Buyers and Builders

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 buying private companies4:14 Meeting Jeff Totten at Alpine Investors5:53 Evergreen’s first acquisition and current portfolio8:14 How Berkshire Hathaway inspired Evergreen10:23 Leaving Alpine and starting young12:18 The first 6-18 months after closing13:15 What went wrong with an early MSP roll-up15:25 Why centralization hurt customer intimacy18:44 Building Evergreen’s sourcing engine22:27 Why Ramsey still talks to business owners himself23:07 The value of having a large acquisition database26:09 How to build trust with business owners29:18 Why finding great deals is still the most important part of M&A32:09 Higher valuations, higher rates, and value creation34:02 Evergreen’s M&A, talent, and playbook flywheel37:43 Why talent drives investing outcomes39:17 Motivating founders vs. hired CEOs41:54 Lessons from 160 acquisition post-mortems44:22 Setting big goals and planning backward47:16 Evergreen’s one-page plan and quarterly renewals48:53 What Evergreen learned from Alpine and Graham Weaver51:27 How Ramsey and Jeff’s roles changed as Evergreen scaled54:21 What people misunderstand about Evergreen55:07 How Ramsey’s view on managing people changed56:48 Closing thoughts from RamseyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 after backing 80+ searchers and 35+ acquisitions.Timestamps:0:00 Mark Sinatra’s journey from searcher to ETA investor1:21 Discovering search funds at Wharton7:53 Raising a search fund and finding Staff One HR13:17 How underwriting search deals has changed18:34 Buying a business right before the financial crisis21:14 When Mark finally felt like a real CEO24:19 Hiring the right people and upgrading the team31:38 Surviving the emotionally hardest years as CEO37:30 Rebuilding Staff One and selling to Oasis42:14 Starting ETA Equity45:20 What Mark looks for in searchers today51:20 Lessons from deals that did not go well58:30 Jockey, horse, and barn: what really matters in ETA1:01:50 How the search fund market has changedThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 growth6:25 Building hospitals, data centers, and complex fire systems8:07 Selling the company and rolling equity into the platform9:33 Going from one business to 12 offices and 800 people11:21 The hidden pattern behind great acquisitions13:53 Why integrations usually fail because of people15:49 What 100+ acquisitions teach you that one or two never could18:13 How to diligence small businesses without overcomplicating it19:30 The danger of fast rollups and pure multiple arbitrage23:39 Retaining owners and creating alignment after the deal25:15 The real craft of off-market sourcing31:00 Buffalo Growth Partners and the “guys in trucks” thesis37:39 Reimagining private equity through operations40:12 Small consistent improvements that compound into big results42:06 Constraint-based growth and finding the real bottleneck45:05 Meeting operators where they are with technology48:51 Where to find Robert Irving and Buffalo Growth PartnersThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 also discuss why investor alignment matters so much in small business, what makes founder-led companies different, and why simple strategy plus relentless execution usually beats sophistication.Timestamps:0:00 Simon on buying and building founder-led SMEs1:19 Why Arbor chose 44 small-business-owner investors3:32 Simon’s background: IPO journey, acquisitions, and operating experience7:21 Small businesses are “loosely functioning disasters”9:42 What Simon looks for before making an acquisition13:21 What founder-led manufacturing businesses usually look like15:25 Why the wrong investors can hurt a small business19:11 The first 90 days: listen, communicate, and settle the business22:42 Q2: deep dive into operations and build the sales platform27:58 Q3: sell, review, improve - creating momentum with customers31:48 What not to do: why “just implement AI” is bad post-acquisition advice33:28 Q4: invest and scale once conviction is earned35:27 Sales in small business: the hardest lever in value creation47:29 Managing the board, reading recommendations, and final lessons on resilienceThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 Capital Management.Timestamps:0:00 Why Networks Matter More in a Crowded Lower Middle Market1:09 Your Network as a Moat and an Alarm System3:19 The Hidden Edge Behind Great Investors6:00 The Private Whisper Network and Why Access Compounds7:29 How Trust Scales Through Introductions8:45 Building a Great Network Takes Years, Not Weeks9:25 The Power of the Triad10:25 The Buffett-Munger Introduction That Changed Everything13:47 How to Build a Network Even If You Feel Unimportant16:10 Shared Missions, Small Acts of Leverage, and Earning Attention18:48 Persistence, Preparation, and