesting retail-funded private equity machines in America. Since launching Borgman Capital in 2017, he’s acquired 20 companies across 8 platforms and raised deal-by-deal from 500+ individual investors instead of institutions.In this episode, we break down how he sources mostly off-market deals in second-tier cities, structures conservative, over-capitalized balance sheets, manages messy founder transitions, and keeps hundreds of retail LPs aligned while staying oversubscribed on almost every deal.TIMESTAMPS0:00 Biggest risk in PE founder transitions and bad leadership fit0:44 Why the “retail private equity” model4:37 Working with PE as a CPA and deciding to start Borgman Capital in 20176:10 How uncertainty really hits lower middle-market companies8:04 Biggest early mistakes: Hiring the wrong leaders and underestimating founders11:35 Responsibility to employees, banks and LPs13:10 Sponsor: CapitalPad - Backing business buyers and accessing proprietary small-business deals14:12 First acquisition story16:24 Why Borgman chose hundreds of retail LPs instead of a fund20:45 Oversubscribed deals, memos, webinars and passthehat.com29:09 Sponsor: Spacebar Studios30:23 State of private equity today: Fewer deals closing, lower leverage and patient sellers32:34 Why Borgman fishes in second-tier cities36:17 Deal flow: 1,500 deals a year, 2-minute financial test and what they actually buy40:49 Adding 500k-1M of extra equity to protect against surprises54:44 Risks of raising from regular investors58:59 When to sellSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Akshay Ramachandran is a retired family office investor. In his last role, Akshay was the sole analyst at a New York-based single family office, reporting directly to the portfolio manager. Together they analyzed over 60 industries using a simple strategy: buy and hold great businesses run by great management teams. In this episode, he explains his biggest winner and covers the whole story.TIMESTAMPS0:00 Intro1:43 Defining retirement: cost of living vs net worth3:04 Immigrant upbringing & discovering value investing4:40 From NYU to Wall Street & joining a family office7:58 Learning to analyze businesses & six key questions10:33 Carvana deep dive: customer experience, lending & unit economics17:03 Filtering noise, short reports & thinking in 10-year terms22:21 Studying great long-term hedge funds & idea sourcing via 13F filings25:17 Sponsor: Capitalpad - a marketplace for small business deals26:19 What really matters: returns, time horizon & simple return math36:16 When to sell: being wrong, better opportunities & thesis playing out43:21 Leaving Wall Street for Buddhism & moving back to India48:41 Enlightenment, meditation & inner transformation55:21 Blending investing with spirituality, Substack & what’s nextSponsored by CapitalPad:https://capitalpad.com/Discuss investment ideas with Akshay: https://substack.com/@realreturnsFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

There’s a holding company that almost no one talks about, yet it might be one of the most efficient compounding engines.RÖKO owns 29 niche, traditional businesses, runs 21% margins, generates 14.5% returns on capital and keeps acquiring new companies every quarter. And they do all of this with a headquarters team of just eight people.In this episode, I break down the full story behind RÖKO and its 63-year-old founder Fredrik Karlsson, the former CEO of Lifco - one of Sweden’s legendary serial acquirers. After two decades mastering the art of permanent capital, Karlsson left to build his own vehicle. Six years later, RÖKO is worth billions.TIMESTAMPS:0:00 The hidden $2B holding company with 29 businesses0:34 Who is Fredrik Karlsson? (Ex-Lifco CEO turned founder)1:40 Röko’s launch: $20-25M founder capital + $200M raised2:15 Portfolio breakdown: 29 companies across B2B and B2C3:00 Q3 2025 results: 21% margins, 14.5% ROCE4:46 How Röko scaled faster than any European serial acquirer5:41 Why Röko only buys high-margin (15%+) asset-light companies6:22 Sector-agnostic strategy and disciplined capital allocation7:07 Risks Karlsson fears most: recession and bad managers8:29 Röko HQ model: one Excel sheet, zero micromanagementSponsored by CapitalPad:https://capitalpad.com/Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ian Rickwood, Founder and CEO of Henley Group, has quietly deployed $4B+ across US and Europe, built and sold food chains, and is now rolling up US car washes using AI-driven site selection. We also dive into what great operator partners look like, how to handle bad deals, and what it’s really like to build a serious firm with your spouse and kids.TIMESTAMPS:0:00 “Don’t give up” Ian’s core lesson on entrepreneurship and resilience0:34 Who is Ian Rickwood and what is Henley Group?1:04 The scale of Henley today: capital, sectors, and strategy3:02 Early career: Procter & Gamble and Pepsi5:02 Discovering Subway & winning the master franchise7:04 “More margin in the lease than in the sandwich” real estate awakening11:01 From 17 Subways to buying Benjys13:03 Scaling Benjys to 90 stores + ~200 ‘vanchises’… then getting crushed15:05 A tough exit and what it taught Ian17:04 Starting Henley from lifestyle dev to serious platform19:03 Surviving the GFC and pivoting the model21:03 A 12-year run and Henley’s track record22:07 Building a firm with your spouse “colors and numbers”25:08 Bringing the kids into the business (without ruining them)29:04 Dealing with bad deals and problem assets31:02 Geographic expansion Holland, Germany, Poland, Ireland33:06 Entering the US and timing the exit33:56 From deal-by-deal to first fund37:03 “It’s all about the deal” capital vs conviction40:13 Sponsor: Capitalpad marketplace for acquisition deals41:20 What a perfect operator/entrepreneur partner looks like43:03 Reading people in a 60-minute meeting45:02 Why car washes? Entering a ‘boring’ but beautiful business47:03 The failed first platform: overpaying, over-spending, bad sites48:00 Rebuilding from scratch: launching Aquasonic the right way49:02 Data, AI and picking car wash sites52:05 The most expensive beliefs Ian has changed55:11 Big-picture lessons keep learning, don’t give up, pivot fast57:17 Favorite books and how Ian unwinds57:47 Closing thoughts and wrap-up Sponsored by CapitalPad:https://capitalpad.com/Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

One of the most underrated skills in business acquisitions. Beyond financial models and deal structures, many great acquisitions happen because buyers know how to connect with sellers on a human level.#BusinessAcquisitions #DueDiligence #MergersAndAcquisitions #HoldCoBuilders#ListeningSkills #DealMaking #EntrepreneurshipThroughAcquisition #PrivateEquity #BusinessBuying #SMBacquisitionTIMESTAMPS0:00 The overlooked M&A superpower4:55 Warren Buffett & Mrs. B: a deal built on trust8:04 Shopify lesson: empathy that wins founders11:54 David Cote at Honeywell: listening as diagnostic precision15:47 How to practice it: questions, plant walks, and strategic silence

My guest today is Joel Mathew, Head of Originations at Woodson Equity. We discuss how his entrepreneurial path led him into private equity, Woodson’s “inch wide, mile deep” focus on diversified industrials and business services, and why they favor hands-on, control deals. Joel shares a live carve-out playbook, how he sources more than a 1,000 deals a year, the first-100-days operating cadence, culture as an edge, off-market vs. banked processes, and the mindset required to win in the lower middle market.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireTIMESTAMPS0:00 Intro5:03 Focus: diversified industrials & business services6:27 Hold period philosophy7:07 Target size & screens8:04 Why pursue larger deals9:41 Value creation beyond capital; control investing11:08 Hands-on operations (presence on the floor)12:53 Sponsor: CapitalPad14:16 Stewardship playbook: cost discipline, systems, people15:24 Beyond the P&L: culture & morale16:18 Weighing purpose vs. numbers21:42 Factory-floor insights you won’t see in a data room25:48 Why deal flow is “easy” (but a lot of work)28:16 Sponsor: Spacebar Studios29:48 Bigger vs. smaller deals31:44 Seller types: family, PE, and carve-outs33:50 Winning trust with founders not yet selling38:02 Where the best off-market deals originate39:10 Time allocation & focus blocks41:05 Best ROI: banker processes vs. proprietary43:40 Deals that die… and come back44:51 What’s exciting now: volatility & tariffs47:12 Patterns of elite operators49:24 Staying sharp & never settling53:16 War stories from the trenches55:15 What’s next for Woodson (2-3 years)57:08 “No bad deals, only bad prices”Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

How Sid Jashnani scaled his firm into a portfolio of 15 companies and $77 million in revenue. If you’re an investor or builder, this is a masterclass in turning chaos into compounding cash flows.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireWe discuss:0:00 Intro: from systems integrator to 15-company HoldCo0:34 Plateau at $4M: what wasn’t working3:22 Discovering EOS: why it clicked and how to start7:46 Sponsor CapitalPad: accredited investors invest in acquisition entrepreneurs10:26 Owning product lines: vertical integration and moat16:59 Rolling EOS across companies: the non-negotiable cadence18:05 Before vs after EOS: escaping firefighting and gaining control19:19 Sponsor Spacebar Studios: done-for-you newsletters for deal flow and trust24:02 Accountability Chart: firing yourself from Ops the right way29:05 Hiring via scorecard: finding the operator who can deliver37:20 Eight Cash Drivers: terms, inventory discipline, margin expansion49:02 Portfolio snapshot: 15 companies and current metrics52:44 Build vs buy: when to create your own product1:03:00 Raising a fund: de-risking and scaling the platform1:06:54 Partnering with PE: timing, structures, and trade-offsSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Buying a small business and raising the equity shouldn’t take a roadshow.In this episode, Donza Worden (ex–institutional PE, Clear Peak Capital) and Travis Jamison (multi-exit founder turned investor) break down how CapitalPad makes both sides easier:1) curated deal flow for accredited investors;2) and a streamlined path to capital for independent sponsors/searchers.Start deploying today with CapitalPad: https://capitalpad.com/(HoldCo Builders is proudly sponsored by CapitalPad.)We cover:00:00 Intro — making buying businesses & raising capital easier00:27 Danza’s path: IB/PE → Clear Peak → the CapitalPad problem02:01 Travis’s path: founder → exits → discovering SMB deals03:35 Why SMB acquisitions: return studies & the access gap05:11 The marketplace solution: deal flow + right-sized checks06:45 Build & launch timeline; choosing curation over “open”07:46 Fees & alignment: investors pay (20% carry + 1.5% close), sponsors free10:36 Curation filters: leverage, concentration, valuation, tough industries15:13 Do good deals fund? Understanding complexity & platform growth16:51 Searcher flow: teaser, VDR, interview, listing, go-live18:02 Investor experience: NDAs, Q&A, allocations, SPV mechanics19:54 Post-close: reporting discipline & early outcomes21:42 Portfolio design: illiquidity + diversify (expect some failures)22:45 Market temperature: pricing sanity, avoiding froth23:55 Common searcher mistakes; why post-LOI matters27:33 Beyond capital: better governance31:01 No pay-for-priority access; keeping incentives aligned32:14 Roadmap: expert LP involvement & operator supportSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Mac Lackey, an entrepreneur who has founded and sold six companies, each with 7-and 8-figure exits - including two back-to-back internet businesses during the dot-com boom.In this episode, Mac breaks down the exact mindset and playbook that helped him turn businesses into life-changing exits. He shares the story of advising one company who was struggling to sell for $25 million… and guiding them to restructure and close for $42 million in cash just months later.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireWe discussed:0:00 Who is Mac Lackey + Spanish football club owner0:34 Early life: football-first, scholarship, brief pro career1:28 First company3:06 Early internet wave (1998 eight-figure exit in mid-20s)5:24 Post-exit: acquirer IPOs (’99); starts a football media company9:08 Building the largest non-televised football content shop:14-month sale (2000) during dot-com crash12:20 The “strategic value vs financials” lesson and buyer’s lens14:50 Sponsor: CapitalPad20:14 Engineering a bidding war in London; fast LOI from competitors27:53 Sponsor: Spacebar Studios29:02 Third company: interim CEO, roll-ups, misaligned risk appetites and sells stake (which later becomes a nine-figure outcome)33:23 Life design shift: optimizing for freedom of time after first child48:08 Exit DNA: optionality, 10–100x ROI examples; common fixes (founder dependency, buyer math, estate/tax prep “two years + 1 day”)1:02:52 Bet on peopleSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireReach out to Mac: https://maclackey.com/mikk/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

You’ve spent years building something from nothing — finding deals, operating, and growing real value. But what happens after success? Once liquidity arrives, how do you protect your wealth, make it work for you, and ensure it endures for generations?In this episode, we explore the mindset and structure behind lasting wealth — the difference between being a first-generation builder and a third-generation steward.Sponsor:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/We break down the three pillars of lasting wealth:0:00 The hidden question after success: what do you do with the money?1:30 Builders vs. stewards: different skill sets, same discipline2:00 How legacy families preserve wealth for generations2:30 "From rice field to rice field"4:00 The simple fundamentals wealthy families follow4:20 Why complexity sells, but simplicity endures5:45 The two-bucket philosophy: preservation and compounding6:01 Pillar #1: Conservative fixed income (your stability base)6:40 Story: The entrepreneur who lost half his fortune chasing returns7:22 Sponsor: CapitalBad - the marketplace for long-term investors8:16 Pillar #2: High income strategy (living off cash flow)9:12 Example: The Midwestern family that compounds quietly9:15 Pillar #3: Long-term growth (own great companies for decades)10:05 Compounding only works if you let it10:59 Consumption vs. compounding: every generation’s choice11:45 Structure, simplicity, and temperament in wealth management12:00 Can you manage yourself as well as you managed your company?Support our Sponsor:CapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Value-driven investor and turnaround specialist Reggie Pryor Jr. (Founder, Pryor LLC) breaks down his simple but relentless playbook: buy what others overlook and rebuild it into a durable cash flow machine. We go from his first mentor (textile legend Jimmy Gibbs) to reading Graham & Dodd, using collateral to get started, and why he rarely sells, preferring to borrow against assets instead.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireTimestamps0:00 Reggie Pryor Jr. and his “buy overlooked, rebuild cash flow” playbook0:50 Wofford College and mentor Jimmy Gibbs3:57 The lesson: just ask (how Reggie earned the mentorship)5:16 Running his father’s company; learning by doing9:43 Sponsor: CapitalPad (operator-investor marketplace)11:05 Reframing the strategy: rebuild rather than break apart12:42 Pryor LLC’s four pillars (Diversified, Global, CRE, Capital)13:30 Why he rarely sells15:02 Portfolio overview; value lens across categories16:48 Case study: Highway 9 real-estate deal19:59 Adding 265k of value by acquiring a state-owned strip for $12,00022:41 Sponsor: Spacebar Studios27:05 Where private deal flow comes from27:57 Moretex origins (founded 1908) and how he stumbled onto the opportunity31:10 Hidden kicker: next door 70 million dollar stadium32:12 Taking over Moretex33:50 Lessons from doing the deal and showing up personally34:13 First 90 days: key hires (maintenance, SOPs); no salesperson for 31 years35:52 Vertical integration: buying the pulverizer supplier38:00 Tariff tailwinds plus all USA inputs boost demand38:21 Oldest chemical plant in the Southeast41:37 Brand and formula value42:56 Why no auction? Family context, timing, and trust44:13 Mission: fix and own Moretex long term45:44 Building a mentor bench: the names and why it matters47:02 Three “secrets”48:09 How networks actually compound (and how to start)51:04 Reggie works seven days a week, 365 days a year52:59 On happiness, overwhelm, and tradeoffs55:49 Why saving American manufacturing is personal58:33 How picky is he? On saying yes, triaging inbound, new bets1:00:39 Why do the podcast? On signal, diligence, and reciprocity1:02:08 Wrap up: key lessons and gratitudeSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for

The greatest builders in history share one habit that changed their fortunes.You’ll hear how a single paragraph led Munger to a $500 million investment, how Jeff Bezos started Amazon because of one statistic in an article, and how Elon Musk saw an opportunity through the absence of information.This episode is about building your mental warehouse of ideas, training your intuition, and developing the kind of insight that compounds for life.The SponsorsThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.Timestamps0:00 Intro: The compounding power of reading0:49 Investor quotes on reading2:04 A real competitive advantage2:32 A 50-year habit and the $500M outcome3:25 The Tenecco idea and the $8M to $80M jump4:42 Sponsor: CapitalPad5:52 Jeff Bezos: One stat that launched Amazon6:09 Morris Chang (TSMC): A textbook insight that rewired an industry6:36 Elon Musk: no Mars plan6:50 Dietrich Mateschitz7:11 Bill Gates: The Altair 8800 moment7:25 Phil Knight: Japanese trade finance to Nike’s supply chain7:43 Reading dividends vs. “luck”8:28 Reading as an edge: Building a mental warehouse8:55 Naval Ravikant on lifelong reading9:23 Sponsor: Spacebar Studios10:27 $8M to $80M to $500M10:50 “5 to 10 great insights in a life”11:10 BYD: The Asian counterpart insight11:40 The 29x BYD outcome11:48 How reading trains intuition: “You can almost smell it”12:22 The ultimate unfair advantage of reading13:00 Final challenge: Are you reading like your life depends on it?Support our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Peter Lang has done 22 acquisitions (mostly off-market). Grant spent a full day at his masterclass—and it was the most valuable single-day M&A professional development he has ever had. Most people share 101-level fluff; Peter was selective about who he let in the room, so he went straight to 202/303-level tactics:- a 128-question pre-LOI audit,- “pre-diligence,”- risk registers,- and first-call bonding that actually wins deals.During the session he even had them cold DM a business owner about selling - someone in the room even booked a meeting before lunch.The SponsorThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/Timestamps00:00 Intro: 10 companies → self-funded search (3–5× EBITDA target)00:24 Why Grant’s back: $11M raised + Peter Lang’s one-day M&A Lab00:56 What made the seminar different: straight to operator tactics01:41 Opening prompt: the scary 3-5 year goal (Fund II at $50M, 5× MOIC ambition)03:00 The math behind 5×: low entry multiples, modest growth, sane leverage04:51 Fund sizing realities: checks, number of bets, and concentration06:47 Scaling a bigger fund by doubling down on winners via add-ons07:49 “Every business problem can be solved through M&A”08:41 Who is Peter Lang? 22 off-market acquisitions, agency roll-ups09:58 Most underrated outreach: LinkedIn DMs (with live results in the room)11:12 The only goal of the first call: bonding and true alignment12:32 Where EC enters the process: usually post-LOI via searchers12:55 The 128-question pre-LOI audit (and why serious sellers complete it)14:46 Sponsor: CapitalPad16:24 “Pre-diligence” naming hack to get real docs before LOI17:52 Terms more important than Price: seller notes, earn-outs, and the “$1B for $1/day” example18:54 Three-phase diligence: do high-risk checks before legal/QofE spend19:11 Linked Google Sheets system: shared vs. private notes that stay in sync19:44 The Risk Register: make concerns explicit, score, mitigate, resolve21:55 Winning competitive processes by showing deeper prep (and credibility)22:30 Zero retrades: how pre-LOI depth prevents post-LOI drama23:32 Selling = buying in reverse: ship-shape data room and audit ready24:59 What Grant will implement now25:54 Biggest meta-takeaway: huge ROI on practitioner-level M&A education27:02 Why his big goal now feels closer: helping searchers generate proprietary deal flow28:01 Could EC run searches on behalf of top operators? Credibility advantages28:39 Producer’s compliment: why Grant’s clarity matters in dealsSupport our SponsorCapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this deep dive, we unpack the operating philosophy of Joe Liemandt - builder of Trilogy Software and ESW Capital, and now the force behind Alpha School - including lessons from 100+ acquisitions. Liemandt became a billionaire by buying sleepy software assets and turning them into cash machines, vanished from public view for years, then re-emerged with a mission to rebuild systems from first principles. This episode isn’t about education - it’s about how great operators think.The SponsorThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/Timestamps00:00 Intro: Who is Joe Liemandt & why this episode01:16 The real job of a boss: raise the bar03:25 Reality-distortion & Trilogy’s elite culture06:44 Expect more than they expect of themselves08:46 ESW Capital’s “insane” bet: buying legacy software09:20 Sponsor: CapitalPad12:47 Pricing power: why most companies undercharge14:33 Value-based pricing: the ESW playbook16:15 Pricing moats17:56 The real bottleneck: motivation vs information19:48 Hiring for fire21:27 Inner scorecard23:12 Information is commodity; motivation is scarcity24:45 Leaders as motivators26:10 Systems that reward curiosity, not compliance27:06 Closing framework: light the fire27:55 “Customers have the answers” - sit with end usersSupport our SponsorCapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Steve Carroll is the CEO & co-founder of Kelso Industries, a national MEP services platform uniting HVAC, mechanical, plumbing, and electrical companies.In just a few years, Kelso went from a gritty, nearly-broke first acquisition to 29 acquisitions and $1B+ in revenue.Steve breaks down the bruises and the blueprint: why their first year almost killed the business (including a single job that wiped out a year of profit), the switch from “buy and replace” to a partner-and-keep-the-owner model, how they finance growth without overpaying, and the operating system (recruiting, cash, WIP discipline) that lets local brands scale without losing their soul.SponsorsThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.Timestamps00:00 Intro00:34 Steve’s background01:56 Early thesis: from marketing & home services lead gen to HVAC focus03:54 Bootstrapping experiments, agencies, pest control—what worked/what didn’t04:58 Personal runway & the real cost of chasing deals while employed06:00 Broken deals, travel, and swallowing $100k–$200k before first close06:16 Meet the co-founder: lifelong friend Steve Nicholson; Kelso name origin08:32 First near-deal dies; deciding to swing at the largest SBA-sized deal10:26 Finding a commercial HVAC business in Arizona13:11 Sponsor: CapitalPad18:23 Survival year: no new acquisitions, just fixing ops and cash19:13 The unlock: partnering with an Idaho operator who stays on, not exits20:21 Bringing in a PE partner (Peterson Partners): why working capital blew up the SBA plan24:26 How the PE check actually changed things (and what it didn’t)28:29 Sponsor: SpaceBar Studios29:32 Scale after deal #2: ~$40–50M revenue; raising the bar to $30–40M targets30:50 Handing Arizona to Poncho so Steve can live on planes finding partners33:22 Hitting $10M EBITDA in 2 years and setting the $1B revenue goal34:32 Reaching $1B TTM four years after launch36:25 Structure: Kelso buys 100%, owners stay, roll equity, 3-year earnouts37:48 Why this is a relationship business (and why replacing owners destroys value)43:10 Liquidity: horizon to public markets or new capital partner—patient equity model46:59 Building the corporate engine: legal, HR, recruiting (15 in-house), finance, insurance49:06 Project businesses need WIP discipline; dashboards and tighter forecasting49:57 Footprint today51:05 Centralized cash & working capital management52:36 Post-close uplift: many ops 2–3x EBITDA with branch and service expansion54:27 Financing new deals mostly via lenders + internal cash; no overpaying56:24 Succession planning at every level; why this creates employee confidence59:42 Example: ex-owner now building Kelso’s national service platform1:01:10 Why Kelso hasn’t sold any companies (and likely won’t)1:02:58 Steve’s evolving role: firing himself from jobs, hiring an exec teamSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstThis podcast is for informational purposes only and should not be relied upon as a basis for inve

