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/ - A deal-by-deal private equity investing platform

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/inquire

TIMESTAMPS
0:00 Intro
5:03 Focus: diversified industrials & business services
6:27 Hold period philosophy
7:07 Target size & screens
8:04 Why pursue larger deals
9:41 Value creation beyond capital; control investing
11:08 Hands-on operations (presence on the floor)
12:53 Sponsor: CapitalPad
14:16 Stewardship playbook: cost discipline, systems, people
15:24 Beyond the P&L: culture & morale
16:18 Weighing purpose vs. numbers
21:42 Factory-floor insights you won’t see in a data room
25:48 Why deal flow is “easy” (but a lot of work)
28:16 Sponsor: Spacebar Studios
29:48 Bigger vs. smaller deals
31:44 Seller types: family, PE, and carve-outs
33:50 Winning trust with founders not yet selling
38:02 Where the best off-market deals originate
39:10 Time allocation & focus blocks
41:05 Best ROI: banker processes vs. proprietary
43:40 Deals that die… and come back
44:51 What’s exciting now: volatility & tariffs
47:12 Patterns of elite operators
49:24 Staying sharp & never settling
53:16 War stories from the trenches
55:15 What’s next for Woodson (2-3 years)
57:08 “No bad deals, only bad prices”

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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/ - A deal-by-deal private equity investing platform

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/inquire

We discuss:
0:00 Intro: from systems integrator to 15-company HoldCo
0:34 Plateau at $4M: what wasn’t working
3:22 Discovering EOS: why it clicked and how to start
7:46 Sponsor CapitalPad: accredited investors invest in acquisition entrepreneurs
10:26 Owning product lines: vertical integration and moat
16:59 Rolling EOS across companies: the non-negotiable cadence
18:05 Before vs after EOS: escaping firefighting and gaining control
19:19 Sponsor Spacebar Studios: done-for-you newsletters for deal flow and trust
24:02 Accountability Chart: firing yourself from Ops the right way
29:05 Hiring via scorecard: finding the operator who can deliver
37:20 Eight Cash Drivers: terms, inventory discipline, margin expansion
49:02 Portfolio snapshot: 15 companies and current metrics
52:44 Build vs buy: when to create your own product
1:03:00 Raising a fund: de-risking and scaling the platform
1:06:54 Partnering with PE: timing, structures, and trade-offs

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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.

Sponsors
This 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/ - A deal-by-deal private equity investing platform

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 platform
0:35 Background: MIT → McKinsey → 2 startups → Fortune 500 clean tech
1:54 Founding Cub (2016): SBA and personal capital for the first deal
2:49 Scaling: 12+ acquisitions across interior plants and landscaping, later divested
4:09 New platform thesis: generators in California and why the model is capital intensive
5:27 Investing focus: market and model selection over operator heroics
8:16 Capital discipline: self-funded pace vs raising outside capital
9:18 Sponsor CapitalPad: standardized terms, governance, and distributions for acquirers and investors
12:03 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 setup
20:11 Partnering with Dylan Ferguson: 20-30 interviews and complementary skills
25:54 First acquisition Conti: sourced direct, LOI-to-close ~6 months, closed Jan 2024
28:16 Post-close playbook: replace owner-operator and rebuild systems for scale
33:39 Early lessons: grew fast to replace 4–5 seller hats and would build recruiting pipeline earlier
34:38 Results: revenue ~$3M → ~$6M and team 7 → ~14
42:13 Second acquisition PowerGen: 5–6 months later with larger C&I footprint in Bay Area and Sacramento
45:04 Capital and operating philosophy: seller note fixed ~8 years, target ≥3x DSCR, keep strong cash reserves and focus on service quality
51:32 Book and wrap: The Science of Success and expanding the circle of competence

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 forever

00:00:00 - Intro

00:00:29 - Early failures turned into successful cash-flow machine

00:03:20 - Andrew Wilkinson from Tiny as a big influencer

00:05:18 - Acquiring a business using seller financing or not doing a deal at all

00:07:54 - Capital allocation at its best - buying vs. starting

00:11:19 - 8 businesses, 8 different CEOs

00:18:35 - Growing portfolio companies 2-3x in 18 months

00:21:19 - How to build a database of companies you want to acquire

00:23:52 - How to acquire a business in 30 days

00:27:59 - This is how you build a company where people want to work

00:32:11 - Turning big mistakes and failures into success

00:36:09 - Diversification, diversification, diversification

My full conversation with Lee Betts, the founder of BettsCo — Stream now.

Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠

Lee 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 - Intro

00:47 - A person with average intelligence can do it

02:56 - Forget the industry

08:52 - It's a numbers game

16:12 - Emails are good. Phone calls are better. IRL meetings are the best

24:01 - Practice negotiations, make offers

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.

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 - Intro

00:00:56 - 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 enough

00:06:55 - The biggest problem is not HOW to achieve growth

00:08:52 - How to grow from $2-10 million per year mark to $20 million

00:11:06 - 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 million

00:19:27 - What does going through that kind of growth require from the owner and management

00:25:14 - How quickly can Priit turn the company around?

00:27:41 - Business owners don’t know what they don’t know

00:30:39 - “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-Ninja

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.

