Buyers and Builders
The Buyers and Builders podcast with PrivateEquityGuy features meaningful conversations about holding companies, buying and building businesses, entrepreneurship, investing, and more. Follow the podcast to never miss an episode.
Episodes
Masters of Private Equity: Warren Hellman, Tully Friedman and Joseph Rice
In 2010, Robert Finkel wrote the book The Masters of Private Equity and Venture Capital: Management Lessons from the Pioneers of Private InvestingIn this episode, I explore the ideas, decisions, successes, and failures of two people who helped define modern private equity: Joseph Rice, co-founder of Clayton, Dubilier & Rice, and Warren Hellman, co-founder of Hellman & Friedman.TIMESTAMPS0:
How Two First-Time CEOs Bought a $5M EBITDA Business | Greg Geronemus Interview
Greg Geronemus bought a ~$5M EBITDA business with no operating experience, financed half the purchase price with a seller note, and spent his first year doing something most new owners struggle to do: almost nothing.Four years later, the business was larger, professionally managed, dramatically delevered, and sold at roughly 9x EBITDA—producing just under a 5x net return and ~50% net IRR for inves
Inside a Public 14-Acquisition Compounder | Eric Tan and Patrick Grove
Eric Tan and Patrick Grove are building one of Southeast Asia's most interesting serial acquirers. As CEO of Catcha Digital, they've completed 14 acquisitions while creating a permanent home for market-leading businesses across digital media, B2B exhibitions, and vertical software.In this conversation, Eric shares why his failed startup became the foundation for Catcha Digital, how they
Why Buy-and-Build Is One of the Best Investment Opportunities | Frederik Brandis Interview
Frederik Brandis was one of the key minds behind Arsipa, a buy-and-build platform focused on acquiring occupational medicine and workplace safety consultancies. As one of the earliest investors and strategic partners, he helped scale the business through dozens of acquisitions before it achieved an exit to Warburg Pincus just three years after its founding.Today, he is the Founder & General Pa
Search Funds, Buy-and-Builds & the Future of ETA | Greg Geronemus Interview
Greg Geronemus is the Co-Founder and Managing Partner of Footbridge Partners, where he backs entrepreneurs pursuing search funds and other forms of Entrepreneurship Through Acquisition (ETA).Before becoming an investor, Greg lived the search fund journey himself. In 2013, Greg and his partner David acquired a tour operator generating roughly $5 million of EBITDA. Over the next four years, they gre
How to Build a Roll-Up to 8-Figure Revenue | Nathan Lindley Interview
Nathan Lindley is the CEO of Lindley Home Services, an HVAC platform that has completed 11 acquisitions across Texas.But this story almost ended before it began...After acquiring his first two companies with an SBA loan, Nathan watched revenue collapse, burned through his cash, nearly lost his father's retirement savings and came dangerously close to bankruptcy. The turning point was a compl
13 Acquisitions and Why Permanent Capital Beats Private Equity | Chris Rolls of PieLab Capital
Chris Rolls is the founder of PieLAB Capital, a holding company with nine portfolio companies built through 13 acquisitions.After building and selling multiple businesses, Chris entered private equity to learn the investing side of the game. But he eventually became convinced that the traditional PE model forces investors to sell their best businesses too early. That realization led him to build a
A $6.5M Estimate in 23 Minutes: How AI Is Rewiring SMBs | David Flickinger Interview
In this episode, David Flickinger, founder of Vellm.ai, joins Mikk Markus to explain how his journey from Marine Corps officer to AI implementation shaped his perspective on technology, and how business owners, private equity professionals, search fund operators, and CEOs can move beyond using Claude and ChatGPT as a simple productivity tool and begin building AI infrastructure that creates real e
90+ Acquisitions, 30% Revenue CAGR, 35% Book Value Growth | Brett Kelly Interview