My guest today is Nick Hatchka, founder of Cub Investments, which has completed over a dozen acquisitions. Nick is now building a regional platform of generator dealers and service businesses in California alongside his operating partner, Dylan Ferguson. We discuss his journey:- to independent sponsorship,- lessons from 12+ acquisitions,- what makes a good business model,- partnering with operators,- and buying seller-dependent companies.SponsorsThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.We cover:0:00 Nick Hatchka on 12+ acquisitions and a California generator platform0:35 Background: MIT → McKinsey → 2 startups → Fortune 500 clean tech1:54 Founding Cub (2016): SBA and personal capital for the first deal2:49 Scaling: 12+ acquisitions across interior plants and landscaping, later divested4:09 New platform thesis: generators in California and why the model is capital intensive5:27 Investing focus: market and model selection over operator heroics8:16 Capital discipline: self-funded pace vs raising outside capital9:18 Sponsor CapitalPad: standardized terms, governance, and distributions for acquirers and investors12:03 Generator business explained: sell, install, maintain, and test backup power (monthly, quarterly, annual PMs)13:22 Sponsor Spacebar Studios: done-for-you newsletters with a two-week free setup20:11 Partnering with Dylan Ferguson: 20-30 interviews and complementary skills25:54 First acquisition Conti: sourced direct, LOI-to-close ~6 months, closed Jan 202428:16 Post-close playbook: replace owner-operator and rebuild systems for scale33:39 Early lessons: grew fast to replace 4–5 seller hats and would build recruiting pipeline earlier34:38 Results: revenue ~$3M → ~$6M and team 7 → ~1442:13 Second acquisition PowerGen: 5–6 months later with larger C&I footprint in Bay Area and Sacramento45:04 Capital and operating philosophy: seller note fixed ~8 years, target ≥3x DSCR, keep strong cash reserves and focus on service quality51:32 Book and wrap: The Science of Success and expanding the circle of competenceSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine being in your early 30s, launching a private equity fund, and raising $450 million for your first fund. (No track record. No rich father or uncle.)Urs Wietlisbach, one of the three co-founders, led client relationships and fundraising, pushed proactive deal sourcing and thematic research, and kept the team focused on pensioners as the ultimate client.SponsorsThis episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/ETA Europe — sharp weekly curation of European acquisitions, operators, and deals. Sign up, it's free: https://legacy-partners-newsletter.beehiiv.com/You'll learn:00:00 Why this episode & who it’s for00:36 From “stocks & bonds are boring” to real assets; early AUM context01:25 Independence as the goal; raising $450M with no track record02:20 Three complementary founders is better than one “perfect” entrepreneur03:12 Leaving Goldman: the coffee invite, risk, and family pushback04:35 “Fill your backpack”: learn aggressively, then have the courage to leave05:43 The costly fundraising mistake: paying an upfront “rainmaker” (and why never again)06:08 Sponsor: CapitalPad (a marketplace for investors and acquisition entrepreneurs)06:40 Why they IPO’d in 2006: talent, direct deals, and Asian credibility10:05 Operating public, thinking private: ignore the ticker, focus long term10:30 “We are responsible for dreams”: pensions as the true client11:05 Proactive diligence: working 12–36 months before a sale is announced12:05 Urs’s role today: fundraising, client relationships, and a 100+ person marketing team12:45 The PE model now: ~53% equity / 47% debt; returns from business building13:35 Edge vs. competitors: thematic sourcing and pre-work win auctions14:40 Example: German deal log, 582 days of prep before the bank book16:05 Returns stack vs. mega-peers; tailwinds, management being everything16:36 Sponsor: ETA Europe newsletter (weekly EU ETA deal flow & analysis)17:13 Four thematic teams: Healthcare, IT, Goods/Products, Services18:00 Healthcare thesis in action: U.S. physiotherapy roll-up playbook19:10 From 100 to 600+ clinics; EBITDA from ~$38M to ~$110M in four years19:56 Why PE has outperformed publics: information, incentives, not leverage21:00 Compensation design: “eat what you kill” + shared carry across teams21:50 Hiring from industry, not just finance; sweat equity for managers22:40 Heavyweight chairs matter: PCI Pharma example (4x MOIC)23:40 What makes entrepreneurs succeed24:45 Play to strengths, fix fast: people business above allSupport our Sponsors:CapitalPad: https://capitalpad.com/ETA Europe: https://legacy-partners-newsletter.beehiiv.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Alexis Sikorsky. An entrepreneur who bootstrapped, scaled, and ultimately sold a company in a 9-figure exit.SponsorsThis episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/ETA Europe — sharp weekly curation of European acquisitions, operators, and deals. Sign up, it's free: https://legacy-partners-newsletter.beehiiv.com/We cover:00:00 Sponsor: CapitalPad01:36 Who is Alexis Sikorsky02:03 Early entrepreneurship03:59 First ISP & internet café in West Africa05:12 Conflict with government & partner’s death07:05 Buys training company07:43 1999–2000: founding the software dev firm09:20 Buying assets of Logical Access09:37 On failures & lessons (politics, client concentration)12:35 “I can’t be employed” mindset / drive to continue13:06 2008 peak: €11–12M revenue, €3M profit14:31 “The grind” years: cuts, mortgages, survival15:17 Private equity calls16:35 The very optimistic 2-year plan17:22 The deal: ~11x EBITDA, 85% cash now / 15% later18:59 Final personal exit; later strategic sale (undisclosed 9 figures)19:30 Sponsor: ETA Europe newsletter20:41 “If I had 2023 wisdom in 2003…”21:22 How much runway to hold; agility for black swans22:23 Fear, resilience, and hiring “good people” too late24:59 Personality under stress; heart attack joke28:07 Why post-PE period was the best28:13 “Did you sell to the right people?”28:29 Strengths & weaknesses30:00 Life after exit34:31 What retirement actually felt like35:01 Happiness, safety, safari/diving; minimal “stuff”39:52 Founders often don’t know their own company40:52 Know your numbers monthly43:28 “Fire yourself” from most tasks as CEO44:51 “What’s your number?” conversation45:37 Grow to sell vs. morphing into a bank47:50 Growth vs. lifestyle businesses50:16 Execute phase cadence51:08 Best growth levers (context-dependent)52:03 M&A focus for this audience52:17 Why M&A is the fast/cheap shortcut54:01 Leverage math in euros (LBO example)56:08 PE myths1:01:05 Negotiate your own contract & non-compete1:01:23 Managing time during diligence1:02:21 Readiness test: 1-week no-phone vacation1:02:37 How to diligence PE (ask for 5, call the others)1:06:59 What buyers saw that he didn’t1:10:41 Why founders often under-sell1:10:55 Nominal EBITDA explained1:12:13 Over-management at €100M valuations1:12:35 Where clients fail in execution1:14:21 Black swans & an online pivot to €100M1:16:28 Quickfire wrap1:17:33 Best investing advice (fundamentals over price)Support our Sponsors:CapitalPad: https://capitalpad.com/ETA Europe: https://legacy-partners-newsletter.beehiiv.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Nikolai Dimitrov went from pro football to building Unity Investment Partnership, where he buys small, reliable, everyday businesses, paying 3–4× cash flow with seller-aligned structures, and has closed 4 acquisitions so far.We cover his rocky start (including a Facebook group against him), four acquisitions, why “terms more important than price,” post-acquisition reporting, incentives, and how culture and a real CEO will power Unity’s next stage.CapitalPad: the SMB investment platform for accredited investors & searchers. Join now: https://capitalpad.com/ (Not investment advice.)Spacebar Studios writes your company newsletter—strategy, writing, design, distribution. Try it free for 2 weeks. Go to: https://www.spacebarstudios.co/inquireWe'll cover:00:00 Intro: Who is Nikolai Dimitrov & Unity Investment Partnership00:26 From pro football to acquisitions: quitting and what came next02:04 Why buying companies: passion, team skills from sport06:22 First strategy: veterinary roll-up09:51 Sponsor: CapitalPad (SMB investor ↔︎ searcher platform)10:36 12-18 months with no deal: iterate, don’t quit11:50 First acquisition: 4× cash flow; 25% down, 75% seller-financed13:35 Year 1 reality: building reporting from scratch in a mom-and-pop14:53 “Terms over price”: negotiating when you’re the only buyer17:34 Closing the first deal: proof the model works in CEE18:34 Seller pipeline tailwind: retiring baby boomers in small business19:17 Sponsor: SpaceBar Studios (done-for-you newsletters)21:35 Raising from LPs: doctors, lawyers, real estate pros22:50 Second acquisition; time allocation across businesses23:33 Third deal: dental clinic25:15 Incentives and the shift from deal-making to asset management26:58 What a “good deal” looks like; buying right at low multiples32:31 Growing the portfolio: sector differences, ops cadence33:59 Diversified vs focused holdco: trade-offs in reporting & speed35:10 Holdco vs fund: why avoid a limited-life vehicle (for now)37:55 Best advice: a few winners drive returns (Buffett lesson)Support our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Grant Hensel has started 10 companies (7 failed, 2 sold, 1 scaled), bought a business his wife now operates, and then got obsessed with backing self-funded searchers. He’s the founder of Entrepreneurial Capital, raising ~$11M to invest in “cockroach” SMBs at 3–5x earnings alongside gritty owner-operators.If you’re buying or backing boring, profitable businesses, this is a playbook episode.CapitalPad: the SMB investment platform for accredited investors & searchers. Join now: https://capitalpad.com/ (Not investment advice.) Spacebar Studios writes your company newsletter—strategy, writing, design, distribution. Try it free for 2 weeks. Go to: https://www.spacebarstudios.co/inquireYou'll learn:00:00 Grant’s path: 10 starts, 2 exits, 1 scaled; now backing self-funded searchers00:32 Grant’s background & living the “buy vs. build” debate02:26 Buying a business for his wife to run (4 LOIs, funny diligence misses)05:24 First 90 days: installing EOS, weekly scorecard, real traction06:52 Portfolio before the fund (one built, one bought)07:08 Sponsor — Capitalbat (SMB investor ↔︎ searcher platform)07:59 Holdco vs. minority investing; why operator quality dominates09:32 Why self-funded search is a built-in grit test10:14 From personal checks to raising a fund (organic evolution)12:23 The four screens: low concentration, low capex, low cyclicality, history of profits13:53 Cyclicality lesson: cheap isn’t worth macro sensitivity15:52 Fund timeline: Oct ’24 idea → Feb ’25 start → Jul ’25 close16:39 Fundraising tactics: “ask for advice,” webinars, soft-circle snowball18:41 Sponsor — SpaceBar Studios (done-for-you newsletters)20:27 Looking at deals while raising; confidence once ~$5M soft-circled21:16 How Grant picks winners: on-site diligence, non-spreadsheet reality22:51 Sourcing searchers: Searcher.com, webinars, “This Week in ETA” newsletter26:15 Day-to-day now: LOI diligence, marketing, advisor feedback (pre-first deal)27:17 Deployment pace: 13–18 deals over 2–3 years (~1 every other month)27:38 Deal flow volume: ~1 LOI/day; be ultra-selective28:03 The five pre-LOI seller questions (and why they matter)32:26 What to buy (and avoid): home/B2B services, light mfg (with chops); no e-comm/retail/restaurants33:58 The real investor value-add: resilience through the ugly middle35:18 Roll-up skepticism; single-asset cash flow is better than multiple-expansion bets37:53 First-90-days playbook: live in the trenches; avoid “academic” fixes39:45 Inventory cautionary tale: don’t break the value prop you can’t see on a P&L44:19 Game-changer hire: Chief of Staff as force multiplier46:10 Failure as teacher; base rates favor buying over building48:23 Where to find Grant (Twitter & LinkedIn)49:05 Favorites: Switch, Good to Great, Traction; best advice—circle of competence50:51 Wrap-up & closeSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

A deep-dive on the operator-first path to buying a small business. Told through the lessons of investor-turned-operator Tim Ludwig (60+ portfolio companies; now co-runs Majority Search).Learn how search funds actually work, which industries to invest in, which searchers to back, why EQ beats IQ in a first-time CEO, and the exact playbook from LOI → close → the first 100 days.Want a newsletter that builds trust—but have zero time? Spacebar Studios handles strategy, writing, design, and distribution end-to-end so you stay consistent. Turn expertise into a lead-warming “trust engine.”Claim your 2-week free trial: https://www.spacebarstudios.co/inquireCapitalPad delivers accredited investors a highly curated pipeline of sponsor-led deals from proven acquisition entrepreneurs.CapitalPad invests in searcher and independent sponsor deals. Connect with value-add investors, fund your acquisition, and build an enduring business.It's free. Get started here: https://capitalpad.com/What you’ll learn:00:00 Intro - buy, run, and compound02:03 Why study Tim & the origins of search funds03:40 Tim’s path: from MBA case study to investor05:18 60+ investments, market gets crowded, lessons learned06:54 Flipping to buyer/operator; control & alignment07:59 Search fund 101: traditional vs. self-funded vs. committed capital09:53 Sponsor: CapitalPad10:54 Why search funds work: hungry operator × resilient business12:08 First-time CEO profile: EQ is better than IQ, sales, coachability14:28 What to buy (and avoid): the “easy to run, hard to break” box + weird niches15:57 Sponsor: SpaceBar Studios16:56 from LOI to close: diligence, QoE, papering the deal, seller roll/seller note19:03 First 100 days: make payroll, listen, cadence & KPIs20:05 Months 3-12: hire a sales leader, CRM, pipeline & talk tracks21:56 Post-close priorities: top accounts, upgrade tools, data culture23:03 Returns math: 4× equity without multiple expansion24:15 Hold vs. sell; should the seller stay?24:58 How big is the opportunity? supply/demand & off-market26:08 Bezos vs. Musk test: singles % doubles are better than moonshots26:53 Final advice & next steps27:26 OutroSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS).Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capitalpad.com/This episode is also sponsored by Space Bar Studios. If you’re an investor, holdco, or PE firm that needs media that drives outcomes, they’ll build the newsletter, strategy, and production system for you. Right now they’re offering a free campaign for businesses doing $1M+ in revenue. Get your 2 week free trial: https://www.spacebarstudios.co/inquireTimestamps:00:00 Intro & who Donza is (2 platforms, Capitalpad)00:25 The spicy tweet: “Most PE investors aren’t really investors”00:56 Why PE ≠ investor training: incentives & slow feedback loops02:24 Donza’s origin story: island → banking → PE04:27 The hangar conversation that changed his life06:05 PE associate programs, fund velocity & early reps07:27 Investment philosophy setup (industry → company → price)07:51 Partnership — Capitalpad08:31 Building conviction: Five Forces, 2–4 thesis pillars, price last10:50 What he kept/ditched from institutional PE before launching12:02 Why 2024 to launch Clear Peak; co-founding with Luke14:55 Model choice: independent sponsor now, fund optionality later16:24 Deal #1: cruise/maritime maintenance software—core thesis18:10 Capital reality on Deal #1: family offices & cold-start relationships18:58 Deal #2: faster process; staged diligence & value-creation session20:29 Partnership — Spacebar Studios21:08 Operating the portfolio: GTM at IT Sync; financial visibility at Entara23:55 Back to market for Deal #3; discipline on timing24:08 Highest-ROI levers post-close (company-specific, no cookie cutter)25:17 Choosing investors: family offices vs. SBIC; red flags27:20 Superpower & weakness: depth of work vs. time trade-offs29:33 Taking risk: leaving institutional PE; AI’s coming impact31:18 Hardest skill shift: decision-making rests with you32:16 Hours & lifestyle now vs. institutional PE33:12 Happiness & autonomy; what “winning” (MOIC/IRR) looks like34:18 What he’s studying now (IT services, vertical SaaS, mental models)35:12 Practicing intellectual curiosity; inviting dissent36:22 Favorite book: Behave (Robert Sapolsky)37:15 Wrap-up & future check-inSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

I spoke with an operator who sold his own company - then turned around and bought eight more. His playbook is specific, bank-friendly, and built for growth. In this episode, I’m unpacking the lessons from those deals:00:00 Intro: From exit to 8 acquisitions00:26 Portfolio averagE: 4.7x paid; $4.1M EBITDA00:52 Structure banks love: 70% now, 30% later; owner reinvests01:18 Growth thesis: target 5x MOIC + “second bite” bigger than first03:30 Value creation: capital allocation, incentives, team energy04:51 Sponsor: SpaceBar Studios05:31 Deal cadence & outlook: 1–2 deals/per year; potential portfolio saleWant a newsletter but don’t know where to start? Sound familiar?At Spacebar Studios, they handle everything—design, content, sending. Getting started isn’t your problem anymore. Only 2 spots left this month.Get your 2 week free trial - https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Co-invest in curated SMB acquisitions led by proven searchers and independent sponsors. Get a full deal room with financials, tax returns, sponsor profiles, and value-creation plans.No management fees; CapitalPad participates only after investors get their capital back and profits are earned. Operators under LOI can also use CapitalPad to fill equity gaps with a trusted co-investor network. These are long-term, illiquid investments and involve risk.Apply at: https://capitalpad.com/Spacebar StudiosBuild relationships at scale with a done-for-you B2B newsletter.HoldCo Builders listeners get a 2-week free trial: they set up your newsletter and send your first editions with zero fees to prove the channel works. Start your free trial now by going to: https://www.spacebarstudios.co/inquireOperator-first, place-based PE done right. In this episode, Doug Lepisto (co-founder of Sleeping Giant Capital) breaks down how his team backed 7 searchers to buy 7 local companies, deploying a $34M Fund I and gearing up for Fund II.We unpack the full playbook—how they source in-region deals, why they bet on the operator first, and the exact 10-10-10 searcher economics.Doug shares how they structure boards, protect the downside, and build long-term, hold-forever companies with a university-powered talent pipeline.Timestamps:00:00 Intro (Sleeping Giant overview: place-based, West MI, Fund I $34M)00:33 Doug’s background04:41 Sleeping Giant timeline06:18 Sponsor (CapitalPad.com)10:32 Buffett, Brent Beshore, ETA/search, university model13:42 Fundraising journey (easiest no, institutions vs HNW/FOs, strategy)16:13 Ideal targets (shift to higher-quality $3 to $5M EBITDA businesses)18:14 First acquisition setup18:20 Sponsor (SpacebarStudios.co)19:29 First acquisition story21:41 Deal size (larger than initial target)22:05 Seller rollover & post-close roles (case by case)23:14 Operating lessons (protect downside, boards, emotions; big deal are better than many small)26:25 Pipeline & selectivity (LOIs as the key KPI)28:48 Operators-first vs deal-first (why back people)30:32 The 8-week Acquire Course (1:1 coaching format)34:56 Course throughput & outcomes35:57 Searcher economics (10/10/10 vesting, salary/bonus)37:58 Portfolio update & headwinds (tariffs, organic growth systems, board design)40:27 Fund II focus (double down on place, build an enduring machine)42:10 Defining long-term (25-year term, durable niches like metal components)43:38 Liquidity in a long fund46:04 Scalability (2–3 CEOs at a time; replication in other regions)47:29 Place-based investing philosophy & macro trends50:51 Quickfire (best advice and favorite book)Support our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow PrivatEquityGuy onX: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry.Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scratch that hit $3.66m in year one with double-digit margins.Today it’s five companies, ~$30m revenue, and a clear target: $150m by 2033.This conversation is the real operator’s playbook:- how to know when it’s time to jump,- what to buy and why,- the hybrid non-integration model that actually works,- the communications cadence that calms teams and customers,- and the unsexy habits that compound.Capitalpad lets you co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.Apply at: https://capitalpad.com/Want brokers, operators, and investors to think of you first, or simply more customers? That’s why I partner with Spacebar Studios—they build and scale B2B newsletters. They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk.They’re offering three HoldCo Builders listeners a free two-week trial.Go to: https://www.spacebarstudios.co/inquireTimestamps:00:00 - Intro: who Sam Turner is (ex-CFO → UK SMB/HVAC acquirer)01:12 - Why leave a high-paying CFO job for blue-collar businesses?01:36 - Dissatisfaction: politics, travel, no autonomy, family priorities03:10 - How he made it happen: engineered exit & planning window04:54 - Choosing ETA/search over property (people-focused)05:49 - Didn’t pick an industry until after starting the search05:54 - Research approach: 15–30 sectors explored06:48 - Sponsor - CapitalPad07:52 - Acquisition criteria: large & fragmented, multiple arbitrage, non-tech09:54 - Capital model: deal-by-deal, retain majority equity10:43 - Strengths & weaknesses14:04 - Timeline & where the group is today (first deal Dec 2021; 4 buys + 1 organic; ~$30m rev; 2033 target $150m)17:31 - First acquisition story20:08 - Sponsor - Spacebar Studios23:39 - What he buys now: $3–12m revenue, ~10% EBITDA, commercial/built-environment25:14 - Why buy multiple quickly: diversify operational risk28:16 - Post-acq philosophy: no full integration; hybrid model, common tech32:51 - Why #2 and #3 worked: better margins, owner transition, heavy communication36:58 - Organic playbook: hire industry COO, spin up division, recruit A-players39:33 - Organic results: ~$3.66m year-1, double-digit margins, 20–22 engineers43:40 - Wrap-up & thanksSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment deci

What happens when a holding company thinks like an immigrant, moves like an entrepreneur, and plays the long game with permanent capital? In this episode, we unpack the operating system of Fernando De Leon and Leon Capital Group—a family holding company that conceives, develops, owns, and operates businesses across real estate, financial services, healthcare, and technology.Capitalpad lets accredited investors co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.Apply at: https://capitalpad.com/Want brokers, operators, and investors to think of you first? That’s why I partner with Spacebar Studios—they build and scale B2B newsletters. They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk.They’re offering three HoldCo Builders listeners a free two-week trial.Go to: https://www.spacebarstudios.co/inquireYou’ll learn:00:00 - Intro & Leon Capital Group overview02:26 - Border-childhood & immigrant mindset05:24 - Turning labor into equity at 1407:21 - Harvard takeaways & Goldman “pipes of money”12:37 - Four questions to decode deal headlines13:17 - Move to Dallas (2003) & flood-map/option flip14:41 - Sponsor: CapitalPad16:00 - 2008 crisis: speed over perfection; spouse’s push17:21 - Going all-in 200×; distressed loans & 24-condo flip18:04 - Broker flywheel & long-term loyalty20:32 - Sponsor: Spacebar Studios21:42 - PropCo/OpCo playbook → to 265 dental clinics25:02 - Build it in-house: Patient Capital financing25:51 - Cut out middlemen: insurance brokerage26:41 - Crexi origin story: data, auctions, listings28:38 - Wrap-up & next-episode teaserSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Want to grow your B2B business? Start with your inbox. Spacebar Studios builds newsletters that drive pipeline, build authority, and generate real revenue. Bonus: The first six founders who raise their hand get their newsletter built for free.Reserve your slot: https://www.spacebarstudios.co/inquireScalepath is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https://scalepath.beehiiv.com/Jack McCarthy, co-founder & CEO of Goldleaf Farming, shares how he’s building one of the largest specialty-crop platforms in the U.S. We cover why almonds & pistachios, raising $250M+, buying 20+ farms, and scaling to ~12,000 acres.Jack explains valuing farms by cash flow (not price per acre), managing water/climate risk, navigating commodity cycles, aligning with long-term LPs, and keeping leverage low.Timestamps:00:00:00 Intro00:00:28 What Goldleaf is building00:01:26 Jack’s background & meeting co-founder Brandon00:04:06 Wednesdays at the almond mill; lean-startup exploration00:05:01 Partnership: Scalepath00:06:26 Pivot from agtech to owning farms; meeting Brandon; first investors00:09:48 Buying the first farm (Fall 2017)00:10:35 Lessons from the first acquisition00:14:10 Why almonds & pistachios00:15:51 How they value farms (cash-flow/DCF mindset)00:17:13 Partnership: Spacebar Studios00:18:10 Capital raising phases (friends & family → family offices)00:19:15 Alignment with LPs; team equity & structure00:23:09 Diversified LP base (sub-$1M checks)00:25:47 Capital structure: lower debt, higher equity00:28:01 Biggest risks: water & growing conditions00:29:09 Selectivity: ~1,400 farms reviewed; 27 bought00:30:12 Early mistakes; refocusing on water/quality00:32:02 Jack’s advice: constant improvement; long slog; do it00:34:12 Personal Q: family (4 kids)00:34:35 Culture & benefits: family-first values00:36:57 Best investment advice & favorite book (East of Eden)----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Rand Larson helps small business owners beat the loneliness of operating by building tight, ROI-driven peer groups. We dig into what actually works: working-capital traps, hiring/firing discipline, burnout, and why some owners sell just 12–24 months post-close.Scale Path is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https://www.joinscalepath.com/Timestamps:00:00:00 - Intro & guest: Rand Larson00:01:43 - What ScalePath is (structure & purpose)00:02:29 - “How I make money”00:03:11 - HVAC acquisition near-bankruptcy story00:05:07 - Genesis of peer groups (therapy → community)00:06:43 - Ad break: Scalepath newsletter (sponsor)00:07:49 - What makes a great event (small, similar, 3-hour format)00:08:37 - Why local organizing is rare (and hard)00:09:59 - Early peer groups = therapy; today = ROI focus00:12:56 - 16 events in ~35 days00:15:01 - Why paid improves attendance (Vistage/YPO comparison)00:16:02 - Niche-based groups: B2B, pro services, local services00:17:17 - Online vs. in-person00:19:20 - Ideal setup: industry peers + local group00:19:35 - Pricing models & member feedback00:20:07 - Price point & ROI framing00:22:32 - The van: $42k “vanlife” for meetups00:23:10 - First trips & momentum00:24:59 - Why the van is standout B2B marketing00:25:59 - Newsletter stories: behind the scenes00:27:47 - Why sell a commercial cleaning business00:29:25 - Talking to $30–50M operators; misery check00:30:38 - Community value for acquisition decisions00:31:28 - Niche example: boat upholstery repair00:32:59 - Hiring lesson: inexperienced vs. experienced owners00:35:08 - Common theme: undercapitalization00:35:33 - “Take every dollar the bank offers” (asset deal context)00:38:29 - ~10% therapy; SBA-debt stress early on00:40:16 - “Real work starts after close”00:40:29 - Join a peer group before the fire (vs. during)00:41:10 - Why experienced owners value peer groups----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Want to build a media asset your competitors can’t copy?Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.- 115k+ subscribers in compliance- 7-figure ARR driven by email- Built for SaaS, services, and niche B2B marketsFirst 6 founders this month get their newsletters launched for free.Reserve your slot here: https://www.spacebarstudios.co/inquireRunning a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.Book your free intro call at: https://www.joinscalepath.com/Today’s guests are Lizzie Ryan and Darrel Connell, Managing Partners at IMBIBA, one of the UK’s leading specialist investors in leisure, education, and health. We cover IMBIBA’s operator-heavy model, why they back four-walls brands with proven unit economics, and how they sourced, structured, and exited deals through the toughest market in a decade.We dig into Fund I’s brutal raise, doing 7 deals in 14 months during COVID, building resilience in portfolio construction (childcare, wellness, and real estate-backed concepts), and the mechanics of operational gearing and like-for-like performance that drive exit timing. They share hard-won lessons on off-market origination (1,000+ outreaches → 600 meetings → 3–4 investments), upgrading teams post-investment, the “professional MD” hire, picking sites, saying no to bad leases, and aligning founder incentives with liquidity—without losing momentum.Timestamps:00:00:00 Intro00:00:07 Who are IMBIBA’s managing partners?00:02:36 IMBIBA origin story & “two lives” of the firm00:03:46 Fund I thesis: proven unit economics, operator help, rollout00:04:22 Sponsor break - Scalepath00:05:22 Building an operator-heavy PE team00:06:11 Fundraising war stories (2018): the brutal last £10m00:09:13 Post-raise: first 18–24 months00:09:52 COVID hits: portfolio shut, scenario planning, survival00:10:22 Doing 7 deals in 14 months: why founders chose them00:11:35 What great PE–founder support looked like in crisis00:14:19 Managing LP expectations during uncertainty00:15:07 Rebuilding the portfolio: childcare, wellness, four-walls brands00:16:14 Sponsor break - Spacebar Studios00:17:35 Designing for resilience: margins, labor mix, exits00:18:16 Portfolio & exits: NQ64, Little Houses Group00:20:05 Who buys these assets now? (trade, PE, US interest)00:21:49 When to sell vs. hold: operational gearing & like-for-like trends00:25:18 Typical deal structure: significant minority, founder-led00:26:14 Sourcing: mapping subsectors, off-market outreach00:27:20 Upgrading teams post-investment; the “professional MD” hire00:30:09 Funnel math: 1,000+ outreaches → 600 meetings → 3–4 deals00:30:41 Red flags & when to walk at the 11th hour00:31:43 Spotting real operators (site visits, staff, standards)00:33:07 How their team works: operating partners on boards00:34:57 Personal strengths & weaknesses (deal smell, negotiation)00:37:23 Where founders need the most help: people & property00:39:13 Coaching without micromanaging; the chair that moves the needle00:41:28 Incentives & aligning around liquidity events00:42:38 Navigating misalignment on timing and partial liquidity00:45:06 Where they’ll invest next; where they won’t (exitability lens)00:47:57 Supply of opportunities vs. capital in today’s UK market00:48:44 Advice for emerging managers: resilience & learning from failure00:50:01 What’s next