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 returns

He 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 - Intro

00:01:28 - Mentors

00:02:05 - Lessons from dad

00:04:05 - Early days of Shore Capital Partners

00:09:45 - Margin of safety

00:11:50 - Making mistakes

00:14:40 - 80% are the first time CEOs

00:17:19 - How Justin finds six to seven talented Board of Directors for each of his portfolio business

00:21:45 - How to build systems that works 8 times out of 10

00:23:25 - Which people succeed in Shore Capital Partners

Here's what I learned:

1. “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,”

   
   

2. Biggest lesson from dad: “Don’t do things you don’t understand. You do what you understand and you can execute on it well.”

   
   

3. 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.”

   
   

4. 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.

   
   

5. 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 2016

As 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-founder

00:00:00 - Intro

00:00:19 - Current portfolio and Nick’s dream acquisition...

00:02:10 - Background story and why small business PE is not for most people

00:05:50 - How Nick finds the best deals

00:10:55 - Location and industry knowledge as your biggest advantages

00:13:30 - Red flags when acquiring a company

00:16:25 - 2023 and raising capital in a short 4 weeks

00:24:40 - What made the biggest difference in their MOST successful deal

00:32:07 - Craziest post-acquisition stories

00:39:30 - Founders relying on their memory,not CRM

00:44:19 - Partnership with the co-founder

00:51:01 - The work never stops - how to manage it all

My full conversation with Nick Haschka, the co-founder of Cub Investments.

Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe

⁠⁠Nick on Twitter: ⁠https://twitter.com/NickHaschka

This 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 platforms

00:00 - Intro

00:40 - Being broke, $30,000 in debt, what next...

07:05 - REIT (a public company) acquires the majority of the company

11:00 - Revenue and size of the business

14:02 - Fundraising with no track record used to be easy

20:17 - Luxury hotel stays and 50%+ IRR

24:49 - Using social media to achieve industry leading margins

30:45 - 100% overship of a customer

31:50 – How traditional businesses should use social media to their advantage

34:34 - The biggest lesson as an operator - quality!

42:05 - The benefits of sharing everything publicly

54:30 - Reinvesting all real estate profits in the media

Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy

⁠⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe⁠⁠

Ben on Twitter: ⁠https://twitter.com/UniqueStaysGuy

This 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 $17.0m

2021 $44.1m

2022 $64.9m

2023 $126.8m

All 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 strengths

Show notes:

00:00:00 - Intro

00:00:23 - At 26 he sold everything, slept on a floor for 15 days and moved to Panama

00:02:55 - 1st acquisition and how it all got started

00:05.00 - How much money Rafael invested in the first deal

00:07:50 - The importance of having the right co-founder - whoever says no wins

00:11:00 - “Better be lucky than smart”

00:11:26 - Being investor vs operator

00:13:30 - The number 1 key factor of the most successful holdco conglomerates

00:17:55 - The amount of debt they use

00:21:20 - What has been the average acquisition multiple

00:31:46 - Time spent on each business per week

00:39:40 - CEOs and their attitude & work ethic pre- vs post-acquisition

00:42:50 - The acquisition process and the discipline of say no to 100s of businesses

00:48:01 - Cashflow, cashflow, cashflow

00:51:10 - Spending time with kids is the best thing ever

Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠⁠

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe

⁠⁠Rafael on Twitter: ⁠https://twitter.com/RafaQuinn

This 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: Germany

Name of the company: Grover

We 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 results

Show Notes:

00:00 - Introduction

00:21 - How Michael celebrated when they raised $330 million

01:35 - Michael’s first jobs after university

02:56 - Lessons while working for Rocket Internet

04:29 - Early days of Grover (marketplace model)

07:04 - The balance between raising enough equity and debt

07:53 - How to build a company where people want to invest 100s of millions

10:52 - When is the right time to step down as a CEO

11:33 - Tips for fundraising (number two is surprising)

14:49 - Few funny fundraising stories

16:51 - The ins and out of building relationships with investors

19:13 - Biggest mistakes: LPs pushing GPs; GPs keep pushing founders

21:19 - What Michael knows today but didn't know in 2015

25:40 - Who Michael looks up to

27:12 - A typical day is 8:00am to 2:00am; still finds time for family

30:40 - 4-5 “aha” moments which made all the difference

36:41 - Find the right “energy” and you can build a very large company

41:53 - 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 years

45:21 - Australian investors made an offer to move to Sydney to build HoldCo

Follow PrivatEquityGuy on Twitter: ⁠⁠https://Twitter.com/PrivatEquityGuy⁠

⁠Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠⁠https://privatequityguy.beehiiv.com/subscribe

⁠⁠Michael on Twitter: ⁠https://twitter.com/MichaelCassau⁠

This 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/assistance

Show Notes:

00:00:00 - Intro

00:00:21 - Ujwal's eatly days as an entrepreneur

00:04:37 - "I did absolutely everything I needed to. Myself!"

00:06:25 - Zero moments of doubt

00:07:50 - The story of the man who acquired Adidas

00:10:35 - 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 deals

00:23:45 - DD, Structure - How Ujwal himself figured it all out

00:26:50 - How to do something without prior experience

00:29:15 - You are capable of figuring things out

00:29:45 - Size of HoldCo today, how many machines, headcounts, etc.

00:34:10 - The day-to-day; sometimes working 3-4 hrs a week

00:38:45 - Where does most of the revenue come from

00:45:58 - The biggest challenges in this business

00:54:01 - How to achieve 8-fig EBITDA in 5 yrs

00:57:08 - We get personal - what excites Ujwal?