Brett Kelly is the founder and CEO of Kelly Partners Group. Since founding the firm in 2006, Brett has completed more than 90 acquisitions, compounded revenue at over 30% annually and built a business expected to generate roughly $50 million in EBITA in 2026.Timestamps:0:00 Brett Kelly's early years and losing his job at 223:57 Writing to 80 successful Australians while unemployed9:13 The mom
How We Bought 14 Businesses and Built a $120M HoldCo | Andrea Allegrini of Lindbergh
Andrea Allegrini is one of the key operators behind one of Europe’s most fascinating small-cap acquisition stories.Lindbergh is building what could become the country’s first national HVAC maintenance platform through a disciplined roll-up strategy focused on fragmented, family-owned businesses.In this conversation, Andrea explains how Lindbergh evolved from a logistics operator into a serial acqu
How We Bought 160 Businesses and Built a $1.5B HoldCo at 33 and 35 | Ramsey Sahyoun of Evergreen
Ramsey Sahyoun shares how Evergreen grew from a Berkshire-inspired idea into a $1.5B revenue, $250M EBITDA HoldCo with 160 acquisitions.We discuss proprietary sourcing, decentralization, talent, value creation, MSPs, and the lessons behind building one of America’s most interesting acquisition machines.Timestamps:0:00 Evergreen’s scale and long-term hold model2:06 Discovering private equity and bu
35+ Acquisitions, $1.3B Exit and Backing 80+ Searchers | Mark Sinatra of ETA Equity
Mark Sinatra has lived the full search fund journey: discovering ETA at Wharton, acquiring Staff One HR, surviving the 2008 crisis, scaling the business, selling to Oasis Outsourcing, and later helping build ETA Equity.In this episode, Mark shares what he learned from nearly a decade as a search CEO, why talent unlocked the business, how he survived the hardest years, and what he now looks for aft
What 137 Acquisitions Taught Me About Operational Excellence | Robert Irving Interview
In this episode, Robert Irving of Buffalo Growth Partners shares what he learned from building a fire protection business from zero to $20M in revenue, selling it to private equity, rolling equity, and then helping execute a 137-company rollup.Timestamps:0:00 Why PE value creation is harder than it sounds1:52 From fire protection operator to $20M in revenue4:09 The three sales roles that drive B2B
Buying Three Founder-Led SMEs: Lessons from the Trenches | Simon Plummer Interview
Simon Plummer is the co-founder of Arbor Permanent Owners, a holding company built for long-term ownership.In this episode, Simon drawing on his experience acquiring and operating three founder-led SMEs, he shares a practical playbook for the first year of ownership:- how to settle a team,- build trust,- create momentum,- improve sales,- think about pricing,- and know when to invest for growth.We
The Buffett-Munger Introduction That Changed Everything
Why networks are one of the most underrated advantages in the lower middle market, and how to build them.We explore how trust, introductions, persistence, and long-term generosity can create better deal flow, stronger relationships, and a real competitive edge for buyers, builders, and investors.This episode is heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capi
From Management Buyout to Fund of Funds | P. V. Ramanathan (Ram) Interview
In this episode, I sit down with P.V. Ramanathan, or Ram, to unpack the story of how he helped lead a management buyout of a struggling cathodic protection business in 2003 and turned it into Corrosion Technology Services ( https://ctscp.com/ ). Himself local to Dubai, Ram's company, CTS, includes 10 companies operating across 8 countries and 3 regions.The free cash flow generation gave Ram t
9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview
Dan Lifshits, co-founder of Dwelly, explains how he is building an AI-enabled roll-up in the UK lettings market by acquiring independent agencies and modernizing them with software.Dwelly has completed 9 acquisitions in just 24 months, combining a buy-and-build strategy with a technology-first operating model designed to improve service for landlords and tenants while making agency operations far
How We Built IDUN Industrier: 20 Acquisitions and 60x+ P/E Ratio
