HoldCo Builders – Détails, épisodes et analyse

My guest today is Nick Huber — entrepreneur, investor, and creator behind a $30M+ holding company spanning real estate, service businesses, and media.

In this episode, we dive deep into how Nick allocates capital across multiple businesses, builds operationally lean teams, and balances short-term cash flow with long-term wealth creation.

We explore how social media transformed his entrepreneurial journey, raising millions and unlocking career-changing relationships. Nick also shares the realities of building in public, handling criticism, and why focusing on "unsexy" businesses gives him an edge.

If you're an investor, business buyer, or private equity professional looking to learn how to think, operate, and allocate like a world-class entrepreneur, this conversation is for you.

Topics include:

• Capital allocation frameworks
• Scaling without losing control
• Building trust and raising millions online
• The real mindset behind entrepreneurship
• Handling criticism and pressure at scale
• Life lessons from building boring businesses

Listen now to get an unfiltered view into the mind of one of today’s most transparent and tactical business builders.

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Timestamps:

00:00:00 - Intro  
00:00:23 - Why everyone wants to follow people who live an interesting life  
00:04:25 - The huge upside and downside of being transparent on social media  
00:05:36 - “Nick is going broke, he’s a fraud, and going bankrupt?!”  
00:10:36 - The debt structure behind Nick’s most expensive acquisition ($52M valuation deal)  
00:19:15 - How to stay focused when running a diversified portfolio  
00:22:40 - 325 employees across Nick’s portfolio (only 20 are Americans)  
00:25:38 - Whatever you do: add as much value to others as you can—and do it for free  
00:28:02 - The story of meeting a wealth manager that changed Nick’s views on life and business  
00:32:18 - Helping investors evaluate deals led Nick to 5 closed deals  
00:35:06 - How one Twitter thread converted into 40,000 followers and a new business life  
00:36:28 - Business and life are an adult marshmallow test  
00:40:02 - Three things every operator should learn  
00:43:22 - Working 60 hours a week  
00:45:45 - The most painful part of the journey  
00:47:29 - Is Nick an iceman, or does he really care what people think of him?

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

 As Nick builds his holding company, here are the links to all of his businesses, as well as his new book, which will be released on April 29, 2025.

Nick on X: https://x.com/sweatystartup

www.sweatystartup.com

www.nickhuber.com

www.somewhere.com

www.boltstorage.com

www.recostseg.com

www.boldseo.com

www.webrun.com

www.titanrisk.com

www.linkedin.com/in/sweatystartup

Link to buy the book on Amazon: https://amzn.to/4bLazjW

Link to buy the book in the UK: https://bit.ly/422njPW

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

My guest today is Nick Keegan, co-founder and CEO of Mail Metrics, a company helping highly regulated industries—like banks, insurers, and pension providers—communicate more effectively with their customers.

Nick started Mail Metrics in 2013 at just 24 years old, after serving 11 years in the Irish Defence Forces. It took 7 years to reach €1M in revenue, but what followed is nothing short of remarkable: in 2023, the company hit €40M—and is on track to do €210M in 2025.

In this episode, we go deep into the gritty early years, how he closed his first clients after 3 years of trying, and how Mail Metrics scaled through a combination of organic growth and strategic acquisitions.

Nick breaks down what he looks for in an acquisition target, how deals are structured and financed, and what it really takes to integrate teams post-deal.

We also cover:

• The challenges of selling into regulated industries with long sales cycles
• How Nick brought on a private equity partner while keeping control
• The key lessons from growing a 600-person company
• His approach to capital allocation, leadership, and leverage
• And the mindset shifts that helped him grow from a bootstrapped founder to leading a 9-figure business

Whether you're an operator, investor, or aspiring acquirer, this episode is packed with insight.

I hope you enjoy this conversation with Nick Keegan.

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Timestamps:

00:00:00 - Intro

00:00:11 - The early days of Nick and MailMetrics

00:07:01 - The story of the first two massive clients (took an extremely long time to close)

00:08:06 - Growth through acquisitions

00:11:07 - The story of the first two acquisitions (financing and structure)

00:16:16 - Post-acquisition strategy

00:19:05 - Timeline of all the acquisitions

00:20:09 - Improving the bottom line through synergies across the portfolio

00:22:59 - The third acquisition almost doubled the business 00:26:00 - 2–3 factors that need to be true for Nick to acquire a competitor

00:28:27 - When acquisitions don’t go as planned… 00:32:45 - The decision to partner with a private equity firm 00:37:15 - Nick and his roles over the years

00:41:48 - Nick’s view on leverage when doing acquisitions 00:43:40 - What Nick would do if he were to start all over again

00:46:35 - MailMetrics today

00:48:35 - Your goals can come true—sometimes 10x bigger than you ever dreamed

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

Nick on X: https://x.com/Nick_Keegan

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

In this episode, we dive into the world of serial acquisitions with Niklas Savas, an analyst at Redeye, who has a unique perspective on the Swedish serial acquirers' approach.