01:01:11 - Ujwal looks for significant other

01:01:23 - Best investment advice given by Ujwal

Follow PrivatEquityGuy on Twitter: ⁠https://Twitter.com/PrivatEquityGuy⁠

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: ⁠https://privatequityguy.beehiiv.com/subscribe⁠

Ujwal on Twitter: https://twitter.com/UjwalVelagapudi

This 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: Finland

HoldCo 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 greedy

Show Notes:

00:00:00 - Intro

00:00:15 - 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 motivation

00:03:45 - Is Mathias a generalist or a specialist

00:06:15 - What Mathias and the JATKAJA team look at when acquiring the company

00:08:45 - This is how they find deals

00:13:10 - How much time they spent on finding good deals in 2023

00:14:05 - Will they buy 100% of the company

00:17:00 - Growing a portfolio company from 3 million to 9 million in revenue

00:19:35 - Exact methods to accelerate growth

00:23:30 - The biggest mistakes with portfolio companies

00:28:10 - HoldCo's biggest risks in the world (sales-sales-sales)

00:31:20 - How Mathias spends his time between 5 portfolio companies

00:32:55 - Mathias' difficult situations in life and business

00:35:02 - 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 business

00:41:25 - Should you be greedy in business?

Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Mathias on Twitter: https://twitter.com/MathiasCalonius

This 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.

Sponsors
This 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/ - A deal-by-deal private equity investing platform

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 for
00:36 From “stocks & bonds are boring” to real assets; early AUM context
01:25 Independence as the goal; raising $450M with no track record
02:20 Three complementary founders is better than one “perfect” entrepreneur
03:12 Leaving Goldman: the coffee invite, risk, and family pushback
04:35 “Fill your backpack”: learn aggressively, then have the courage to leave
05:43 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 credibility
10:05 Operating public, thinking private: ignore the ticker, focus long term
10:30 “We are responsible for dreams”: pensions as the true client
11:05 Proactive diligence: working 12–36 months before a sale is announced
12:05 Urs’s role today: fundraising, client relationships, and a 100+ person marketing team
12:45 The PE model now: ~53% equity / 47% debt; returns from business building
13:35 Edge vs. competitors: thematic sourcing and pre-work win auctions
14:40 Example: German deal log, 582 days of prep before the bank book
16:05 Returns stack vs. mega-peers; tailwinds, management being everything
16:36 Sponsor: ETA Europe newsletter (weekly EU ETA deal flow & analysis)
17:13 Four thematic teams: Healthcare, IT, Goods/Products, Services
18:00 Healthcare thesis in action: U.S. physiotherapy roll-up playbook
19:10 From 100 to 600+ clinics; EBITDA from ~$38M to ~$110M in four years
19:56 Why PE has outperformed publics: information, incentives, not leverage
21:00 Compensation design: “eat what you kill” + shared carry across teams
21:50 Hiring from industry, not just finance; sweat equity for managers
22:40 Heavyweight chairs matter: PCI Pharma example (4x MOIC)
23:40 What makes entrepreneurs succeed
24:45 Play to strengths, fix fast: people business above all

Support our Sponsors:
CapitalPad: https://capitalpad.com/
ETA Europe: https://legacy-partners-newsletter.beehiiv.com/

Subscribe on Spotify:
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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 X

Show notes:

00:00:00 - Intro

00:00:10 - 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 returns

00:18:45 - why very large family offices write test checks of $25,000 and not more

00:20:00 - what is a Waterfall?

00:23:25 - Investors don’t want to see something they haven’t seen before

00:25:50 - “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 fee

00:32:00 - how to structure your investment fund in a correct way

00:38:28 - Best ways to build relationships with LPs while being a GP

00:43:10 - being truthful about company valuations

00:45:30 - out of 39 investments; only 7 companies gave reports

00:47:43 - step-by-step on how to create a fund (documentation)

00:51:56 - how to recover when you mess up your first fund

00:57:53 - You can market your fund on X / podcast (using 506C)

01:00:10 - don’t promise insane 40% IRR projections

01:00:55 - what can you promote on X; and what can’t you promote on X

01:03:26 - Mikk asks for free legal advice on raising bonds/securities on X

Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Michael on Twitter: https://twitter.com/investing_law

This 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 assets

Security 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 situations

Show Notes:

00:00:00 - Where does Andy's ambition come from

00:05:14 - What is the secret souce when it comes to building banks

00:07:00 - Why people don't like bankers

00:09:27 - Bankers are often behind the walls, why Andy builds in public

00:13:22 - You'll be surprised who's watching you

00:13:42 - Winter is coming

00:15:40 - Why most fintech businesses suck

00:19:40 - Banks Andy have bought

00:21:06 - What small biz owners should know about bankers

00:24:18 - How big is the acquisition opportunity of millennials to buy companies

00:26:15 - The story of a shipping company with a debt of $1.3B

00:31:00 - The story of a RE investor with $700 million in debt

00:35:30 - The story of how a true professional creates and maintains relationships with his clients

00:42:27 - What books Andy reads

00:45:55 - Being relentless together with Jeff Bezos

00:52:45 - How to become a CEO of a bank and what would Andy do when staring again today

Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Andy on Twitter: https://twitter.com/Schornack

This 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, happiness

Show 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 enough

00:03:00 - "I always knew I’m going to be successful"