Your newsletter is the gallery. Gagosian sold because his collectors heard from him—constantly. Spacebar Studios builds the newsletter that keeps you in front of founders, LPs, and operators every week. Book a call to get yours (First 6 founders get theirs launched for free): https://www.spacebarstudios.co/inquireDefault aggressive—together. Larry didn’t wait alone; he built rooms full of people who moved. ScalePath surrounds you with like-minded operators so momentum compounds. Get 3 vetted intros for free. Book a call: https://www.joinscalepath.com/A concise, hard-nosed breakdown of Larry Gagosian’s operator toolkit—how a relentless deal engine, secondary-market focus, and absolute control compound into 18 galleries and $1B in annual revenue. We translate his moves into actionable tactics for investors, business buyers and holding company builders:- build proprietary deal flow,- price on information,- create markets,- and turn relationships into leverage.Timestamps:00:00:00 - Why Larry Gagosian00:02:46 - Section 1: Build a deal engine00:03:47 - Tactic: 100 cold calls a day00:04:49 - Show up uninvited (crashing rooms, creating access)00:06:04 - Default aggressive beats perfect timing00:07:04 - Sponsor: ScalePath (operator network)00:08:16 - Implementation: build your pipeline & momentum (questions to ask owners)00:10:44 - Section 2: Total control and owning 100%00:13:45 - Non-obvious plays (private-jet terminal gallery)00:16:55 - Sponsor: Spacebar Studios (get your B2B newsletter built for free)00:18:39 - Section 3: Build a market around your edge (secondary markets)00:19:04 - Building a secondary market00:21:19 - Tactics: proven assets, create liquidity, exploit fragmentation, earned secrets00:23:06 - Apply to SMBs: secondary markets & roll-ups, own the transaction00:25:58 - Investor lessons: ignore status games, price on info, map your niche, be the connector00:26:37 - Section 4: Build relationships, not deals00:27:31 - The S.I. Newhouse cold call and a life-changing relationship00:29:04 - “Heir maps,” future inventory & proprietary deal flow00:30:08 - Co-conspirators, not just clients (embedded trust)00:31:03 - Operationalizing relationships (network, outreach muscle, non-transactional, real-world events)00:33:44 - Think in decades (compounding relationships and capital)00:35:24 - Synthesis: the Gagosian playbook (sell more, control, brand, secondary, outbound, relationships)00:37:45 - Closing & CTA (share, subscribe, next episodes)----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Want to build a media asset your competitors can’t copy?Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.- 115k+ subscribers in compliance- 7-figure ARR driven by email- Built for SaaS, services, and niche B2B marketsFirst 6 founders this month get theirs launched for free.Reserve your slot here: https://www.spacebarstudios.co/inquireBrandon Pindulic sold his first company for 7 figures, then built Space Bar Ventures — a bootstrapped holding company with 6 cash-flowing digital businesses and zero outside capital. We break down how he starts, buys, and scales companies, the $10K bet that launched his most successful venture, and the traps that kill most HoldCos.Timestamps:00:00:00 - Intro00:00:44 - Starting the first agency while working at a SaaS company00:04:39 - Transition from side business to full-time entrepreneur00:08:35 - Negotiation lessons and structuring the earnout deal00:12:28 - Landing Oracle as first major client00:14:06 - Post-sale period and consulting work00:19:30 - Acquiring Planet Compliance - turnaround story00:22:05 - Starting Spacebar Visuals with $10k and co-founder search00:25:49 - Why the operator recruitment method works00:28:54 - Refining Space Bar Ventures' vision – incubations vs acquisitions00:32:36 - Sponsor: Spacebar Studios00:36:15 - Advice for growing HoldCo Builders & Private Equity Guy00:38:50 - Delegation lessons and becoming a better operator00:42:42 - Spotting talent early - why Ryan was the right co-founder00:44:32 - Current focus - growth over acquisitions00:47:34 - Raising capital vs staying bootstrapped00:50:02 - Cost-cutting and 'Vendor Day' – saving $100k/year00:53:58 - Strengths, weaknesses, and growth strategy00:57:35 - Why the $1M after-tax cash flow goal01:01:24 - Quickfire: best investment advice & favorite books----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built freeReserve your slot here: https://www.spacebarstudios.co/inquireRunning a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.Book your free intro call at: https://www.joinscalepath.com/What if your next CEO hire could 10x—or destroy—your portfolio company?Michael Ovitz, legendary founder of CAA, built a $100M+ firm by spotting raw, misfit talent and turning it into power. In this solo episode, we break down the exact frameworks Ovitz used—and how HoldCo builders and investors can apply them to identify elite operators, structure trust systems, and build institutions that last.If you're hiring leaders, backing talent, or scaling a portfolio of companies—this is a playbook you can't afford to skip.Timestamps:00:00:00 - Why Michael Ovitz Matters00:05:07 - Big lessons when hiring a CEO for your portfolio company00:05:25 - Sponsor: Scalepath00:06:40 - Don’t overindex presentation and don’t judge by how equipped someone looks today00:07:59 - Meet hundreds and thousands to train your eye00:10:36 - Institutional momentum is more important than individual brilliance00:16:32 - Sponsor: Spacebar Studios00:17:59 - The top 0.01% of people I back just never stop00:20:11 - Reward those who create a movement00:22:28 - Decentralized decision-making00:27:12 - Ego is the enemy of multiples00:29:28 - Be brutally honest but relationship-driven00:33:07 - Time is the ultimate enemy00:36:14 - How to build time discipline in your investment firm or HoldCo00:40:44 - Add these three questions to your DD00:41:22 - How to win when you play the long game with people----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built freeReserve your slot here: https://www.spacebarstudios.co/inquireRunning a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.Book your free intro call at https://www.joinscalepath.com/Danny Vivier is quietly building one of the most thoughtful vertical SaaS portfolios in the game.Buying founder-led software companies and grow them forever.Danny shares the real playbook behind Evermore's rise—raising from 35 investors, managing post-acquisition chaos, and why he's doubling down on boring businesses with big moats.Timestamps:00:00:00 - Intro – Who is Danny Vivier?00:01:07 - Starting First Landings (E-commerce)00:02:10 - Product Sourcing and Early Days00:03:09 - Getting Offer from Aggregator00:04:56 - Sponsor: Scalepath00:06:59 - Amazon Delisting Story00:07:59 - Exit Process & Post-Sale Transition00:08:42 - Why Danny Moved Into Software00:09:30 - Managing Risk While Employed00:11:22 - First Acquisition00:14:34 - Sponsor – Spacebar Studios00:16:06 - Partner Dynamics with Scott00:18:04 - First Acquisition Size & Deal Terms00:18:58 - Second Acquisition – Sign Company00:20:03 - Launching the Evermore Strategy00:21:08 - Lessons from Offline vs SaaS Businesses00:22:05 - Post-Acquisition Leadership Hiring00:24:14 - Offline Business Operations Today00:25:13 - Going All-In on Vertical SaaS00:26:36 - Acquisition Structures and Transitions00:27:55 - Evermore vs VC, PE, and Search Funds00:30:50 - Raising from 35 Individual Investors00:33:00 - Convincing Investors with the Vision00:34:50 - Investor Communication Systems00:36:28 - Deal Sourcing Strategy00:38:36 - Competition in Acquisitions00:42:32 - Refining Acquisition Criteria00:45:58 - Debt Strategy and Deal Structures00:46:30 - Portfolio Size Today00:47:03 - Doubling Down on One Platform00:50:33 - Vertical SaaS Opportunity Ahead00:51:04 - Current Portfolio Struggles00:52:28 - Leaving Social Media00:54:08 - Final Thoughts and Wrap-Up----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built freeReserve your slot here: https://www.spacebarstudios.co/inquireIn this episode of HoldCo Builders, I dive deep into the playbook of one of the most consistently high-performing investors in the world: Graham Weaver, Founder of Alpine Investors.Alpine isn’t just a private equity firm, it’s a human capital compounding machine that grew from a $25,000 loan to over $15B in AUM, all by betting on people. Graham didn’t win by chasing deals, he won by outbehaving everyone else in the industry.In this deep dive, I break down:00:00:00 - Intro: Why Study Graham Weaver00:02:21 - Lesson 1: Your Business is a Reflection of Your Will00:04:41 - Sponsor: Scalepath00:07:58 - Lesson 2: Purpose Over Strategy00:11:26 - Sponsor: Spacebar Studios00:15:21 - Lesson 3: Winnable Games00:22:55 - Lesson 4: Talent as Alpha00:27:19 - Lesson 5: Building Platforms Before Acquisitions00:32:36 - Lesson 6: Managing for Long-Term Value00:37:35 - Lesson 7: Personal Growth as Business Strategy00:45:30 - Final Reflections and Call to Action----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.👉 Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built free👉 Reserve your slot here: https://www.spacebarstudios.co/inquireToday on HoldCo Builders, I’m joined by Chris Hoffman, CEO of HP Solutions Group, the $200M+ holding company behind one of America’s fastest-growing residential services brands. Chris and his brother took over their father's $9M HVAC business in 2015 and turned it into a multi-brand platform with over 600 employees — all without raising outside capital.Timestamps:00:00:00 - From $9M to $150M: Why scaling gets easier00:01:22 - The mastermind that transformed our business00:03:56 - We didn’t invent the playbook, we executed the process playbook00:04:56 - Sponsor: Scalepath00:06:54 - I almost let my ego kill our growth00:08:19 - How we grew 35% annually for 8 years00:10:02 - Should more entrepreneurs take part in masterminds?00:11:37 - Why I paid myself $80K for 5 years00:15:01 - Sponsor: Spacebar Studios00:15:30 - How we built a game-changing advisory board00:19:38 - We hired a board member as our company president00:22:24 - Running a family business without the drama00:25:33 - Our mission: Become the #1 private home service company00:31:19 - Why we only do 1–2 acquisitions a year00:33:33 - Only looking for markets with a lot of tailwinds00:37:35 - Competing with private equity on great deals00:42:28 - How we 2.5x’d profit at Ferguson Roofing00:46:18 - The financing strategy that fuels our sales00:52:49 - How we scaled with zero outside capital00:55:51 - Capital allocation and debt terms from the banks00:58:43 - The mindset shift to break through the $30M ceiling01:01:34 - The goal is to just stay in the business and do the same things we’ve done so far----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.👉 Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built free👉 Reserve your slot here: https://www.spacebarstudios.co/inquireWhat if the key to building real wealth wasn’t in startups or VC, but in buying simple, cash-flowing businesses?In this episode, we dive deep into the minds of Royce Yudkoff and Rick Ruback — the Harvard professors who quietly shaped the world of search funds and acquisition entrepreneurship. Their ETA class at HBS has launched hundreds of successful HoldCos and operators.We explore the two paths of search (funded vs. self-funded), why the multiple matters more than growth, what red flags kill deals, and how great operators build empires by holding longer.If you’ve ever thought about buying a business — this is the playbook.Timestamps:00:00:00 - Intro: The Hidden Giants Behind ETA00:01:01 - The Bifurcation of Search: Funded vs. Self-Funded00:05:23 - Sponsor: Scalepath00:06:16 - The Magic Is in the Multiples, Not Growth00:09:51 - What to Look For: 5 Filters for Great Acquisitions00:13:58 - Sponsor: Spacebar Studios00:14:54 - Red Flags That Quietly Kill Deals00:19:01 - Where Real Growth Actually Comes From00:21:58 - Why Great Operators Still Sell Too Early00:25:51 - The Real Search Process (And Why It Works)00:29:45 - More Money Than Time: The Real Reason to Buy a Business----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Scalepath connects you with a trusted network of over 2,000 business owners across the U.S. and Europe.Book a free call with CEO Rand Larsen, and he’ll personally introduce you to up to 3 vetted business owners in your region.Because in business, the right relationships change everything.Schedule your free intro call now: https://www.joinscalepath.comWant more qualified leads without guessing what to do next?Spacebar Studios is offering HoldCo Builders listeners a free 90-day demand generation roadmap tailored to your business.You’ll get 2–3 clear growth actions you can implement immediately.Book your free strategy call here: https://www.spacebarstudios.co/inquireJack Bennett is the co-founder of Lighthouse Capital, a firm advising and investing in small business acquisitions across the U.S. and Canada. In just under two years, Jack and his team have closed over 20 deals, built a 10-location accounting roll-up generating $8M in revenue, and developed a unique dual structure combining M&A advisory and direct equity investments.In this episode, we cover:00:00:00 - Introduction to Jack Bennett & Lighthouse Capital00:00:47 - Building a ghostwriting agency for wealthy clients00:04:48 - Spacebar Studios00:07:30 - Meeting Ben Kelly and founding Lighthouse Capital00:14:17 - Sponsor: Scalepath00:12:39 - Early days of Lighthouse and first hires00:15:38 - Structure and the types of companies they invest in00:17:25 - When do they decide to advise vs. invest00:19:00 - Why combine M&A advisory and rollups00:25:02 - Uniqueness of Lighthouse’s dual strategy00:29:10 - Converting fees into equity and how it actually works00:33:55 - Deal quality, ownership, and control00:37:11 - Pros and cons of following the M&A and roll-up strategy at the same time00:41:34 - Cash for equity and “see you at the first board meeting”00:45:19 - Being the youngest on the founding team00:48:39 - Four acquisitions and ten locations00:52:09 - Everything post-acquisition00:55:20 - The importance of integration00:59:53 - What Jack believes earns him the best returns01:03:29 - Is this the best investment advice you’ve ever heard?----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyJack on X: https://x.com/jackentr3This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Scalepath has a network of over 2,000 business owners across the U.S. and Europe. Book a call with the CEO Rand Larsen, he will introduce you to up to 3 business owners in your area. Relationships run the world, don’t forget that. Sign up for a free call here: https://www.joinscalepath.com/Spacebar Studios is offering your company a free 90-day growth roadmap - Sign up for a free call here: https://www.spacebarstudios.co/Ever wonder what it takes to start a solo search fund in Europe? Luca Hany left investment banking and bet on himself to build Amboro Capital, one of the few traditional search funds in Switzerland.In this raw and practical episode, Luca dives into his strategy, the gaps in the Swiss market, how he raised capital with no operating experience, and how he builds deal flow from scratch in a country with no public company database.In this episode, we cover:00:00:00 - Intro to Luca Hany and Amboro Capital00:00:27 - Why Luca left investment banking after 6 years00:02:22 - Discovering ETA and building a personal mode00:04:44 - Sponsor: Spacebar Studios00:05:16 - Why Switzerland is ripe for ETA—and why no one's doing it00:07:52 - The Swiss succession crisis in SMEs00:11:12 - Educating SME owners on alternatives to selling to competitors00:13:42 - Sponsor: Scalepath00:14:12 - Letter-based outreach strategy and surprising owner reactions00:16:30 - Lack of company databases and why it's actually an advantage00:18:28 - Balancing fundraising, deal sourcing, and strategy00:20:45 - Investor objections: "Does ETA even work in Switzerland?"00:22:34 - Addressing lack of operating experience head-on00:24:49 - Why Luca chose to go solo and how he avoids loneliness00:26:11 - Real costs of doing a solo search in Switzerland00:28:54 - Recruiting and paying top-tier interns00:31:15 - What niches and industries Luca is targeting00:35:49 - How he defines a great business (non-obvious signs)00:38:00 - Adding Southern Germany to the search scope00:40:55 - Real competition in the Swiss deal landscape00:43:04 - Typical deal structures and seller expectations00:48:15 - When to pull the trigger on a business00:50:15 - Red lines, long-term vision, and personal motivation00:54:13 - Best investment advice Luca ever received00:55:00 - Is he under pressure? Why he sees this as a privilege00:56:10 - Favorite book and closing reflections----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Luca on LinkedIn: https://www.linkedin.com/in/lucahany/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Spacebar Studios is offering your company a free 90-day growth roadmap - Sign up for a free call here: https://www.spacebarstudios.co/Scalepath has a network of over 2,000 business owners across the U.S. and Europe. Book a call with the CEO Rand Larsen, he will introduce you to up to 3 business owners in your area. Relationships run the world, don’t forget that. Sign up for a free call here: https://www.joinscalepath.com/Few realize Drew and Alex of The Chainsmokers are world-class operators and disciplined investors --- with over 220 portfolio companies through their investment firm, Mantis.In this solo deep dive, I break down the real Chainsmokers story — from sleeping on floors and running fan CRMs to building a systemized investment engine backed by General Catalyst and Mark Cuban.Timestamps:00:00:00 - Why This Episode Exists00:01:54 - What Drives the Great Ones00:04:43 - Sponsor: Scalepath00:05:14 - Be Bad First, Then Get Good00:07:31 - Systems Before Scale00:10:29 - Two Questions Every Buyer Should Ask00:14:01 - Sponsor: Spacebar Studios00:15:14 - The Chainsmokers' Investments and Product Portfolio Today00:19:20 - If Your Revenue Doubled Overnight, Would Your Systems Survive?00:25:33 - Build Something Only You Can Build and Acquire00:32:25 - People Don’t Trust People They Don’t See00:34:58 - What It Looks Like in Year 1000:36:35 - What Makes Long-Term Investing So Powerful: Everyone Else Burns Out00:41:16 - Build a World, Not Just a Stack of Companies00:47:01 - Fix the “Plumbing” Before You Scale00:52:05 - Are You Building an Investment Firm Worth Joining?----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThe Chainsmokers on Twitter: https://x.com/TheChainsmokersThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Spacebar Studios is offering your company a free 90-day growth roadmap - Sign up for a free call here: https://www.spacebarstudios.co/Scalepath has a network of over 2,000 business owners across the U.S. and Europe. Book a call with the CEO Rand Larsen, he will introduce you to up to 3 business owners in your area. Relationships run the world, don’t forget that. Sign up for a free call here: https://www.joinscalepath.com/Sam Mahmood is the co-founder of Pave, a holding company rolling up businesses in one of the most overlooked, unsexy, yet wildly lucrative sectors in America - paving and line striping. In just 11 months, Sam and his team have scaled to three companies doing $66M in revenue and $7M in EBITDA.But Sam didn’t start in asphalt. He began in medical devices, building a national distribution and manufacturing business from scratch in his 20s. After taking chips off the table and stepping back, he went searching for his next billion-dollar opportunity. What he found? Line striping.In this episode, we cover:00:00:00 - Intro to Sam Mahmood and Pave00:01:41 - From medical devices to rollups00:05:22 - Sponsor: ScalePath00:05:55 - Why Sam chose the paving industry00:10:07 - Framework for choosing the right industry00:13:22 - How to build an all-star advisory board00:13:58 - Sponsor: Spacebar Studios00:17:15 - Raising $2.5M in 30 days from retail investors00:23:01 - Assembling the core Pave team00:24:26 - First acquisition: D&O Contractors00:27:15 - The thought process behind walking away from a New York deal00:32:30 - "Do the Work" mindset and company culture00:34:57 - 15–20 paving companies and Sam’s creative “Pave Pod” for deal flow00:41:05 - “Confidence is two inches wide and 10 feet deep. Fear is a mile wide and an inch deep.”00:43:13 - Second acquisition and operational strategy00:46:46 - Why Sam turned down a $150M private equity deal00:51:53 - Where Pave is today and what’s next00:53:42 - Sam's “to-WHO” list vs. traditional to-do lists00:56:10 - Sam’s favorite book and final advice----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Sam on Twitter: https://x.com/TheSammahmood_This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Sponsored by Spacebar Studios (https://www.spacebarstudios.co/) – your outsourced growth engine for B2B brandsPeer Groups by ScalePath (https://www.joinscalepath.com/) – expert-led community for HoldCo buildersGuest: Alex from RollUp Europe: https://rollupeurope.beehiiv.com/Join us for a deep dive into one of the most fascinating stories in British business. In this episode, we explore RDCP Group, a UK-based holding company that grew from a £2 million equity stake into a portfolio generating over £400 million in annual revenue—all without institutional capital.We unpack:00:00:00 - Intro00:00:49 - What makes Sameer and Iryna special as operators, investors, or builders?00:01:57 - What surprised Alex most during his research?00:04:12 - What are the biggest philosophical differences between building a HoldCo like RDCP versus launching a fund?00:05:03 - Sponsor: Spacebar Studios00:07:17 - How does RDCP’s financing model differ from traditional PE-backed serial acquirers?00:10:28 - What made the care home strategy bankable, and how did they leverage it to fund other ventures?00:12:15 - Sponsor: Scalepath00:13:49 - RDCP’s aspiration to become the “British Berkshire Hathaway” - realistic or PR?00:14:30 - Does the current structure - heavily SPV-based and bank-leveraged - can evolve into a more permanent capital vehicle?00:16:45 - What did Alex personally learn the most from this research?----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Dev Shah is the founder of Pocket Fund, a HoldCo that has acquired 7 businesses. At just 23, Dev has built a growing portfolio of newsletters, SaaS products, and mobile apps without raising a dime of outside capital. One of his first acquisitions, Sourcely.ai, made 37.5x MOIC.Thank you to our sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In this episode, we cover:00:00:00 - Intro00:01:56 - Discovering acquire.com and the first acquisition00:03:04 - Overview of Pocket Fund's portfolio and team structure00:07:08 - Sponsor: Scalepath00:10:08 - Building and managing a team in India to run the portfolio00:11:03 - How he finds operators and builds systems to scale to 20+ companies00:17:14 - His buying criteria and approach to value creation00:17:26 - Sponsor: Spacebar Studios00:21:52 - Deal sourcing00:36:55 - Deep dive into his 35x MOIC case study (Sourcely.ai)00:43:47 - How does Dev manage a portfolio of six companies00:47:56 - Why he is rejecting VC and fund money for now01:00:37 - Long-term vision and building a new Constellation-like model in India01:05:24 - Hiring global talent----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Dev on Twitter: https://x.com/devlikesbiznessThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

I sit down with Jamal Muse, a former math teacher and former Blackrock analytics professional who reinvented himself as a serial founder. He’s built and sold two brands (one for 7 figures) and is now sellling his third.If you're building with an exit in mind — or want to learn how top operators structure their businesses to sell — this episode is a must-listen.📧 Interested in buying Jamal’s current business? Reach out at: mikk at privatequityguy dot com🔔 Don’t forget to subscribe for more interviews with operators, acquirers, and builders.We cover:00:00:00 - Intro - Meet Jamal Muse, 3-time founder with one 7-figure exit00:01:07 - Why 50% of your earnings come at the exit, not during operations00:03:31 - How Jamal learned to treat his business as an asset, not a baby00:06:50 - The mindset shift behind picking the right buyer (and rejecting offers)00:09:00 - Should you sell your business? Jamal’s take on emotional attachment00:11:01 - Reinventing yourself: From teacher to entrepreneur to what’s next00:19:00 - Why going public with his story was scarier than skydiving00:22:30 - Jamal’s 3-year roadmap to build, grow, and exit a brand00:27:00 - Common mistakes that kill exits: bad books, weak niche, messy ops00:30:00 - Revenue vs. profit - what actually matters when selling00:33:00 - What real buyers look for in a business (and red flags to avoid)00:36:40 - You can dictate price or terms - but not both----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