Closing Thoughts on Playing the Long GameThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 the ability to build Neeti Fund, a fund-of-funds built around a simple but highly selective strategy: backing a small group of high-quality long-only and long-short equity managers with aligned incentives, understandable philosophies, and meaningful personal capital invested alongside clients.Timestamps:0:00 Why Ram calls his life “dull, boring, and unsexy”5:09 Leaving India for Dubai with no passport8:46 The accounting lessons that shaped his whole career11:05 Learning the oilfield business from the rig floor13:29 The turnaround opportunity that changed everything16:07 Buying CTS through a leveraged management buyout19:19 What Ram focused on after taking over the business26:45 Why CTS refuses leverage and aggressive accounting31:31 The case for a cash-heavy balance sheet36:40 How Neeti Fund was born43:16 Ram’s framework for picking elite fund managers49:50 Red flags he’ll never ignore in an allocator57:33 The story behind ValueX Middle East1:08:52 Why money is an enabler, not the goal1:11:05 Great allocators vs. average allocatorsThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 more efficient.In this episode, we go deep on why lettings is such an attractive category for consolidation, why organic growth is limited in this market, and why Dan believes acquisitions are the fastest way to build a modern property management platform.We cover:• Why lettings agencies are such attractive recurring-revenue businesses• Why organic growth is structurally difficult in property management• How Dwelly uses acquisitions to scale faster than traditional operators• Why the business was hard for investors to categorize as either VC or private equity• What actually changes after Dwelly acquires an agency• How software and AI can improve visibility, communication, and efficiency• What makes an ideal acquisition target in the lettings market• Lessons from raising capital for a new kind of roll-upDan also shares the real story of Dwelly’s fundraising journey, including why so many investors passed at first and what it takes to keep going when the vision is unconventional.If you are interested in roll-ups, vertical software, AI, private equity, or building a modern services business through acquisition, this episode is full of insight.Timestamps:0:00 Intro: Dan Lifshits and Dwelly’s AI-enabled lettings rollup1:34 The real fundraising story2:02 Why the founders chose lettings after Uber and operational marketplace experience5:06 Why acquisitions beat organic growth in property management7:00 Why Dwelly was hard for investors to categorize as VC or private equity10:01 How the founders evaluate industries and opportunities11:45 Buying customers vs winning customers organically16:26 Where rollups fail and why AI rollups are even harder18:40 What actually happens after an acquisition and how integration works25:34 Dwelly’s ideal acquisition target: size, recurring lettings revenue, and succession32:18 Dan’s advice for founders struggling to raise capitalSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 market share, strong customer dependence, and positions that are difficult to replicate.We explore how IDUN creates value through disciplined acquisitions, decentralized operations, co-ownership, and long-term capital allocation — and why investors may be willing to pay such a premium for that model.Timestamps:0:00 Why IDUN Industrier deserves attention1:19 The power of dominating tiny niche markets3:13 Why the market gives IDUN a premium valuation4:32 Buy relevance, not scale5:54 Meet the niche leaders inside IDUN’s portfolio7:44 How IDUN actually creates value9:42 Why portfolio design matters10:40 M&A discipline over deal volume12:20 Why IDUN resembles the best serial acquirers13:44 Lessons for investors, buyers, and operators15:32 The biggest risks in the model17:45 Final takeaway: a blueprint for durable compoundingSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.#IDUNIndustrier #SerialAcquirer #HoldCo #PrivateEquity #CapitalAllocation #EntrepreneurshipThroughAcquisition #LongTermInvesting #BusinessAcquisition #MandA #Compounders

