Explore every episode of the podcast Buyers and Builders
| Title | Pub. Date | Duration | |
|---|---|---|---|
| How I'm Building a $50M EBITDA Holdco Of Boring Businesses | Nick Huber Interview | 28 Apr 2025 | 00:49:40 | |
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:
Listen now to get an unfiltered view into the mind of one of today’s most transparent and tactical business builders. ---------------------------------------------- 00:00:00 - Intro ---------------------------------------------- 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.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. | |||
| How I Bought 4 Competitors and 200x'd My Company ($1M -> $210M in 5 Years) | Nick Keegan Interview | 21 Apr 2025 | 00:52:05 | |
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:
Whether you're an operator, investor, or aspiring acquirer, this episode is packed with insight. I hope you enjoy this conversation with Nick Keegan. ---------------------------------------------- Timestamps: 00:00:00 - 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 ---------------------------------------------- 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. | |||
| How 4 Swedish Serial Acquirers Scaled To a 49x P/E Ratio | Niklas Sävås Interview | 18 Feb 2025 | 00:55:09 | |
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. ---------------------------------------------- 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) ---------------------------------------------- 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. | |||
| How I Bought 4 Companies and Built a One-Man HoldCo Doing $20M in Revenue | Dustin Carreon Interview | 12 Feb 2025 | 01:29:13 | |
Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together. Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight). Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors. Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control. His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience. Enjoy this insightful conversation with Dustin Carreon of COI Holdings. ---------------------------------------------- Timestamps: 00:00:00 - 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 ----------------------------------------------- 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. | |||
| How I Built a 14-Unit Zaxby's Franchise Doing $50M in Revenue | Ben Little Interview | 06 Feb 2025 | 01:05:45 | |
Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue. Ben didn’t just buy into a franchise—he built a powerhouse. In this episode, we dive into what makes a top-performing franchisee, Ben’s approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that “people don’t quit jobs, they quit managers.” Please enjoy this conversation with Ben Little. ---------------------------------------------- Timestamps: 00:00:00 - 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" ----------------------------------------------- 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. | |||
| How We Bought 6 Businesses and Built a $80M Long Term HoldCo | Ryan Sullivan Interview | 29 Jan 2025 | 01:22:04 | |
Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s never too late to take the leap. As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA. Ryan’s approach doesn’t fit neatly into the usual categories—it’s not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way. Please enjoy this conversation with Ryan Sullivan—entrepreneur, operator, and Managing Director of North Park Group. ---------------------------------------------- Timestamps: 00:00:00 - 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 ----------------------------------------------- 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. | |||
| How We Bought 10 Businesses and Turned $20K Into a $200M HoldCo | Roman Khan Interview | 21 Jan 2025 | 00:45:39 | |
Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenue—all while maintaining profitability. Together with his wife Jennifer, Roman has acquired 10 companies, building a diverse and thriving portfolio of DTC brands. In this episode, we dive into Roman’s entrepreneurial journey, including the challenges and strategies of scaling a profitable holding company, his approach to identifying and integrating acquisitions, and the unique dynamics of running a business with his spouse. We also explore the future of direct-to-consumer businesses, lessons learned from building and buying brands, and what it takes to succeed in an increasingly competitive market. Please enjoy this conversation with Roman Khan, co-founder of Peak21. ---------------------------------------------- Timestamps: 00:00:00 - 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 ----------------------------------------------- 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. | |||
| How I Built and Sold a $16M Company to Invest In Search Funds | Christopher Hillier Interview | 16 Jan 2025 | 01:00:41 | |
Christopher Hillier is a seasoned entrepreneur with over 15 years of experience in the employee benefits industry. He began his journey as the Co-Founder and President of Benefit Health Advisor, a full-service employee benefits brokerage based in Englewood, Colorado. In our conversation, we delve into Chris’s entrepreneurial journey, from starting a brokerage firm from scratch and scaling it to $16M in top-line revenue, to acquiring an insurance underwriting company on the verge of collapse and turning it around for a strategic exit. We also explore his insights on the ETA (Entrepreneurship Through Acquisition) space, where he is now a recognized expert, and his perspective on time management—an area he’s written a book about. Chris shares lessons learned from navigating acquisitions, growing businesses, and managing teams, as well as his thoughts on the future of employee benefits and wellness in a rapidly evolving marketplace. Please enjoy this conversation with Christopher Hillier, serial entrepreneur, investor and educator in the ETA space. ---------------------------------------------- Timestamps: 00:00:00 - 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 ----------------------------------------------- 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. | |||
| How I Bought 2 Businesses With Little Of My Own Money And No Investors | Santino DeFranco Interview | 09 Jan 2025 | 01:21:48 | |
Santino DeFranco is a former UFC fighter turned entrepreneur who has successfully transitioned from the octagon to the world of business ownership. Santino has acquired two companies: a Shell Gas Station with a Krispy Krunchy Chicken franchise and a restaurant hood cleaning business. In this episode, we dive into his journey from professional fighting to becoming a business owner, exploring how his competitive mindset and resilience have shaped his approach to entrepreneurship. Santino is also a highly sought-after MMA coach who has trained and guided world champions in the UFC, bringing the same level of discipline and strategy to coaching as he does to running his businesses. We discuss what it takes to operate across such diverse industries, his insights into finding value in small businesses, and the lessons he's learned along the way. Please enjoy this conversation with Santino DeFranco—fighter, coach, and entrepreneur. Enjoy the episode? Make sure you SUBSCRIBE for more. ---------------------------------------------- Timestamps: 00:00:00 - 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 ----------------------------------------------- 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. | |||
| How We Bought 14 Businesses and Built a $30M HoldCo in 6 Years | Joe Van Deman and Colin King Interview | 02 Jan 2025 | 01:05:30 | |
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. ---------------------------------------------- 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 ----------------------------------------------- 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. | |||
| How I Raised Money (from 44 Investors) and Bought a 40-Year-Old 8-Fig Manufacturing Business | Jason Andrew Interview | 27 Dec 2024 | 01:06:49 | |