True Potential has quietly compounded at 40% CAGR for over 15 years, becoming the UK's largest private equity-backed wealth management consolidator. In this deep-dive episode, we unpack the strategy behind this incredible growth story with Alex from RollUp Europe, who authored one of the most detailed research pieces on True Potential.🔗 Sponsored by Spacebar Studios (spacebarstudios.co) – your outsourced growth engine for B2B brands🔗 Peer Groups by ScalePath (joinscalepath.com) – expert-led community for HoldCo buildersLearn how True Potential:00:00:00 - Compounding at 40% for 15 years 00:00:42 - What is an IFA and why true potential stands out 00:01:33 - $500k EBITDA per employee: the aha moment  00:02:56 - How true potential earns 70–80% EBITDA margins 00:04:18 - Sponsor: Spacebar Studios 00:05:26 - Why 90% of AUM is in in-house funds, and why that matters 00:06:50 - True potential’s small ticket M&A machine 00:08:53 - How they avoided legal liability while acquiring clients 00:10:07 - Regulatory risks of vertical integration in the UK 00:11:07 - Sponsor: Scalepath 00:12:18 - The hidden cost of selling to consumers (vs B2B) 00:14:40 - Why Cinven paid 20x EBITDA, and still won 00:16:01 - 3 key lessons from true potential’s buy-and-build success ----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Alex from RollUp Europe: https://rollupeurope.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mike Botkin went from being a real estate private equity COO to buying a small landscaping business doing $780K in revenue - with no prior experience and no money down. Just 23 months later, he sold it for millions after scaling through 6 smart acquisitions and ruthless focus.This is one of the most tactical and inspiring HoldCo journeys you’ll hear in a long time. If you’ve ever thought about leaving your job to buy a business, this is the episode that might make you do it.Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In this episode, we cover:00:00:00 - Why Mike left a PE COO role to buy a $780K landscaping business00:00:31 - “I wasn’t qualified” - Mike explains why he took the leap anyway00:03:13 - Sponsor: ScalePath - Peer groups for HoldCos and SMB operators00:04:30 - Burn the boats: betting everything on himself with a newborn at home00:06:23 - How he found his first business on BizBuySell and closed in 45 days00:08:20 - The myth of perfect deals and how Mike created his own luck00:13:00 - Sponsor: Spacebar Studios - Growth engine for B2B PE-backed companies00:14:10 - Why Mike fired $3M in revenue and focused only on profitable customers00:20:12 - A reporting hack that boosted margins by cutting wasted labor time00:22:53 - He wasn’t buying businesses, he was acquiring great people00:26:10 - Don’t buy from tired sellers, look for mid-career owners instead00:28:20 - Why Mike avoided SBA loans and bought 6 businesses with no debt00:34:19 - How he raised millions without putting in a dollar of his own00:38:55 - The exit: selling the company and why early retirement didn’t stick00:42:50 - Starting Canvas Outdoors: replicating the model with two platforms00:44:15 - Why maniacal focus beats portfolio diversification for HoldCos00:50:00 - Lessons from a CEO: “Keep the main thing the main thing"00:52:42 - Mike’s favorite book and his brutally honest best investment advice----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Mike on Twitter: https://x.com/MikeBotkin_This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

The $3 Billion Rollup: Inside Moonbug’s Epic Exit (with Alex Prokofjev from Rollup Europe)What do Cocomelon, Blippi, and Little Baby Bum have in common? They were all part of one of the most impressive media rollups in history: Moonbug Entertainment — a business that scaled from 0 to $100M EBITDA in under four years and exited for $3 billion to Candle Media (backed by Blackstone).Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In this episode, I sit down with Alex Prokofjev, co-founder of Rollup Europe, who did a deep dive into Moonbug’s strategy. We unpack the insane deal-making, content flywheel, multi-channel monetization, and the unique cap table structure that fueled this rocketship.We explore:00:00:00 - Intro: The Most Fascinating Exit in Modern Media?00:00:42 - Why Moonbug Was a Contrarian Bet in 201800:02:15 - Meet the Dream Team: Disney + Wildbrain + M&A00:03:35 - How They Scaled to $3B in Just 3.5 Years00:05:00 - Moonbug’s Playbook: Monetizing Kids' IP Across Channels00:06:15 - Cap Table Deep Dive: 6 Share Classes & Incentive Design00:07:30 - How Moonbug Achieved 50% EBITDA Margins Across 30 Brands00:09:00 - Little Baby Bum: The $90M Deal That Changed Everything00:13:00 - Moonbug’s Exit to Candle Media: Was $3B Worth It?00:16:00 - Why Moonbug Hasn’t Been Copied (Successfully)00:17:20 - The Legal Battles & Risks Behind the Scenes00:19:35 - Founders’ Payday: Who Made How Much in the Exit?00:20:30 - Top 3 Lessons for Today’s Rollup Operators----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Alex from RollUp Europe: https://rollupeurope.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode of HoldCo Builders, I sit down with Jude Goodrick, Head of Capital Markets at Mainshares—a fast-growing platform that's quietly reshaping small business acquisitions.Mainshares helps acquisition entrepreneurs find the capital they need to buy real, cash-flowing businesses. Jude has seen hundreds of deals and works directly with operators and investors to get them across the finish line.Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In This Episode We Discuss:00:00:00 - Intro: Why Jude Goodrick is at the center of SMB acquisitions00:00:42 - Jude's background and journey from Carta to Mainshares00:01:36 - The origin story of Mainshares and what problem it solves00:03:09 - Solving the chicken-and-egg problem of deals vs. capital00:04:39 - Sponsor: Scalepath00:06:47 - Feedback from having 800 conversations with operators00:07:59 - First acquisition took about a year00:08:48 - How Mainshares makes money and structures deals00:13:35 - Sponsor: Spacebar Studios00:17:31 - A common reason operators come to them00:19:47 - Why Mainshares isn't building a traditional PE firm00:23:32 - Could Mainshares build a permanent HoldCo?00:24:58 - Investor experience on the Mainshares platform00:32:12 - What happens when a deal is oversubscribed?00:36:10 - Post-acquisition support: credit lines, equipment loans00:38:21 - Who are the operators? First-timers vs. seasoned pros00:40:35 - MBA vs. blue-collar operators: who performs better?00:43:17 - What happens when things go wrong post-acquisition?00:45:00 - Structuring preferred equity and step-ups00:48:40 - Jude’s advice to aspiring acquisition entrepreneurs00:51:35 - What separates great operators from average ones00:57:29 - What Jude enjoys most - and least - about his role00:59:20 - Would Jude ever buy a business himself?----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Judd on Twitter: ⁠⁠⁠https://x.com/judd_goodrichThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Is this the most underappreciated rollup in Europe?In this episode, we dive deep into HomeServe — the unsexy plumbing and HVAC company that quietly evolved into a $2B revenue giant and was eventually acquired by Brookfield for $6B. But this isn't just a story about boilers and leaky taps.Joining us is Alex Prokofjev, co-founder of RollUp Europe.Whether you're an operator, investor, or aspiring acquisition entrepreneur, this episode is packed with strategic insights on rollups, recurring revenue, and scaling services with a subscription twist.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/We explore:00:00:00 - The most underappreciated Rollup in Europe?00:00:51 - How HomeServe evolved into a vertically integrated insurance broker00:01:45 - The business model failed not once but twice00:03:31 - Two powerful lessons for pperators: Fintech revenue and iterating beyond your first idea00:04:40 - Great timing00:05:57 - Why HVAC became HomeServe’s rollup goldmine: high-trust, high-margin, mission-critical customer moments00:07:37 - Sponsor: Spacebar Studios00:08:40 - Buying small businesses with attractive multiples00:07:15 - How HomeServe Justified Higher Acquisition Multiples00:10:04 - Why public market investor give up on HomeServe00:12:40 - The Brookfield playbook Post-Acquisition: Breaking up the business and doubling down on HVAC rollups in Europe00:14:03 - Biggest takeaway: Be ready to pivot your entire business00:15:15 - Running a mission critical requrring revenue business00:16:26 - Similar strategies on different verticals----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivateEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Alex from RollUp Europe: https://rollupeurope.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Neil Twa is a veteran e-commerce operator and investor who’s built and exited multiple 8-figure physical product brands. He raised $100M to launch an Amazon aggregator — and then walked away before deploying a single dollar.Now, Neil is a partner at Patriot Growth Capital, where he focuses on acquiring businesses in the $5M–$50M range and backing veteran entrepreneurs.Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In This Episode We Discuss:00:00:00 - Intro & Neil's background00:00:28 - Biggest lesson: Patience and perseverance00:01:25 - Why Neil got into physical products00:02:28 - Build vs Buy in physical product businesses00:04:34 - Building businesses with the end in mind (exit focused)00:06:17 - Sponsor: Scalepath00:07:18 - Neil's early business journey & first exits00:08:34 - Meeting Kevin Harrington & shift to 'build to sell'00:11:19 - Sponsor: Spacebar Studios00:12:14 - Timeline: affiliate - FBA - aggregators00:16:00 - Neil 1.0 vs Neil 2.0 - mindset transformation00:21:00 - The '5 Fs' framework00:22:03 - Pulling back from $100M aggregator plan00:26:33 - Operational chaos in the Amazon rollup space00:31:00 - Mass adoption of ecommerce & timing the market00:34:34 - Creative deal structures & leaving owners with equity00:40:21 - Ideal acquisition targets & buy box explained00:43:31 - One deal with massive upside potential00:46:30 - Building a new SaaS product: Cayman Data00:50:00 - How Neil manages focus & projects00:51:24 - Neil's current role: investor/operator00:53:07 - One key lesson from being in the trenches 00:56:33 - Advice: don't sell $20 products on Amazon00:57:34 - Current frustration: Amazon TOS enforcement00:59:11 - Five-year vision for fund and SaaS (2030 goals)01:00:25 - Favorite book: Good to Great by Jim Collins01:01:48 - Best investment advice: Invest without expectation01:02:00 - Closing remarks  ----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Neil on Twitter: ⁠⁠⁠https://x.com/voltagefbaThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Private equity firms made over 80x their money on Mister Car Wash. How?In this episode, Mikk is joined by Pavel Prokofjev from Rollup Europe to dissect one of the most extreme boom-and-bust rollup stories in recent memory. At its peak, Mister Car Wash was a private equity dream: 40% EBITDA margins, 3-year paybacks, and a shift from transactional to recurring revenue — a perfect storm of unit economics and subscription-like predictability.PE firm Leonard Green used aggressive sale-leasebacks and dividend recaps to fully recover its equity by 2019 while retaining control — ultimately achieving a 20x+ MOIC and IRRs north of 35%.So why did the IPO flop? Why did the market re-rate from 20x to 10x EBITDA? And is the car wash rollup model broken — or just entering a new phase?This is a deep dive into one of private equity’s most fascinating plays — packed with numbers, strategy, and hard-won lessons.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/We explore:00:00:00 - Did private equity kill the U.S. car wash opportunity?00:01:00 - Why celebrities started investing in car wash rollups00:02:40 - Why car washes were a PE dream: fragmentation, subscriptions, and margins00:04:30 - Mister Car Wash: 80x return for PE, disaster for IPO buyers00:06:00 - What killed investor returns: debt, high prices, and macro changes00:08:15 - How express tunnels made $25/month memberships viable00:10:00 - Churn, location strategy, and why car washes behave like SaaS00:12:30 - How Mister Car Wash struck gold — twice00:13:50 - 5 expensive lessons for future rollup operators00:16:00 - Is a car wash holdco still viable in 2025?00:19:30 - Will the U.S. playbook work in Europe? The tunnel tech gap00:23:00 - Greenfield vs. buy-and-build: which wins in the long term?00:25:00 - Final thoughts and advice from Pavel----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivateEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Pavel from RollUp Europe: https://rollupeurope.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode of HoldCo Builders, I’m joined by Chris Sparling, Co-Founder and Vice Chairman of Tiny. Chris has helped acquire and scale more than 30 internet businesses and has deep insights into capital allocation, due diligence, deal structuring, and the psychology of long-term investing.We talk about how Tiny was built, the story behind acquiring AeroPress, thought experiments that shaped their early decisions, and what Chris learned from personal interactions with Charlie Munger and Bill Ackman. Whether you’re a business buyer, holdco operator, or investor, this episode is packed with timeless wisdom and practical frameworks.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/In Today’s Episode We Discuss:00:00:00 - Chris's backstory and early investing lessons from his dad00:00:58 - The pivotal moment meeting Andrew and starting their journey together00:02:55 - The “law firm” thought experiment and why it shaped their capital allocation mindset00:04:28 - Realization: Buying proven businesses is better than starting from scratch00:06:00 - How Chris became a shareholder in Tiny (not a typical path)00:08:53 - Avoiding bad businesses: wholesale transfer price risk and capital intensity00:09:25 - Sponsor: Spacebar Studios00:10:34 - Canadian location arbitrage and headspace advantage00:12:29 - Sponsor: Space Bar Studios — helping B2B companies scale growth without hiring a full team00:13:15 - The unfair advantage of Andrew’s online persona00:17:23 - Why founders choose to sell to Tiny: Speed, authenticity, and respect00:19:00 - 2-year dry spell in dealmaking and how discipline shaped their approach00:20:48 - Favorite structuring method: “Bird in hand” vs. “two in the bush”00:22:51 - How they acquired AeroPress from its legendary inventor00:25:04 - Fastest deal Tiny ever did—and why it worked00:27:22 - Buying “venture orphans” at deep discounts00:29:00 - Organic growth vs. price-driven acquisitions00:30:44 - How Tiny evaluates moats and pricing power00:31:58 - Siloing debt and managing risk through asymmetric bets00:33:36 - Would unlimited capital improve their investing strategy?00:34:55 - Lessons from Charlie Munger and playing the ultra-long game00:36:31 - Equity, ego, and how to prevent resentment in partnerships00:39:40 - The legendary $57,000 charity lunch with Bill Ackman00:43:13 - Meeting Charlie Munger: nerves, learnings, and shouting questions00:46:04 - Why advice from mentors can be dangerous00:49:11 - Chris’s decision-making framework: hell yes or no, relativity, gut instinct00:52:01 - A masterclass on incentives (with kid allowance examples!)00:57:29 - Are high-level meetings worth it—or should you just focus on the work?00:59:45 - What makes Bill Ackman special01:01:14 - Why nobody has it all figured out—even the shiny people online----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Chris on Twitter: ⁠⁠⁠https://x.com/_Sparling_This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Mark Rossano, Co-Founder & CEO of C6 Capital Holdings, a firm focused on building real-world solutions in energy and agriculture infrastructure.In this episode, we explore Mark’s journey from Morgan Stanley and global oil trading to building a holding company that owns hydroelectric power plants and sustainable fertilizer companies.In Today’s Episode We Discuss:00:00:00 - Intro: meet Mark Rossano00:01:06 - From Wall Street to Oil Trading & Global Energy00:03:18 - Launching a Fund & Personal Tragedy00:05:45 - Why Energy & Agriculture Infrastructure00:08:00 - How Mark Met His Partner Fernando00:10:15 - The Early Pain: Fundraising & Doubters00:13:09 - Power Prices, Fertilizer & Macro Contrarian Views00:15:02 - First Close: Winning Investors Over with Track Record00:16:50 - Structure & Scale of the Portfolio00:20:56 - Why Sulfur Is the Hidden Commodity Crisis00:22:25 - Deal Sourcing: How They Find Hydroelectric Assets00:24:50 - Why Mark Buys Minority Stakes & Not Full Control00:26:09 - Their “Anti-Private Equity” Approach00:29:04 - Why Engineers Partner with Mark’s Firm00:32:07 - Lessons from Running Real Businesses vs. Modeling00:36:17 - Macro Insights That Drive Capital Allocation00:40:56 - How Mark Avoids Bad Investments00:44:16 - Big Mistakes Founders Make (Sales, Leverage, Assumptions)00:50:17 - Fund Structure & Deployment Strategy00:54:00 - The Psychological Side of Building During Chaos00:58:03 - Making Tough Calls & Turning Off Emotions01:02:15 - Best Investment Advice & Favorite Books----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Mark on X: https://x.com/markfnyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