Addtech AB: Over 150 companies, $1.5B in revenue, $150M in operating profit.

Lagercrantz Group AB: Around 40 companies, $500M in revenue, $50M in profit

Lifco AB: Over 100 companies, $1B in revenue, $100M in profit

Teqnion AB: Around 10 companies, $100M in revenue, $10M in profit

Röko: A private company with a diverse portfolio of 27 companies, more than $500M in revenue

Niklas discusses how growth through mergers and acquisitions (M&A) can open doors to expansive growth, and how Swedish serial acquirers have mastered the art of driving up prices and maintaining high P/E ratios. We also explore the realities of post-acquisition management, the competitive landscape of deal-making, and the advantages of being sector-agnostic.

With his extensive analysis of businesses and focus on expansion, Niklas paints a picture of how acquisitions can fuel long-term growth.

Niklas is also the host of the Investing by the Books podcast, where he shares insights on acquisitions, business strategies, and investment principles with a focus on real-world examples.

Enjoy this insightful conversation with Niklas Savas.

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Timestamps:

00:00:00 - Intro

00:00:16 - Life before resarching serial acquirers

00:03:51 - What makes the Swedish serial acquirers so unique?

00:06:44 - Organic growth vs growth through M&A

00:08:50 - The goal is to raise prices as much as possible

00:12:00 - How can Swedish serial buyers maintain such a high P/E ratio?

00:15:38 - Typical structure of transactions

00:17:29 - The reality of business management, problems that arise after an acquisition

00:19:24 - The biggest daily struggles for Swedish serial acquirers

00:20:16 - Post-acquisition synergy

00:22:58 - Competition on deals

00:27:03 - Which company has Niklas analyzed the most

00:30:00 - How many acquisitions are they trying to make per year

00:33:54 - Expansion into a new country

00:37:19 - 10x growth in last 5 years

00:39:29 - Buying a MOAT and companies with a brand

00:42:49 - Who would Niklas copy if he started holdco from scratch

00:48:57 - Being sector agnostic has huge advantages

00:50:08 - Meet all 200 serial acquirers in person (investors, operators)

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

Niklas on Twitter: https://x.com/NiklasSavas

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

Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together.

Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight).

Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors.

Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.

His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience.

Enjoy this insightful conversation with Dustin Carreon of COI Holdings.

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Timestamps:

00:00:00 - Intro

00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money

00:06:16 - Struggling a lot as a teenager

00:12:28 - Not fitting in, thinking you’re not smart enough

00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people)

00:21:15 - Meeting the millionaire "homeless Santa Claus"

00:27:45 - Dustin learns capital allocation

00:36:16 - "The business produces a lot of cash, I should be doing something with it."

00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details

00:55:30 - Second acquisition: buying a business in another state

00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies

01:07:44 - Post-acquisition strategy (30-60-90 days)

01:18:19 - Why invest in an asset heavy manufacturing company?

01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio

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

Dustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/

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

Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.

Ben didn’t just buy into a franchise—he built a powerhouse.

In this episode, we dive into what makes a top-performing franchisee, Ben’s approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that “people don’t quit jobs, they quit managers.”

Please enjoy this conversation with Ben Little.

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Timestamps:

00:00:00 - Intro

00:00:29 - What am I good at, what am I bad at and why franchising?

00:06:59 - Early days: work as a cook and cashier

00:14:23 - Going from being independently successful all the way to starting again from the bottom

00:24:32 - Finding the best operators with the highest standards

00:27:41 - The daily pressure of proving to others that he is the best at what he does

00:29:42 - Where does his drive come from?

00:32:11 - Competitors visit their stores and leave feeling very disappointed

00:35:37 - 4 stores hit $100,000 in weekly sales for the first time

00:40:42 - Expanding the business while owning 100% of the real estate

00:47:31 - People and companies fail because of undercapitalization

00:50:06 - The biggest challenges Ben is facing today while running 14 locations

00:56:39 - Going all-in to the operating partner model has been the best decision

01:04:40 - "Don't go to zero"

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

Ben on Twitter: https://x.com/TRUmav

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

Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s never too late to take the leap.