Jason Andrew is the co-founder of a holding company Arbor Permanent Owners - team of operators and investors committed to growing businesses for the long-term. They just closed their fundraise and cornerstone deal: 40-year-old manufacturing business in the materials handling sector. $25m in revenue, 25%+ EBITDA Jason, Simon and Rowan have done an exceptional job in their first year at Arbor Permanent Owners Their structure, strategy, fundraising, and first acquisition are all unique—and we cover each. Timestamps: 00:00:00 - Intro 00:00:32 - Life before acquiring "boring" traditional businesses 00:07:15 - An honest opinion (criticism) towards search funds 00:10:52 - The best structured cold email lead to business partnership 00:14:27 - The first 30-60-90 day action plan for finding the best deals 00:23:13 - Closing the first $25 million deal in 6 months 00:32:14 - The structure of the first acquisition 00:35:50 - Feedback from investors (changing the structure of the holding company 4 times) 00:44:36 - Investor exit strategy 00:55:35 - Growing holding company from 7-fig EBITDA to $45M without raising additional equity 00:57:25 - Thoughts on never acquiring companies with less than $3mm EBITDA 01:02:59 - What does Jason consume to learn the necessary skills to double the business? ----------------------------------------------- Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724 Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jason on Linkedin: https://www.linkedin.com/in/jason-andrew/?originalSubdomain=au This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How We Bought 25+ Businesses and Built a $600M HoldCo at 34 and 33 | Iryna and Sameer Interview | 19 Dec 2024 | 01:10:31 | |
Meet Iryna Dubylovska and Sameer Rizvi. Founders of RD Capital Partners (RDCP). Over the past eight years, they’ve made 31 investments that have been consolidated into 12 companies, employing a total of 2,000 people. A combined $400m of revenue and $40m of EBITDA. 1. We pick sectors and businesses where profits and cash-flow are the main driver of value. 2. Decentralize your operations, 'Hire very smart people and leave them alone, let them get on with it.' 3. We ran companies nice and lean. We just reinvest those profits so rather leaving those profits to pay down debt quickly or for the improvement of our lifestyle. This is how they’ve been able to compound at almost a TRIPLE digit internal rate of return (91.4% IRR) for eight years. 4. When it comes to wealth creation point of view: Private market is better than public markets. Because there is significantly less arbitrage… 5. At the end of the day, it's all about how you can buy $10 million for $3 million. 6. 50% industrials, 25% healthcare, 25% consumer – that’s quite a balanced portfolio in sectors and businesses which are relatively critical to the British economy. *** A true buy and hold strategy experts. Acquiring manufacturing, construction, engineering and healthcare companies for 3x EBITDA to sell them (if they want to) for 8-10x EBITDA. I hope you enjoy listening. ---------------------------------------------- Timestamps: 00:00:00 - Intro 00:02:31 - Life before the first acquisition and the risk of not starting your own investment company 00:07:21 - Leaving the job and going all-in finding the 1st deal 00:09:43 - Details and the structure of the first acquisition 00:14:22 - Improving lifestyle with every transactions 00:16:04 - Overview of the portfolio and thought process behind previous investment decisions 00:23:30 - Building dealflow and finding the best deals 00:29:42 - Only buying businesses they really understand. No complex transactions. 00:34:39 - Why did they give up buying distressed companies? 00:42:41 - 12+ portfolio companies, 4 kids - how they manage it all 00:46:22 - Common reasons portco CEOs approach Iryna and Sameer 00:50:07 - Saying ‘no’ to outside capital 00:54:36 - Why don’t more people do it? 01:04:44 - How they’ve been able to do this without giving up equity ----------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Sameer on Twitter: https://x.com/sameer_rdcp This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Why Networks are Your MOAT and Competitive Edge (And How to Build Them?) | Alix Pasquet's Triad Strategy | 14 Apr 2025 | 00:34:59 | |
In this special episode, I share transformative insights on the power of networks, heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management. I dive into his framework for understanding how your network acts as both a critical competitive moat and a vital margin of safety in investing and business. Key topics covered, largely learned from Alix Pasquet: - Why your network is your strongest competitive advantage - The "Triad" strategy for building powerful connections, a concept deeply influential in Alix Pasquet's thinking - How to become "important" to the right people - The importance of generosity, persistence, and long-term thinking in networking This episode is filled with actionable advice and mindset shifts, largely shaped by the principles I've learned from Alix Pasquet. Whether you're an investor, entrepreneur, or simply looking to expand your circle, you'll gain valuable insights on building a network that compounds over time. I hope you enjoy it. ---------------------------------------------- Timestamps: 00:00:00 - It doesn’t matter where you live 00:01:26 - Why networks are a competitive edge 00:05:08 - You don’t need too many people to become an excellent investor 00:06:09 - The network behind great investors (not just brilliant thinkers) 00:08:13 - The Private Whisper Network 00:09:56 - The culture of "talk to him, talk to her" 00:11:42 - The power of the Triad 00:15:49 - How to start building your network (even if you feel unimportant) 00:19:44 - Find shared missions 00:21:19 - You don’t need to be famous; you just need to be consistent 00:23:10 - Small acts of leverage 00:25:49 - Truly busy, high-agency people, the ones you admire, didn’t get there by giving up after two tries 00:27:09 - Do your homework by knowing their thinking, their portfolio, their recent exits, and struggles 00:30:35 - Mentorship is often where most accomplished people find the most joy 00:31:57 - Don't burn your early mentors ---------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Alix on Twitter: https://x.com/alixpasquet This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 35+ Businesses and Built a $240M HoldCo At 38 | Andrew Wilkinson Interview | 05 Dec 2024 | 00:56:06 | |
12 ideas and observations from the 56-minute conversation with Andrew Wilkinson, the the founder of Tiny, on building a 30+ business holding company:
All of these highlights come from an interview with Andrew, founder of Tiny and the research I did on him. Listening to this episode is the easiest way to download Andrew’s ideas into your brain. I hope you enjoy. Show notes: 00:00:00 - Intro 00:00:19 - Ruthless and money focused Andrew on his early 20s 00:05:42 - 1st business, billing in USD while living in Canada 00:08:37 - First realization that it is better to buy a company compared to starting it 00:10:28 - Buying the very first business for 3x ARR and $1.5M cash 00:13:25 - Looking at companies that make a whopping $100 million in revenue but very little profit 00:19:25 - Having extreme patience while waiting for excellent companies 00:23:23 - Inefficient market and what many investors don’t understand 00:27:32 - Everything post-acquisition and delegation 00:33:45 - Andrew’s strengths and weaknesses in managing Tiny Group 00:39:04 - A huge lesson about tech businesses: small $500k businesses get big 00:43:52 - Big mistakes in pricing a product/service 00:48:20 - Lessons from Jason Fried, Sam Parr and Sahil Bloom 00:52:31 - Equity is forever. Never just give it away Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Andrew on Twitter: https://x.com/awilkinson This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Started, Bought and Sold 6 Service Businesses (In $500k to $3M EBITDA Range) | Robert Lombardi Interview | 25 Nov 2024 | 01:13:08 | |
Selling the very first flooring business for $30k turned into a career of starting, buying and selling B2B, B2C service businesses. A total of 6 different companies in different industries:
My conversation with Robert Lombardi, the founder of Lombardi Group. He’s sharing a journey of making plenty of mistakes and falling on his face MORE than anyone would like to admit (and this being a major part of the journey and something he’s STILL grateful for). Enjoy. Show notes: 00:00:00 - Intro 00:00:19 - Early days and making first $50,000 00:06:03 - Building a flooring business, targeting commercial clients vs B2C 00:20:09 - In the flooring business, B2C is good, but B2B is much better 00:22:33 - There is no recurring revenue in the floor covering business 00:31:56 - Structure in buying and investing in companies 00:37:29 - Sale of two companies at the same time 00:43:49 - Didn't know about the roll up strategy 3-4 years ago 00:53:59 - Earn trust by giving away free business leads 01:03:37 - A restoration company, a roofing company and 2 plumbing companies will be bought next Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Robert on Twitter: https://x.com/roblmakeithappe This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Built a 7-Figure Swim School HoldCo With 30-35% Margins | Josh Scott Interview | 18 Nov 2024 | 01:00:14 | |
Forget HVAC and trade businesses… Private equity comes after your kids swim schools… Meet Josh Scott (with wife Annie):