What if the real edge in investing isn’t another framework or deal structure—but how you learn?In this solo episode of HoldCo Builders, I break down a mental model that quietly powers the world's top capital allocators, HoldCo founders, and hedge fund managers. Inspired by the teachings of Alix Pasquet (Prime Makaya Capital), we explore why the highest IRRs often come from behavioral change—not spreadsheets.----------------------------------------------In This Episode, You Will Learn:00:57 - Why “learning” is useless unless it changes your behavior03:27 - The overlooked relationship between physical tension and decision-making06:47 - How elite investors maintain sharpness across decades08:10 - How to build your personal ‘learning laboratory’ for real feedback09:31 - Why you only need 7 right people to change your life09:46 - The power of teaching as leverage and how it compounds10:46 - How Buffett, Howard Marks, and others sharpen their edge by thinking out loud16:10 - The “Futsal Principle” of rapid feedback loops for capital allocators19:14 - How elite investors stay sharp across decades (continued)----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Alix on Twitter: https://x.com/alixpasquetThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Johannes Hock, a former private equity associate left his high-paying job to build wealth through acquisition. In 2022, Johannes and his partner acquired DFW Turf, a fast-growing artificial turf installation business.After leaving a prestigious private equity firm, he went on to review over 200 deals in just a few months, submitted 10 LOIs, signed 3, and ultimately closed on one.In just two years, they scaled the business from $5M to over $21M in revenue—leveraging both organic growth and strategic acquisitions.In Today’s Episode We Discuss:00:00:00 - Intro00:00:31 - Where it all started00:02:09 - Being an associate at a PE firm and quitting — best decision ever00:05:18 - Why the 10-10-10 model in private equity wasn’t attractive enough00:07:31 - Underestimating the actual risk of acquiring a company00:09:25 - Johannes’s financial position before quitting his private equity job00:10:32 - First acquisition details (looked at 200–300 deals in 2–3 months)00:12:26 - Chasing the perfect deal vs. getting something done00:15:18 - The conversation with the lender that closed the acquisition00:18:15 - Why recurring revenue is overrated (and how to create equity value)00:21:51 - Why cash controls are the #1 focus post-acquisition00:25:29 - Only one person wasn’t a good fit post-acquisition00:27:31 - One regret: not adding more cash to the balance sheet00:29:00 - Cap table structure and the importance of raising smart money00:33:42 - Organic growth and hiring 30 people00:37:56 - Risks of buying a company growing 40–50% per year00:40:54 - Reinvesting in growth while staying profitable00:41:57 - The story of the first add-on acquisition in 202400:44:19 - The thought process behind add-ons (51% to 100%, with flexibility)00:47:29 - How they finance future acquisitions00:51:18 - Trucks break down, people don’t show up, customers get angry — Johannes has seen it all00:54:37 - The plan: open 3 new locations and do 1–2 acquisitions per year00:59:31 - Industry is growing 50% annually (with 20% growth, it would’ve been a different story)01:00:40 - The happiness of pursuit----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Johannes on X: https://x.com/HockJohannesThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Neil Mehta built Greenoaks Capital into one of the most successful — and secretive — investment firms in the world. While most VCs chase hype, Neil built a reputation for radical focus, long-term thinking, and doing his own diligence.In this solo research episode, I break down what holdco builders, private equity investors, and traditional business owners can learn from Mehta’s strategy — from his obsession with simplicity to how he scaled Greenoaks to $15b AUM without raising hype-driven rounds.Key topics in this episode:- Why Greenoaks avoids traditional venture traps- The importance of doing your own due diligence (never outsource it!)- How conviction and focus beat diversification- Neil Mehta’s underrated operating edge- What SMB and HoldCo builders can apply from a top-tier investorIf you're building a group of companies, allocating capital, or operating a company, this episode will give you valuable frameworks.I hope you enjoy it.----------------------------------------------Timestamps:00:00:00 - Intro00:01:56 - Greenoaks Capital and its investment philosophy00:04:31 - Finding hidden gems: the power of a contrarian acquisition strategy00:11:02 - The decisive power of backing the right leader (special people)00:17:15 - Riding the wave of transformative shifts00:20:36 - The power of deep understanding and bold conviction00:26:43 - The imperative of ruthless prioritization00:35:11 - The cost of outsourcing fundamental analysis00:37:52 - The art of seeing beauty in business and viewing founders as artists painting their masterpiece----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Neil on LinkedIn (No one at Greenoaks Capital Partners uses Twitter): https://www.linkedin.com/in/neil-mehta-47623079/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Nick Huber — entrepreneur, investor, and creator behind a $30M+ holding company spanning real estate, service businesses, and media.In this episode, we dive deep into how Nick allocates capital across multiple businesses, builds operationally lean teams, and balances short-term cash flow with long-term wealth creation.We explore how social media transformed his entrepreneurial journey, raising millions and unlocking career-changing relationships. Nick also shares the realities of building in public, handling criticism, and why focusing on "unsexy" businesses gives him an edge.If you're an investor, business buyer, or private equity professional looking to learn how to think, operate, and allocate like a world-class entrepreneur, this conversation is for you.Topics include:Capital allocation frameworksScaling without losing controlBuilding trust and raising millions onlineThe real mindset behind entrepreneurshipHandling criticism and pressure at scaleLife lessons from building boring businessesListen now to get an unfiltered view into the mind of one of today’s most transparent and tactical business builders.----------------------------------------------Timestamps:00:00:00 - Intro  00:00:23 - Why everyone wants to follow people who live an interesting life  00:04:25 - The huge upside and downside of being transparent on social media  00:05:36 - “Nick is going broke, he’s a fraud, and going bankrupt?!”  00:10:36 - The debt structure behind Nick’s most expensive acquisition ($52M valuation deal)  00:19:15 - How to stay focused when running a diversified portfolio  00:22:40 - 325 employees across Nick’s portfolio (only 20 are Americans)  00:25:38 - Whatever you do: add as much value to others as you can—and do it for free  00:28:02 - The story of meeting a wealth manager that changed Nick’s views on life and business  00:32:18 - Helping investors evaluate deals led Nick to 5 closed deals  00:35:06 - How one Twitter thread converted into 40,000 followers and a new business life  00:36:28 - Business and life are an adult marshmallow test  00:40:02 - Three things every operator should learn  00:43:22 - Working 60 hours a week  00:45:45 - The most painful part of the journey  00:47:29 - Is Nick an iceman, or does he really care what people think of him?----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠ As Nick builds his holding company, here are the links to all of his businesses, as well as his new book, which will be released on April 29, 2025.Nick on X: https://x.com/sweatystartupwww.sweatystartup.comwww.nickhuber.comwww.somewhere.comwww.boltstorage.comwww.recostseg.comwww.boldseo.comwww.webrun.comwww.titanrisk.comwww.linkedin.com/in/sweatystartupLink to buy the book on Amazon: https://amzn.to/4bLazjWLink to buy the book in the UK: https://bit.ly/422njPWThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Nick Keegan, co-founder and CEO of Mail Metrics, a company helping highly regulated industries—like banks, insurers, and pension providers—communicate more effectively with their customers.Nick started Mail Metrics in 2013 at just 24 years old, after serving 11 years in the Irish Defence Forces. It took 7 years to reach €1M in revenue, but what followed is nothing short of remarkable: in 2023, the company hit €40M—and is on track to do €210M in 2025.In this episode, we go deep into the gritty early years, how he closed his first clients after 3 years of trying, and how Mail Metrics scaled through a combination of organic growth and strategic acquisitions.Nick breaks down what he looks for in an acquisition target, how deals are structured and financed, and what it really takes to integrate teams post-deal.We also cover:The challenges of selling into regulated industries with long sales cyclesHow Nick brought on a private equity partner while keeping controlThe key lessons from growing a 600-person companyHis approach to capital allocation, leadership, and leverageAnd the mindset shifts that helped him grow from a bootstrapped founder to leading a 9-figure businessWhether you're an operator, investor, or aspiring acquirer, this episode is packed with insight.I hope you enjoy this conversation with Nick Keegan.----------------------------------------------Timestamps:00:00:00 - Intro00:00:11 - The early days of Nick and MailMetrics00:07:01 - The story of the first two massive clients (took an extremely long time to close)00:08:06 - Growth through acquisitions00:11:07 - The story of the first two acquisitions (financing and structure)00:16:16 - Post-acquisition strategy00:19:05 - Timeline of all the acquisitions00:20:09 - Improving the bottom line through synergies across the portfolio00:22:59 - The third acquisition almost doubled the business 00:26:00 - 2–3 factors that need to be true for Nick to acquire a competitor00:28:27 - When acquisitions don’t go as planned… 00:32:45 - The decision to partner with a private equity firm 00:37:15 - Nick and his roles over the years00:41:48 - Nick’s view on leverage when doing acquisitions 00:43:40 - What Nick would do if he were to start all over again00:46:35 - MailMetrics today00:48:35 - Your goals can come true—sometimes 10x bigger than you ever dreamed----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Nick on X: https://x.com/Nick_KeeganThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this special episode, I share transformative insights on the power of networks, heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management.I dive into his framework for understanding how your network acts as both a critical competitive moat and a vital margin of safety in investing and business.Key topics covered, largely learned from Alix Pasquet:- Why your network is your strongest competitive advantage- The "Triad" strategy for building powerful connections, a concept deeply influential in Alix Pasquet's thinking- How to become "important" to the right people- The importance of generosity, persistence, and long-term thinking in networkingThis episode is filled with actionable advice and mindset shifts, largely shaped by the principles I've learned from Alix Pasquet.Whether you're an investor, entrepreneur, or simply looking to expand your circle, you'll gain valuable insights on building a network that compounds over time.I hope you enjoy it.----------------------------------------------Timestamps:00:00:00 - It doesn’t matter where you live00:01:26 - Why networks are a competitive edge00:05:08 - You don’t need too many people to become an excellent investor00:06:09 - The network behind great investors (not just brilliant thinkers)00:08:13 - The Private Whisper Network00:09:56 - The culture of "talk to him, talk to her"00:11:42 - The power of the Triad00:15:49 - How to start building your network (even if you feel unimportant)00:19:44 - Find shared missions00:21:19 - You don’t need to be famous; you just need to be consistent00:23:10 - Small acts of leverage00:25:49 - Truly busy, high-agency people, the ones you admire, didn’t get there by giving up after two tries00:27:09 - Do your homework by knowing their thinking, their portfolio, their recent exits, and struggles00:30:35 - Mentorship is often where most accomplished people find the most joy00:31:57 - Don't burn your early mentors----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Alix on Twitter: https://x.com/alixpasquetThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year.We discuss:Yuen’s journey from immigrant roots to building HalBarThe firm’s investment thesis, fund structure, and capital strategyHow they source operators and deals, and drive post-acquisition valueLessons from wins and misses in ETAHalBar’s playbook for growing EBITDA and scaling portfolio companiesWhether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights.I hope you enjoy this conversation with Yuen Yung.----------------------------------------------Timestamps:00:00:00 - Intro00:00:14 - Immigrating from China to the USA00:05:07 - The Shark Tank TV show story00:12:39 - Why you should never fall in love with your business00:14:00 - ETA, search funds, and the thesis behind HalBar Partners00:20:41 - How Yuen met Nate, his co-founder00:25:22 - Deal structures and partnership dynamics with Nate; early investors00:27:21 - How someone with capital can replicate HalBar’s model00:29:42 - Why they chose this specific investment model00:34:12 - 50% of deals are in Europe, 50% in North America00:37:03 - Typical deal structure explained (percentages shared)00:45:12 - Key differences between the U.S. and European markets00:50:35 - How they find the best operators00:53:25 - Selling a company in December 2024 with a 45% IRR01:00:16 - Getting serious about understanding human psychology----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Jesper Søgaard, co-founder and CEO of Better Collective — a global leader in digital sports media and sports betting information, with over 400 million monthly visits, 1,200+ employees, and 20 international offices.Founded in 2004, Better Collective has grown into a powerhouse through a disciplined mix of organic growth and over 35 acquisitions, including major deals like Playmaker Capital and AceOdds in 2024. The company now owns 11+ media brands, including Action Network, SoccerNews, and HLTV.In this episode, Jesper shares:The founding story of Better CollectiveHow to scale a media company globallyHis M&A playbook and how to integrate acquisitionsHow to think about capital allocation with €111M in EBITDABuilding a 20-year co-founder partnershipOperating in highly regulated markets across the globeAnd why staying in one industry can unlock massive long-term successIf you're an operator, investor, or builder who’s thinking about scale, strategy, and sustained leadership—this conversation is a masterclass in all three.----------------------------------------------Timestamps:00:00:00 - Intro00:00:22 - The early days and how everything got started00:02:35 - Realizing this could actually become a real business00:05:13 - Was it difficult, or were you just having fun?00:06:33 - Partnering with co-founder Christian: strengths and weaknesses00:11:55 - The decision to start acquiring other companies00:17:14 - Revenue streams and how the business makes money00:20:05 - Growing through acquisition — why they wish they'd started earlier00:22:40 - Deal structures: how some acquisitions were put together00:24:57 - Lessons from 35 acquisitions — deals that didn’t go as planned00:27:26 - The strategic thinking behind specific acquisitions00:30:36 - Growing the company has felt like starting a new job every 2–3 years00:33:23 - How Jesper thinks about acquiring a business00:35:49 - Jesper’s approach to capital allocation00:39:32 - Deciding when to reinvest profits vs. paying dividends00:41:07 - A great example of someone who stayed in one industry for decades00:43:43 - What keeps Jesper up at night00:45:07 - Staying humble, but always driven to do more  00:47:30 - Think long-term and always act with decency----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠https://x.com/PrivatEquityGuy⁠Jesper on Twitter: ⁠https://x.com/jespersoegaard⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Matthew Mathison – Co-founder and Managing Partner at MBL Partners, a firm building and investing in enduring, cash-flowing businesses. With a unique mix of Wall Street experience and entrepreneurial grit, Matthew shares how MBL identifies overlooked opportunities, partners with exceptional operators, and builds long-term value without chasing hype.If you're into real-world investing, smart capital allocation, and the playbook behind durable business success—this one's for you.Please enjoy this conversation with Matthew Mathison., co-founder of MBL Partners.----------------------------------------------Timestamps:00:00:00 - Intro00:00:17 - The defining moment from his hedge fund days that shaped his approach to business00:06:18 - Launching his own hedge fund in his mid-30s00:13:39 - Lessons and stories from seeing a company grow from $100M to over $1B in market cap00:17:47 - Recovering from extremely difficult times: carrying the weight of the world00:21:06 - Obvious red flags when evaluating high-growth companies00:24:18 - The core thesis behind MBL Partners00:29:57 - From advisory to financial investment and equity00:33:31 - Matthew’s 'cup of tea' in terms of investment case00:37:14 - What MBL does when stepping into a business00:40:15 - How they build deal flow00:45:02 - Matthew and his talented team members00:47:43 - A look into their portfolio companies00:52:15 - Matthew’s perspective on using outside capital00:54:35 - Stories of huge successes and epic failures00:59:42 - What’s next on Matthew’s to-do list01:01:17 - Why he’s glad to be starting now—not 10 years ago----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyMatthew on Twitter: https://x.com/matthewmathisonThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, I sit down with Pascal Levy-Garboua, a seasoned entrepreneur, investor, and the founder of Noosa Labs. After making 140 venture capital investments, including seven unicorns, Pascal shifted his focus to acquiring and scaling small, profitable SaaS businesses under Noosa Labs. His next goal? Building a $50 million ARR portfolio with a 50% EBITDA margin.We dive into his journey—from bootstrapping and navigating trade-offs to executing four acquisitions in his first year. Pascal shares invaluable lessons on structuring deals, managing high-cost debt, and the realities of scaling through acquisitions. He also explains how his experience as a VC has shaped his unique approach to investing in and operating SaaS businesses.If you're interested in entrepreneurship, acquisitions, or building a portfolio of profitable SaaS companies, this episode is packed with insights you won’t want to miss.Please enjoy this conversation with Pascal Levy-Garboua., founder of Noosa Labs.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:18 - A career in technology00:05:33 - Finding fulfillment: Enjoying work for the first time00:10:13 - Bootstrapping a business and key trade-offs00:13:34 - Completing four acquisitions in the first year00:18:53 - Key lessons from the first four acquisitions00:28:54 - What he would do differently if he could redo those acquisitions00:32:17 - Underestimating the challenges of the journey00:34:56 - Defining a North Star for capital allocation00:42:25 - Managing high-cost debt00:50:34 - Understanding what founders can’t or don’t want to do00:52:07 - Personal growth as an acquirer and investor00:54:02 - Typical deal structures and key considerations01:01:20 - How making 140 VC investments, including seven in unicorn companies, shaped Pascal as a SaaS investor----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyPascal on Twitter: https://x.com/2pascThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Arie Scherson, co-founder of Bluedot Holdings, a fast-growing e-commerce and SaaS holding company with six portfolio businesses generating over $10 million in revenue.Arie started his journey as a YouTuber in his 20s, testing 15 different products before mastering Facebook Ads and scaling his first business.Through relentless experimentation, investing, and team-building, he has built a diverse portfolio, including an agency, a SaaS business, and four e-commerce brands. Despite the challenges of managing multiple ventures, Arie continues to acquire, scale, and optimize businesses—proving that content, marketing, and persistence are powerful tools in the modern business landscape.In this episode, we dive deep into his early failures, investment strategy, deal structures, and the key lessons he’s learned on his journey.Please enjoy this conversation with Arie Scherson.----------------------------------------------Timestampls:00:00:00 - Intro00:00:52 - Early days and first failures00:03:50 - Learning everything from Youtube00:05:24 - Working as a server while in university00:07:44 - First company00:11:12 - Current portfolio of 6 companies00:19:09 - It’s often scary to do multiple things00:22:30 - The power of selling only the right products00:28:40 - Experiment as much as you can00:31:25 - How a trendy product became a $500m company00:34:57 - Content is leverage00:38:15 - Ecommerce is hard, really hard00:41:42 - Deal structures00:48:39 - How Arie and his team working to run their businesses00:52:21 - Biggest challenges of the last 2 years00:56:48 - Arie’s secret sauce which allows him to succeed00:59:58 - Why did Arie buy a $50,000+ course?01:04:04 - Favorite book01:06:40 - Best investment advice Arie has ever received01:10:27 - Domino effect on tariffs----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyArie on Twitter: https://x.com/ariesnotebookThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Jeremy Giffon is one of the most interesting minds in business that almost no one knows about. As a former analyst at Tiny Capital, he played a key role in acquiring and operating dozens of companies—while staying almost completely out of the spotlight. His insights on capital allocation, holding companies, and finding asymmetric opportunities have made him a legend among those who pay attention.In this episode of HoldCo Builders, I break down Jeremy Giffon’s strategies, philosophy, and unconventional approach to business. How did they structure deals that made Tiny Capital so successful? What can we learn from his playbook on acquisitions, incentives, and building a business that lasts?This is a deep dive into one of the sharpest minds in private investing—someone who operates in the shadows but understands the game better than almost anyone.If you’re interested in business, investing, or the hidden principles of wealth-building, you don’t want to miss this episode.----------------------------------------------Timestamps:00:00:00 - Staying behind the scenes00:02:27 - Executing deals that most people don't even see 00:03:29 - Why does this opportunity exist?00:05:11 - Driving on the blindspots of finance00:06:15 - Speaking money into existence00:09:35 - The best leveraged business00:10:01 - Health problems, retirement, divorce - the deals happening all the time00:13:07 - Founders who speak a different language than investors00:15:16 - You can find opportunities in every industry00:16:50 - Patience and selectivity00:18:47 - $25 million and a Ferrari 48800:21:01 - That single phone call00:22:47 - Leverage is not only financial00:24:23 - Paying $57,000 to have lunch with your hero00:25:32 - The best decisions are obvious00:27:03 - Not trying to outsmart the market----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyJeremy on Twitter: https://x.com/jeremygiffonThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Bruce Marks is a seasoned lender who has closed over $400M in deals, helping over 1,200 entrepreneurs acquire businesses using SBA loans. As Senior VP at First Bank of the Lake, Bruce specializes in financing small business acquisitions, search funds, and lower middle-market M&A transactions.Bruce doesn’t just finance deals—he knows what makes a buyer successful and what gets deals killed.In this episode, we dive into:How a young entrepreneur bought a $10M business with just $40KWhy your experience matters more than the business you’re buyingThe biggest mistakes first-time buyers make with lendersSBA loans, seller financing, and deal structuring strategiesWhy Bruce only finances "need" businesses—not “want” businessesWe also talk about why the worst thing for a buyer is not knowing the answer when employees ask, the importance of buying a business you actually understand, and why the best deals never hit the market.If you’re looking to buy a business, this episode is a must-listen—Bruce shares real, actionable insights that can save you from costly mistakes and help you land the right deal.Please enjoy this conversation with Bruce Marks.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:24 - Bruce's background00:04:45 - How to become the top 0.01% at what you do?00:09:53 - Self-funded search vs. traditional search00:13:39 - Takeaways from talking to 3 searchers per day00:18:08 - I have $100,000-$500,000 and want to buy a business, now what?00:31:02 - How often do really bad things happen?00:34:09 - High quality people buy high quality companies00:44:40 - We expect to double our loan portfolio in the coming years00:47:10 - Post-close situations; knowing the dynamics of business00:57:07 - You want to have a choice in life to do what you want to do01:00:03 - Having multiple SBA loans at once01:03:04 - That's a nice story, Bruce, if only it were true----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBruce on Twitter: https://x.com/sbabmarksThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, we dive into the world of serial acquisitions with Niklas Savas, an analyst at Redeye, who has a unique perspective on the Swedish serial acquirers' approach.Addtech AB: Over 150 companies, $1.5B in revenue, $150M in operating profit.Lagercrantz Group AB: Around 40 companies, $500M in revenue, $50M in profitLifco AB: Over 100 companies, $1B in revenue, $100M in profitTeqnion AB: Around 10 companies, $100M in revenue, $10M in profitRöko: A private company with a diverse portfolio of 27 companies, more than $500M in revenueNiklas discusses how growth through mergers and acquisitions (M&A) can open doors to expansive growth, and how Swedish serial acquirers have mastered the art of driving up prices and maintaining high P/E ratios. We also explore the realities of post-acquisition management, the competitive landscape of deal-making, and the advantages of being sector-agnostic.With his extensive analysis of businesses and focus on expansion, Niklas paints a picture of how acquisitions can fuel long-term growth.Niklas is also the host of the Investing by the Books podcast, where he shares insights on acquisitions, business strategies, and investment principles with a focus on real-world examples.Enjoy this insightful conversation with Niklas Savas.----------------------------------------------Timestamps:00:00:00 - Intro00:00:16 - Life before resarching serial acquirers00:03:51 - What makes the Swedish serial acquirers so unique?00:06:44 - Organic growth vs growth through M&A00:08:50 - The goal is to raise prices as much as possible00:12:00 - How can Swedish serial buyers maintain such a high P/E ratio?00:15:38 - Typical structure of transactions00:17:29 - The reality of business management, problems that arise after an acquisition00:19:24 - The biggest daily struggles for Swedish serial acquirers00:20:16 - Post-acquisition synergy00:22:58 - Competition on deals00:27:03 - Which company has Niklas analyzed the most00:30:00 - How many acquisitions are they trying to make per year00:33:54 - Expansion into a new country00:37:19 - 10x growth in last 5 years00:39:29 - Buying a MOAT and companies with a brand00:42:49 - Who would Niklas copy if he started holdco from scratch00:48:57 - Being sector agnostic has huge advantages00:50:08 - Meet all 200 serial acquirers in person (investors, operators)----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyNiklas on Twitter: https://x.com/NiklasSavasThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together.Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight).Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors.Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience.Enjoy this insightful conversation with Dustin Carreon of COI Holdings.----------------------------------------------Timestamps:00:00:00 - Intro00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money00:06:16 - Struggling a lot as a teenager00:12:28 - Not fitting in, thinking you’re not smart enough00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people)00:21:15 - Meeting the millionaire "homeless Santa Claus"00:27:45 - Dustin learns capital allocation00:36:16 - "The business produces a lot of cash, I should be doing something with it."00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details00:55:30 - Second acquisition: buying a business in another state00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies01:07:44 - Post-acquisition strategy (30-60-90 days)01:18:19 - Why invest in an asset heavy manufacturing company?01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyDustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.Ben didn’t just buy into a franchise—he built a powerhouse.In this episode, we dive into what makes a top-performing franchisee, Ben’s approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that “people don’t quit jobs, they quit managers.”Please enjoy this conversation with Ben Little.----------------------------------------------Timestamps:00:00:00 - Intro00:00:29 - What am I good at, what am I bad at and why franchising?00:06:59 - Early days: work as a cook and cashier00:14:23 - Going from being independently successful all the way to starting again from the bottom00:24:32 - Finding the best operators with the highest standards00:27:41 - The daily pressure of proving to others that he is the best at what he does00:29:42 - Where does his drive come from?00:32:11 - Competitors visit their stores and leave feeling very disappointed00:35:37 - 4 stores hit $100,000 in weekly sales for the first time00:40:42 - Expanding the business while owning 100% of the real estate00:47:31 - People and companies fail because of undercapitalization00:50:06 - The biggest challenges Ben is facing today while running 14 locations00:56:39 - Going all-in to the operating partner model has been the best decision01:04:40 - "Don't go to zero"-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBen on Twitter: https://x.com/TRUmavThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s never too late to take the leap.As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA.Ryan’s approach doesn’t fit neatly into the usual categories—it’s not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way.Please enjoy this conversation with Ryan Sullivan—entrepreneur, operator, and Managing Director of North Park Group.----------------------------------------------Timestamps:00:00:00 - Intro00:00:25 - "You were 48 when you started - what took you so long?"00:04:33 - When this "crazy" co-founder Greg convinces you to start acquiring companies00:09:03 - Core team strengths and weaknesses00:13:43 - How they were able to continue other pursuits while managing a portfolio of 5 companies 00:16:29 - The amount Ryan invested in the business00:19:41 - Taking private money vs taking public money and saying no to many investors00:24:42 - Despite his great success, Ryan struggles with impostor syndrome 00:27:50 - How to recover from a failed deal that you worked for so long00:30:37 - Hard work after first acquisition (it's a lot harder than people say it is)00:34:38 ​​​​- The reaction and support of the family when going through all the craziness 00:38:18 – What type of companies they are looking for00:42:50 - Timeline of acquisitions00:45:49 - Buying a company with real estate to manage a risk00:49:33 - The ultimate goal is to acquire 8-10 companies00:51:25 - The structure of the first acquisition00:59:58 - Acquisition number two01:03:35 - "nothing is more important than buying well”01:07:22 - Temptation to buy just "something"01:10:45 - Portfolio of 6 businesses and $80m revenue / $8m ebitda01:14:26 - Keeping the debt level as low as possible01:16:36 - Starting a deal-by-deal instead of raising a fund-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyRyan on LinkedIn: https://www.linkedin.com/in/ryan-sullivan-b2253a1/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenue—all while maintaining profitability.Together with his wife Jennifer, Roman has acquired 10 companies, building a diverse and thriving portfolio of DTC brands.In this episode, we dive into Roman’s entrepreneurial journey, including the challenges and strategies of scaling a profitable holding company, his approach to identifying and integrating acquisitions, and the unique dynamics of running a business with his spouse.We also explore the future of direct-to-consumer businesses, lessons learned from building and buying brands, and what it takes to succeed in an increasingly competitive market.Please enjoy this conversation with Roman Khan, co-founder of Peak21.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:30 - Starts his business career with $20,00000:05:19 - Getting fired by his wife "go find other companies to buy"00:06:55 - First success in business (paying 7-fig in dividends)00:08:40 - "I'm an idiot, I made a huge mistake"00:10:35 - The story of the first acquisition00:13:40 - Investing in a very small companies and growing 10x or more00:19:10 - Finding the first investor to start Peak2100:21:31 - 5 acquisitions, the largest have been 8-figure investments00:29:57 - Three key competencies00:32:55 - Intensive work 6 hours a day00:34:55 - "When we started 10 years ago, we had it easy"00:38:28 - Looking at 80-100 deals per month00:40:32 - Lessons from the oil industry00:43:21 - Roman's best investment advice-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Roman on Twitter: https://x.com/RomanEcomThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Christopher Hillier is a seasoned entrepreneur with over 15 years of experience in the employee benefits industry.He began his journey as the Co-Founder and President of Benefit Health Advisor, a full-service employee benefits brokerage based in Englewood, Colorado.In our conversation, we delve into Chris’s entrepreneurial journey, from starting a brokerage firm from scratch and scaling it to $16M in top-line revenue, to acquiring an insurance underwriting company on the verge of collapse and turning it around for a strategic exit.We also explore his insights on the ETA (Entrepreneurship Through Acquisition) space, where he is now a recognized expert, and his perspective on time management—an area he’s written a book about.Chris shares lessons learned from navigating acquisitions, growing businesses, and managing teams, as well as his thoughts on the future of employee benefits and wellness in a rapidly evolving marketplace.Please enjoy this conversation with Christopher Hillier, serial entrepreneur, investor and educator in the ETA space.----------------------------------------------Timestamps:00:00:00 - Intro00:00:45 - Christopher's story before founding, building and buying the company00:04:35 - How does the company make money?00:10:53 - Landing the first major clients00:16:55 - First acquisition, buying distressed assets00:20:49 - The reason for selling the company to a strategic buyer00:24:11 - It's all harder than you'd ever imagine00:30:08 - A perfect timing to sell a business: cash, stock, earn-out00:34:10 - The importance of a right fit between buyer and seller00:38:40 - Investing in search funds (love for ETA - entrepreneurship-through-acquisition)00:43:09 - Buying an already established business is a kind of miracle00:48:19 - The search process to find the right opportunity takes a long time and its lonely00:56:21 - Chasing money-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyChristopher on LinkedIn: https://www.linkedin.com/in/christopher-hillier-88621113/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Santino DeFranco is a former UFC fighter turned entrepreneur who has successfully transitioned from the octagon to the world of business ownership. Santino has acquired two companies: a Shell Gas Station with a Krispy Krunchy Chicken franchise and a restaurant hood cleaning business. In this episode, we dive into his journey from professional fighting to becoming a business owner, exploring how his competitive mindset and resilience have shaped his approach to entrepreneurship.Santino is also a highly sought-after MMA coach who has trained and guided world champions in the UFC, bringing the same level of discipline and strategy to coaching as he does to running his businesses. We discuss what it takes to operate across such diverse industries, his insights into finding value in small businesses, and the lessons he's learned along the way.Please enjoy this conversation with Santino DeFranco—fighter, coach, and entrepreneur.Enjoy the episode? Make sure you SUBSCRIBE for more.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:56 - Santino and his wild life as a UFC fighter before his first acquisition00:02:15 - Creation of the first iPhone and Android app called Ultimate MMA00:03:29 - Injuries and life as an MMA trainer for UFC fighters00:04:21 - I started looking for companies to buy00:05:21 - What sites does Santino use to find businesses00:07:08 - Find the first business to buy - a gas station00:07:42 - Where does Santino's entrepreneurial gene come from?00:10:02 - Tough decision: go back to work or start and build different companies00:10:58 - Most of the fighters ended up going broke, so Santino pushes them to invest and acquire the company00:13:35 - Why he is bullish on buying companies00:15:34 - Financial situation before buying the first company00:17:41 - Details of the first acquisition00:19:45 - You don't have to be a member of Mensa to do this job00:21:00 - Advisors on the first transaction00:23:01 - Negotiations with the owner00:26:25 - Doing due diligence all by himself00:29:10 - Reinvesting all profits into the company00:32:10 - First big mistake post-acquisition00:35:45 - Why he loves the gas station business00:38:44 - 2nd acquisition00:42:19 - Companies Santino prefers to buy00:45:52 - The reason why the seller sold the company00:48:54 - How he found this deal00:51:31 - Financial situation before the second acquisition00:56:27 - Hiring great people and taking care of employees by giving them a raise00:58:17 - When is the right time to acquire company number 301:01:19 - Working with children and thinking about buying an 8-figure business01:06:07 - "If someone else can do it, you can do it"01:10:49 - Who does Santino learn from, what books does he listen to01:15:21 - How Santino manages it all: family, businesses, coaching, reading, podcast-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuySantino on Twitter: https://x.com/TinoDeFrancoThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Joe Van Deman and Colin KingFounders of Circle City Capital Group. Starting with a small amount of savings and an SBA loan, over the past six years, they’ve made 14 acquisitions that have been consolidated into 4 companies, employing a total of 200 people.A combined $30m of revenue.----------------------------------------------Timestamps:00:00:00 - Intro00:00:55 - How Joe and Colin met and what they did before their first acquisition00:07.32 - Quitting their jobs to start a 50/50 partnership with a "stranger"00:12:29 - First acquisition00:20:33 - Second acquisition00:24:45 - The industries and companies they are looking at00:32:55 - Current portfolio and deals made so far00:41:42 - How they manage a portfolio of 10+ companies00:49:31 - How they survived the hard times00:57:13 - Post acquisition and learning the specifics of the industry/field within 90 days00:59:44 - Salary, paying dividends or reinvesting the profits01:01:05 - Thoughts on the next acquisitions-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyColin on Twitter: https://x.com/valuedontlieJoe on LinkedIn: https://www.linkedin.com/in/joevandeman/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Jason Andrew is the co-founder of a holding company Arbor Permanent Owners - team of operators and investors committed to growing businesses for the long-term.They just closed their fundraise and cornerstone deal: 40-year-old manufacturing business in the materials handling sector. $25m in revenue, 25%+ EBITDAJason, Simon and Rowan have done an exceptional job in their first year at Arbor Permanent OwnersTheir structure, strategy, fundraising, and first acquisition are all unique—and we cover each.Timestamps:00:00:00 - Intro00:00:32 - Life before acquiring "boring" traditional businesses00:07:15 - An honest opinion (criticism) towards search funds00:10:52 - The best structured cold email lead to business partnership00:14:27 - The first 30-60-90 day action plan for finding the best deals00:23:13 - Closing the first $25 million deal in 6 months00:32:14 - The structure of the first acquisition00:35:50 - Feedback from investors (changing the structure of the holding company 4 times)00:44:36 - Investor exit strategy00:55:35 - Growing holding company from 7-fig EBITDA to $45M without raising additional equity00:57:25 - Thoughts on never acquiring companies with less than $3mm EBITDA01:02:59 - What does Jason consume to learn the necessary skills to double the business?-----------------------------------------------Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jason on Linkedin: https://www.linkedin.com/in/jason-andrew/?originalSubdomain=auThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet ​Iryna Dubylovska and Sameer Rizvi.Founders of RD Capital Partners (RDCP). Over the past eight years, they’ve made 31 investments that have been consolidated into 12 companies, employing a total of 2,000 people.A combined $400m of revenue and $40m of EBITDA.1. We pick sectors and businesses where profits and cash-flow are the main driver of value.2. Decentralize your operations, 'Hire very smart people and leave them alone, let them get on with it.'3. We ran companies nice and lean. We just reinvest those profits so rather leaving those profits to pay down debt quickly or for the improvement of our lifestyle.This is how they’ve been able to compound at almost a TRIPLE digit internal rate of return (91.4% IRR) for eight years.4. When it comes to wealth creation point of view:Private market is better than public markets.Because there is significantly less arbitrage…5. At the end of the day, it's all about how you can buy $10 million for $3 million.6. 50% industrials, 25% healthcare, 25% consumer – that’s quite a balanced portfolio in sectors and businesses which are relatively critical to the British economy.***A true buy and hold strategy experts.Acquiring manufacturing, construction, engineering and healthcare companies for 3x EBITDA to sell them (if they want to) for 8-10x EBITDA.I hope you enjoy listening.----------------------------------------------Timestamps:00:00:00 - Intro00:02:31 - Life before the first acquisition and the risk of not starting your own investment company00:07:21 - Leaving the job and going all-in finding the 1st deal00:09:43 - Details and the structure of the first acquisition00:14:22 - Improving lifestyle with every transactions00:16:04 - Overview of the portfolio and thought process behind previous investment decisions00:23:30 - Building dealflow and finding the best deals00:29:42 - Only buying businesses they really understand. No complex transactions.00:34:39 - Why did they give up buying distressed companies?00:42:41 - 12+ portfolio companies, 4 kids - how they manage it all00:46:22 - Common reasons portco CEOs approach Iryna and Sameer00:50:07 - Saying ‘no’ to outside capital00:54:36 - Why don’t more people do it?01:04:44 - How they’ve been able to do this without giving up equity-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Sameer on Twitter: https://x.com/sameer_rdcp This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