00:07:20 - First successful company

00:08:30 - Where Val found business opportunities

00:09:43 - $9.5M in revenue; $8.5M in profit story

00:13:10 - Val’s current business: platform for independent fine jewelers

00:15:34 - Growing AUM from $5M to $500M in three years

00:27:20 - Diversify yourself when it comes to capital sources

00:31:55 - What Val looks when it comes to hiring talent

00:34:25 - Which tasks and responsibilities to delegate

00:36:00 - Most efficient way to build a $10m or $100m business

00:40:55 - Val’s relationship with money

00:49:40 - Why did he join The Hampton

00:52:00 - It’s OK to ask help on Twitter

00:52.55 - Val in year 2040

00:57:40 - Val hopes the clock really stops ticking haha

Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses:

https://privatequityguy.beehiiv.com/subscribe

Val on Twitter: https://twitter.com/ValKatayev

This 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 2020

Prior 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/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Justin on Twitter: https://twitter.com/J_M_Vogt

Evermore 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/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Alec 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 owner

No hype. Nothing flashy. Just real stories from a serious dealmaker.

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Sacha 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” recommendation

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Sunny 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 bootstrapped

No hype. Nothing flashy. Just a real success story.

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Ranjit 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/PrivatEquityGuy

Join 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 $140,000,000

On 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 give

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Michael on Twitter: https://twitter.com/AcquisitionCEO

My guest today is Alexis Sikorsky. An entrepreneur who bootstrapped, scaled, and ultimately sold a company in a 9-figure exit.

Sponsors
This 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/ - A deal-by-deal private equity investing platform

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: CapitalPad
01:36 Who is Alexis Sikorsky
02:03 Early entrepreneurship
03:59 First ISP & internet café in West Africa
05:12 Conflict with government & partner’s death
07:05 Buys training company
07:43 1999–2000: founding the software dev firm
09:20 Buying assets of Logical Access
09:37 On failures & lessons (politics, client concentration)
12:35 “I can’t be employed” mindset / drive to continue
13:06 2008 peak: €11–12M revenue, €3M profit
14:31 “The grind” years: cuts, mortgages, survival
15:17 Private equity calls
16:35 The very optimistic 2-year plan
17:22 The deal: ~11x EBITDA, 85% cash now / 15% later
18:59 Final personal exit; later strategic sale (undisclosed 9 figures)
19:30 Sponsor: ETA Europe newsletter
20:41 “If I had 2023 wisdom in 2003…”
21:22 How much runway to hold; agility for black swans
22:23 Fear, resilience, and hiring “good people” too late
24:59 Personality under stress; heart attack joke
28:07 Why post-PE period was the best
28:13 “Did you sell to the right people?”
28:29 Strengths & weaknesses
30:00 Life after exit
34:31 What retirement actually felt like
35:01 Happiness, safety, safari/diving; minimal “stuff”
39:52 Founders often don’t know their own company
40:52 Know your numbers monthly
43:28 “Fire yourself” from most tasks as CEO
44:51 “What’s your number?” conversation
45:37 Grow to sell vs. morphing into a bank
47:50 Growth vs. lifestyle businesses
50:16 Execute phase cadence
51:08 Best growth levers (context-dependent)
52:03 M&A focus for this audience
52:17 Why M&A is the fast/cheap shortcut
54:01 Leverage math in euros (LBO example)
56:08 PE myths
1:01:05 Negotiate your own contract & non-compete
1:01:23 Managing time during diligence
1:02:21 Readiness test: 1-week no-phone vacation
1:02:37 How to diligence PE (ask for 5, call the others)
1:06:59 What buyers saw that he didn’t
1:10:41 Why founders often under-sell
1:10:55 Nominal EBITDA explained
1:12:13 Over-management at €100M valuations
1:12:35 Where clients fail in execution
1:14:21 Black swans & an online pivot to €100M
1:16:28 Quickfire wrap
1:17:33 Best investing advice (fundamentals over price)

Support our Sponsors:
CapitalPad: https://capitalpad.com/
ETA Europe: https://legacy-partners-newsletter.beehiiv.com/

Subscribe on Spotify:
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Subscribe on Apple Podcasts:
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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This podcast is for informational purposes only and should not be relied upon as a basis

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 bankers

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Dom 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 $10,000,000

He'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/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Greg 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 investor

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Daniel 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 2040

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Mitchell 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 night

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Michael on Twitter: https://twitter.com/michael_h_chen

Read 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/PrivatEquityGuy

Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small niche manufacturing businesses: https://privatequityguy.beehiiv.com/subscribe

Amir 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 surprising

Follow PrivatEquityGuy on Twitter: www.Twitter.com/PrivatEquityGuy

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Subscribe to the PrivatEquityGuy on YouTube: https://www.youtube.com/channel/UCmtJ2mhDPm_5MIkwHnKVisg

Links:

Akshay on Twitter

Akshay's online course: The Investor Operating System

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/ - A deal-by-deal private equity investing platform

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We'll cover:
00:00 Intro: Who is Nikolai Dimitrov & Unity Investment Partnership
00:26 From pro football to acquisitions: quitting and what came next
02:04 Why buying companies: passion, team skills from sport
06:22 First strategy: veterinary roll-up
09:51 Sponsor: CapitalPad (SMB investor ↔︎ searcher platform)
10:36 12-18 months with no deal: iterate, don’t quit
11:50 First acquisition: 4× cash flow; 25% down, 75% seller-financed
13:35 Year 1 reality: building reporting from scratch in a mom-and-pop
14:53 “Terms over price”: negotiating when you’re the only buyer
17:34 Closing the first deal: proof the model works in CEE
18:34 Seller pipeline tailwind: retiring baby boomers in small business
19:17 Sponsor: SpaceBar Studios (done-for-you newsletters)
21:35 Raising from LPs: doctors, lawyers, real estate pros
22:50 Second acquisition; time allocation across businesses
23:33 Third deal: dental clinic
25:15 Incentives and the shift from deal-making to asset management
26:58 What a “good deal” looks like; buying right at low multiples
32:31 Growing the portfolio: sector differences, ops cadence
33:59 Diversified vs focused holdco: trade-offs in reporting & speed
35:10 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:
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This 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/ - A deal-by-deal private equity investing platform