Again, the riches (both time and $$$) are in niches. We discussed: - Raising prices and selling it to private equity (which they choose not to do now). - Buying more and more swimming pools (property) - Why aren't $1mm+ EBITDA deals coming to market? - The cost of building swimming pools - Why is selling pool fences going to be a very big business? - A 33% IRR and spending time with the kids Here is my conversation with Josh Scott, co-founder of SwimSRQ and Swim Academy. Show notes: 00:00:00 - Intro 00:00:18 - Being more interested in business than just coaching 00:02:26 - Chasing a $300,000 salary vs becoming an entrepreneur 00:04:56 - Started in summer 2018; "A year later, we knew we had something..." 00:09:01 - Learning business 00:11:36 - Growth in number and decision to buy the first property 00:14:28 - Revenue streams 00:22:47 - Buying more and more swimming pools (real estate) 00:26:23 - The future is about following a boutique model (add gymnastics and ninja model) 00:30:05 - Swimming schools and private equity 00:43:17 - Competition of talent and coaches 00:44:20 - Opportunity in NYC (lots of people, no water) 00:47:03 - Technology and automation in the swimming business 00:52:31 - Expanding into the pool fence industry Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Josh on Twitter: https://x.com/swimschoolJosh This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I'm Building a $15M EBITDA B2B Micro-SaaS Holdco | Kjael Skaalerud Interview | 12 Nov 2024 | 01:00:38 | |
“Selling B2B SaaS is great, but owning assets is better - that's why I went and built Skaling Ventures on my own.” A portfolio of profitable niche vertical B2B SaaS businesses:
We discussed how he found the best deal among the 300 deals he looked at. How he structures deals and what his game plan is 90 days after the acquisition. How 75% of private equity buyouts are add-ons – and how he does the same. And much more. I hope you enjoy listening as much as I enjoyed chatting with Kjael Skaalerud of Skaling Ventures. Show notes: 00:00:00 - Intro 00:00:19 - Life as a B2B Saas salesman (strategy: go-to-market) 00:04:31 - Selling software to fund managers 00:09:30 - SaaS, Venture capital - The importance of game selection 00:16:25 - Where was Kjael financially before acquiring the 1st company 00:18:20 - Details on first acquisition 00:23:15 - Structure of the first transaction and Skaling Ventures Holdco 00:25:30 - Lessons learned after the first 18 months as a holdco builder 00:32:45 - First 90 days after acquisition 00:40:53 - Buying and building a business - has it been more painful/harder than he thought 00:42:15 - 75% of PE buyouts are add-ons – “we do the same” 00:47:40 - 5-year holding and reinvestment for growth 00:49:52 - Acquisition number two (under LOI) 00:53:41 - Ways to get better at what you do and build Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Kjael on Twitter: https://x.com/skaalywag Kjael's Substack: https://skalingventures.substack.com/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| This Grocery Store HoldCo Opened 32 New Stores in 90 Days | Research Episode on Tomasz Biernacki of Dino Polska | 08 Nov 2024 | 00:27:32 | |
This gentleman and his grocery store holdco opened 32 new stores in 90 days. Tomasz Biernacki - a true capital allocator has cracked the code on how to compound his wealth (at a staggering rate!) His grocery holding company has invested 96% of its earnings for the past 10 years. He opened 167 new stores in Q1-Q3 in 2024. Every store he opens returns 20-30% on invested capital… All while net debt to EBITDA sitting at a conservative 1.1x Wild! There must be something special about Tomasz. I got curious so I spent almost 6 hours reading about him (best 6 hours I've spent in a long time). I hope you enjoy this 27-minute episode of the HoldCo Builders research edition I did on Tomasz Biernacki of Dino Polska. Show notes: 00:00:00 - Intro 00:03:51 - Grocery store holding company 00:06:54 - Extreme discipline on net debt 00:09.01 - Real estate ownership 00:13:41 - Focus on small towns with a population of 30,000 00:18:11 - Own production of your highest margin products 00:19:22 - No money spent on ads and marketing 00:21:46 - Offer a simple product to simple small town people 00:25:34 - Reinvesting earnings rather than paying dividends 👉 Follow host 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. | |||
| How I Left Goldman Sachs and Turned $25k Into an $11M Live Lobster Business | Alex Schultz Interview | 06 Nov 2024 | 00:58:45 | |
Not too many folks are willing to quit their job at Goldman Sachs to start a holding company. It gets even better… He even decided to move from the US to Hong Kong. That’s the story of Alex Schultz who grew a live lobster business to $11m a year; growing 20-30% per year. - Convincing the Hong Kong government to grant him a Visa to build a business - Printing out Google Maps to find the first suppliers (IT WORKED!!) - Bootstrapped business, selling $11m worth of live lobster per year in Hong Kong My conversation with Alex Schultz of Turnbury Group. Enjoy. Show notes: 00:00:00 - Intro 00:00:24 - Early days after Goldman Sachs 00:02:22 - Finding the right company 00:07:37 - Moving to Hong Kong and not knowing anyone 00:14:31 - The story of founders who lived in China for $1 a day 00:17:40 - Printing out Google Maps to find suppliers 00:22:00 - Initial investment $25,000 00:31:55 - The first 12 months and all challenges 00:37:34 - Cash flow is what keeps you in or out of business 00:44:50 - Building relationships with 2nd and 3rd generation business owners in Hong Kong 00:49:50 - Stay in Hong Kong or go back to the US? Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Alex on Twitter: https://x.com/mrturnbury This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How To Buy 5 Businesses and Build a $60m Holdco (No Investors) | Dan Tamkin Interview | 29 Oct 2024 | 01:08:03 | |
Meet Dan Tamkin, co-founder of Resurgent Capital Partners: - Portfolio of 4 companies in different industries - $60M in revenue - $8M EBITDA - No LPs - Happy, excited about life, spends tons of time teaching kids to play hockey This is a must listen for someone who’s extremely good at growing and building a single company but feels that they aren’t happiest and need more moving parts on their life: “When I started to understand who I am – I get really bored if I do one thing for over 3 years. After realizing that about myself, my dream has always been owning four businesses because I thought it would keep me curious and interested – and it has! I’m the happiest right now.” I hope you enjoy listening as much as I enjoyed talking to Dan Tamkin from Resurgent Capital Partners. Show notes: 00:00:00 - Intro 00:00:40 - Rejected by PE and “You have to start somewhere” 00:04:45 - Lessons for growing businesses from losing money to break even in 30 days 00:08:45 - I get really bored if I focus on one company only 00:13:12 - The structure of the first deal which took almost 24 months 00:20:41 - Post acquisition 00:24:34 - How to incentivize CEOs 00:33:58 - Organic growth vs. through M&A 00:42:50 - How they find the best deals and people to run portfolio businesses 00:52:59 - No PE firm wanted him, so he wasted a few years of his life trying to get a permission to succeed 01:00:30 - Taking LPs money in the future (maybe...) Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Dan on Twitter: https://x.com/Dan_Tamkin This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Letter to a Friend Who May Start a New Investment Firm | Graham Duncan research | 23 Oct 2024 | 00:29:11 | |
Graham Duncan from East Rock Capital is so generous that wrote a letter to his friend who was considering starting an investment company. Why listen to Graham: - Started his fund at 31 years old - Today $2B in aum - Manages the capital of five families "Letter to a friend who may start a new investment platform" Show notes: 00:00:00 - Intro 00:04:50 - When everything is uncertain, are you okay with it? 00:06:41 - Building a fund can even lead to divorce as risks compound 00:08:12 - Life is too short to be paralyzed by the threat of a mixed reference 00:12:48 - Make sure the older members of the team are capable of truly believing in you 00:19:14 - A concept of “going into the cave” — spending time alone for several weeks with a blank sheet of paper 00:23:48 - Make sure to call me: my partners and I would love to provide the “gas” Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Graham on Twitter: https://x.com/GrahamDuncanNYC This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Built and Sold a $31m Financial Media HoldCo | James Camp Interview | 15 Oct 2024 | 01:10:07 | |