As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA.

Ryan’s approach doesn’t fit neatly into the usual categories—it’s not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way.

Please enjoy this conversation with Ryan Sullivan—entrepreneur, operator, and Managing Director of North Park Group.

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Timestamps:

00:00:00 - Intro

00:00:25 - "You were 48 when you started - what took you so long?"

00:04:33 - When this "crazy" co-founder Greg convinces you to start acquiring companies

00:09:03 - Core team strengths and weaknesses

00:13:43 - How they were able to continue other pursuits while managing a portfolio of 5 companies

00:16:29 - The amount Ryan invested in the business

00:19:41 - Taking private money vs taking public money and saying no to many investors

00:24:42 - Despite his great success, Ryan struggles with impostor syndrome

00:27:50 - How to recover from a failed deal that you worked for so long

00:30:37 - Hard work after first acquisition (it's a lot harder than people say it is)

00:34:38 ​​​​- The reaction and support of the family when going through all the craziness

00:38:18 – What type of companies they are looking for

00:42:50 - Timeline of acquisitions

00:45:49 - Buying a company with real estate to manage a risk

00:49:33 - The ultimate goal is to acquire 8-10 companies

00:51:25 - The structure of the first acquisition

00:59:58 - Acquisition number two

01:03:35 - "nothing is more important than buying well”

01:07:22 - Temptation to buy just "something"

01:10:45 - Portfolio of 6 businesses and $80m revenue / $8m ebitda

01:14:26 - Keeping the debt level as low as possible

01:16:36 - Starting a deal-by-deal instead of raising a fund

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

Ryan on LinkedIn: https://www.linkedin.com/in/ryan-sullivan-b2253a1/

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

Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenue—all while maintaining profitability.

Together with his wife Jennifer, Roman has acquired 10 companies, building a diverse and thriving portfolio of DTC brands.

In this episode, we dive into Roman’s entrepreneurial journey, including the challenges and strategies of scaling a profitable holding company, his approach to identifying and integrating acquisitions, and the unique dynamics of running a business with his spouse.

We also explore the future of direct-to-consumer businesses, lessons learned from building and buying brands, and what it takes to succeed in an increasingly competitive market.

Please enjoy this conversation with Roman Khan, co-founder of Peak21.

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Timestamps:

00:00:00 - Introduction

00:00:30 - Starts his business career with $20,000

00:05:19 - Getting fired by his wife "go find other companies to buy"

00:06:55 - First success in business (paying 7-fig in dividends)

00:08:40 - "I'm an idiot, I made a huge mistake"

00:10:35 - The story of the first acquisition

00:13:40 - Investing in a very small companies and growing 10x or more

00:19:10 - Finding the first investor to start Peak21

00:21:31 - 5 acquisitions, the largest have been 8-figure investments

00:29:57 - Three key competencies

00:32:55 - Intensive work 6 hours a day

00:34:55 - "When we started 10 years ago, we had it easy"

00:38:28 - Looking at 80-100 deals per month

00:40:32 - Lessons from the oil industry

00:43:21 - Roman's best investment advice

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

Roman on Twitter: https://x.com/RomanEcom

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

Christopher Hillier is a seasoned entrepreneur with over 15 years of experience in the employee benefits industry.

He began his journey as the Co-Founder and President of Benefit Health Advisor, a full-service employee benefits brokerage based in Englewood, Colorado.

In our conversation, we delve into Chris’s entrepreneurial journey, from starting a brokerage firm from scratch and scaling it to $16M in top-line revenue, to acquiring an insurance underwriting company on the verge of collapse and turning it around for a strategic exit.

We also explore his insights on the ETA (Entrepreneurship Through Acquisition) space, where he is now a recognized expert, and his perspective on time management—an area he’s written a book about.

Chris shares lessons learned from navigating acquisitions, growing businesses, and managing teams, as well as his thoughts on the future of employee benefits and wellness in a rapidly evolving marketplace.

Please enjoy this conversation with Christopher Hillier, serial entrepreneur, investor and educator in the ETA space.

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Timestamps:

00:00:00 - Intro

00:00:45 - Christopher's story before founding, building and buying the company

00:04:35 - How does the company make money?

