Ep. 28 How Private Equity Firms Work: The Story of Jon-Don

Ever wondered how a private equity firm works. This is a real life story of a family owned business that that grew to become a nationally recognized brand, was bought by a private equity firm and collapsed over night! In this episode of 'Locally Owned,' we explore the inspiring story of Dominic (Nick) and Jon Paella, who started Jon-Don, a revolutionary janitorial supply company, from their suburban Chicago garage in 1978. Discover how they built a national brand based on treating customers like family and stood by small contractors for decades. Learn how private equity firm Incline Equity Partners acquired Jon-Don in 2021, employing risky financial strategies that ultimately led to the company's bankruptcy by 2025. This narrative serves as a cautionary tale about the impact of high-risk financial maneuvers and the stark differences between customer-driven values and profit-driven imperatives.00:00 The Dream Begins: Founding Jon-Don00:58 Building a Legacy: Nick and Jon's Journey01:53 A Customer's Perspective: The Jon-Don Experience08:36 The Private Equity Takeover10:13 The Downfall: Financial Missteps and Bankruptcy15:07 Lessons Learned: The Impact of Private Equity17:06 Conclusion: Preserving the Legacy

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This episode is 21 minutes long.

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This episode was published on December 12, 2025.

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