12 ideas and observations from the 56-minute conversation with Andrew Wilkinson, the the founder of Tiny, on building a 30+ business holding company: Starting companies is fun, but anyone who has done it knows it is a lot of work. Buying established businesses with existing cash flow isn’t as sexy so I suspect it is wildly underrated as a way of building wealth. He will occasionally pay 10x for an amazing business, but that is rare. Some CEOs will go 6 months or more without speaking with Andrew. Portfolio companies are not at all connected. They each operate independently. Cash is kept in the company based on historical working capital needs and any extra goes to the head office for new acquisitions. Andrew is willing to pay up and hire CEOs that have managed similar businesses at larger scales already before instead of trying to find underpriced less-experienced talent. They have a 60-70% success rate on hiring CEOs. Favorite interview question "What's the worst job you've ever had?" He finds that people that haven't had crappy jobs are less motivated. Incentives act as a magnet to get what you want done. Money is more meaningful to new CEOs than to founders that have been making great money for the last 5 years. The first CEO he hired was paid $250k base + a couple hundred thousand variable. Andrew’s strengths are: Laser focused on problems for a short period of time. Moves fast; Very good at 0 to 1. Burns bright for 15 days; Inch deep and a mile wide; Not good at execution or day to day details.All of these highlights come from an interview with Andrew, founder of Tiny and the research I did on him.Listening to this episode is the easiest way to download Andrew’s ideas into your brain. I hope you enjoy.Show notes:00:00:00 - Intro00:00:19 - Ruthless and money focused Andrew on his early 20s00:05:42 - 1st business, billing in USD while living in Canada00:08:37 - First realization that it is better to buy a company compared to starting it00:10:28 - Buying the very first business for 3x ARR and $1.5M cash00:13:25 - Looking at companies that make a whopping $100 million in revenue but very little profit00:19:25 - Having extreme patience while waiting for excellent companies00:23:23 - Inefficient market and what many investors don’t understand00:27:32 - Everything post-acquisition and delegation00:33:45 - Andrew’s strengths and weaknesses in managing Tiny Group00:39:04 - A huge lesson about tech businesses: small $500k businesses get big00:43:52 - Big mistakes in pricing a product/service00:48:20 - Lessons from Jason Fried, Sam Parr and Sahil Bloom00:52:31 - Equity is forever. Never just give it awayFollow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Andrew on Twitter: ⁠⁠⁠https://x.com/awilkinsonThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Selling the very first flooring business for $30k turned into a career of starting, buying and selling B2B, B2C service businesses.A total of 6 different companies in different industries: 2 residential flooring companies 2 commercial flooring companies 1 restoration company 1 commercial cleaning companyMy conversation with Robert Lombardi, the founder of Lombardi Group.He’s sharing a journey of making plenty of mistakes and falling on his face MORE than anyone would like to admit (and this being a major part of the journey and something he’s STILL grateful for).Enjoy.Show notes:00:00:00 - Intro00:00:19 - Early days and making first $50,00000:06:03 - Building a flooring business, targeting commercial clients vs B2C00:20:09 - In the flooring business, B2C is good, but B2B is much better00:22:33 - There is no recurring revenue in the floor covering business00:31:56 - Structure in buying and investing in companies00:37:29 - Sale of two companies at the same time00:43:49 - Didn't know about the roll up strategy 3-4 years ago00:53:59 - Earn trust by giving away free business leads01:03:37 - A restoration company, a roofing company and 2 plumbing companies will be bought nextFollow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Robert on Twitter: ⁠⁠⁠https://x.com/roblmakeithappeThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Forget HVAC and trade businesses…Private equity comes after your kids swim schools…Meet Josh Scott (with wife Annie): 5 locations 7 figures in revenue (30-35% margins) Spends a lot of time with family and children.Again, the riches (both time and $$$) are in niches.We discussed:- Raising prices and selling it to private equity (which they choose not to do now).- Buying more and more swimming pools (property)- Why aren't $1mm+ EBITDA deals coming to market?- The cost of building swimming pools- Why is selling pool fences going to be a very big business?- A 33% IRR and spending time with the kidsHere is my conversation with Josh Scott, co-founder of SwimSRQ and Swim Academy.Show notes:00:00:00 - Intro00:00:18 - Being more interested in business than just coaching00:02:26 - Chasing a $300,000 salary vs becoming an entrepreneur00:04:56 - Started in summer 2018; "A year later, we knew we had something..."00:09:01 - Learning business00:11:36 - Growth in number and decision to buy the first property00:14:28 - Revenue streams00:22:47 - Buying more and more swimming pools (real estate)00:26:23 - The future is about following a boutique model (add gymnastics and ninja model)00:30:05 - Swimming schools and private equity00:43:17 - Competition of talent and coaches00:44:20 - Opportunity in NYC (lots of people, no water)00:47:03 - Technology and automation in the swimming business00:52:31 - Expanding into the pool fence industryFollow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Josh on Twitter: ⁠⁠⁠https://x.com/swimschoolJoshThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

“Selling B2B SaaS is great, but owning assets is better - that's why I went and built Skaling Ventures on my own.”A portfolio of profitable niche vertical B2B SaaS businesses: $1-3M with some ARR growth (~10%) logo retention greater than 95% limited go-to-market (GTM) knowledge/investment, fragmented competition, and technical founders.We discussed how he found the best deal among the 300 deals he looked at.How he structures deals and what his game plan is 90 days after the acquisition.How 75% of private equity buyouts are add-ons – and how he does the same.And much more.I hope you enjoy listening as much as I enjoyed chatting with Kjael Skaalerud of Skaling Ventures.Show notes:00:00:00 - Intro00:00:19 - Life as a B2B Saas salesman (strategy: go-to-market)00:04:31 - Selling software to fund managers00:09:30 - SaaS, Venture capital - The importance of game selection00:16:25 - Where was Kjael financially before acquiring the 1st company00:18:20 - Details on first acquisition00:23:15 - Structure of the first transaction and Skaling Ventures Holdco00:25:30 - Lessons learned after the first 18 months as a holdco builder00:32:45 - First 90 days after acquisition00:40:53 - Buying and building a business - has it been more painful/harder than he thought00:42:15 - 75% of PE buyouts are add-ons – “we do the same”00:47:40 - 5-year holding and reinvestment for growth00:49:52 - Acquisition number two (under LOI)00:53:41 - Ways to get better at what you do and buildFollow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Kjael on Twitter: ⁠⁠⁠https://x.com/skaalywagKjael's Substack: https://skalingventures.substack.com/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

This gentleman and his grocery store holdco opened 32 new stores in 90 days.Tomasz Biernacki - a true capital allocator has cracked the code on how to compound his wealth (at a staggering rate!)His grocery holding company has invested 96% of its earnings for the past 10 years. He opened 167 new stores in Q1-Q3 in 2024.Every store he opens returns 20-30% on invested capital…All while net debt to EBITDA sitting at a conservative 1.1xWild!There must be something special about Tomasz.I got curious so I spent almost 6 hours reading about him (best 6 hours I've spent in a long time).I hope you enjoy this 27-minute episode of the HoldCo Builders research edition I did on Tomasz Biernacki of Dino Polska.Show notes:00:00:00 - Intro00:03:51 - Grocery store holding company00:06:54 - Extreme discipline on net debt00:09.01 - Real estate ownership00:13:41 - Focus on small towns with a population of 30,00000:18:11 - Own production of your highest margin products00:19:22 - No money spent on ads and marketing00:21:46 - Offer a simple product to simple small town people00:25:34 - Reinvesting earnings rather than paying dividends👉 Follow host Mikk Markus on Twitter: https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Not too many folks are willing to quit their job at Goldman Sachs to start a holding company.It gets even better…He even decided to move from the US to Hong Kong.That’s the story of Alex Schultz who grew a live lobster business to $11m a year; growing 20-30% per year.- Convincing the Hong Kong government to grant him a Visa to build a business- Printing out Google Maps to find the first suppliers (IT WORKED!!)- Bootstrapped business, selling $11m worth of live lobster per year in Hong KongMy conversation with Alex Schultz of Turnbury Group.Enjoy.Show notes:00:00:00 - Intro00:00:24 - Early days after Goldman Sachs00:02:22 - Finding the right company00:07:37 - Moving to Hong Kong and not knowing anyone00:14:31 - The story of founders who lived in China for $1 a day00:17:40 - Printing out Google Maps to find suppliers00:22:00 - Initial investment  $25,00000:31:55 - The first 12 months and all challenges00:37:34 - Cash flow is what keeps you in or out of business00:44:50 - Building relationships with 2nd and 3rd generation business owners in Hong Kong00:49:50 - Stay in Hong Kong or go back to the US?Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Alex on Twitter: ⁠⁠⁠https://x.com/mrturnburyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Dan Tamkin, co-founder of Resurgent Capital Partners:- Portfolio of 4 companies in different industries- $60M in revenue- $8M EBITDA- No LPs- Happy, excited about life, spends tons of time teaching kids to play hockeyThis is a must listen for someone who’s extremely good at growing and building a single company but feels that they aren’t happiest and need more moving parts on their life:“When I started to understand who I am – I get really bored if I do one thing for over 3 years. After realizing that about myself, my dream has always been owning four businesses because I thought it would keep me curious and interested – and it has! I’m the happiest right now.”I hope you enjoy listening as much as I enjoyed talking to Dan Tamkin from Resurgent Capital Partners.Show notes:00:00:00 - Intro00:00:40 - Rejected by PE and “You have to start somewhere”00:04:45 - Lessons for growing businesses from losing money to break even in 30 days00:08:45 - I get really bored if I focus on one company only00:13:12 - The structure of the first deal which took almost 24 months00:20:41 - Post acquisition00:24:34 - How to incentivize CEOs00:33:58 - Organic growth vs. through M&A00:42:50 - How they find the best deals and people to run portfolio businesses00:52:59 - No PE firm wanted him, so he wasted a few years of his life trying to get a permission to succeed01:00:30 - Taking LPs money in the future (maybe...)Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Dan on Twitter: ⁠⁠⁠https://x.com/Dan_TamkinThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Graham Duncan from East Rock Capital is so generous that wrote a letter to his friend who was considering starting an investment company.Why listen to Graham:- Started his fund at 31 years old- Today $2B in aum- Manages the capital of five families"Letter to a friend who may start a new investment platform"Show notes:00:00:00 - Intro00:04:50 - When everything is uncertain, are you okay with it?00:06:41 - Building a fund can even lead to divorce as risks compound00:08:12 - Life is too short to be paralyzed by the threat of a mixed reference00:12:48 - Make sure the older members of the team are capable of truly believing in you00:19:14 - A concept of “going into the cave” — spending time alone for several weeks with a blank sheet of paper00:23:48 - Make sure to call me: my partners and I would love to provide the “gas”Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Graham on Twitter: ⁠⁠⁠https://x.com/GrahamDuncanNYCThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

James started and built a financial media holdco to the point where it was acquired for $31 million.He did it in 5 short years…We discuss:- Founding HoldCo with the most financially creative person he knew – a former commodities trader- Organic growth vs growth through mergers and acquisitions- Looking for stable year-over-year growth opportunities. “I’m not the dude who wants to do turnarounds”- The importance of distribution and surfing the right wave- The best deals have always been off-market- How to win deals over the guys who take potential sellers to Lakers games- Sales and marketing lessons from friends who run $100 mm business- Why he's betting heavily on social: Short and long-form content- Why and how ego holds too many entrepreneurs backMy conversation with James Camp, co-founder of DMO Holdings.Enjoy.Show notes:00:00:00 - Intro00:00:44 - Life before DMO Holdings00:06:10 - Launch and growth of DMO Holdings00:15:35 - Finding the best talent through your network and community00:28:35 - The importance of distribution and surfing the right wave00:33:28 - Buy and build success tory: Growing a company 6x in 11 months00:41:03 - Looking for $2-5mm EBITDA businesses00:55:55 - Ego holds so many entrepreneurs back01:03:30 - Attracting the right LPsFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠James on Twitter: ⁠⁠⁠https://x.com/JamesonCampThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Organic growth is great, but if you want to grow through M&A while beating almost every private equity firm in deal competition. Learn from Jesse.He became so good at it that he built the company to $200mm- 8 acquisitions and counting- 100% bootstrapped- Being 35 years old; hungrier than everA couple of notes:1. I am a forced entrepreneur, I dropped out of school and then I couldn't find a job so I was forced to start my first company Job Mobz2. Entrepreneurs give up too quickly; had I sold too early I would never have built a $200M company3. Recruiting companies must transform into SaaS companies or they will be replaced4. We've helped build teams for Coinbase, 23andME, Stellar, and Scale AI when they were very small companies5. The way you get big WHALE-like clients: figure out what their problem is. Then do an insane amount of research and sort it out for them. No one does this and you can stand out very easily6. Being in one industry for 10+ years gives you insane “market knowledge” that allows you to acquire companies many times cheaper than newer competitors and private equity firms that “know” less about the industry.7. Having a huge pipeline just because of a great reputation in space – the niche focus has been incredibly beneficial8. You can make your business 2x as valuable by reviewing your contracts and making sure you're pricing correctly9. You can't just work 40 hours a week and win.I hope you enjoy listening as much as I enjoyed talking to Jesse Tinsley from Recruiter.comShow notes:00:00:00 - Intro00:00:29 - Being a firefighter and the early days of starting a business00:04:31 - Being a part-time entrepreneur for the first 4 years00:05:58 - Moving away from the traditional recruiting business model to recurring annual contracts00:09:34 - How he managed to get Coinbase, 23andMe, Scale AI as clients00:13:37 - Being frugal allowed to acquire 8 companies00:17:00 - Having the “market knowledge” allows you to acquire companies many times cheaper than your competitors simply because they know less00:19:00 - Deal structure00:23:20 - Turning 3x multiples to 30x EBITDA multiplies00:31:00 - Post-acquisition00:35:39 - How to make your company 2x more valuable: review and fix your pricing contracts00:43:19 - The benefits of focusing on one specific industry00:48:32 - The cyclical market provides an additional opportunity00:51:53 - Focusing on recruiting and recruiting only00:54:48 - Continuing to build a business instead of saying yes to a life-changing amount of cash00:59:27 - Is Jesse easy or hard to work with01:01:47 - How to run a $200 million company? Schedule wiseFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Jesse on Twitter: ⁠⁠⁠https://x.com/JesseTinsleyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine that for a moment…You are 24 years old and want to acquire a business…You pick up the phone and make your first cold call to the founder who owns two companies in the $1-2mm EBITDA rangeThe founder says, "yes, I would be interested in selling my company," four months later you are the new owner of a small holding company with two traditional businesses (First Fleet Maintenance and Northern Diesel, both located in Northern Alberta, Canada) and a combined EBITDA of $4 million.This conversation is amazing. Ethan Macdonald from Macdonald Financial has a wild journey.Show notes:00:00:00 - Intro00:00:43 - Background before these acquisitions00:06:29 - The moment Ethan decided it was the right time to acquire the company00:08:35 - Talking to brokers lead to not wanting to use their services00:11:50 - Deal structure and conversations with the banks00:19:41 - Very asset heavy businesses00:23:30 - The whole transaction was financed by the bank00:32:34 - Unexpected costs in making the deal as he couldn't afford both a lawyer and an accountant00:34:07 - Post-acquisition00:38:26 - "I would like to be an operator for the next transaction"00:41:00 - Growth through M&A versus organic00:44:02 - Challenges so far after less than half a year of business ownershipFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Contact Ethan: ethan at macdonaldfinancial dot netThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

"There is an ultimate way to build a group of software companies without having to follow the typical VC growth playbook."Philippe Willi is building a SaaS holding company TrekkSoft in Switzerland.He buys SaaS companies all day but never sells them.Philippe's story is different:He started a VC-backed SaaS, but wasn't able to grow it fast enough…Then he pitched investors not to grow that one SaaS, but to acquire other SaaS companies instead.The investors said it was a VERY stupid idea, but decided to do it anyway…Today they have a team of 170+ employees and 6 portfolio companies.The great story of TrekkSoft.Important note: Philippe is a big fan of Mark Leonard, the founder of Constellation Software. They have met twice. Mark even visited Philippe and his family at their home in Switzerland.Lots of great stories and lessons in this episode.Enjoy!Show notes:00:00:00 - Intro00:00:28 - Early days and life before Trekksoft00:05:19 - First and second acquisition00:09:54 - Investors: “Building a portfolio of software companies is a VERY stupid idea…”00:15:34 - Diversified portfolio vs the circle of competence00:21:22 - How do investors get their capital - IPO? A secondary transaction? Private equity?00:23:05 - One business unit can save the whole group in difficult times00:24:39 - Synergies around the portfolio and Philippe's beliefs about it00:26:13 - First few steps post-acquisition while being an operational type founder00:30:37 - The story and lessons learned from meeting (twice!) with Mark Leonard, founder of the $50B software behemoth00:39:30 - Growing organically or through M&A00:44:18 - Rule of 4000:49:46 - Key-man-risk across the entire portfolioFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠⁠Philippe on Twitter: ⁠⁠⁠⁠https://x.com/philippewilliThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Jeremy has bought and sold over 100 businesses, but never uses a broker. Treat a company like a product. You buy one and then you sell it Again, never use brokers! Buy right and you’re gonna win Do more of what works Joint ventures and the beauty of itGreat story with Jeremy building a holding company in Dubai while the team is based in Singapore.Important note: he does all that while traveling twice a month with the family.Enjoy!Show notes:00:00:00 - Intro00:02:29 - First acquisition00:09:51 - Competition on $2-5m deals vs $10m deals00:12:31 - Early days and growth from 25 employees to 135 employees00:17:31 - Having a big income vs. selling the business and putting the profits into a new business00:26:19 - Never use brokers: how to find the best companies and build a pipeline of 100 companies00:35:37 - Characteristics of companies they acquire today00:40:10 - Buy-and-sell vs building a huge holding company00:42:55 - Post acquisition: "I delegate everything, I never show up, and they don't even know me"00:45:22 - Portfolio company as of today00:50:28 - Still terrible at fundraising00:53:09 - Why not raise $200 million and go big00:55:03 - Doing more of what works00:56:32 - Joint ventures and the beauty of itFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Jeremy on Twitter: ⁠⁠⁠https://x.com/JeremyJHarbourThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Swedish serial acquirers have cracked the code on how to compound their wealth (at a staggering rate!)Their holding companies trade at 12-29 times EBITDA.Here is the story from their founder and CEO Fredrik Karlsson who got so unhappy with his boss so he decided to leave…Start the exact same business.Following the exact same strategy.Today, ONLY 6 years later, he and his team has done 26 acquisitions which does $600M in revenue and $100M+ in EBITAHere's a 74-minute in-depth summary of two full interviews with Fredrik Karlsson, a true buy-and-build pioneer, and Johan Bladh, Röko's CFO.(I often learn by reading and listening, so I decided to read these interviews out loud.)Show notes:00:00:00 - Intro00:01:29 - 26 portfolio companies, all asset light businesses00:10:14 - The benefits of being sector agnostic00:20:20 - Offering a 10-year put call option to the founder00:26:01 - The hurdle of 15% operating profit00:30:03 - With 8 people in the HQ, we can grow our profit even to $400M EBITA00:35:15 - Looking at 300-400 deals per year (which leads to 6-12 acquisitions per year)00:37:42 - HoldCo model vs Private equity: Decentralization and reporting of portfolio companies00:44:03 - Understanding the markets, knowing what to acquire00:56:07 - Competition in transactions01:00:03 - What type of companies are they acquiring01:11:12 - Maximum number of deals per year: 7 platforms; 2 add-onsFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠⁠Full interviews are free to read on In Practise website (huge thanks to their team for doing this):Fredrik Karlsson, the CEO of Röko: https://inpractise.com/articles/roko-building-a-leading-serial-acquirerJohan Bladh, the CFO and deputy CEO of Röko: https://inpractise.com/articles/roko-manda-strategy-transaction-structure-and-returnsThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Dream for 1,000s of software investors: Build a portfolio of profitable B2B SaaS companiesThe northstar being Constellation Software (which trades at a P/E ratio of 104 and has a market cap of $90B)Reality: It’s hard, extremely hard!Despite this, there are few people who actually go and try to do that…Take Colin Keeley, co-founder of Verne, where they buy and build mission-critical B2B SaaS businesses.“You can have a holdco plan, but do one great deal and then earn the right to do more deals.”I hope you enjoy this short conversation.Show notes:00:00:00 - Intro00:00:11 - First acquisition and early days of Verne00:02:47 - Choosing the right partner to build your SaaS portfolio00:03:45 - Returns of first acquisitions00:07:40 - Current portfolio of companies00:11:46 - Characteristics of perfect acquisition for Verne00:15:23 - The harsh reality of delegation00:21:51 - Capital Camp and lessons from Brent Beshore and Patrick O'shaughnessyFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠⁠Colin on Twitter: https://x.com/ColinKeeleyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine this... First acquisition March 2023 Today a portfolio of 10 companies $7.5M in EBITDA Average acquisition multiple so far 2.5x (!!!) Last deal: $550k EBITDA business acquired for $850kCraziest part, doing all that with ZERO personal investment and still making 50% of the carryShow me a better salesman!When asked how you did it?“There are no rules. Literally.”This conversation with Nigell Lee of RBO Group has everything. I hope you enjoy listening to it as much as we enjoyed recording it.Show notes:00:00:00 - Intro00:00:53 - An unconventional path lead to entrepreneurship & building a company in NYC00:07:27 - Mixed emotions and growth while growing business in the US00:09:51 - First days of RBO Group: 9 months of market research and search of the first deal00:12:34 - Financial structure and financing of the first deal00:19:32 - Acquiring a company in an industry you don’t know much about00:20:35 - The biggest secret revealed: How to find the absolute best deals00:25:44 - Getting in the game vs spending years looking for a perfect deal00:28:57 - Size and structure of the holding company00:36:39 - 2-5-10 year strategy post acquisition00:42:40 - 10 deals with 2.5x average acquisition multiple00:46:19 - 90-day integration post acquisition00:57:55 - Focusing on one business/platform vs wide range of companiesFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Nigell on Twitter: ⁠⁠⁠https://x.com/nigelllee1This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine this…You help grow the home care and hospice company from $20 million to $150 million and then they fire you.Then you think whether you should start your own thing or not, “I always knew I wanted to be an entrepreneur but I wasn’t ready for it…”Voila…You still decide to do it…Today, at 38, Nikolas runs a diversified portfolio of 5 companies. ("A small portfolio of a few companies,”, as he put it.) What a humble man.Fantastic and very open conversation with Nikolas Hulewsky from the holding company called CoFounders.Show notes:00:00:00 - Intro00:02:36 - Lessons learned from growing a home care business to $150 million00:09:51 - Getting fired and starting your own business00:11:58 - Starting a brand new company and making $10 million in revenue in 3 months00:19:55 - 4 criteria before buying a company00:24:50 - Preparing for interest rate changes and what if they don't change00:27:41 - All deals they’ve done are off-market, never using brokers00:36:21 - “You do it because you want to have fun,” but what about financial goals?00:40:30 - Building a business with your best friend00:45:13 - Time management 101: 4 kids, a wife, and a goal of $100m in revenueFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠Nikolas on Twitter: ⁠⁠⁠https://x.com/CoFoundersNikThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Even when every 3rd and 4th person in finance dreams of starting their own private equity fund…Only 0.01% give it a chance and far fewer succeed…Here is my conversation with John Caple of Hidden Harbor Capital Partners who just went and did all that...$260m fund I$465m fund II$800m fund III (just announced fundraising)They invest in lower middle market industrial and business services companies, paying 4-8x EBITDA per deal, making them a true value shop.“I don’t want to pay 5 times for 5 times business. I want to pay 5 times for a business that one day can trade for 8, 10, 12 times. Well, that’s what everyone wants to do… But how we do it is by buying founder and family owned businesses. We never buy from another private equity firm.”We had a blast. Enjoy!Show Notes:00:00:00 - Intro00:00:37 - We just raised $800m, but the real work is just beginning00:01:42 - Early days as an investment banker and consultant00:05:12 - Doing it with his best friends and raising the first 260m fund00:12:39 - Straightforward fundraising advice00:17:45 - Why we're starting to see many private equity funds disappear00:23:40 - Sourcing, selecting, servicing00:25:45 - Investment preferences00:32:00 - Lessons learned after one portfolio company ended in zero00:38:21 - Processes they can't live without00:44:02 - Advice for founders considering selling their business00:52:39 - Is this life what you expected it to be?Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠⁠https://x.com/PrivatEquityGuy⁠⁠⁠John on Twitter: ⁠⁠⁠https://x.com/BigJohn043This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My research of Chris Rolls, the founder of PieLAB Capital, who went through the journey of building and selling his business, then starting a private equity fund, and then starting a permanent holding company.Their most successful portfolio company, Detector Inspector, have grown from $6.5 million in revenue to $84 million.Chris is a big fan of acquisition led compounders and serial acquirers.When comparing serial acquirers and private equity: “We got the end of the fund and we had to sell some really great companies. And being an operator, if you have a great company which is growing, and generating cash – you don’t want to sell such companies.”Fascinating lessons, I hope you enjoy listening as much as I enjoyed doing the research.Show Notes:00:00 - Intro01:10 - Growing Detector Inspector from $6.5 million to $84 million02:40 - The early years of learning private equity04:01 - 3 reasons why private market investing generates better returns?11:55 - Not wanting to sell great companies17:02 - Characteristics of PieLAB Capital’s portfolio20:39 - Becoming a long-term buyer and holder of businessesFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My conversation with Eugen Benedikt Russ.A gentleman in his 30s who runs a $200 million a year holding company.Since starting in 2018, they have achieved an IRR of 39% over the past 6 years.A portfolio of 10+ companies (all majority owned)They specialize in acquiring, managing, and operating profitable niche businesses in Online Marketplaces, Consumer Apps and SaaSThe smallest portco earns about $2-3m in EBIT, while the largest earns $19.2m in EBIT.“These days you can run and operate profitably and successfully in these niches with a team of under 20 people nowadays. Sometimes even under 15 people. You can build a company that does $5 to $10m in revenue at a 40, 50, even 60% EBITDA margin. ”If you care about running extremely profitable niche companies, a must listen!Show Notes:00:00:00 - Intro00:05:48 - Haven’t raised a single dollar of outside capital00:07:25 - Investment strategy (revenue, profit, location)00:15:02 - A niche with 30% YoY growth00:17:28 - A recent successful investment and how they think about the opportunities00:21:38 - Finding the best talent00:26:51 - Diversified portfolio00:38:03 - The famous fiveFollow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠⁠⁠https://privatequityguy.beehiiv.com/⁠⁠Eugen on Twitter: ⁠⁠https://x.com/eugen_russThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My conversation with Kashyap Chanchani, managing partner of The Rainmaker Group, an Indian firm that works with traditional family businesses and VC-backed companies."I started the Rainmaker Group because I didn't want to sleepwalk through life."Kashyap runs a growth equity advisory firm which does $500 to 700 million worth of transactions annually.We discuss:– 30 of India's 50 largest companies are still family-owned– 30% of family owned businesses are open / attracted to raising private equity funding– Why and how should one invest in private companies in India– A message for people who want to invest in private companies in India– Putting all your money in Indian equitiesShow Notes:00:00:00 - Intro00:00:23 - “I didn’t want to sleepwalk through life”00:03:07 - Private family owned businesses in India00:08:45 - Succession planning in India00:17:20 - The opportunity of building a holdco of small traditional businesses00:27:29 - Key-man-risk in family owned traditional businesses00:36:41 - “Don’t be a tourist investor”00:39:10 - 10-15% growth on average per year00:42:09 - Organic growth vs M&AFollow PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠⁠⁠https://privatequityguy.beehiiv.com/⁠⁠Kashyap on Twitter: ⁠⁠https://x.com/KChanchaniThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My conversation with Daniel Priestley about how to become a "key person of influence" in the world of private equity, investing or small business acquisition.Being known in your own little world makes three things possible:- Finding better deals- Attract more capital on better terms- Have more talent wanting to partner with your companiesDaniel manages a portfolio of internet companies and has a team of 150 people.We discuss:– The biggest leverage is not capital, its enterprise - the ability to run a business– Becoming a key person of influence niche industry (hint: Buffett’s annual letters)– Growing portfolio companies using cold calling and email– Raising millions for your company by using cold outreach to content strategyShow Notes:00:00:00 - Intro00:01:07 - Growing the first company to $10 million in revenue in 3 years00:02:23 - Building a personal brand in the M&A, PE or small business acquisition world00:10:10 - Sending 150 messages per day to test the product, build the relationships00:13:39 - Cold outreach to content00:15:11 - Use waiting lists when raising capital; making transactions00:23:01 - Providing immense value to your peers00:31:03 - Going from online to offline to ACTUALLY raise capital and do the deals00:47:52 - The biggest lever is not capital, its enterprise - to run the businessFollow PrivatEquityGuy on Twitter: ⁠https://x.com/PrivatEquityGuy⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠⁠https://privatequityguy.beehiiv.com/⁠Daniel on Twitter: ⁠https://x.com/DanielPriestleyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