00:10:53 - Landing the first major clients

00:16:55 - First acquisition, buying distressed assets

00:20:49 - The reason for selling the company to a strategic buyer

00:24:11 - It's all harder than you'd ever imagine

00:30:08 - A perfect timing to sell a business: cash, stock, earn-out

00:34:10 - The importance of a right fit between buyer and seller

00:38:40 - Investing in search funds (love for ETA - entrepreneurship-through-acquisition)

00:43:09 - Buying an already established business is a kind of miracle

00:48:19 - The search process to find the right opportunity takes a long time and its lonely

00:56:21 - Chasing money

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

Christopher on LinkedIn: https://www.linkedin.com/in/christopher-hillier-88621113/

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

Santino DeFranco is a former UFC fighter turned entrepreneur who has successfully transitioned from the octagon to the world of business ownership. Santino has acquired two companies: a Shell Gas Station with a Krispy Krunchy Chicken franchise and a restaurant hood cleaning business. In this episode, we dive into his journey from professional fighting to becoming a business owner, exploring how his competitive mindset and resilience have shaped his approach to entrepreneurship.

Santino is also a highly sought-after MMA coach who has trained and guided world champions in the UFC, bringing the same level of discipline and strategy to coaching as he does to running his businesses. We discuss what it takes to operate across such diverse industries, his insights into finding value in small businesses, and the lessons he's learned along the way.

Please enjoy this conversation with Santino DeFranco—fighter, coach, and entrepreneur.

Enjoy the episode? Make sure you SUBSCRIBE for more.

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Timestamps:

00:00:00 - Introduction

00:00:56 - Santino and his wild life as a UFC fighter before his first acquisition

00:02:15 - Creation of the first iPhone and Android app called Ultimate MMA

00:03:29 - Injuries and life as an MMA trainer for UFC fighters

00:04:21 - I started looking for companies to buy

00:05:21 - What sites does Santino use to find businesses

00:07:08 - Find the first business to buy - a gas station

00:07:42 - Where does Santino's entrepreneurial gene come from?

00:10:02 - Tough decision: go back to work or start and build different companies

00:10:58 - Most of the fighters ended up going broke, so Santino pushes them to invest and acquire the company

00:13:35 - Why he is bullish on buying companies

00:15:34 - Financial situation before buying the first company

00:17:41 - Details of the first acquisition

00:19:45 - You don't have to be a member of Mensa to do this job

00:21:00 - Advisors on the first transaction

00:23:01 - Negotiations with the owner

00:26:25 - Doing due diligence all by himself

00:29:10 - Reinvesting all profits into the company

00:32:10 - First big mistake post-acquisition

00:35:45 - Why he loves the gas station business

00:38:44 - 2nd acquisition

00:42:19 - Companies Santino prefers to buy

00:45:52 - The reason why the seller sold the company

00:48:54 - How he found this deal

00:51:31 - Financial situation before the second acquisition

00:56:27 - Hiring great people and taking care of employees by giving them a raise

00:58:17 - When is the right time to acquire company number 3

01:01:19 - Working with children and thinking about buying an 8-figure business

01:06:07 - "If someone else can do it, you can do it"

01:10:49 - Who does Santino learn from, what books does he listen to

01:15:21 - How Santino manages it all: family, businesses, coaching, reading, podcast

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

Santino on Twitter: https://x.com/TinoDeFranco

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

Meet Joe Van Deman and Colin King

Founders of Circle City Capital Group. Starting with a small amount of savings and an SBA loan, over the past six years, they’ve made 14 acquisitions that have been consolidated into 4 companies, employing a total of 200 people.

A combined $30m of revenue.

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Timestamps:

00:00:00 - Intro

00:00:55 - How Joe and Colin met and what they did before their first acquisition

00:07.32 - Quitting their jobs to start a 50/50 partnership with a "stranger"

00:12:29 - First acquisition

00:20:33 - Second acquisition

00:24:45 - The industries and companies they are looking at

00:32:55 - Current portfolio and deals made so far

00:41:42 - How they manage a portfolio of 10+ companies

00:49:31 - How they survived the hard times

00:57:13 - Post acquisition and learning the specifics of the industry/field within 90 days

00:59:44 - Salary, paying dividends or reinvesting the profits

01:01:05 - Thoughts on the next acquisitions

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

Colin on Twitter: https://x.com/valuedontlie

Joe on LinkedIn: https://www.linkedin.com/in/joevandeman/

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