James started and built a financial media holdco to the point where it was acquired for $31 million. He did it in 5 short years… We discuss: - Founding HoldCo with the most financially creative person he knew – a former commodities trader - Organic growth vs growth through mergers and acquisitions - Looking for stable year-over-year growth opportunities. “I’m not the dude who wants to do turnarounds” - The importance of distribution and surfing the right wave - The best deals have always been off-market - How to win deals over the guys who take potential sellers to Lakers games - Sales and marketing lessons from friends who run $100 mm business - Why he's betting heavily on social: Short and long-form content - Why and how ego holds too many entrepreneurs back My conversation with James Camp, co-founder of DMO Holdings. Enjoy. Show notes: 00:00:00 - Intro 00:00:44 - Life before DMO Holdings 00:06:10 - Launch and growth of DMO Holdings 00:15:35 - Finding the best talent through your network and community 00:28:35 - The importance of distribution and surfing the right wave 00:33:28 - Buy and build success tory: Growing a company 6x in 11 months 00:41:03 - Looking for $2-5mm EBITDA businesses 00:55:55 - Ego holds so many entrepreneurs back 01:03:30 - Attracting the right LPs Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy James on Twitter: https://x.com/JamesonCamp This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 8 Companies and Built a $200M HoldCo (100% Bootstrapped) | Jesse Tinsley Interview | 07 Oct 2024 | 01:08:25 | |
Organic growth is great, but if you want to grow through M&A while beating almost every private equity firm in deal competition. Learn from Jesse. He became so good at it that he built the company to $200mm - 8 acquisitions and counting - 100% bootstrapped - Being 35 years old; hungrier than ever A couple of notes: 1. I am a forced entrepreneur, I dropped out of school and then I couldn't find a job so I was forced to start my first company Job Mobz 2. Entrepreneurs give up too quickly; had I sold too early I would never have built a $200M company 3. Recruiting companies must transform into SaaS companies or they will be replaced 4. We've helped build teams for Coinbase, 23andME, Stellar, and Scale AI when they were very small companies 5. The way you get big WHALE-like clients: figure out what their problem is. Then do an insane amount of research and sort it out for them. No one does this and you can stand out very easily 6. Being in one industry for 10+ years gives you insane “market knowledge” that allows you to acquire companies many times cheaper than newer competitors and private equity firms that “know” less about the industry. 7. Having a huge pipeline just because of a great reputation in space – the niche focus has been incredibly beneficial 8. You can make your business 2x as valuable by reviewing your contracts and making sure you're pricing correctly 9. You can't just work 40 hours a week and win. I hope you enjoy listening as much as I enjoyed talking to Jesse Tinsley from Recruiter.com Show notes: 00:00:00 - Intro 00:00:29 - Being a firefighter and the early days of starting a business 00:04:31 - Being a part-time entrepreneur for the first 4 years 00:05:58 - Moving away from the traditional recruiting business model to recurring annual contracts 00:09:34 - How he managed to get Coinbase, 23andMe, Scale AI as clients 00:13:37 - Being frugal allowed to acquire 8 companies 00:17:00 - Having the “market knowledge” allows you to acquire companies many times cheaper than your competitors simply because they know less 00:19:00 - Deal structure 00:23:20 - Turning 3x multiples to 30x EBITDA multiplies 00:31:00 - Post-acquisition 00:35:39 - How to make your company 2x more valuable: review and fix your pricing contracts 00:43:19 - The benefits of focusing on one specific industry 00:48:32 - The cyclical market provides an additional opportunity 00:51:53 - Focusing on recruiting and recruiting only 00:54:48 - Continuing to build a business instead of saying yes to a life-changing amount of cash 00:59:27 - Is Jesse easy or hard to work with 01:01:47 - How to run a $200 million company? Schedule wise Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jesse on Twitter: https://x.com/JesseTinsley This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How We Bought 15 Companies Worth $270M in Just 24 Months | Yuen Yung Interview | 09 Apr 2025 | 01:04:12 | |
My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year. We discuss:
Whether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights. I hope you enjoy this conversation with Yuen Yung. ---------------------------------------------- Timestamps: 00:00:00 - Intro 00:00:14 - Immigrating from China to the USA 00:05:07 - The Shark Tank TV show story 00:12:39 - Why you should never fall in love with your business 00:14:00 - ETA, search funds, and the thesis behind HalBar Partners 00:20:41 - How Yuen met Nate, his co-founder 00:25:22 - Deal structures and partnership dynamics with Nate; early investors 00:27:21 - How someone with capital can replicate HalBar’s model 00:29:42 - Why they chose this specific investment model 00:34:12 - 50% of deals are in Europe, 50% in North America 00:37:03 - Typical deal structure explained (percentages shared) 00:45:12 - Key differences between the U.S. and European markets 00:50:35 - How they find the best operators 00:53:25 - Selling a company in December 2024 with a 45% IRR 01:00:16 - Getting serious about understanding human psychology ---------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought Two Traditional Businesses with $4m EBITDA at 24 | Ethan Macdonald Interview | 01 Oct 2024 | 00:51:19 | |
Imagine that for a moment… You are 24 years old and want to acquire a business… You pick up the phone and make your first cold call to the founder who owns two companies in the $1-2mm EBITDA range The founder says, "yes, I would be interested in selling my company," four months later you are the new owner of a small holding company with two traditional businesses (First Fleet Maintenance and Northern Diesel, both located in Northern Alberta, Canada) and a combined EBITDA of $4 million. This conversation is amazing. Ethan Macdonald from Macdonald Financial has a wild journey. Show notes: 00:00:00 - Intro 00:00:43 - Background before these acquisitions 00:06:29 - The moment Ethan decided it was the right time to acquire the company 00:08:35 - Talking to brokers lead to not wanting to use their services 00:11:50 - Deal structure and conversations with the banks 00:19:41 - Very asset heavy businesses 00:23:30 - The whole transaction was financed by the bank 00:32:34 - Unexpected costs in making the deal as he couldn't afford both a lawyer and an accountant 00:34:07 - Post-acquisition 00:38:26 - "I would like to be an operator for the next transaction" 00:41:00 - Growth through M&A versus organic 00:44:02 - Challenges so far after less than half a year of business ownership Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Contact Ethan: ethan at macdonaldfinancial dot net This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Built a Portfolio of 6 SaaS Businesses With 170+ Employees | Philippe Willi Interview | 20 Sep 2024 | 00:58:44 | |
"There is an ultimate way to build a group of software companies without having to follow the typical VC growth playbook." Philippe Willi is building a SaaS holding company TrekkSoft in Switzerland. He buys SaaS companies all day but never sells them. Philippe's story is different: He started a VC-backed SaaS, but wasn't able to grow it fast enough… Then he pitched investors not to grow that one SaaS, but to acquire other SaaS companies instead. The investors said it was a VERY stupid idea, but decided to do it anyway… Today they have a team of 170+ employees and 6 portfolio companies. The great story of TrekkSoft. Important note: Philippe is a big fan of Mark Leonard, the founder of Constellation Software. They have met twice. Mark even visited Philippe and his family at their home in Switzerland. Lots of great stories and lessons in this episode. Enjoy! Show notes: 00:00:00 - Intro 00:00:28 - Early days and life before Trekksoft 00:05:19 - First and second acquisition 00:09:54 - Investors: “Building a portfolio of software companies is a VERY stupid idea…” 00:15:34 - Diversified portfolio vs the circle of competence 00:21:22 - How do investors get their capital - IPO? A secondary transaction? Private equity? 00:23:05 - One business unit can save the whole group in difficult times 00:24:39 - Synergies around the portfolio and Philippe's beliefs about it 00:26:13 - First few steps post-acquisition while being an operational type founder 00:30:37 - The story and lessons learned from meeting (twice!) with Mark Leonard, founder of the $50B software behemoth 00:39:30 - Growing organically or through M&A 00:44:18 - Rule of 40 00:49:46 - Key-man-risk across the entire portfolio Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Philippe on Twitter: https://x.com/philippewilli This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 12 Small Business in 18 Months (Revenue $13M) | Jeremy Harbour Interview | 12 Sep 2024 | 01:02:35 | |
Jeremy has bought and sold over 100 businesses, but never uses a broker.