“Don’t stop trying…”Eran used to work as an airport security to pay the bills.Today, VerDiesel Group does $1 billion in revenue…Turns out that KFC and McDonald's used cooking oil can be VERY big business.Add biodiesel, biogas, feedstock… it gets HUGE.Everything we touched in the first 2-3 years failed. Everything. We tried to touch everything but we had no experience.Every time I did not have the money, I said I would find the money. I then went and found the money.We discuss:– 4 years of market research with no success– First serious breakthrough in 2012– Forming a partnership with a BIG petrochemical company with no money or experience– Importance of relationships00:00 - Intro00:42 - Company size, revenue, markets they serve with their products/services02:29 - Studying law at the University of Bologna, army, a bartender, moved from Israel to Italy in 200405:05 - How they found opportunities in early days - wind turbines, equipment for bicycles08:17 - Partnership. Relying on each other's strengthsand the job him and his partner did to cover bills in early days14:07 - 100+ meetings with people with 30-40 years of industry experience is why I'm here today22:09 - I know how to sell and solve problems with customers and suppliers40:10 - Big money business means big and expensive mistakes47:05 - The future of the VerDiesel Group53:49 - Be willing to give equity if it keeps your business alive56:06 - Much of my success is thanks to my wifeMy full conversation with Eran Efran , the co-founder of VerDiesel Group — Stream now.Follow PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/⁠Eran on Twitter: https://x.com/Eran_EfratThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

If you are ever considering buying or investing in a profitable small business…Or you want to build a holding company where each company is run by a CEO...Here's my talk with Xavier Helgesen (co-founder of Enduring Ventures), where he shares everything he knows about buying businesses after 20+ acquisitions and looking at 1000s- Currently 17 companies in the portfolio- Revenue $100 million+- Spends plenty of time with family and children"Pay for Quality of Earnings even on small deals.""The best way to find a CEO for a business is to ask the seller who has asked about buying it in the past.""Look for the smallest, weirdest niches. Less competition, greater margins."We discuss:– Everything he knows about buying businesses after 20+ acquisitions and looking at 1000s– His MEMO to his 25-year-old self that he posted on his 45th birthday– The biggest risks and rewards of buying small businesses– What makes Nick Huber one of the best entrepreneurs he’s ever met– Finding the best CEO for Portcos00:00:00 - Intro00:00:31 - Most “bad” things that happen to you are not as important as they feel at the time00:04:29 - Selling Apple and Nvidia in 2011 and Google in 2008. “Don’t be me.”00:08:27 - Consistency for physical activity matters more than maximal excursion00:13:36 - Your most important mission in your 20s is to surround yourself with the most talented people in the world in your chosen craft and learn from them00:20:27 - Owner operated businesses are super efficient. Owner does six jobs. You will probably spend more to professionalize00:29:40 - Look for rich owners as there are a lot of small business owners who are not that rich00:37:34 - Make sure management only gets paid bonuses when they distribute cash flow to owners00:41:19 - The best way to find a CEO for a business is to ask the seller who has asked about buying it in the past00:43:35 - Most CEOs and entrepreneurs have no idea how to build an audience that they can use to raise capital or sell products and services00:56:46 - Don’t fall too in love with the business. You’ve always got to be ready to walk away.Follow PrivatEquityGuy on Twitter: ⁠⁠https://twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/⁠Xavier on Twitter: https://twitter.com/XavierHelgesenThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine being in your early 30s, starting a private equity fund and raising $450 million as your first fund.All this with no prior track record and without your rich father or uncle.Years later, you own 90 companies, have $152 billion in AUM, your EBITDA is growing at 15% year-over-year, and only Thoma Bravo has outperformed you…True story, all the way from Switzerland…1. "Stock and bonds are boring, so we went into private equity."2. "The concept of thematic research helps us find the best companies with the strongest tailwinds (returns could 6-7 times invested capital)."3. "Step-by-step on we they took a $38M EBITDA business to $110M in EBITDA in 4 years."Here is my full research on a true king of private equity Mr. Urs Wietlisbach:Show notes:00:00:00 - Intro00:01:05 - “Stock and bonds are boring, so we went into PE”00:03:09 - When should one leave their job to start their business?00:04:10 - Being scammed by a crazy German $120,000 in the early days00:09:21 - Doing due diligence 582 days before the company is even for sale00:14:03 - Better returns than Blackstone, Apollo, only Thoma Bravo have done better00:15:24 - Thematic research allows them to find deals where they make 6-7 times their money00:20:01 - CEOs are tied with shares and sometimes make triple-digit millions ($100m+ from a single investment)Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠https://privatequityguy.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine raising millions for your startup…A team of 50 and significant revenue…Then getting FIRED from the same company you started…Then starting a boring traditional company that generates significant cash flow, so you could buy another company…And not just one, but 4 companies!!!And THEN, growing these businesses an average of 65% in the first year post-acquisition.All this in four short years.What a WILD story and an even wilder life for 34-year-old Chase.“It was a condensed MBA – 50 employees. Millions in revenue. Scaling the company at a double- and triple-digit YoY growth rate. I was a 23-year-old clueless entrepreneur trying to keep a ship together… Ultimately, getting fired from my baby.”Today, Chase is a new man, happy, relaxed, builds a business he never wants to retire from, travels the world with a kid, and Decada Group has 5 companies in its portfolio.We discuss:— Why slow growth may be the smartest thing ever d— The best companies plan for decades— Having fun daily, and genuinely enjoying building the company vs. arrival fallacy and chasing IRR— How to grow a business (SMB Growth Playbook)— 5 step guide on how to grow business by 65% in the first year post-acquisitionShow notes:00:00 - Intro00:31 - The wild story of raising multiple rounds of VC and then getting fired from your own company05:09 - Transforming a profitable lifestyle business into a serious cash cow type business and a portfolio of 5 SMBs07:05 - Building a holding company by accident. “It was never the idea.”14:50 - How to make sure opportunities come to you vs. you constantly chasing them18:48 - The technology revolution is not over, but the heyday is over23:32 - Overview of the current diversified portfolio of traditional businesses27:53 - How do they find companies to acquire while having ZERO competition on deals38:10 - Growing portfolio companies by an average of 65% in the first year post acquisition (How exactly?)54:51 - Pros and cons of focusing on single business vs managing a portfolio of companiesMy full conversation with Chase Murdock, the co-founder of Decada Group — Stream now.Follow PrivatEquityGuy on Twitter: ⁠⁠https://twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/⁠Chase on Twitter: https://twitter.com/chasemurdockThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

There's a gentleman who manages a $115 million AUM fund with annualized returns of 35% (before fees) since inception.And he wrote a 3,150-word letter for those who dream of compounding their money at 20-25% per year over the course of their careers.1. Your chance of becoming a great investor is 1/50 of 1% or something. If not less… You have almost no chance of being a great investor.”2. Going to Harvard, Stanford, Wharton or reading every book ever written on investing won't make you a good investor3. I don’t believe there is a correlation between investment performance and number of books read.4. Experience is overrated. It’s important but it’s not a source of competitive advantage. If that wasn’t true, all the great money managers would have their best years in their 60s, 70s and 80s. And we know that’s not true.“There are 7 traits great investors share that are true sources of advantage because they can’t be learned once a person reaches adulthood. Some of them can’t be learned at all, you’re either born with them or you aren’t.”Show notes:00:00 - Intro00:43 - Why only very few can compound money 20% for their entire career05:22 - To protect your investment, you need one of these four sources of economic moats that are hard to duplicate07:59 - Having advantages over fellow fund managers and individual investors11:12 - 7 traits that can’t be learned yet true investors who end up compounding at 20% or 25% over their careers ALL have in commonFollow PrivatEquityGuy on Twitter: ⁠https://twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ever considered acquiring a profitable, sub $1-5M EBITDA niche business?So you could spend summers on Lake Como, winters in Aspen, and Saturdays in Las Vegas at the Wynn listening to David Guetta…Or so you could retire your parents, send your lovely kids to a private school, and buy your wife the BMW convertible she always wanted…I don't know your exact dream, but owning a business like this makes it all possible.So... I have something for you.I believe Jules Brenner of the Industrial Succession Group just shared everything one needs to know when it comes to acquiring a traditional niche business with $1M+ EBITDA. How to find a deal? How to find co-founders? How to raise capital? How to pitch investors so they are actually willing to invest? How to manage it all post-acquisition?Ohh.. and I forgot.He really walks the talk: 3 acquisitions $20 mil in revenue 50% gross margin $4 mil in EBITDAWith a goal of reaching $100 mil by the end of 2028…And maybe (if a few acquisitions go well) $35 mil already by the end of 2024Most importantly, him being very open and generous with advice, sharing it all without holding anything back.We discuss:— Creating a list of companies to be acquired— How they will reach $100 million by 2028— 6-7 failed deals, while not losing hope— How to pitch, structure and present a deal in a way that investors would love— Deal structure (equity to debt ratio)— A very good VP of Marketing can do magic for your traditional business— An agency where people make 100+ cold calls a day to grow their business00:00:00 - Intro00:00:41 - A portfolio of industrial companies with 100+ employees00:05:39 - 2.5 years of research (for example, metal fabrication in the aerospace industry)00:09:58 - Step-by-step guide to how you pitch your deals so investors want to participate00:19:02 - “If you paid nothing for a company, would you still buy it?”00:25:14 - Obvious red flags when looking at deals00:31:39 - A lot of traditional businesses don't have a CRM or a website and just make a 7-fig from real estate00:37:17 - The VP of Marketing handles all business development00:38:02 - The way their deals are structured00:40:11 - Buying a business so you don't have to rely on an exit00:41:56 - Selling products to LAX Airport which burns $2,000,000 a day00:44:37 - The industrial sector does not get the love from small business buying community00:47:39 - Jules pre-acquisition vs. Jules post-acquisition (skills, experiences, beliefs)My full conversation with Jules Brenner, the founder of Industrial Succession Group — Stream now.Follow PrivatEquityGuy on Twitter: ⁠⁠https://twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠⁠https://privatequityguy.beehiiv.com/Jules on LinkedIn: https://www.linkedin.com/in/jules-brenner/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

What would be your potential reward for mastering the fundamentals?Whether it's small business acquisitions, private equity investing, or the financial media and newsletter business…In Matt’s case the reward is approximately $14,000,000 in net profit in 2024All this with a team of 16 people.We discuss:— How to grow a business (Growing 86% in 2020; 77% in 2021)— Email is still massively untapped for PE funds, VCs and traditional businesses— Spend $1-2m per month on advertising— Why more private companies should publish their numbers00:00:00 - Intro00:00:19 - Team of 16; $2.3M in revenue per employee00:05:57 - Different sources of revenue00:07:48 - A short masterclass on how business builders and investors can use email to their advantage (deals, talent, capital)00:18:01 - Mentors are key00:19:19 - Hiring mistakes and lessons learned00:22:54 - Bootstrapping vs. raising capital00:23:25 - Why share ALL numbers publicly, even when running a private company00:28:17 - How to overcome VERY difficult periods (personal, family, business)00:39:11 - 3 lessons from 17-year career (distribution is everything)00:43:12 - The key to 0.0001% success is to turn your business into your hobby00:50:47 - $200,000,000 and I’m outMy full conversation with Matt Paulson, the founder of MarketBeat — Stream now.Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Matt on Twitter: ⁠https://twitter.com/MattPaulsonSDThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine being so unhappy with your boss that you leave…- Start the exact same business- Following the exact same strategyToday, ONLY 5 yrs later do $500m in revenue and $100m in EBITDAHere is my full research on a true M&A and buy-and-build pioneer Mr. Fredrik Karlsson:00:00:00 - Intro00:00:52 - 24 portfolio companies (15 B2B; 9 B2C)00:03:51 - The type of businesses they acquire00:07:00 - The beauty of investing in HoldCo businesses00:10:05 - A very successful investment in yacht supplies business00:12:19 - How to find the right CEOs to run PortCos00:16:02 - Being happy with 1% organic growthFollow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: ⁠ https://privatequityguy.beehiiv.com/subscribe⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Here is the dream story of many entrepreneurs:Owning a business that generates so much free cash flow that you can invest in/acquire 8 businesses.I’d even call him Andrew Wilkinson Jr…Capital allocation at its best…Started in 2017…Today there are 8 companies in his portfolio.All while being 32, traveling & living in 20 countries, having Tim Ferriss as an inspiration and driving a Range Rover Sports.Most importantly, being generally happy and relaxed (my comments about him)."The freedom of location. For the past 7 years I’ve lived and worked in 20 different companies. Only thanks to the businesses I ran.”We discuss:— Building a list of companies to acquire— Finding the absolute best off-market deals— Growing businesses 2-3 times in 18 months— A 30-day post-acquisition action plan— One book that changed his life forever00:00:00 - Intro00:00:29 - Early failures turned into successful cash-flow machine00:03:20 - Andrew Wilkinson from Tiny as a big influencer00:05:18 - Acquiring a business using seller financing or not doing a deal at all00:07:54 - Capital allocation at its best - buying vs. starting00:11:19 - 8 businesses, 8 different CEOs00:18:35 - Growing portfolio companies 2-3x in 18 months00:21:19 - How to build a database of companies you want to acquire00:23:52 - How to acquire a business in 30 days00:27:59 - This is how you build a company where people want to work00:32:11 - Turning big mistakes and failures into success00:36:09 - Diversification, diversification, diversificationMy full conversation with Lee Betts, the founder of BettsCo — Stream now.Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Lee on Twitter: ⁠https://twitter.com/leebetts_This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

One great acquisition can change the life of you and your children.Forever.As the smartest private market deal makers have said:"The goal is to acquire $10 bills for $3 ... and again, that's only possible in the private markets."My top 5 lessons on actively looking for exeptional $2-10 million revenue companies. (Pre-acquisition)1. Being street smart will take you further than you can imagine. Cold calling. Being likable.General soft skill, listening more than talking, asking great questions. Doing a follow up. Many don't want to do it, and most don’t know how to do it.2. VC is sexy; but old-school folks who run a cogs and gears manufacturing biz in their 50s are much happier. They make money every single day. Days become weeks. Weeks become months and years.95% of them are seriously happy with zero debt and not much stress. Time for a wife, time for kids, time for hobbies, time to travel. No Forbes but they could care less.3. An hour-long meeting that will last 2-3 hours. Take time and listen. This is their life's work. Very rarely does anyone go there and appreciate the work they’ve done. It’s their baby. It’s the company they have built. Be that person who listens.4. Without brokers, it takes years. Getting a person who does not want to sell their business to actually sell it, takes ages. You really have to enjoy the journey. If it's a great business, you play by their rules.5. Soft-skills. Forget the Excel and EBITDA. They barely use CRM. Talk in plain language: "How much money did you make last year?"That and 11 other lessons, hot takes on this week's podcast:00:00 - Intro00:47 - A person with average intelligence can do it02:56 - Forget the industry08:52 - It's a numbers game16:12 - Emails are good. Phone calls are better. IRL meetings are the best24:01 - Practice negotiations, make offersFollow PrivatEquityGuy on Twitter: ⁠⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

The day has come! SME people, whatever you are doing, stop it.Here is a masterclass:How to grow ANY traditional and “boring” business 50-200% annually.From $2.2M to $3.1M…From $7.6M to $11.2M…From $1.2M to $1.8M…And why do so many boring niche businesses suck at marketing?Masterclass notes:00:00:00 - Intro00:00:56 - Why should we listen to Priit in the first place?00:01:25 - Customers are satisfied with my products, what next?00:02:43 - “Yes, but I have an agency or marketing person in the office, isn’t that enough?”00:04:46 - Posting on Instagram, running FB and Google Ads – Good but very far from enough00:06:55 - The biggest problem is not HOW to achieve growth00:08:52 - How to grow from $2-10 million per year mark to $20 million00:11:06 - What is data-based marketing?00:16:29 - I’ve been stuck at $2 million for 4 years: here’s how to grow to $5 million00:19:27 - What does going through that kind of growth require from the owner and management00:25:14 - How quickly can Priit turn the company around?00:27:41 - Business owners don’t know what they don’t know00:30:39 - “Do this and you’ll succeed!”If you are a business that needs help with growth marketing, I highly recommend getting in touch.Note: Alongside being a happy customer, I am also an investor in the business. Link to Conversion-NinjaFollow PrivatEquityGuy on Twitter: ⁠⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Spent 7 hours researching a true master of small cap private equity:- 586 transactions- Acquire $1 million to $10 million EBITDA companies- Average deal $12 million- 72% IRR- 7x cash on cash returnsHe had two rare public appearances on Patrick O’Shaughnessy’s and Harry Stebbings' 20VC podcast.His name is Justin Ishbia and he is the founder of Shore Capital Partners.00:00:00 - Intro00:01:28 - Mentors00:02:05 - Lessons from dad00:04:05 - Early days of Shore Capital Partners00:09:45 - Margin of safety00:11:50 - Making mistakes00:14:40 - 80% are the first time CEOs00:17:19 - How Justin finds six to seven talented Board of Directors for each of his portfolio business00:21:45 - How to build systems that works 8 times out of 1000:23:25 - Which people succeed in Shore Capital PartnersHere's what I learned: “Constellation Software, Mark Leonard is a friend and a mentor. I'm not smart. I know who to copy. And did I copy -- they did all in software. We've done it in operating businesses,” Biggest lesson from dad: “Don’t do things you don’t understand. You do what you understand and you can execute on it well.” Industry, industry, industry! “If you go into the publishing industry right now, he doesn't care if you are Jack Welsh’s at his prime, you'll probably not end up having a bunch of success.” 80% of our CEOs are first time CEOs. Big believer in early career energy. It takes a really smart person about 18 months to learn 90% of the industry. Margin of safety. Most private equities commit $100 to a thesis, investing between $60 and $80 of that investment for the platform and reserving $20 to $40 for add-ons. Justin and Shore Capital have almost the exact inverse. They’re committing $100 to the thesis, and deploy $5 to $25 for the platform. It gives that great opportunity, he thinks, to increase your margin of safety, increase an opportunity for success.The biggest take away was how Justin hires 6-7 board of directors for portfolio companies with almost zero $$$.As the board of directors themselves say when they very first time show up:“There's more people on the board than there's millions of revenue.”Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Very first acquisition in November 2016As of March 2024, they manage a portfolio of 12 companies.All done with their own capital.(Except the one they did in late 2023)95% of acquisitions have been owner succession & retirement driven buy-outs.Cub Investments with Nick Haschka makes long term buy & hold equity investments in growth-oriented field services companies.Most importantly, all this while raising three beautiful children.Their biggest competitive advantage – looking for companies with an extremely small universe of buyers.“What we do is very different from corporate America, strategic consulting, investment banking, PE, McKinsey….”We discuss:— Finding the absolute best deals— Location as your biggest advantage— How to get the buyer to sell the business— Doing everything with their own $$$— Using SaaS as a difference maker in those boring businesses— Post-acquisition before and after— Finding a perfect co-founder00:00:00 - Intro00:00:19 - Current portfolio and Nick’s dream acquisition...00:02:10 - Background story and why small business PE is not for most people00:05:50 - How Nick finds the best deals00:10:55 - Location and industry knowledge as your biggest advantages00:13:30 - Red flags when acquiring a company00:16:25 - 2023 and raising capital in a short 4 weeks00:24:40 - What made the biggest difference in their MOST successful deal00:32:07 - Craziest post-acquisition stories00:39:30 - Founders relying on their memory,not CRM00:44:19 - Partnership with the co-founder00:51:01 - The work never stops - how to manage it allMy full conversation with Nick Haschka, the co-founder of Cub Investments.Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Nick on Twitter: ⁠https://twitter.com/NickHaschkaThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