In this episode, we break down IDUN Industrier, a Swedish serial acquirer that has completed 20 acquisitions to date and now trades at roughly a 65x P/E multiple — an extraordinary valuation for an industrial holding company.What makes IDUN so interesting is that it is not simply buying businesses for scale. It is building a portfolio of niche leaders: small, often overlooked companies with high m
What 100+ Investments Taught Me About Great Acquirers | Lacey Wismer Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Lacey Wismer of Hunter Search Capital ( https://www.linkedin.com/in/laceywismer/ ) about her journey from a family business background into investing in more than 100 search funds, backing operators, and building a platform around long-term business ownership.Timestamps0:00 Introduction: Lacey Wismer on permanent capital and long-term holds
A Serial Acquirer Masterclass and The Story Of 47 Acquisitions Per Year
Why serial acquirers remain one of the most powerful business models in the world.The best of them have acquired as many as 275 companies and traded at valuations as high as 65x earnings, yet most people still misunderstand what makes them so successful.I explore why the best acquirers often start slow, how they solve the reinvestment problem, why balance sheet strength and specialization matter,
38 Acquisitions Generating $2 Billion in Revenue | Eric Wiklendt Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Eric Wiklendt of Speyside Equity ( https://www.linkedin.com/in/ericwiklendt/ ) about Eric's journey and how Speyside has built a highly operational lower-middle-market private equity firm with $937 million of assets under management, 38 total investments, 20 platform investments, operations across 19 countries, and portfolio companies
How I Left PE and Bought 16 Companies | Kaido Veske Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Kaido Veske of Livonia Partners ( https://www.livoniapartners.com/ ) about Kaido’s journey from working at a mid-cap private equity firm in the US to returning to Europe, raising a fund that now manages nearly $200 million, and completing 16 acquisitions to date.0:00 Why start a fund2:56 Wharton and early US exposure3:39 US finance years an
10 Acquisitions in 24 Months, No Fund | Travis Jamison Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Travis Jamison of CapitalPad ( https://capitalpad.com/ ) about building a deal-by-deal investing platform that’s already powered 10 acquisitions, with some deals projected to have an IRR of 25% or more.Timestamps:0:00 Intro0:36 Why CapitalPad exists3:08 Platform walkthrough5:22 Lessons from the first 10 deals7:16 What a typical deal looks li
Why This Operator Won’t Raise a Fund (17 Companies, 9 Exits) | Vic Keller
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Vic Keller of Experience Ventures ( https://www.linkedin.com/in/vickeller/ ) about building 17 companies over two decades with 9 exits, having businesses acquired by Berkshire Hathaway, and his operator-first approach to building durable, people-driven companies - including a vertically integrated car wash platform spanning manufacturing, che
Off-Market Deal Flow for $2M-$200M Founder-Led Companies
Operators, independent sponsors, searchers, and lower middle market investors: this episode is about building repeatable deal flow in the $2-15M EBITDA range by making opportunities, talent, and capital come to you.You’ll learn “relationship compounding” through two lenses: Larry Gagosian - the billionaire art dealer who engineers environments where influential people want to be (all in service of
5 Acquisitions in 24 Months: How I Got 60-70% Seller Financing | Millen Rastogi Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Millen Rastogi of UniversaCare ( https://www.linkedin.com/in/millenrastogi/ ) about leaving his analyst role at Deutsche Bank to build a healthcare roll-up and acquire five companies.Show notes:0:00 Millen Rastogi1:05 From Deutsche Bank to home care4:30 Walking into a mess13:26 Funding the early years19:54 Growth numbers + COVID hit23:02 Marg