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 holds0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage2:54 What changes when you buy to own for 30 years5:26 Studying enduring businesses instead of trends6:49 The anatomy of a 100x deal8:40 Diamond Brands and the power of adjacent acquisitions10:59 From family business buying to search fund investing11:58 How ETA changed from 2010 to 202614:58 Why the entrepreneur matters more than the business18:03 What Lacey looks for in founders19:50 Unconsolidated niches and the “right to win”23:21 Biggest mistakes: wrong partners, overpaying, overleverage27:40 The upside and downside of permanent holds30:37 Capital allocation without a planned exit33:20 Raising permanent capital with patient investors35:29 Finding operators for indefinite-hold businesses39:12 What frugality looks like inside a company42:01 U.S. vs Europe: fragmentation and entry multiples45:13 How Hunter Search Capital wins without overpaying51:33 Women in ETA and relationship-driven investingSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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, and what investors look for when studying these businesses.I also share why Evergreen Services Group may be building one of the most interesting HoldCo stories in America today.Timestamps:0:00 Why Stockholm is the mecca of serial acquirers2:37 The big ideas from 36 serial acquirers3:36 Why slower can actually win early in serial acquisition7:52 How great serial acquirers solve the reinvestment problem13:02 The 7,500x return story16:59 What actually drives compounding20:01 How to truly study operators and companies22:35 Why strong balance sheets and niche specialization matter in tough markets25:50 Evergreen Services GroupSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 generating approximately $2 billion in revenue.Timestamps:0:00 Why Eric loves messy manufacturing deals1:40 From Detroit operator to private equity investor4:58 Building Speyside: Fund I, the continuation vehicle, and Fund II7:35 How PE firms decide fund size and portfolio construction10:24 Why Elliott backed Speyside's continuation vehicle12:43 What LPs want now, and why PE is going through a reckoning15:46 Operational value creation vs. financial engineering20:03 Why sellers choose Speyside for complex situations24:09 The red lines: positive EBITDA, size limits, and avoiding bad S-curves33:34 The “fix and build” playbook59:29 Independent sponsors, fund models, and the future of dealmakingSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 and coming back to Europe6:03 Livonia today: focus and deal size7:06 Minority and majority deals7:23 Fundraising as a first-time GP8:25 Early deals: structuring and fund size limits10:08 Fund 1 vs Fund 2 evolution13:38 Sourcing engine and “kill list”16:00 Small market, big opportunity20:32 Post-acquisition playbook and cadence25:55 Thermory case: build, buy, exit35:43 Mistakes: leverage and market calls38:28 Fund size ceiling in the Baltics46:54 Team lessons and alignmentSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 like9:10 Vetting sponsors/searchers12:44 Investor improvement and portfolio construction17:32 What top sponsors do differentlySponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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, chemistry, and service/maintenance.0:00 Deal-by-Deal vs Fund Life3:48 Operator Mindset in the Lower Middle Market8:10 Buffett Lessons + Durability18:36 Car Wash Playbook23:46 HoldCo Structure27:50 Recruiting A-Players32:17 Co-Invest Partners36:22 Bigger Deals: What Changes39:28 Debt vs Equity42:06 Founders: Recap vs Sell to PE48:04 ETA/Search Funds: Post-Close Risk55:10 People and Investing in YourselfSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 one goal: selling more art) - and TheRealEstateG6 ( https://x.com/TheRealEstateG6 ) on X, whose “yacht” framework shows how to stop restarting from zero and build platforms, venues, and proof that create real gravity.Show notes:0:00 Build “inbound” deal flow in the $2-15M EBITDA range2:58 Why most relationships don’t compound (and how to fix it)6:44 The first upgrade: become a “regular” and let familiarity stack10:22 Gagosian’s flywheel: one gatekeeper unlocks the next layer13:05 Build your “market map” (CRM mindset) before it pays you16:09 “Create your own yacht”19:28 Deal flow as a two-sided platform: owners + capital allocators25:07 Modern yachts: Shark Tank, media, and flipping who chases who31:59 The 5-question test for a real yacht38:11 The whole thesis: manufacture situations where people come to youSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 Margins and revenue25:50 Building the platform to buy27:17 First acquisition30:56 Seller financing playbook36:35 The “silver tsunami” sellers41:50 Second acquisition51:48 70% seller-financed deal example1:09:09 Learning M&A with AI + XSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 Platform strategy40:41 EndgameSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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.This is a story about credibility over capital, why bad packaging can kill deals, and how preparation - not promotion - closes deals in the lower middle market.Timestamps:0:00 Why great investing ecosystems can be traced back to a few hidden origins1:10 How a small Charlotte firm became a training ground for middle-market M&A3:27 What Erskine Bowles saw at Morgan