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You'll learn:
00:00 Grant’s path: 10 starts, 2 exits, 1 scaled; now backing self-funded searchers
00:32 Grant’s background & living the “buy vs. build” debate
02:26 Buying a business for his wife to run (4 LOIs, funny diligence misses)
05:24 First 90 days: installing EOS, weekly scorecard, real traction
06:52 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 dominates
09:32 Why self-funded search is a built-in grit test
10:14 From personal checks to raising a fund (organic evolution)
12:23 The four screens: low concentration, low capex, low cyclicality, history of profits
13:53 Cyclicality lesson: cheap isn’t worth macro sensitivity
15:52 Fund timeline: Oct ’24 idea → Feb ’25 start → Jul ’25 close
16:39 Fundraising tactics: “ask for advice,” webinars, soft-circle snowball
18:41 Sponsor — SpaceBar Studios (done-for-you newsletters)
20:27 Looking at deals while raising; confidence once ~$5M soft-circled
21:16 How Grant picks winners: on-site diligence, non-spreadsheet reality
22:51 Sourcing searchers: Searcher.com, webinars, “This Week in ETA” newsletter
26:15 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-selective
28:03 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/restaurants
33:58 The real investor value-add: resilience through the ugly middle
35:18 Roll-up skepticism; single-asset cash flow is better than multiple-expansion bets
37:53 First-90-days playbook: live in the trenches; avoid “academic” fixes
39:45 Inventory cautionary tale: don’t break the value prop you can’t see on a P&L
44:19 Game-changer hire: Chief of Staff as force multiplier
46:10 Failure as teacher; base rates favor buying over building
48:23 Where to find Grant (Twitter & LinkedIn)
49:05 Favorites: Switch, Good to Great, Traction; best advice—circle of competence
50:51 Wrap-up & close

Support our Sponsors:
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This 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.

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CapitalPad 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/ - A deal-by-deal private equity investing platform

What you’ll learn:
00:00 Intro - buy, run, and compound
02:03 Why study Tim & the origins of search funds
03:40 Tim’s path: from MBA case study to investor
05:18 60+ investments, market gets crowded, lessons learned
06:54 Flipping to buyer/operator; control & alignment
07:59 Search fund 101: traditional vs. self-funded vs. committed capital
09:53 Sponsor: CapitalPad
10:54 Why search funds work: hungry operator × resilient business
12:08 First-time CEO profile: EQ is better than IQ, sales, coachability
14:28 What to buy (and avoid): the “easy to run, hard to break” box + weird niches
15:57 Sponsor: SpaceBar Studios
16:56 from LOI to close: diligence, QoE, papering the deal, seller roll/seller note
19:03 First 100 days: make payroll, listen, cadence & KPIs
20:05 Months 3-12: hire a sales leader, CRM, pipeline & talk tracks
21:56 Post-close priorities: top accounts, upgrade tools, data culture
23:03 Returns math: 4× equity without multiple expansion
24:15 Hold vs. sell; should the seller stay?
24:58 How big is the opportunity? supply/demand & off-market
26:08 Bezos vs. Musk test: singles % doubles are better than moonshots
26:53 Final advice & next steps
27:26 Outro

Support our Sponsors:
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This 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/ - A deal-by-deal private equity investing platform

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/inquire

Timestamps:
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 loops
02:24 Donza’s origin story: island → banking → PE
04:27 The hangar conversation that changed his life
06:05 PE associate programs, fund velocity & early reps
07:27 Investment philosophy setup (industry → company → price)
07:51 Partnership — Capitalpad
08:31 Building conviction: Five Forces, 2–4 thesis pillars, price last
10:50 What he kept/ditched from institutional PE before launching
12:02 Why 2024 to launch Clear Peak; co-founding with Luke
14:55 Model choice: independent sponsor now, fund optionality later
16:24 Deal #1: cruise/maritime maintenance software—core thesis
18:10 Capital reality on Deal #1: family offices & cold-start relationships
18:58 Deal #2: faster process; staged diligence & value-creation session
20:29 Partnership — Spacebar Studios
21:08 Operating the portfolio: GTM at IT Sync; financial visibility at Entara
23:55 Back to market for Deal #3; discipline on timing
24:08 Highest-ROI levers post-close (company-specific, no cookie cutter)
25:17 Choosing investors: family offices vs. SBIC; red flags
27:20 Superpower & weakness: depth of work vs. time trade-offs
29:33 Taking risk: leaving institutional PE; AI’s coming impact
31:18 Hardest skill shift: decision-making rests with you
32:16 Hours & lifestyle now vs. institutional PE
33:12 Happiness & autonomy; what “winning” (MOIC/IRR) looks like
34:18 What he’s studying now (IT services, vertical SaaS, mental models)
35:12 Practicing intellectual curiosity; inviting dissent
36:22 Favorite book: Behave (Robert Sapolsky)
37:15 Wrap-up & future check-in