Great story with Jeremy building a holding company in Dubai while the team is based in Singapore. Important note: he does all that while traveling twice a month with the family. Enjoy! Show notes: 00:00:00 - Intro 00:02:29 - First acquisition 00:09:51 - Competition on $2-5m deals vs $10m deals 00:12:31 - Early days and growth from 25 employees to 135 employees 00:17:31 - Having a big income vs. selling the business and putting the profits into a new business 00:26:19 - Never use brokers: how to find the best companies and build a pipeline of 100 companies 00:35:37 - Characteristics of companies they acquire today 00:40:10 - Buy-and-sell vs building a huge holding company 00:42:55 - Post acquisition: "I delegate everything, I never show up, and they don't even know me" 00:45:22 - Portfolio company as of today 00:50:28 - Still terrible at fundraising 00:53:09 - Why not raise $200 million and go big 00:55:03 - Doing more of what works 00:56:32 - Joint ventures and the beauty of it Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jeremy on Twitter: https://x.com/JeremyJHarbour This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How We Bought 26 Companies and Make $116M in Profit PER YEAR; Interview with CEO and CFO of Röko | 07 Sep 2024 | 01:14:16 | |
Swedish serial acquirers have cracked the code on how to compound their wealth (at a staggering rate!) Their holding companies trade at 12-29 times EBITDA. Here is the story from their founder and CEO Fredrik Karlsson who got so unhappy with his boss so he decided to leave… Start the exact same business. Following the exact same strategy. Today, ONLY 6 years later, he and his team has done 26 acquisitions which does $600M in revenue and $100M+ in EBITA Here's a 74-minute in-depth summary of two full interviews with Fredrik Karlsson, a true buy-and-build pioneer, and Johan Bladh, Röko's CFO. (I often learn by reading and listening, so I decided to read these interviews out loud.) Show notes: 00:00:00 - Intro 00:01:29 - 26 portfolio companies, all asset light businesses 00:10:14 - The benefits of being sector agnostic 00:20:20 - Offering a 10-year put call option to the founder 00:26:01 - The hurdle of 15% operating profit 00:30:03 - With 8 people in the HQ, we can grow our profit even to $400M EBITA 00:35:15 - Looking at 300-400 deals per year (which leads to 6-12 acquisitions per year) 00:37:42 - HoldCo model vs Private equity: Decentralization and reporting of portfolio companies 00:44:03 - Understanding the markets, knowing what to acquire 00:56:07 - Competition in transactions 01:00:03 - What type of companies are they acquiring 01:11:12 - Maximum number of deals per year: 7 platforms; 2 add-ons Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Full interviews are free to read on In Practise website (huge thanks to their team for doing this): Fredrik Karlsson, the CEO of Röko: https://inpractise.com/articles/roko-building-a-leading-serial-acquirer Johan Bladh, the CFO and deputy CEO of Röko: https://inpractise.com/articles/roko-manda-strategy-transaction-structure-and-returns This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Hard Pivot? Reflections After Buying 3 B2B SaaS Businesses | Colin Keeley Interview | 29 Aug 2024 | 00:29:58 | |
Dream for 1,000s of software investors: Build a portfolio of profitable B2B SaaS companies The northstar being Constellation Software (which trades at a P/E ratio of 104 and has a market cap of $90B) Reality: It’s hard, extremely hard! Despite this, there are few people who actually go and try to do that… Take Colin Keeley, co-founder of Verne, where they buy and build mission-critical B2B SaaS businesses. “You can have a holdco plan, but do one great deal and then earn the right to do more deals.” I hope you enjoy this short conversation. Show notes: 00:00:00 - Intro 00:00:11 - First acquisition and early days of Verne 00:02:47 - Choosing the right partner to build your SaaS portfolio 00:03:45 - Returns of first acquisitions 00:07:40 - Current portfolio of companies 00:11:46 - Characteristics of perfect acquisition for Verne 00:15:23 - The harsh reality of delegation 00:21:51 - Capital Camp and lessons from Brent Beshore and Patrick O'shaughnessy Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Colin on Twitter: https://x.com/ColinKeeley This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 10 Companies in 18 Months Using $0 of My Own Money ($7.5M EBITDA and 50% Carry) | Nigell Lee Interview | 22 Aug 2024 | 01:10:32 | |
Imagine this...
Craziest part, doing all that with ZERO personal investment and still making 50% of the carry Show me a better salesman! When asked how you did it? “There are no rules. Literally.” This conversation with Nigell Lee of RBO Group has everything. I hope you enjoy listening to it as much as we enjoyed recording it. Show notes: 00:00:00 - Intro 00:00:53 - An unconventional path lead to entrepreneurship & building a company in NYC 00:07:27 - Mixed emotions and growth while growing business in the US 00:09:51 - First days of RBO Group: 9 months of market research and search of the first deal 00:12:34 - Financial structure and financing of the first deal 00:19:32 - Acquiring a company in an industry you don’t know much about 00:20:35 - The biggest secret revealed: How to find the absolute best deals 00:25:44 - Getting in the game vs spending years looking for a perfect deal 00:28:57 - Size and structure of the holding company 00:36:39 - 2-5-10 year strategy post acquisition 00:42:40 - 10 deals with 2.5x average acquisition multiple 00:46:19 - 90-day integration post acquisition 00:57:55 - Focusing on one business/platform vs wide range of companies Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Nigell on Twitter: https://x.com/nigelllee1 This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Built a 5-Company HoldCo with a Next Goal to Generate $100M in Revenue | Nikolas Hulewsky Interview | 13 Aug 2024 | 00:49:33 | |
Imagine this… You help grow the home care and hospice company from $20 million to $150 million and then they fire you. Then you think whether you should start your own thing or not, “I always knew I wanted to be an entrepreneur but I wasn’t ready for it…” Voila… You still decide to do it… Today, at 38, Nikolas runs a diversified portfolio of 5 companies. ("A small portfolio of a few companies,”, as he put it.) What a humble man. Fantastic and very open conversation with Nikolas Hulewsky from the holding company called CoFounders. Show notes: 00:00:00 - Intro 00:02:36 - Lessons learned from growing a home care business to $150 million 00:09:51 - Getting fired and starting your own business 00:11:58 - Starting a brand new company and making $10 million in revenue in 3 months00:19:55 - 4 criteria before buying a company 00:24:50 - Preparing for interest rate changes and what if they don't change 00:27:41 - All deals they’ve done are off-market, never using brokers 00:36:21 - “You do it because you want to have fun,” but what about financial goals? 00:40:30 - Building a business with your best friend 00:45:13 - Time management 101: 4 kids, a wife, and a goal of $100m in revenue Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Nikolas on Twitter: https://x.com/CoFoundersNik This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Invested in 40+ Companies and Built a $1.9B AUM Investment Firm | John Caple Interview | 06 Aug 2024 | 00:57:51 | |
Even when every 3rd and 4th person in finance dreams of starting their own private equity fund… Only 0.01% give it a chance and far fewer succeed…Here is my conversation with John Caple of Hidden Harbor Capital Partners who just went and did all that... $260m fund I $465m fund II $800m fund III (just announced fundraising) They invest in lower middle market industrial and business services companies, paying 4-8x EBITDA per deal, making them a true value shop. “I don’t want to pay 5 times for 5 times business. I want to pay 5 times for a business that one day can trade for 8, 10, 12 times. Well, that’s what everyone wants to do… But how we do it is by buying founder and family owned businesses. We never buy from another private equity firm.” We had a blast. Enjoy! Show Notes: 00:00:00 - Intro 00:00:37 - We just raised $800m, but the real work is just beginning 00:01:42 - Early days as an investment banker and consultant 00:05:12 - Doing it with his best friends and raising the first 260m fund 00:12:39 - Straightforward fundraising advice 00:17:45 - Why we're starting to see many private equity funds disappear 00:23:40 - Sourcing, selecting, servicing 00:25:45 - Investment preferences 00:32:00 - Lessons learned after one portfolio company ended in zero 00:38:21 - Processes they can't live without 00:44:02 - Advice for founders considering selling their business 00:52:39 - Is this life what you expected it to be? Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy John on Twitter: https://x.com/BigJohn043 This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| From $6.5M to $84M: The Journey of Building A 9-Fig Holding Company | Chris Rolls Research | 30 Jul 2024 | 00:24:40 | |