Stanley in the 1960s6:35 How BHC turned founder chaos into lender confidence10:12 Why BHC became the default choice for family-owned businesses14:22 The true job of a great lower-middle-market advisor15:21 Cash flow as downside protection19:17 How BHC helped fuel middle-market efficiency21:08 Where BHC alumni show up today22:07 Attention to detail, low ego, and a partnership mindsetSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mike/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 to scale operations and service quality32:05 Deal sourcing at scale without spam37:05 Managing risk, customer concentration, and diligence44:35 Takeaways for other buyers53:00 Hold vs sell and capital disciplineSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 global expansion via acquisitions20:05 Post acquisition playbook23:08 7 total acquisitions and off market sourcing30:25 Transition to launching Harbor Capital39:36 How to find invisible small town dealsSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 getting paid for your words and gaining access9:44 Coordination problems and forced sellers create the best deals11:44 Ghost ship companies and orphaned assets that VCs misunderstand15:28 Patience and selectivity outperform constant deal activity18:42 Negotiation and the 25 million LOI with a Ferrari 48821:19 Six unconventional truths about making better business decisionsSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 why most founders misunderstand the space13:59 Sponsor: CapitalPad (backing searchers + proprietary deal access)17:36 Game selection27:23 Cabana thesis: national pool brand via M&A + ops + vertical software28:45 Sponsor: SpaceBar Studios (35,000 newsletter subs in 90 days guarantee)34:48 10 deals in 18 months, 4x YoY growth59:45 Only buy from good-faith sellersSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 cases, capital allocation quietly became the dominant profit engine, generating the majority of group earnings while the core operations remained stable and conservative.TIMESTAMPS0:00 The hidden problem of excess cash in profitable businesses1:55 When reinvestment, M&A, and dividends all stop making sense2:00 Hiring a Chief Investment Officer3:10 Case study: a fruit importer that turned cash into its main profit engine4:40 Case study: a family manufacturer where capital allocation drove 80% of profits6:45 Why capital allocation becomes the real growth engine over timeSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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, how Facebook groups and events became his main growth drivers, and how that approach helped him roll up 8 niche software companies, grow past $30M in revenue, and exit for $100M+.Show notes:0:00 From Google to flooring software5:19 The retention data that changed everything 7:44 The bold pivot (and why revenue collapsed first)8:37 8 acquisitions lead to a platform build13:35 Sponsor: CapitalPad15:40 51% brand, 49% product (the real moat)18:58 The Facebook group engine25:05 FloorCon: turning community into a movement28:12 Sponsor: Spacebar Studios31:09 The “great idea” that nearly blew up the business40:07 Buying niche software: relationships vs outreach44:03 Integration: the stuff nobody tells you57:47 His founder filter: “I know in 5 minutes”59:22 Hospitality vs service (the lesson that explains everything)Sponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 Shore’s operating history, focused on the systems behind their results.TIMESTAMPS0:00 Why to study Justin Ishbia1:30 Buy small, professionalize, roll up, sell the platform2:20 The numbers: Shore’s reported track record (platforms, exits, and why the median matters)3:15 “I’m not smart, I just know who to copy”4:30 How “luck” is earned through repetition6:55 Reserving most capital for add-ons to create multiple paths to 3x - 8x outcomes8:43 Sponsor CapitalPad: backing acquisition entrepreneurs buying real, unsexy businesses9:47 Why “the system is the star”Sponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 on diligence, watching funding evaporate, and learning what “the seller isn’t emotionally ready” actually means -- when the mortgage clock is ticking.We dig into how Steve rebuilt his deal process from scratch, how he sold himself with zero acquisition track record, the red flags he now screens for, and the operating system (EOS) that changed everything post-close.TIMESTAMPS0:00 From corporate manager to 5 acquisitions in manufacturing1:06 The moment Steve knew he was done with corporate life2:54 The “measured exit” that turned into months of uncertainty4:59 The first deal: tiny business, bad structure, and a lucky failure5:42 The seller starts ghosting -- and the deal unravels7:01 Losing the deal, burning cash, and rebuilding his entire approach8:57 Why most people shouldn’t