How I Left PE to Buy Three Businesses in 90 Days | Reza Jafer Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Reza Jafer of Second Bite Capital ( https://x.com/rezajafer ) about how he left private equity to acquire three companies in three months.Show notes:0:00 Independent sponsor jump3:38 Origin story8:04 First acquisition10:15 The motor coach platform14:36 Deal #1 terms18:46 Early wins26:22 Fundraising lesson29:44 Deal #2 raise in chaos35:17 Plat
The Story of Bowles, Hollowell, Conner & Co
The lower middle market runs on trust and relationship building.In this episode, we explore Bowles Hollowell Conner & Co., the quiet Charlotte-based advisory firm that shaped how lower middle market M&A gets done. Before private equity was institutionalized asset class, BHC figured out how to turn founder-led businesses into transactions lenders could underwrite and capital could trust.Thi
30 Add-Ons in 48 Months | Luis Reyes of IBV
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Luis Reyes of Iberian Ventures ( https://www.linkedin.com/in/luiz/ ) about how he has completed over 30 acquisitions in 4 years and is building a fire safety rollup in Europe.Snow notes:0:00 From rural Mexico to more than 30 acquisitions4:00 Buy-and-build thesis6:45 Funding the first deals11:55 The 100-day integration playbook19:00 Using AI t
Search Fund Success Story: From $15M to $200M Through 7 Acquisitions
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Christa Glassburn about how she joined a search fund, acquired seven companies and scaled revenue from $15 million to $200 million.Snow notes:0:00 Christa’s $15M to $200M scaling story2:30 FBI operator lessons3:37 Jump to a search fund and move to rural Virginia11:51 First acquisition and integration learning curve17:28 Culture reset and glob
A $25 million LOI with a Ferrari 488
This episode breaks down how Jeremy Giffon ( https://x.com/jeremygiffon ) thinks about special situations, forced sellers, and overlooked businesses, showing why the best investments come from understanding incentives, human behavior, and coordination problems rather than complex models or market timing.Show notes:0:00 Special situations in the lower middle market6:18 The perfect business is getti
The Real Playbook Behind an Operator-Led Roll-Up (10 Acquisitions in 18 Months)
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Jeremy Yamaguchi ( https://x.com/jeremyyamaguchi ) about how he acquired 10 companies in 18 months.Show notes:0:00 How Jeremy built and exited 3 home services businesses5:48 Why “boring” home services were a massive tech opportunity8:11 Why he chose venture for Lawn Love + the YC story12:41 Why home services are still wildly fragmented and wh
Why aren’t more $2-10M EBITDA companies hiring a CIO?
This one hire is something all profitable, cash-flowing traditional businesses can do. Yes, it can be a significant investment -- great specialists aren’t cheap -- but in the right setup, it can completely change the trajectory of a company.I share two real-world examples of owner-operated, non-glamorous businesses that hired a Chief Investment Officer to professionally manage excess cash. In both
From Near Collapse to $100M+ Exit: A Story of 8 Smart Acquisitions
In this episode, Todd Saunders shares how one small group of customers with much better retention changed the direction of his entire business. Instead of chasing trends or going broader, he went deep into a simple, overlooked niche -- independent flooring retailers -- and ended up building the core software used across the industry.Todd explains why brand and community mattered more than features
The Playbook Behind 605+ Acquisitions | Justin Ishbia research
We go deep on Justin Ishbia, co-founder and Managing Partner of Shore Capital Partners - one of the most successful lower-middle-market private equity firms in the U.S.After inviting Justin on the podcast and being asked to reconnect in early 2026, I used the time to study Shore’s work more closely. This episode is the result: a synthesis of Justin’s long-form interviews, public commentary, and Sh
How I Bought 5 Businesses After Failing My First Acquisition
Steve Lawrence, the founder of Uncomplicated Group went from middle management at a $14B manufacturer to buying five businesses in a few short years -- now running two injection-molding factories, employing 45 people, and shipping 200M parts a year.But this episode isn’t about the highlight reel. It’s about the real path: quitting his job for a deal that collapsed at the finish line, burning cash