Support our Sponsors:
CapitalPad: https://capitalpad.com/
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This 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 acquisitions
00:26 Portfolio averagE: 4.7x paid; $4.1M EBITDA
00:52 Structure banks love: 70% now, 30% later; owner reinvests
01:18 Growth thesis: target 5x MOIC + “second bite” bigger than first
03:30 Value creation: capital allocation, incentives, team energy
04:51 Sponsor: SpaceBar Studios
05:31 Deal cadence & outlook: 1–2 deals/per year; potential portfolio sale

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Getting started isn’t your problem anymore. Only 2 spots left this month.
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This 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/ - A deal-by-deal private equity investing platform

Spacebar Studios
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Operator-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 background
04:41 Sleeping Giant timeline
06:18 Sponsor (CapitalPad.com)
10:32 Buffett, Brent Beshore, ETA/search, university model
13:42 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 setup
18:20 Sponsor (SpacebarStudios.co)
19:29 First acquisition story
21:41 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 & outcomes
35:57 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 fund
46:04 Scalability (2–3 CEOs at a time; replication in other regions)
47:29 Place-based investing philosophy & macro trends
50:51 Quickfire (best advice and favorite book)

Support our Sponsors:
CapitalPad: https://capitalpad.com/
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This 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/ - A deal-by-deal private equity investing platform

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/inquire

Timestamps:
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 priorities
03:10 - How he made it happen: engineered exit & planning window
04:54 - Choosing ETA/search over property (people-focused)
05:49 - Didn’t pick an industry until after starting the search
05:54 - Research approach: 15–30 sectors explored
06:48 - Sponsor - CapitalPad
07:52 - Acquisition criteria: large & fragmented, multiple arbitrage, non-tech
09:54 - Capital model: deal-by-deal, retain majority equity
10:43 - Strengths & weaknesses
14:04 - Timeline & where the group is today (first deal Dec 2021; 4 buys + 1 organic; ~$30m rev; 2033 target $150m)
17:31 - First acquisition story
20:08 - Sponsor - Spacebar Studios
23:39 - What he buys now: $3–12m revenue, ~10% EBITDA, commercial/built-environment
25:14 - Why buy multiple quickly: diversify operational risk
28:16 - Post-acq philosophy: no full integration; hybrid model, common tech
32:51 - Why #2 and #3 worked: better margins, owner transition, heavy communication
36:58 - Organic playbook: hire industry COO, spin up division, recruit A-players
39:33 - Organic results: ~$3.66m year-1, double-digit margins, 20–22 engineers
43:40 - Wrap-up & thanks

Support our Sponsors:
CapitalPad: https://capitalpad.com/
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This podcast is for informational purposes only and shoul

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/ - A deal-by-deal private equity investing platform

We cover:
00:00 Intro — making buying businesses & raising capital easier
00:27 Danza’s path: IB/PE → Clear Peak → the CapitalPad problem
02:01 Travis’s path: founder → exits → discovering SMB deals
03:35 Why SMB acquisitions: return studies & the access gap
05:11 The marketplace solution: deal flow + right-sized checks
06:45 Build & launch timeline; choosing curation over “open”
07:46 Fees & alignment: investors pay (20% carry + 1.5% close), sponsors free
10:36 Curation filters: leverage, concentration, valuation, tough industries
15:13 Do good deals fund? Understanding complexity & platform growth
16:51 Searcher flow: teaser, VDR, interview, listing, go-live
18:02 Investor experience: NDAs, Q&A, allocations, SPV mechanics
19:54 Post-close: reporting discipline & early outcomes
21:42 Portfolio design: illiquidity + diversify (expect some failures)
22:45 Market temperature: pricing sanity, avoiding froth
23:55 Common searcher mistakes; why post-LOI matters
27:33 Beyond capital: better governance
31:01 No pay-for-priority access; keeping incentives aligned
32:14 Roadmap: expert LP involvement & operator support

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This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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/ - A deal-by-deal private equity investing platform

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/inquire

You’ll learn:

00:00 - Intro & Leon Capital Group overview
02:26 - Border-childhood & immigrant mindset
05:24 - Turning labor into equity at 14
07:21 - Harvard takeaways & Goldman “pipes of money”
12:37 - Four questions to decode deal headlines
13:17 - Move to Dallas (2003) & flood-map/option flip
14:41 - Sponsor: CapitalPad
16:00 - 2008 crisis: speed over perfection; spouse’s push
17:21 - Going all-in 200×; distressed loans & 24-condo flip
18:04 - Broker flywheel & long-term loyalty
20:32 - Sponsor: Spacebar Studios
21:42 - PropCo/OpCo playbook → to 265 dental clinics
25:02 - Build it in-house: Patient Capital financing
25:51 - Cut out middlemen: insurance brokerage
26:41 - Crexi origin story: data, auctions, listings
28:38 - Wrap-up & next-episode teaser

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire

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Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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/inquire