My research of Chris Rolls, the founder of PieLAB Capital, who went through the journey of building and selling his business, then starting a private equity fund, and then starting a permanent holding company. Their most successful portfolio company, Detector Inspector, have grown from $6.5 million in revenue to $84 million. Chris is a big fan of acquisition led compounders and serial acquirers. When comparing serial acquirers and private equity: “We got the end of the fund and we had to sell some really great companies. And being an operator, if you have a great company which is growing, and generating cash – you don’t want to sell such companies.” Fascinating lessons, I hope you enjoy listening as much as I enjoyed doing the research. Show Notes: 00:00 - Intro 01:10 - Growing Detector Inspector from $6.5 million to $84 million 02:40 - The early years of learning private equity 04:01 - 3 reasons why private market investing generates better returns? 11:55 - Not wanting to sell great companies 17:02 - Characteristics of PieLAB Capital’s portfolio 20:39 - Becoming a long-term buyer and holder of businesses 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 I Bought 10 Companies and Built a $200M Portfolio in My 30s | Eugen B. Russ Interview | 22 Jul 2024 | 00:39:10 | |
My conversation with Eugen Benedikt Russ. A gentleman in his 30s who runs a $200 million a year holding company. Since starting in 2018, they have achieved an IRR of 39% over the past 6 years. A portfolio of 10+ companies (all majority owned) They specialize in acquiring, managing, and operating profitable niche businesses in Online Marketplaces, Consumer Apps and SaaS The smallest portco earns about $2-3m in EBIT, while the largest earns $19.2m in EBIT. “These days you can run and operate profitably and successfully in these niches with a team of under 20 people nowadays. Sometimes even under 15 people. You can build a company that does $5 to $10m in revenue at a 40, 50, even 60% EBITDA margin. ” If you care about running extremely profitable niche companies, a must listen! Show Notes: 00:00:00 - Intro 00:05:48 - Haven’t raised a single dollar of outside capital 00:07:25 - Investment strategy (revenue, profit, location) 00:15:02 - A niche with 30% YoY growth 00:17:28 - A recent successful investment and how they think about the opportunities 00:21:38 - Finding the best talent 00:26:51 - Diversified portfolio 00:38:03 - The famous five Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Eugen on Twitter: https://x.com/eugen_russ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How We Bought 35 Businesses and Built a $700M HoldCo | Jesper Søgaard Interview | 02 Apr 2025 | 00:49:31 | |
My guest today is Jesper Søgaard, co-founder and CEO of Better Collective — a global leader in digital sports media and sports betting information, with over 400 million monthly visits, 1,200+ employees, and 20 international offices. Founded in 2004, Better Collective has grown into a powerhouse through a disciplined mix of organic growth and over 35 acquisitions, including major deals like Playmaker Capital and AceOdds in 2024. The company now owns 11+ media brands, including Action Network, SoccerNews, and HLTV. In this episode, Jesper shares:
If you're an operator, investor, or builder who’s thinking about scale, strategy, and sustained leadership—this conversation is a masterclass in all three. ---------------------------------------------- Timestamps: 00:00:00 - Intro 00:00:22 - The early days and how everything got started 00:02:35 - Realizing this could actually become a real business 00:05:13 - Was it difficult, or were you just having fun? 00:06:33 - Partnering with co-founder Christian: strengths and weaknesses 00:11:55 - The decision to start acquiring other companies 00:17:14 - Revenue streams and how the business makes money 00:20:05 - Growing through acquisition — why they wish they'd started earlier 00:22:40 - Deal structures: how some acquisitions were put together 00:24:57 - Lessons from 35 acquisitions — deals that didn’t go as planned 00:27:26 - The strategic thinking behind specific acquisitions 00:30:36 - Growing the company has felt like starting a new job every 2–3 years 00:33:23 - How Jesper thinks about acquiring a business 00:35:49 - Jesper’s approach to capital allocation 00:39:32 - Deciding when to reinvest profits vs. paying dividends 00:41:07 - A great example of someone who stayed in one industry for decades 00:43:43 - What keeps Jesper up at night 00:45:07 - Staying humble, but always driven to do more 00:47:30 - Think long-term and always act with decency ---------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jesper on Twitter: https://x.com/jespersoegaard This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Growth Equity And $500M To $700M Worth Of Deals Per Year | Kashyap Chanchani Interview | 15 Jul 2024 | 00:48:58 | |
My conversation with Kashyap Chanchani, managing partner of The Rainmaker Group, an Indian firm that works with traditional family businesses and VC-backed companies. "I started the Rainmaker Group because I didn't want to sleepwalk through life." Kashyap runs a growth equity advisory firm which does $500 to 700 million worth of transactions annually. We discuss: – 30 of India's 50 largest companies are still family-owned – 30% of family owned businesses are open / attracted to raising private equity funding – Why and how should one invest in private companies in India – A message for people who want to invest in private companies in India – Putting all your money in Indian equities Show Notes: 00:00:00 - Intro 00:00:23 - “I didn’t want to sleepwalk through life” 00:03:07 - Private family owned businesses in India 00:08:45 - Succession planning in India 00:17:20 - The opportunity of building a holdco of small traditional businesses 00:27:29 - Key-man-risk in family owned traditional businesses 00:36:41 - “Don’t be a tourist investor” 00:39:10 - 10-15% growth on average per year 00:42:09 - Organic growth vs M&A Follow PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Kashyap on Twitter: https://x.com/KChanchani This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Holding Company For Internet Businesses, 150 People And Personal Branding | Daniel Priestley Interview | 05 Jul 2024 | 01:01:41 | |
My conversation with Daniel Priestley about how to become a "key person of influence" in the world of private equity, investing or small business acquisition. Being known in your own little world makes three things possible: - Finding better deals - Attract more capital on better terms - Have more talent wanting to partner with your companies Daniel manages a portfolio of internet companies and has a team of 150 people. We discuss: – The biggest leverage is not capital, its enterprise - the ability to run a business – Becoming a key person of influence niche industry (hint: Buffett’s annual letters) – Growing portfolio companies using cold calling and email – Raising millions for your company by using cold outreach to content strategy Show Notes: 00:00:00 - Intro00:01:07 - Growing the first company to $10 million in revenue in 3 years 00:02:23 - Building a personal brand in the M&A, PE or small business acquisition world 00:10:10 - Sending 150 messages per day to test the product, build the relationships 00:13:39 - Cold outreach to content 00:15:11 - Use waiting lists when raising capital; making transactions 00:23:01 - Providing immense value to your peers 00:31:03 - Going from online to offline to ACTUALLY raise capital and do the deals 00:47:52 - The biggest lever is not capital, its enterprise - to run the business Follow PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Daniel on Twitter: https://x.com/DanielPriestley This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Built a Businesses Portfolio Which Does $1B in Revenue | Eran Efrat Interview | 13 Jun 2024 | 01:00:21 | |
“Don’t stop trying…” Eran used to work as an airport security to pay the bills. Today, VerDiesel Group does $1 billion in revenue… Turns out that KFC and McDonald's used cooking oil can be VERY big business. Add biodiesel, biogas, feedstock… it gets HUGE. Everything we touched in the first 2-3 years failed. Everything. We tried to touch everything but we had no experience. Every time I did not have the money, I said I would find the money. I then went and found the money. We discuss: – 4 years of market research with no success – First serious breakthrough in 2012 – Forming a partnership with a BIG petrochemical company with no money or experience – Importance of relationships 00:00 - Intro 00:42 - Company size, revenue, markets they serve with their products/services 02:29 - Studying law at the University of Bologna, army, a bartender, moved from Israel to Italy in 2004 05:05 - How they found opportunities in early days - wind turbines, equipment for bicycles 08:17 - Partnership. Relying on each other's strengthsand the job him and his partner did to cover bills in early days 14:07 - 100+ meetings with people with 30-40 years of industry experience is why I'm here today 22:09 - I know how to sell and solve problems with customers and suppliers 40:10 - Big money business means big and expensive mistakes 47:05 - The future of the VerDiesel Group 53:49 - Be willing to give equity if it keeps your business alive 56:06 - Much of my success is thanks to my wife My full conversation with Eran Efran , the co-founder of VerDiesel Group — Stream now. Follow PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Eran on Twitter: https://x.com/Eran_Efrat This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 24 Companies And Here's Everything I Learned Looking At 1000s | Xavier Helgesen Interview | 03 Jun 2024 | 01:01:49 | |