How Smart Buyers Create Alpha Without Cheap Debt
For the last 20 years, private equity followed a simple formula: buy with leverage, cut costs, rely on multiple expansion, exit at a higher valuation.That playbook worked incredibly well.But it no longer does.In this episode, I break down why the old private equity model is structurally broken - not just cyclically - and why a new model is emerging. A model where cheap debt doesn’t save you, multi
The Playbook for 50-200% Annual Company Growth
In this episode, I’m joined by John Seiffer - the person investors, company buyers and operators call when growth starts getting expensive, messy, or fragile. John has spent decades across manufacturing, software, restaurants, chemicals, and professional services, and he sees the same pattern over and over: founders are great at the product and the sale… but the company can’t scale until the struc
I didn't join PE to be an operator
The future of private equity talent is moving toward ownership.We explore why the traditional PE career path is breaking, why carry no longer delivers the upside it once promised, and why more professionals are choosing to build - not wait - for real equity.You will discover:0:00 The Quiet Exodus Inside Private Equity1:45 Carry That Never Materializes2:56 “I Didn’t Join PE to Be an Operator”3:38 N
There Is No Path — How Elite Investors Actually Build Their Lives, Careers, and Companies
In this episode, we break down a powerful idea from Jeffrey Walker, a private equity veteran who backed thousands of entrepreneurs and watched success and failure up close. His conclusion is uncomfortable but freeing: the people who win don’t follow a path, they create one.You’ll hear why talent is overrated, why “perfect careers” quietly fail, how one pathless founder built a $200M company, and a
How I Quit My 6-Figure Job and Bought 9 Companies
Today’s guest, David Dowda (Dowda Holdings), went from burned-out insurance salesman working 80-100 hour weeks to buying his first business doing just $30,000 a year - fully seller-financed.Ten years later, he owns nine companies across multiple industries - all acquired with zero outside equity and often minimal cash down.TIMESTAMPS0:00 How he bought a $30k revenue business with zero cash down3:0
How These Firms Turn $5M-15M Companies Into 100x Returns
How these serial acquirers generate 20-40% annual returns for decades?They buy small, niche, profitable companies again and again.In this episode, we break down the strategy, the structure, and what private buyers can learn from the greatest acquisition machines on earth.TIMESTAMPS0:00 Why tiny acquisitions beat big deals1:12 21x, 120x, 375x: Lifco, Addtech, Constellation & Heico’s insane retu
From VC to Main Street: How AI Is Rewiring Service Businesses
In this episode, Cyrus Hessabi from Shore Capital Partners breaks down what it really looks like to build AI-enabled services, transition from VC to micro-cap private equity, and back searchers buying “boring” but powerful businesses.Cyrus has lived every chapter of the operator-investor journey: aerospace engineering, Salesforce sales, venture capital, architecting AI rollups at OpenOcean, and no
How to Find 10x MOIC, 30%+ IRR Deals (Step-by-Step)
Most people in ETA quote the Stanford Search Fund Study, but almost no one looks at what investors actually earn. In this episode, we break down new Yale data from 1,192 investor-level outcomes and shows why access, not modeling, is the #1 driver of 10x MOIC, 30%+ IRR results.You’ll learn why your portfolio will never be “the index”, how a tiny % of deals drive almost all returns, and what elite i
20 Acquisitions, 500 Investors, Zero Fund (The Private Equity Strategy No One Is Talking About)
Sequoya Borgman has quietly built one of the most interesting retail-funded private equity machines in America. Since launching Borgman Capital in 2017, he’s acquired 20 companies across 8 platforms and raised deal-by-deal from 500+ individual investors instead of institutions.In this episode, we break down how he sources mostly off-market deals in second-tier cities, structures conservative, over