Scalepath 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 Intro
00:00:28 What Goldleaf is building
00:01:26 Jack’s background & meeting co-founder Brandon
00:04:06 Wednesdays at the almond mill; lean-startup exploration
00:05:01 Partnership: Scalepath
00:06:26 Pivot from agtech to owning farms; meeting Brandon; first investors
00:09:48 Buying the first farm (Fall 2017)
00:10:35 Lessons from the first acquisition
00:14:10 Why almonds & pistachios
00:15:51 How they value farms (cash-flow/DCF mindset)
00:17:13 Partnership: Spacebar Studios
00:18:10 Capital raising phases (friends & family → family offices)
00:19:15 Alignment with LPs; team equity & structure
00:23:09 Diversified LP base (sub-$1M checks)
00:25:47 Capital structure: lower debt, higher equity
00:28:01 Biggest risks: water & growing conditions
00:29:09 Selectivity: ~1,400 farms reviewed; 27 bought
00:30:12 Early mistakes; refocusing on water/quality
00:32:02 Jack’s advice: constant improvement; long slog; do it
00:34:12 Personal Q: family (4 kids)
00:34:35 Culture & benefits: family-first values
00:36:57 Best investment advice & favorite book (East of Eden)

----------------------------------------------

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 Larson
00:01:43 - What ScalePath is (structure & purpose)
00:02:29 - “How I make money”
00:03:11 - HVAC acquisition near-bankruptcy story
00:05:07 - 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 focus
00:12:56 - 16 events in ~35 days
00:15:01 - Why paid improves attendance (Vistage/YPO comparison)
00:16:02 - Niche-based groups: B2B, pro services, local services
00:17:17 - Online vs. in-person
00:19:20 - Ideal setup: industry peers + local group
00:19:35 - Pricing models & member feedback
00:20:07 - Price point & ROI framing
00:22:32 - The van: $42k “vanlife” for meetups
00:23:10 - First trips & momentum
00:24:59 - Why the van is standout B2B marketing
00:25:59 - Newsletter stories: behind the scenes
00:27:47 - Why sell a commercial cleaning business
00:29:25 - Talking to $30–50M operators; misery check
00:30:38 - Community value for acquisition decisions
00:31:28 - Niche example: boat upholstery repair
00:32:59 - Hiring lesson: inexperienced vs. experienced owners
00:35:08 - Common theme: undercapitalization
00:35:33 - “Take every dollar the bank offers” (asset deal context)
00:38:29 - ~10% therapy; SBA-debt stress early on
00:40:16 - “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

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 markets

First 6 founders this month get their newsletters launched for free.
Reserve your slot here: https://www.spacebarstudios.co/inquire

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/

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 Intro
00:00:07 Who are IMBIBA’s managing partners?
00:02:36 IMBIBA origin story & “two lives” of the firm
00:03:46 Fund I thesis: proven unit economics, operator help, rollout
00:04:22 Sponsor break - Scalepath
00:05:22 Building an operator-heavy PE team
00:06:11 Fundraising war stories (2018): the brutal last £10m
00:09:13 Post-raise: first 18–24 months
00:09:52 COVID hits: portfolio shut, scenario planning, survival
00:10:22 Doing 7 deals in 14 months: why founders chose them
00:11:35 What great PE–founder support looked like in crisis
00:14:19 Managing LP expectations during uncertainty
00:15:07 Rebuilding the portfolio: childcare, wellness, four-walls brands
00:16:14 Sponsor break - Spacebar Studios
00:17:35 Designing for resilience: margins, labor mix, exits
00:18:16 Portfolio & exits: NQ64, Little Houses Group
00:20:05 Who buys these assets now? (trade, PE, US interest)
00:21:49 When to sell vs. hold: operational gearing & like-for-like trends
00:25:18 Typical deal structure: significant minority, founder-led
00:26:14 Sourcing: mapping subsectors, off-market outreach
00:27:20 Upgrading teams post-investment; the “professional MD” hire
00:30:09 Funnel math: 1,000+ outreaches → 600 meetings → 3–4 deals
00:30:41 Red flags & when to walk at the 11th hour
00:31:43 Spotting real operators (site visits, staff, standards)
00:33:07 How their team works: operating partners on boards
00:34:57 Personal strengths & weaknesses (deal smell, negotiation)
00:37:23 Where founders need the most help: people & property
00:39:13 Coaching without micromanaging; the chair that moves the needle
00:41:28 Incentives & aligning around liquidity events
00:42:38 Navigating misalignment on timing and partial liquidity
00:45:06 Where they’ll invest next; where they won’t (exitability lens)
00:47:57 Supply of opportunities vs. capital in today’s UK market
00:48:44 Advice for emerging managers: resilience & learning from failure
00:50:01 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/inquire

Default 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 Gagosian
00:02:46 - Section 1: Build a deal engine
00:03:47 - Tactic: 100 cold calls a day
00:04:49 - Show up uninvited (crashing rooms, creating access)
00:06:04 - Default aggressive beats perfect timing
00:07:04 - 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 market
00:21:19 - Tactics: proven assets, create liquidity, exploit fragmentation, earned secrets
00:23:06 - Apply to SMBs: secondary markets & roll-ups, own the transaction
00:25:58 - Investor lessons: ignore status games, price on info, map your niche, be the connector
00:26:37 - Section 4: Build relationships, not deals
00:27:31 - The S.I. Newhouse cold call and a life-changing relationship
00:29:04 - “Heir maps,” future inventory & proprietary deal flow
00:30:08 - 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)

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 markets

First 6 founders this month get theirs launched for free.
Reserve your slot here: https://www.spacebarstudios.co/inquire