What if you can't code and you're not good at tech?You go and start a business that makes $1.7 million per year.This is what Ben Wolff did with little money and reasonably short period of time.Today, he manages more than $65 million worth of real estate."With our properties, we achieve industry-leading margins of, say, 52-55% NOI."We discuss:— Opening first property— Starting an real estate management company— Secrets of using social media platforms in short stay— Achieving 52-55% NOI margins— How to really own customers— Not relying on booking platforms00:00 - Intro00:40 - Being broke, $30,000 in debt, what next...07:05 - REIT (a public company) acquires the majority of the company11:00 - Revenue and size of the business14:02 - Fundraising with no track record used to be easy20:17 - Luxury hotel stays and 50%+ IRR24:49 - Using social media to achieve industry leading margins30:45 - 100% overship of a customer31:50 – How traditional businesses should use social media to their advantage34:34 - The biggest lesson as an operator - quality!42:05 - The benefits of sharing everything publicly54:30 - Reinvesting all real estate profits in the mediaFollow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Ben on Twitter: ⁠https://twitter.com/UniqueStaysGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ever wondered who are the young folks who build these great business portfolios?2020 $17.0m2021 $44.1m2022 $64.9m2023 $126.8mAll that within a reasonably short time.While spending tons of time with kids and family.I mean today Rafael Quinn is 44 years old, but decades from now people will be Googling him to find out how he started this massive conglomerate called Alternative Holdings.The best investment advice:• Buy companies you understand• Run by people you want to work with• Pay a fair price“No matter how important I believe cash-flow is. Every 6 months I’m reminded again of how much more important it is.”We discuss:— Why they look at EBIT instead of EBITDA— Dividend payments while building wealth— A 5 year period of doing ZERO deals— How to create value by prioritizing your strengthsShow notes:00:00:00 - Intro00:00:23 - At 26 he sold everything, slept on a floor for 15 days and moved to Panama00:02:55 - 1st acquisition and how it all got started00:05.00 - How much money Rafael invested in the first deal00:07:50 - The importance of having the right co-founder - whoever says no wins00:11:00 - “Better be lucky than smart”00:11:26 - Being investor vs operator00:13:30 - The number 1 key factor of the most successful holdco conglomerates00:17:55 - The amount of debt they use00:21:20 - What has been the average acquisition multiple00:31:46 - Time spent on each business per week00:39:40 - CEOs and their attitude & work ethic pre- vs post-acquisition00:42:50 - The acquisition process and the discipline of say no to 100s of businesses00:48:01 - Cashflow, cashflow, cashflow00:51:10 - Spending time with kids is the best thing everFollow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Rafael on Twitter: ⁠https://twitter.com/RafaQuinnThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Imagine being in your 30s and having a track record of raising more than a billion in debt and equity.And starting a company which is worth over $1 billion.Here you go:Let me introduce you to Michael Cassau.From working at Goldman Sachs and Rocket Internet.To founding a company that raised more than $330 million in a recent fundraising round.Location: GermanyName of the company: GroverWe discuss:— Investors and the signals they follow— What does it really take to raise 100s of millions?— Why too many companies have a great story but still end up going bankrupt— How high energy ensures extreme resultsShow Notes:00:00 - Introduction00:21 - How Michael celebrated when they raised $330 million01:35 - Michael’s first jobs after university02:56 - Lessons while working for Rocket Internet04:29 - Early days of Grover (marketplace model)07:04 - The balance between raising enough equity and debt07:53 - How to build a company where people want to invest 100s of millions10:52 - When is the right time to step down as a CEO11:33 - Tips for fundraising (number two is surprising)14:49 - Few funny fundraising stories16:51 - The ins and out of building relationships with investors19:13 - Biggest mistakes: LPs pushing GPs; GPs keep pushing founders21:19 - What Michael knows today but didn't know in 201525:40 - Who Michael looks up to27:12 - A typical day is 8:00am to 2:00am; still finds time for family30:40 - 4-5 “aha” moments which made all the difference36:41 - Find the right “energy” and you can build a very large company41:53 - What Michael learned from Novak Djokovic (winner of 24 tennis Grand Slams)43:14 - “Next, I’m going to build the company which…”44:25 - The GDP of US will double within the next 10 years45:21 - Australian investors made an offer to move to Sydney to build HoldCoFollow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠Michael on Twitter: ⁠https://twitter.com/MichaelCassau⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ujwal and his VERY unsexy story on building a holding company which is on track to hit 8-figures in EBITDA.All while being just 32 yrs old, traveling the world and sometimes working 3-4 hrs a week.The crazy part – he built it with no prior PE or M&A experience.His secret to success:"Just go and do it. Have the ability to figure things out. That's all. That's the advice."We discuss:— How to save enough to buy a business— Funding for all of his transactions— Managing the company while traveling for 3 months— Doing everything alone, without outside help/assistanceShow Notes:00:00:00 - Intro00:00:21 - Ujwal's eatly days as an entrepreneur00:04:37 - "I did absolutely everything I needed to. Myself!"00:06:25 - Zero moments of doubt00:07:50 - The story of the man who acquired Adidas00:10:35 - Did Ujwal really go to the Rio Olympics 2016?00:10:55 - Ujwal 1st, 2nd, 3rd, 4th, 5th acquisition (lessons from this)00:17:55 - BIG QUESTION: How did Ujwal finance all the deals00:23:45 - DD, Structure - How Ujwal himself figured it all out00:26:50 - How to do something without prior experience00:29:15 - You are capable of figuring things out00:29:45 - Size of HoldCo today, how many machines, headcounts, etc.00:34:10 - The day-to-day; sometimes working 3-4 hrs a week00:38:45 - Where does most of the revenue come from00:45:58 - The biggest challenges in this business00:54:01 - How to achieve 8-fig EBITDA in 5 yrs00:57:08 - We get personal - what excites Ujwal?01:01:11 - Ujwal looks for significant other01:01:23 - Best investment advice given by UjwalFollow PrivatEquityGuy on Twitter: ⁠https://Twitter.com/PrivatEquityGuy⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠https://privatequityguy.beehiiv.com/subscribe⁠Ujwal on Twitter: https://twitter.com/UjwalVelagapudiThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mathias Calonius is a serial acquirer and co-founder of the Finnish holding company JATKAJA, which has 5 companies in its portfolio and a turnover of more than 50 million dollars.“The first 3.5 years have included 10+ transactions and the formed 4 group companies stand at around $30M+ in revenue”Location: FinlandHoldCo name: JATKAJA (means: continuer)This short 55-minute call turned out to be an MBA on how to build a diversified HoldCo around boring traditional companies.We discuss:— Day-to-day when operating 5 portfolio companies— How to find excellent deals— Expensive mistakes to avoid in the future— How to 3x a $3m company to $9m company— Entrepreneurs being too greedyShow Notes:00:00:00 - Intro00:00:15 - Why invest in traditional companies and not in something else?00:02:25 - Swedish series acquirers (trading at P/E ratio of 25x) were a big motivation00:03:45 - Is Mathias a generalist or a specialist00:06:15 - What Mathias and the JATKAJA team look at when acquiring the company00:08:45 - This is how they find deals00:13:10 - How much time they spent on finding good deals in 202300:14:05 - Will they buy 100% of the company00:17:00 - Growing a portfolio company from 3 million to 9 million in revenue00:19:35 - Exact methods to accelerate growth00:23:30 - The biggest mistakes with portfolio companies00:28:10 - HoldCo's biggest risks in the world (sales-sales-sales)00:31:20 - How Mathias spends his time between 5 portfolio companies00:32:55 - Mathias' difficult situations in life and business00:35:02 - Should we build one company or focus on 19 other companies?00:38:03 - When a great team meets a bad market, the bad market wins - how and why?00:40:20 - We all have that friend who isn't the smartest but runs a very successful business00:41:25 - Should you be greedy in business?Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeMathias on Twitter: https://twitter.com/MathiasCaloniusThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Michael Bjorn Huseby is an investment fund formation attorney at a global law firm.He represents both fund sponsors (GPs) and investors (LPs).In 66-minutes Michael proved to me that he has seen almost everything in the world of funds...“Investors don’t want to see something they haven’t seen before.”“Yet some GPs pitch an investment deck with a 7% management fee.”We discuss:— Sideletters & waterfalls— How to choose the right structure for your fund— The best ways to build relationships with LPs as a GP— Whether and why you should raise capital on XShow notes:00:00:00 - Intro00:00:10 - will Michael charge a typical fee for the hour of podcast?00:02:25 - Importance of side letters (an excellent overview for both LPs and GPs)00:07:30 - why do GPs keep screwing up the “most favored nation provision”00:10:45 - it’s a lot of sideletter per $300m aum fund (some very obnoxious)00:11:43 - who pays for a sideletter?00:15:40 - the most important thing to know about sideletters (red-flags, etc)00:17:15 - a lot of LPs will invest because of the information and not just returns00:18:45 - why very large family offices write test checks of $25,000 and not more00:20:00 - what is a Waterfall?00:23:25 - Investors don’t want to see something they haven’t seen before00:25:50 - “forget the 2/20, I’d like to have a 7% management fee”00:29:05 - why you shouldn't set up a fund without charging a fee00:32:00 - how to structure your investment fund in a correct way00:38:28 - Best ways to build relationships with LPs while being a GP00:43:10 - being truthful about company valuations00:45:30 - out of 39 investments; only 7 companies gave reports00:47:43 - step-by-step on how to create a fund (documentation)00:51:56 - how to recover when you mess up your first fund00:57:53 - You can market your fund on X / podcast (using 506C)01:00:10 - don’t promise insane 40% IRR projections01:00:55 - what can you promote on X; and what can’t you promote on X01:03:26 - Mikk asks for free legal advice on raising bonds/securities on XFollow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeMichael on Twitter: https://twitter.com/investing_lawThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Andy Schornack is a CEO of Flagship Bank and a President of Security Bank and Trust Company.Flagship Bank - $324 million in total assetsSecurity Bank and Trust Co. - $713 million in total assets“I always wanted to be in a position where I’m running my own small medium sized company. I didn’t know it’d be a bank.”We discuss:— The story of how they have bought and built two banks from nothing to a Billion $$ in assets— What do bankers look for when giving loans to SMEs— Internet banking vs. traditional brick-and-mortar banks— How bankers think in different situationsShow Notes:00:00:00 - Where does Andy's ambition come from00:05:14 - What is the secret souce when it comes to building banks00:07:00 - Why people don't like bankers00:09:27 - Bankers are often behind the walls, why Andy builds in public00:13:22 - You'll be surprised who's watching you00:13:42 - Winter is coming00:15:40 - Why most fintech businesses suck00:19:40 - Banks Andy have bought00:21:06 - What small biz owners should know about bankers00:24:18 - How big is the acquisition opportunity of millennials to buy companies00:26:15 - The story of a shipping company with a debt of $1.3B00:31:00 - The story of a RE investor with $700 million in debt00:35:30 - The story of how a true professional creates and maintains relationships with his clients00:42:27 - What books Andy reads00:45:55 - Being relentless together with Jeff Bezos00:52:45 - How to become a CEO of a bank and what would Andy do when staring again todayFollow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeAndy on Twitter: https://twitter.com/SchornackThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Val Katayev is a serial entrepreneur with $100M+ in profits & exits.Today Val runs a diversified holding company.Founded and led four successful companies to hyper-growth centered around digital media in display, mobile, music, search and data.On this episode, PrivatEquityGuy & Val discuss:- building $10m and $100m businesses- how to raise millions of dollars for an asset management firm- what makes distribution type businesses so great- how they built a peer-to-peer lending platform- why friends reaching out to Val and giving him money to invest- money, identity, happinessShow Notes:00:00:00 - Intro00:01:08 - If you don’t work on your side-hustle on the weekend you don’t want it bad enough00:03:00 - "I always knew I’m going to be successful"00:07:20 - First successful company00:08:30 - Where Val found business opportunities00:09:43 - $9.5M in revenue; $8.5M in profit story00:13:10 - Val’s current business: platform for independent fine jewelers00:15:34 - Growing AUM from $5M to $500M in three years00:27:20 - Diversify yourself when it comes to capital sources00:31:55 - What Val looks when it comes to hiring talent00:34:25 - Which tasks and responsibilities to delegate00:36:00 - Most efficient way to build a $10m or $100m business00:40:55 - Val’s relationship with money00:49:40 - Why did he join The Hampton00:52:00 - It’s OK to ask help on Twitter00:52.55 - Val in year 204000:57:40 - Val hopes the clock really stops ticking hahaFollow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeVal on Twitter: https://twitter.com/ValKatayevThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Justin Mazeka Vogt is the co-founder and CEO of Evermore Industries, a permanent capital holding company he founded with Ed Redden in 2020Prior to co-founding Evermore Industries, Justin invested in ~100 transportation and industrial businesses with Bain Capital Credit in Boston, Massachusetts.Justin holds a Finance degree from the University of Notre Dame as well as an MBA from Stanford's Graduate School of Business.(I'm very sorry for my audio. My microphone messed up a few minutes before the podcast.)On this episode, PrivatEquityGuy & Justin discuss:- Evermore Industries dream business acquisitions- lessons learned after 18 months of running a business and setting up a holding company- how and why they don’t think about dividends, and don't care about M&A.- why everything is around trying to maximize value per share- what Justin is telling to her wife when she wakes up one day and wants Justin to buy her a brand new Porsche- Frustration = expectations - reality- Justin step-by-step strategy as a long-term owner- why when they got started they didn’t look for investors, they were looking for investor-advisors- how complementary skill sets such as operational expertise vs investing expertise really work together.- what is the one decision that you can make that makes all of the other decisions easier.- Justin's “best book” recommendationNo hype. Nothing flashy. Just real stories from a serious investment specialist.Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeJustin on Twitter: https://twitter.com/J_M_VogtEvermore Industries invests in high-quality, profitable, growing technology and service and businesses with no intention of ever selling. Based in Austin, Texas, and investing around the United States, Evermore Industries exclusively focuses on businesses with long-term growth potential and large ambitions.

Alec Torelli is one of the most respected poker players in the industry.With over $2,200,000 in tournament winnings and millions more in both live and online cash games.Alec also runs a syndicate WHealthier with the brightest entrepreneurs in the health and wellness space.On this episode, PrivatEquityGuy & Alec discuss:- The insights into his decision-making process when it comes to investments and business opportunities- Asymmetric investments when investing in companies- What does a winning mindset mean to Alec? And more importantly what does he do to achieve it- What type of investments they've made over the past 2 years (12 to 15 total investments)- How were he able to build such a remarkable list of co-investors- The exact framework he has used to rebuild himself after major setbacks in poker and entrepreneurship.- How he prepares himself to be 'in the zone' at the poker table for 10 hours a day, seven days in a row.- Playing high stakes poker in Macau- Recent WSOP, Main Event, finishing in 11th place and cashing for $700,000 and what's next for Alec?No hype. Nothing flashy. Just true stories from one of the sharpest poker minds in the world.Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeAlec on Twitter: https://twitter.com/AlecTorelli

Sacha Jak is the founder of a holding company with 8-figure revenue and 300 employees.He is an expert when it comes leverages buyouts. Sacha's most famous deal was the $2 acquisition of a $12m revenue PC company.On this episode, PrivatEquityGuy & Sacha discuss:- How to get a control in a company even if you own 1% of it- How to actually buy a company using none of our own money going into the deal- A step-by-step guide to getting the best prices from your suppliers- Why staff and revenue are the first criteria he looks at before acquiring a business- Why does Sacha still do cold calling when it comes to deal sourcing- "If I could have a magic wand, what would you like Mr. Owner?" – why is this his favorite question to ask from a business ownerNo hype. Nothing flashy. Just real stories from a serious dealmaker.Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeSacha on Twitter: https://twitter.com/Unique_Treble

Sunny Desai is the founder and CEO of Desai Companies, a diversified integrated holding company with a diversified portfolio and over $150,000,000 AUM.On this episode, PrivatEquityGuy & Sunny discuss:- details of Sunny's first deal that made a huge difference and how his net worth went up a lot!- how Sunny went from knowing nothing about M&A to being a master at M&A with 3-4 deals a year- how to be really creative with capital.- how to skip 20 years of learning- Sunny shares his most challenging 3-year period building a business (he shares exact methods on what got him through it)- his executive coach advised him to "Plan your whole life and work backwards into daily actions." What does it really mean (Step-by-Step Plan)?!- Sunny strategy as a long-term owner- how journaling improved the way Sunny runs his business- what Sunny's mother tells him every month- Why and how Indian-Origin CEOs rule the world?- Sunny's “best book” recommendationFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeSunny on Twitter: https://twitter.com/sunnysdesai

Ranjit Chahal is the founder of BEVIQUA, a wine and spirits distribution company with four B2C e-commerce sites across the alcohol and FMCG (fast moving consumer goods) space.On this episode, PrivatEquityGuy & Ranjit discuss:- Amazon started with books, they started with wine- Running 4 ecom channels at once; the benefits of that- Being an outsider can be your greatest strength. Embrace it.- Age is just a number (and how Ranjit started a successful Holdco at 40)- Cheapest is not best, especially when it comes to carrier.- How not to punish yourself when you make a mistake- How fragmentation brings opportunity.- Benefits of being entirely bootstrappedNo hype. Nothing flashy. Just a real success story.Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeRanjit on Twitter: https://twitter.com/ranjchahal

Mr. X is a solo PE investor who co-invests with four large ($3-6 billion AUM) family offices, as well as other wealthy individuals.His most recent deal size was a $30 million investment in a company that generates more than $170 million in revenue.On this episode, I share 22 notes I made while spending two days with him in person:- “Mikk, what are your strengths, what is the 0.00001% thing you are the very best at? Focus on that.”- ”Raising money is f*cking hard. Closing a deal is f*cking hard. Anyone who says otherwise is either lying or selling you something.”- “Absolutely the biggest lesson I wish I had learned 10 years ago - there are a lot of great deals out there. Patience is a virtue."And much more.Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Michael Byars is the founder of a holding company with the portfolio of 18 companies with total revenue of over $140,000,000On this episode, PrivatEquityGuy & Michael discuss:- how Michael increased his initial investment in the restaurant business by 8-10x- the three things that Michael changed in these companies that ultimately made a difference- how the first mentor changed his life and what he taught to Michael (he wouldn't have achieved so much without him)- what size and type of companies Michel acquires- typical due diligence process by Michael and his team- what exactly needs to be changed to improve the company's operations- how Michael took a business from $120,000 to $4.5 million in one year- how to buy a business with no money down- how has entrepreneurship changed Michael's life- why is doing due diligence the best investment advice he can giveFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeMichael on Twitter: https://twitter.com/AcquisitionCEO

Dom Wells is the founder and CEO of Onfolio.co - a public holding company of internet businesses.In this episode of HoldCo Builders, Dom shares the journey of how just ten years ago he was working as an English teacher in Taiwan earning $1,000 a month.In 2013, Tom made his first $1,000 a month online, and in August 2022, they did an IPO.On this episode, PrivatEquityGuy & Dom discuss:- what Dom learned the hard way in his 10 year journey- the way of thinking, and why YOU are often the biggest obstacle to achieving your goals/dreams- the story and lessons of what Dom learned from going public- the concept of Onfolio “Flywheel”, (cash-flow flywheel)- what did Dom learn from this process of talking with investment bankersFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeDom on Twitter: https://twitter.com/DomWellsOnfolio

Greg Isenberg is the co-founder of Late Checkout - holding company of six internet businesses with combined revenue of over $10,000,000He's spent the last 15 years building venture-backed businesses, at WeWork, WallStreetSurvivor, and Islands, as well as advising Reddit and TikTok.On this episode, PrivatEquityGuy & Greg discuss:- how to build an audience and then get 10 people to buy a $1m dollar product from you?- how to hire the absolute best talent without spending a single dollar- multipreneurship journey - portfolio of internet based businesses (all bootstrapped)- why founders should do retreats ("I don't think I would be here today if it wasn't for what I learned from those events")- how to run 6 businesses at the same time: (*hint "Being focused and having a lot of fun.")- how to build a community (“Building a community builds trust and defensibility against competitors.”)Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeGreg on Twitter: https://twitter.com/gregisenberg

Daniel Pi is the founder of Coterie Capital.Coterie Capital is a principal investments and corporate advisory firm based in Sydney.On this episode, PrivatEquityGuy & Daniel discuss:- How to get lucky when raising capital.- What does it mean tha "Ideas are global. Capital is global."- Have you actually talked to every single investor?- How to get creative when raising capital- B2B and B2C vs. human-to-human- the importance of in-person events in the fundraising process- how to establish a connection with an Asian investorFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeDaniel on Twitter: https://twitter.com/CoterieDan

Mitchell Sorkin is the co-founder of ATM holdco.Short two years ago he left a VC backed "sexy startup" to build a basic, boring business.In year 1 they went from 3 ATMs to 100+, and did over $200k in revenue.In 2023 they will grow 3x and do north of $700k, 100s of thousands of transactions, millions in 20s dispensed.On this episode, PrivatEquityGuy & Mitchell discuss:- how to achieve 30-50% cash on cash returns with ATM business- ATM business opportunity compared to real estate- Where to find the best ATM deals?- how investors have been overexposed to tech and are now interested in ATMs- why would he raise $50 million in debt today- why banks do not want to do business with ATM operators- the ATM industry in 2040Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeMitchell on Twitter: https://twitter.com/mitchell_sorkin

Michael Chen is Co-CEO, and the Founder of HakuLife and the developer of award-winning properties, Hakuchōzan and HakuVillas.Has over 20 years of professional history dedicated to “elevating the customer experience.”With senior executive experience with some of the world’s most elite brands including Crown Resorts, Caesars Entertainment, and McKinsey & Company, Michael brings a deep passion for bringing world-class standards to the Lifestyle Real Estate category.On this episode, PrivatEquityGuy & Michael discuss:- lessons from founding a VC backed enterprise software company in the late 90s, raising $30 million- lessons learned when working in the casino industry for 15 years.- a short journey of building a $1 billion VIP business (UHNW high-rollers)- building a lifestyle real estate platform that during the peak season emplyees 200 people.- how they are able to charge $31,000 per nightFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeMichael on Twitter: https://twitter.com/michael_h_chenRead more about Michael and H2 Group: https://www.h2group.com/

Amir Haboosheh cofounded Snowball Industries in 2020.In 2023, they generate more than $45 million in revenue.Prior to Snowball he was director of M&A at Kingmakers/Acquira in charge of helping identify, acquire, finance and scale businesses in the home service sector. Amir leads Snowball where he has structured a high-performing team culture based on empowerment and accountability.On this episode, PrivatEquityGuy & Amir discuss:- fascinating story of how Amir found his co-founders & how with one meeting from 10AM to 8PM they we are all on the same page: "Let's do it!"- why HVAC and plumbing?- how they motivate people to do great work - how to make sure people get the right amount of shares - not too much and not too little- how they grew one portfolio company (that DIDN'T even have a website) from $10 million to $21 million in revenue and 40k montly visits in three years.- how SEO plays a big role in their success (so much so that they even bought an online marketing company)- Amir revealed his plan for 2027 (listening this, well, there are levels to this game, seriously!)Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeAmir on Twitter: https://twitter.com/habooshehRead more about Snowball Industries (I highly recommend signing up for their newsletter): https://snowballinc.com/

Akshay Ramachandran is a semi-retired investor in his 20s. Akshay's most recent job was being sole analyst reporting directly to the portfolio manager. They analyzed over 60 industries and used a simple strategy: buy and hold great businesses run by great management teams. He has taken the last year off for some time traveling around the world.On this episode, PrivatEquityGuy & Akshay discuss: Lessons Akshay learned as a professional investor at a 9 figure hedge fund How to put together a great investor deck for your Holding Company (and why 99% of decks suck; mine included) Why Ashtead Group and United Rental have the greatest investor decks Why reading and thinking is the smartest thing you can do as an investor Reasearch process: Trusting management teams vs not trusting management teams "If I don't hit these numbers, I'm willing to go to jail" - what happened next was surprisingFollow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuyJoin HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribeSubscribe to the PrivatEquityGuy on YouTube: https://www.youtube.com/channel/UCmtJ2mhDPm_5MIkwHnKVisgLinks:Akshay on TwitterAkshay's online course: The Investor Operating System