How I Retired at 30 as a Family Office Investor (Here Are the Investments I've Made)
Akshay Ramachandran is a retired family office investor. In his last role, Akshay was the sole analyst at a New York-based single family office, reporting directly to the portfolio manager. Together they analyzed over 60 industries using a simple strategy: buy and hold great businesses run by great management teams. In this episode, he explains his biggest winner and covers the whole story.TIMESTA
Buy 5 Companies as Fast as You Can (1-on-1 Advice From Fredrik Karlsson That Changed Everything)
There’s a holding company that almost no one talks about, yet it might be one of the most efficient compounding engines.RÖKO owns 29 niche, traditional businesses, runs 21% margins, generates 14.5% returns on capital and keeps acquiring new companies every quarter. And they do all of this with a headquarters team of just eight people.In this episode, I break down the full story behind RÖKO and its
Ian Rickwood on AI, Private Equity, Car Wash & Real Estate Investing | Henley Group
Ian Rickwood, Founder and CEO of Henley Group, has quietly deployed $4B+ across US and Europe, built and sold food chains, and is now rolling up US car washes using AI-driven site selection. We also dive into what great operator partners look like, how to handle bad deals, and what it’s really like to build a serious firm with your spouse and kids.TIMESTAMPS:0:00 “Don’t give up” Ian’s core lesson
How to Win Deals Over Private Equity (Even if They Pay 10-20% More)
One of the most underrated skills in business acquisitions. Beyond financial models and deal structures, many great acquisitions happen because buyers know how to connect with sellers on a human level.#BusinessAcquisitions #DueDiligence #MergersAndAcquisitions #HoldCoBuilders#ListeningSkills #DealMaking #EntrepreneurshipThroughAcquisition #PrivateEquity #BusinessBuying #SMBacquisitionTIMESTAMPS0:0
The Private Equity Bubble? | Inside a Private Equity Firm Built for What Comes Next
My guest today is Joel Mathew, Head of Originations at Woodson Equity. We discuss how his entrepreneurial path led him into private equity, Woodson’s “inch wide, mile deep” focus on diversified industrials and business services, and why they favor hands-on, control deals. Joel shares a live carve-out playbook, how he sources more than a 1,000 deals a year, the first-100-days operating cadence, cul
The One System That Scaled from $3.5M to a 15-Company Portfolio (Sid Jashnani)
How Sid Jashnani scaled his firm into a portfolio of 15 companies and $77 million in revenue. If you’re an investor or builder, this is a masterclass in turning chaos into compounding cash flows.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; i
7 Acquisitions Done — Buying Businesses on “Easy Mode” in 2025 (here’s why)
Buying a small business and raising the equity shouldn’t take a roadshow.In this episode, Donza Worden (ex–institutional PE, Clear Peak Capital) and Travis Jamison (multi-exit founder turned investor) break down how CapitalPad makes both sides easier:1) curated deal flow for accredited investors;2) and a streamlined path to capital for independent sponsors/searchers.Start deploying today with Capi
How to Build a 7-Figure Company from Scratch (with Mac Lackey)
My guest today is Mac Lackey, an entrepreneur who has founded and sold six companies, each with 7-and 8-figure exits - including two back-to-back internet businesses during the dot-com boom.In this episode, Mac breaks down the exact mindset and playbook that helped him turn businesses into life-changing exits. He shares the story of advising one company who was struggling to sell for $25 million…
How Builders Build Wealth That Lasts (and Mistakes to Avoid)
You’ve spent years building something from nothing — finding deals, operating, and growing real value. But what happens after success? Once liquidity arrives, how do you protect your wealth, make it work for you, and ensure it endures for generations?In this episode, we explore the mindset and structure behind lasting wealth — the difference between being a first-generation builder and a third-gen