If you are ever considering buying or investing in a profitable small business… Or you want to build a holding company where each company is run by a CEO... Here's my talk with Xavier Helgesen (co-founder of Enduring Ventures), where he shares everything he knows about buying businesses after 20+ acquisitions and looking at 1000s - Currently 17 companies in the portfolio - Revenue $100 million+ - Spends plenty of time with family and children "Pay for Quality of Earnings even on small deals." "The best way to find a CEO for a business is to ask the seller who has asked about buying it in the past." "Look for the smallest, weirdest niches. Less competition, greater margins." We discuss: – Everything he knows about buying businesses after 20+ acquisitions and looking at 1000s – His MEMO to his 25-year-old self that he posted on his 45th birthday – The biggest risks and rewards of buying small businesses – What makes Nick Huber one of the best entrepreneurs he’s ever met – Finding the best CEO for Portcos 00:00:00 - Intro 00:00:31 - Most “bad” things that happen to you are not as important as they feel at the time 00:04:29 - Selling Apple and Nvidia in 2011 and Google in 2008. “Don’t be me.” 00:08:27 - Consistency for physical activity matters more than maximal excursion 00:13:36 - Your most important mission in your 20s is to surround yourself with the most talented people in the world in your chosen craft and learn from them 00:20:27 - Owner operated businesses are super efficient. Owner does six jobs. You will probably spend more to professionalize 00:29:40 - Look for rich owners as there are a lot of small business owners who are not that rich 00:37:34 - Make sure management only gets paid bonuses when they distribute cash flow to owners 00:41:19 - The best way to find a CEO for a business is to ask the seller who has asked about buying it in the past 00:43:35 - Most CEOs and entrepreneurs have no idea how to build an audience that they can use to raise capital or sell products and services 00:56:46 - Don’t fall too in love with the business. You’ve always got to be ready to walk away. Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Xavier on Twitter: https://twitter.com/XavierHelgesen This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| He Raised $450 Million At 31 With No Prior Experience & Grew It To A Market Cap Of $33 Billion | Research on Urs Wietlisbach | 20 May 2024 | 00:23:05 | |
Imagine being in your early 30s, starting a private equity fund and raising $450 million as your first fund. All this with no prior track record and without your rich father or uncle. Years later, you own 90 companies, have $152 billion in AUM, your EBITDA is growing at 15% year-over-year, and only Thoma Bravo has outperformed you… True story, all the way from Switzerland… 1. "Stock and bonds are boring, so we went into private equity." 2. "The concept of thematic research helps us find the best companies with the strongest tailwinds (returns could 6-7 times invested capital)." 3. "Step-by-step on we they took a $38M EBITDA business to $110M in EBITDA in 4 years." Here is my full research on a true king of private equity Mr. Urs Wietlisbach: Show notes: 00:00:00 - Intro 00:01:05 - “Stock and bonds are boring, so we went into PE” 00:03:09 - When should one leave their job to start their business?00:04:10 - Being scammed by a crazy German $120,000 in the early days00:09:21 - Doing due diligence 582 days before the company is even for sale 00:14:03 - Better returns than Blackstone, Apollo, only Thoma Bravo have done better 00:15:24 - Thematic research allows them to find deals where they make 6-7 times their money 00:20:01 - CEOs are tied with shares and sometimes make triple-digit millions ($100m+ from a single investment) Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 4 Small Businesses And Grew Them An Average By 65% In The First Year | Chase Murdock Interview | 13 May 2024 | 01:09:27 | |
Imagine raising millions for your startup… A team of 50 and significant revenue… Then getting FIRED from the same company you started… Then starting a boring traditional company that generates significant cash flow, so you could buy another company… And not just one, but 4 companies!!! And THEN, growing these businesses an average of 65% in the first year post-acquisition. All this in four short years. What a WILD story and an even wilder life for 34-year-old Chase. “It was a condensed MBA – 50 employees. Millions in revenue. Scaling the company at a double- and triple-digit YoY growth rate. I was a 23-year-old clueless entrepreneur trying to keep a ship together… Ultimately, getting fired from my baby.” Today, Chase is a new man, happy, relaxed, builds a business he never wants to retire from, travels the world with a kid, and Decada Group has 5 companies in its portfolio. We discuss: — Why slow growth may be the smartest thing ever d — The best companies plan for decades — Having fun daily, and genuinely enjoying building the company vs. arrival fallacy and chasing IRR — How to grow a business (SMB Growth Playbook) — 5 step guide on how to grow business by 65% in the first year post-acquisition Show notes: 00:00 - Intro 00:31 - The wild story of raising multiple rounds of VC and then getting fired from your own company 05:09 - Transforming a profitable lifestyle business into a serious cash cow type business and a portfolio of 5 SMBs 07:05 - Building a holding company by accident. “It was never the idea.” 14:50 - How to make sure opportunities come to you vs. you constantly chasing them 18:48 - The technology revolution is not over, but the heyday is over 23:32 - Overview of the current diversified portfolio of traditional businesses 27:53 - How do they find companies to acquire while having ZERO competition on deals 38:10 - Growing portfolio companies by an average of 65% in the first year post acquisition (How exactly?) 54:51 - Pros and cons of focusing on single business vs managing a portfolio of companies My full conversation with Chase Murdock, the co-founder of Decada Group — Stream now. Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Chase on Twitter: https://twitter.com/chasemurdock This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| Annualized Returns of 35%, $115m AUM and 7 Investment Traits To Such Success By Mark Sellers | 06 May 2024 | 00:19:54 | |
There's a gentleman who manages a $115 million AUM fund with annualized returns of 35% (before fees) since inception. And he wrote a 3,150-word letter for those who dream of compounding their money at 20-25% per year over the course of their careers. 1. Your chance of becoming a great investor is 1/50 of 1% or something. If not less… You have almost no chance of being a great investor.” 2. Going to Harvard, Stanford, Wharton or reading every book ever written on investing won't make you a good investor 3. I don’t believe there is a correlation between investment performance and number of books read. 4. Experience is overrated. It’s important but it’s not a source of competitive advantage. If that wasn’t true, all the great money managers would have their best years in their 60s, 70s and 80s. And we know that’s not true. “There are 7 traits great investors share that are true sources of advantage because they can’t be learned once a person reaches adulthood. Some of them can’t be learned at all, you’re either born with them or you aren’t.” Show notes:00:00 - Intro 00:43 - Why only very few can compound money 20% for their entire career 05:22 - To protect your investment, you need one of these four sources of economic moats that are hard to duplicate 07:59 - Having advantages over fellow fund managers and individual investors 11:12 - 7 traits that can’t be learned yet true investors who end up compounding at 20% or 25% over their careers ALL have in common Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Bought 3 Companies And Built $20M Industrial Portfolio in 3.5 Years | Jules Brenner Interview | 29 Apr 2024 | 00:56:36 | |
Ever considered acquiring a profitable, sub $1-5M EBITDA niche business? So you could spend summers on Lake Como, winters in Aspen, and Saturdays in Las Vegas at the Wynn listening to David Guetta… Or so you could retire your parents, send your lovely kids to a private school, and buy your wife the BMW convertible she always wanted… I don't know your exact dream, but owning a business like this makes it all possible. So... I have something for you. I believe Jules Brenner of the Industrial Succession Group just shared everything one needs to know when it comes to acquiring a traditional niche business with $1M+ EBITDA.