Brandon 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 - Intro
00:00:44 - Starting the first agency while working at a SaaS company
00:04:39 - Transition from side business to full-time entrepreneur
00:08:35 - Negotiation lessons and structuring the earnout deal
00:12:28 - Landing Oracle as first major client
00:14:06 - Post-sale period and consulting work
00:19:30 - Acquiring Planet Compliance - turnaround story
00:22:05 - Starting Spacebar Visuals with $10k and co-founder search
00:25:49 - Why the operator recruitment method works
00:28:54 - Refining Space Bar Ventures' vision – incubations vs acquisitions
00:32:36 - Sponsor: Spacebar Studios
00:36:15 - Advice for growing HoldCo Builders & Private Equity Guy
00:38:50 - Delegation lessons and becoming a better operator
00:42:42 - Spotting talent early - why Ryan was the right co-founder
00:44:32 - Current focus - growth over acquisitions
00:47:34 - Raising capital vs staying bootstrapped
00:50:02 - Cost-cutting and 'Vendor Day' – saving $100k/year
00:53:58 - Strengths, weaknesses, and growth strategy
00:57:35 - Why the $1M after-tax cash flow goal
01:01:24 - Quickfire: best investment advice & favorite books

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

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/

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 Matters
00:05:07 - Big lessons when hiring a CEO for your portfolio company
00:05:25 - Sponsor: Scalepath
00:06:40 - Don’t overindex presentation and don’t judge by how equipped someone looks today
00:07:59 - Meet hundreds and thousands to train your eye
00:10:36 - Institutional momentum is more important than individual brilliance
00:16:32 - Sponsor: Spacebar Studios
00:17:59 - The top 0.01% of people I back just never stop
00:20:11 - Reward those who create a movement
00:22:28 - Decentralized decision-making
00:27:12 - Ego is the enemy of multiples
00:29:28 - Be brutally honest but relationship-driven
00:33:07 - Time is the ultimate enemy
00:36:14 - How to build time discipline in your investment firm or HoldCo
00:40:44 - Add these three questions to your DD
00:41:22 - How to win when you play the long game with people

----------------------------------------------

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

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/

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 Days
00:03:09 - Getting Offer from Aggregator
00:04:56 - Sponsor: Scalepath
00:06:59 - Amazon Delisting Story
00:07:59 - Exit Process & Post-Sale Transition
00:08:42 - Why Danny Moved Into Software
00:09:30 - Managing Risk While Employed
00:11:22 - First Acquisition
00:14:34 - Sponsor – Spacebar Studios
00:16:06 - Partner Dynamics with Scott
00:18:04 - First Acquisition Size & Deal Terms
00:18:58 - Second Acquisition – Sign Company
00:20:03 - Launching the Evermore Strategy
00:21:08 - Lessons from Offline vs SaaS Businesses
00:22:05 - Post-Acquisition Leadership Hiring
00:24:14 - Offline Business Operations Today
00:25:13 - Going All-In on Vertical SaaS
00:26:36 - Acquisition Structures and Transitions
00:27:55 - Evermore vs VC, PE, and Search Funds
00:30:50 - Raising from 35 Individual Investors
00:33:00 - Convincing Investors with the Vision
00:34:50 - Investor Communication Systems
00:36:28 - Deal Sourcing Strategy
00:38:36 - Competition in Acquisitions
00:42:32 - Refining Acquisition Criteria
00:45:58 - Debt Strategy and Deal Structures
00:46:30 - Portfolio Size Today
00:47:03 - Doubling Down on One Platform
00:50:33 - Vertical SaaS Opportunity Ahead
00:51:04 - Current Portfolio Struggles
00:52:28 - Leaving Social Media
00:54:08 - Final Thoughts and Wrap-Up

----------------------------------------------

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

In 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 Weaver
00:02:21 - Lesson 1: Your Business is a Reflection of Your Will
00:04:41 - Sponsor: Scalepath
00:07:58 - Lesson 2: Purpose Over Strategy
00:11:26 - Sponsor: Spacebar Studios
00:15:21 - Lesson 3: Winnable Games
00:22:55 - Lesson 4: Talent as Alpha
00:27:19 - Lesson 5: Building Platforms Before Acquisitions
00:32:36 - Lesson 6: Managing for Long-Term Value
00:37:35 - Lesson 7: Personal Growth as Business Strategy
00:45:30 - Final Reflections and Call to Action

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This 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 email

First 6 founders get theirs built free
👉 Reserve your slot here: https://www.spacebarstudios.co/inquire

Today 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 easier
00:01:22 - The mastermind that transformed our business
00:03:56 - We didn’t invent the playbook, we executed the process playbook
00:04:56 - Sponsor: Scalepath
00:06:54 - I almost let my ego kill our growth
00:08:19 - How we grew 35% annually for 8 years
00:10:02 - Should more entrepreneurs take part in masterminds?
00:11:37 - Why I paid myself $80K for 5 years
00:15:01 - Sponsor: Spacebar Studios
00:15:30 - How we built a game-changing advisory board
00:19:38 - We hired a board member as our company president
00:22:24 - Running a family business without the drama
00:25:33 - Our mission: Become the #1 private home service company
00:31:19 - Why we only do 1–2 acquisitions a year
00:33:33 - Only looking for markets with a lot of tailwinds
00:37:35 - Competing with private equity on great deals
00:42:28 - How we 2.5x’d profit at Ferguson Roofing
00:46:18 - The financing strategy that fuels our sales
00:52:49 - How we scaled with zero outside capital
00:55:51 - Capital allocation and debt terms from the banks
00:58:43 - The mindset shift to break through the $30M ceiling
01:01:34 - 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_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.