4 Portfolio Companies and The Gritty Playbook of Value Investing | Reggie Pryor Jr.
Value-driven investor and turnaround specialist Reggie Pryor Jr. (Founder, Pryor LLC) breaks down his simple but relentless playbook: buy what others overlook and rebuild it into a durable cash flow machine. We go from his first mentor (textile legend Jimmy Gibbs) to reading Graham & Dodd, using collateral to get started, and why he rarely sells, preferring to borrow against assets instead.Spo
How They Turned $8 Million into $450 Million (by Following THIS #1 SIMPLE Habit)
The greatest builders in history share one habit that changed their fortunes.You’ll hear how a single paragraph led Munger to a $500 million investment, how Jeff Bezos started Amazon because of one statistic in an article, and how Elon Musk saw an opportunity through the absence of information.This episode is about building your mental warehouse of ideas, training your intuition, and developing th
How to Build Proprietary Deal Flow? (15 Off-Market Acquisitions)
Peter Lang has done 22 acquisitions (mostly off-market). Grant spent a full day at his masterclass—and it was the most valuable single-day M&A professional development he has ever had. Most people share 101-level fluff; Peter was selective about who he let in the room, so he went straight to 202/303-level tactics:- a 128-question pre-LOI audit,- “pre-diligence,”- risk registers,- and first-cal
Lessons from 100+ Acquisitions You Can Implement TODAY | Joe Liemandt
In this deep dive, we unpack the operating philosophy of Joe Liemandt - builder of Trilogy Software and ESW Capital, and now the force behind Alpha School - including lessons from 100+ acquisitions. Liemandt became a billionaire by buying sleepy software assets and turning them into cash machines, vanished from public view for years, then re-emerged with a mission to rebuild systems from first pri
How We Bought 27+ Businesses and Built a $1 Billion HoldCo at 39 | Steve Carroll Interview
Steve Carroll is the CEO & co-founder of Kelso Industries, a national MEP services platform uniting HVAC, mechanical, plumbing, and electrical companies.In just a few years, Kelso went from a gritty, nearly-broke first acquisition to 29 acquisitions and $1B+ in revenue.Steve breaks down the bruises and the blueprint: why their first year almost killed the business (including a single job that
How I Completed 12+ Acquisitions and Still Built a New Roll-Up
My guest today is Nick Hatchka, founder of Cub Investments, which has completed over a dozen acquisitions. Nick is now building a regional platform of generator dealers and service businesses in California alongside his operating partner, Dylan Ferguson. We discuss his journey:- to independent sponsorship,- lessons from 12+ acquisitions,- what makes a good business model,- partnering with operator
How to Raise $450 Million at 31 with No Track Record (and Do 90+ Deals) | Urs Wietlisbach Research
Imagine being in your early 30s, launching a private equity fund, and raising $450 million for your first fund. (No track record. No rich father or uncle.)Urs Wietlisbach, one of the three co-founders, led client relationships and fundraising, pushed proactive deal sourcing and thematic research, and kept the team focused on pensioners as the ultimate client.SponsorsThis episode is brought to you
9 Figure Exit How I Built and Sold to Private Equity (Alexis Sikorsky Interview)
My guest today is Alexis Sikorsky. An entrepreneur who bootstrapped, scaled, and ultimately sold a company in a 9-figure exit.SponsorsThis episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—o
He Bought 4 Small Businesses with ZERO Finance Experience (Nikolai Dimitrov Interview)
Nikolai Dimitrov went from pro football to building Unity Investment Partnership, where he buys small, reliable, everyday businesses, paying 3–4× cash flow with seller-aligned structures, and has closed 4 acquisitions so far.We cover his rocky start (including a Facebook group against him), four acquisitions, why “terms more important than price,” post-acquisition reporting, incentives, and how cu
I Raised $11.7M To Back 13 Self-Funded Searchers | Grant Hensel Interview
Grant Hensel has started 10 companies (7 failed, 2 sold, 1 scaled), bought a business his wife now operates, and then got obsessed with backing self-funded searchers. He’s the founder of Entrepreneurial Capital, raising ~$11M to invest in “cockroach” SMBs at 3–5x earnings alongside gritty owner-operators.If you’re buying or backing boring, profitable businesses, this is a playbook episode.CapitalP
60+ Search Fund Investments: What Industries Excite Him The Most TODAY
A deep-dive on the operator-first path to buying a small business. Told through the lessons of investor-turned-operator Tim Ludwig (60+ portfolio companies; now co-runs Majority Search).Learn how search funds actually work, which industries to invest in, which searchers to back, why EQ beats IQ in a first-time CEO, and the exact playbook from LOI → close → the first 100 days.Want a newsletter that
How I Left PE, Bought 2 SaaS Businesses (Raising a Fund Next?) | Donza Worden Interview
Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS).Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capit
This 70/30 Model Leads to Highest Returns
I spoke with an operator who sold his own company - then turned around and bought eight more. His playbook is specific, bank-friendly, and built for growth. In this episode, I’m unpacking the lessons from those deals:00:00 Intro: From exit to 8 acquisitions00:26 Portfolio averagE: 4.7x paid; $4.1M EBITDA00:52 Structure banks love: 70% now, 30% later; owner reinvests01:18 Growth thesis: target 5x M
How I Bought 7 Businesses and Built a $34M Holding Company | Doug Lepisto Interview
Co-invest in curated SMB acquisitions led by proven searchers and independent sponsors. Get a full deal room with financials, tax returns, sponsor profiles, and value-creation plans.No management fees; CapitalPad participates only after investors get their capital back and profits are earned. Operators under LOI can also use CapitalPad to fill equity gaps with a trusted co-investor network. These
How to Build a $30M HVAC HoldCo (4 Acquisitions and Next Goal $150M)
At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry.Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scra
Buying 500+ Businesses and Turning $100k Into $10B - Fernando De Leon of Leon Capital Group
What happens when a holding company thinks like an immigrant, moves like an entrepreneur, and plays the long game with permanent capital? In this episode, we unpack the operating system of Fernando De Leon and Leon Capital Group—a family holding company that conceives, develops, owns, and operates businesses across real estate, financial services, healthcare, and technology.Capitalpad lets accredi
How I Bought 20+ Small Farms and Built a $350M HoldCo in My 30s | Jack McCarthy Interview
Want to grow your B2B business? Start with your inbox. Spacebar Studios builds newsletters that drive pipeline, build authority, and generate real revenue. Bonus: The first six founders who raise their hand get their newsletter built for free.Reserve your slot: https://www.spacebarstudios.co/inquireScalepath is the sponsor of this episode. If you’re a searcher or operator and want real stories + a
This Is the Best $1M EBITDA Business (A Lesson From Talking to 2,000 Business Owners)
Rand Larson helps small business owners beat the loneliness of operating by building tight, ROI-driven peer groups. We dig into what actually works: working-capital traps, hiring/firing discipline, burnout, and why some owners sell just 12–24 months post-close.Scale Path is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches,
We closed 7 deals in 14 months (first $140m and a portfolio of 13 companies)
Want to build a media asset your competitors can’t copy?Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.- 115k+ subscribers in compliance- 7-figure ARR driven by email- Built for SaaS, services, and niche B2B marketsFirst 6 founders this month get their newsletters launched for free.Reserve your slot here: https://www.spaceba
Larry Gagosian Makes $1B+ a Year Brokering Off-Market Art (While Still Owning 100% Of The Business)
Your newsletter is the gallery. Gagosian sold because his collectors heard from him—constantly. Spacebar Studios builds the newsletter that keeps you in front of founders, LPs, and operators every week. Book a call to get yours (First 6 founders get theirs launched for free): https://www.spacebarstudios.co/inquireDefault aggressive—together. Larry didn’t wait alone; he built rooms full of people w
The Next Andrew Wilkinson? Building a 6-Company HoldCo (Bootstrapped with a 7-Figure Exit)
Want to build a media asset your competitors can’t copy?Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.- 115k+ subscribers in compliance- 7-figure ARR driven by email- Built for SaaS, services, and niche B2B marketsFirst 6 founders this month get theirs launched for free.Reserve your slot here: https://www.spacebarstudios.co
How Michael Ovitz and Steve Schwarzman From BlackStone Find 10s
Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built freeReserve your slot here: https://www.spacebarstudios.co/inquireRunning a business can feel like you're doing it all alone—but you don’t have to.Scal
How I Bought 4 Companies After Raising Millions from 35 Investors | Danny Vivier Interview
Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built freeReserve your slot here: https://www.spacebarstudios.co/inquireRunning a business can feel like you're doing it all alone—but you don’t have to.Scale
Follow This Private Equity Model and You'll Win (They Turned a $25K Loan Into a $15B AUM Fund)
Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B bus
How to Build a $200M HVAC HoldCo Without Outside Capital (2 Acquisitions and Organic Growth)
Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.👉 Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B b
This Model Beats Private Equity Returns (30-50%+ IRR)
Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.👉 Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B b
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