Ohh.. and I forgot. He really walks the talk:
With a goal of reaching $100 mil by the end of 2028… And maybe (if a few acquisitions go well) $35 mil already by the end of 2024 Most importantly, him being very open and generous with advice, sharing it all without holding anything back. We discuss: — Creating a list of companies to be acquired — How they will reach $100 million by 2028 — 6-7 failed deals, while not losing hope — How to pitch, structure and present a deal in a way that investors would love — Deal structure (equity to debt ratio) — A very good VP of Marketing can do magic for your traditional business — An agency where people make 100+ cold calls a day to grow their business 00:00:00 - Intro 00:00:41 - A portfolio of industrial companies with 100+ employees 00:05:39 - 2.5 years of research (for example, metal fabrication in the aerospace industry) 00:09:58 - Step-by-step guide to how you pitch your deals so investors want to participate 00:19:02 - “If you paid nothing for a company, would you still buy it?” 00:25:14 - Obvious red flags when looking at deals 00:31:39 - A lot of traditional businesses don't have a CRM or a website and just make a 7-fig from real estate 00:37:17 - The VP of Marketing handles all business development 00:38:02 - The way their deals are structured 00:40:11 - Buying a business so you don't have to rely on an exit 00:41:56 - Selling products to LAX Airport which burns $2,000,000 a day 00:44:37 - The industrial sector does not get the love from small business buying community 00:47:39 - Jules pre-acquisition vs. Jules post-acquisition (skills, experiences, beliefs) My full conversation with Jules Brenner, the founder of Industrial Succession Group — Stream now. Follow PrivatEquityGuy on Twitter: https://twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/ Jules on LinkedIn: https://www.linkedin.com/in/jules-brenner/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Make $14M Net Profit Per Year With a Team Of 16 People | Matt Paulson Interview | 22 Apr 2024 | 00:53:24 | |
What would be your potential reward for mastering the fundamentals? Whether it's small business acquisitions, private equity investing, or the financial media and newsletter business… In Matt’s case the reward is approximately $14,000,000 in net profit in 2024 All this with a team of 16 people. We discuss: — How to grow a business (Growing 86% in 2020; 77% in 2021) — Email is still massively untapped for PE funds, VCs and traditional businesses — Spend $1-2m per month on advertising — Why more private companies should publish their numbers 00:00:00 - Intro 00:00:19 - Team of 16; $2.3M in revenue per employee 00:05:57 - Different sources of revenue 00:07:48 - A short masterclass on how business builders and investors can use email to their advantage (deals, talent, capital) 00:18:01 - Mentors are key 00:19:19 - Hiring mistakes and lessons learned 00:22:54 - Bootstrapping vs. raising capital 00:23:25 - Why share ALL numbers publicly, even when running a private company 00:28:17 - How to overcome VERY difficult periods (personal, family, business) 00:39:11 - 3 lessons from 17-year career (distribution is everything) 00:43:12 - The key to 0.0001% success is to turn your business into your hobby 00:50:47 - $200,000,000 and I’m out My full conversation with Matt Paulson, the founder of MarketBeat — 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 Matt on Twitter: https://twitter.com/MattPaulsonSD This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How He Built $500M Revenue and $100M EBITDA HoldCo in 5 Years (Röko CEO Fredrik Karlsson RESEARCH) | 19 Apr 2024 | 00:19:22 | |
Imagine being so unhappy with your boss that you leave… - Start the exact same business - Following the exact same strategy Today, ONLY 5 yrs later do $500m in revenue and $100m in EBITDA Here is my full research on a true M&A and buy-and-build pioneer Mr. Fredrik Karlsson: 00:00:00 - Intro 00:00:52 - 24 portfolio companies (15 B2B; 9 B2C) 00:03:51 - The type of businesses they acquire 00:07:00 - The beauty of investing in HoldCo businesses 00:10:05 - A very successful investment in yacht supplies business 00:12:19 - How to find the right CEOs to run PortCos 00:16:02 - Being happy with 1% organic growth Follow PrivatEquityGuy on Twitter: https://Twitter.com/PrivatEquityGuy Join HoldCo Builders weekly newsletter on finding deals, raising capital, and growing small profitable niche businesses: https://privatequityguy.beehiiv.com/subscribe This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| The Ultimate HoldCo Model: Turning Advisory into Long-Term Equity in Wonderful Businesses | Matthew Mathison Interview | 26 Mar 2025 | 01:03:57 | |
Meet Matthew Mathison – Co-founder and Managing Partner at MBL Partners, a firm building and investing in enduring, cash-flowing businesses. With a unique mix of Wall Street experience and entrepreneurial grit, Matthew shares how MBL identifies overlooked opportunities, partners with exceptional operators, and builds long-term value without chasing hype. If you're into real-world investing, smart capital allocation, and the playbook behind durable business success—this one's for you. Please enjoy this conversation with Matthew Mathison., co-founder of MBL Partners. ---------------------------------------------- Timestamps: 00:00:00 - Intro 00:00:17 - The defining moment from his hedge fund days that shaped his approach to business 00:06:18 - Launching his own hedge fund in his mid-30s 00:13:39 - Lessons and stories from seeing a company grow from $100M to over $1B in market cap 00:17:47 - Recovering from extremely difficult times: carrying the weight of the world 00:21:06 - Obvious red flags when evaluating high-growth companies 00:24:18 - The core thesis behind MBL Partners 00:29:57 - From advisory to financial investment and equity 00:33:31 - Matthew’s 'cup of tea' in terms of investment case 00:37:14 - What MBL does when stepping into a business 00:40:15 - How they build deal flow 00:45:02 - Matthew and his talented team members 00:47:43 - A look into their portfolio companies 00:52:15 - Matthew’s perspective on using outside capital 00:54:35 - Stories of huge successes and epic failures 00:59:42 - What’s next on Matthew’s to-do list 01:01:17 - Why he’s glad to be starting now—not 10 years ago ---------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Matthew on Twitter: https://x.com/matthewmathison This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. | |||
| How I Acquired 8 Companies By Age Of 32 While Traveling To 20 Countries | Lee Betts Interview | 07 Apr 2024 | 00:43:26 | |
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. | |||
| My Top 16 Lessons On Actively Looking For Exeptional $2-10 Million Revenue Companies (Pre-Acquisition) | 29 Mar 2024 | 00:28:34 | |
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. | |||
| How To Grow ANY Traditional $2-$10M Niche Business 50-200% Annually? | 21 Mar 2024 | 00:32:59 | |
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. | |||
| How This Private Equity Fund Achieved An IRR of 72% After Doing 586 Deals | 11 Mar 2024 | 00:26:22 | |
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:
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. | |||