pursue acquisitions (the “strong why” test)9:55 Sponsor: CapitalPad -- backing real operators in overlooked markets11:06 How to tell if a seller is actually ready to sell14:02 The exact outreach message that landed his first acquisition19:04 Structuring and closing the first deal + brutal first 90 days20:57 Sponsor: Spacebar Studios — building newsletters for HoldCos & investors23:18 Implementing EOS: turning chaos into an operating system39:45 80/20 thinking in manufacturing: cutting noise, expanding marginsSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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, multiple expansion can’t be assumed, and real value creation matters more than spreadsheets.TIMESTAMPS:00:00 Why the old private equity playbook is dead and why buy at 8x sell at 12x no longer works02:05 What the old PE model was and why it worked for 20 years06:25 Why the old playbook is failing structurally as rates rise and leverage weakens09:18 The shift from capital deployment to capability deployment11:00 How the industrial builder mindset creates real alpha today14:10 Why specialization beats being a generalist buyer18:30 How founders should diligence buyers in the new model22:15 The opportunity for HoldCo builders and small buyers in the lower middle marketSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 structure scales.TIMESTAMPS00:00 Deals are great, but the money is made in operations02:15 The real business model: CAC, LTV, gross margin07:06 What a “healthy company” looks like + why founders get stuck on structure10:10 Sponsor: CapitalPad (back the next generation of business buyers)11:09 The expectation gap: hiring for outputs + breaking sales into subdivisions15:48 Scaling myth: reinvesting blindly (why ROIC and attribution matter)20:22 “Exit without selling”: free your time, keep ownership benefits, serve your life24:34 Sponsor: SpaceBar Studios ($0 newsletter build, limited spots)33:13 Delegation done right: specify the output + schedule follow-ups (no surprises)42:33 John’s 1-week playbook: “systems inventory” + 2 questions that reveal misalignmentSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 No Real Path to Ownership5:27 Where PE Talent Is Going NextSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 practical framework for building a career or business that actually compounds over decades.TIMESTAMPS0:00 The dangerous myth of “the path”1:04 Jeffrey Walker’s core insight: there is no path3:05 Talent is common, intentionality is rare4:12 The banker assembly line trap5:53 The perfect resume that led nowhere7:01 The pathless entrepreneur who built a $200M company8:34 Sponsor CapitalPad - Curated deal flow. Aligned sponsors. Simplified investing.9:44 How building your own path changes everything12:13 A practical framework for creating your own path14:16 The real takeaway: paths only make sense in hindsightSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 down3:00 Rolling up a beach town with chairs, linens, golf carts and a coffee shop8:03 Buying a construction company 6 hours away with no experience10:31 Sponsor: CapitalPad - investing alongside small business buyers11:58 Flipping the construction business for a 300% return in 18 months17:19 Scaling a moving company22:15 Sponsor: SpaceBar Studios - b2b newsletter35:04 Creative M&A structures with 100% seller finance, bank debt and earnouts42:57 Building teams, promoting from within and making businesses “transition ready”52:05 Why he believes multiples will compress on Main Street1:02:13 Managing personal guarantees, stress and four kids under five1:06:20 Next chapter raising capital to buy $5-20M companiesSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 returns2:07 The simple playbook: buying small boring companies again and again3:56 Engine #1 - Organic growth in the “unsexy” corners of the economy6:50 Engine #2 - Programmatic M&A: what these serial acquirers actually buy13:07 Sponsor: CapitalPad - deal-by-deal private equity access for accredited investors14:27 Owning 100+ companies: resilience, diversification & the 7-7-7 structure16:00 What private buyers & HoldCo builders can apply immediately (7 acquisition principles)19:35 Sponsor: Spacebar Studios - get your B2B newsletter built for $0 upfront21:02 Don’t chase synergies: culture, dominant niches & promoting leaders from within23:07 You’re playing the same game as Lifco & Constellation (long-term compounding mindset)Sponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 now backing searchers at Shore Capital Partners.We dive into how AI is transforming traditional service industries, where real opportunities (and risks) lie, how to evaluate founders, and why the best investing often happens in industries that don’t change.TIMESTAMPS:0:00 Cyrus’s operator & investor journey2:02 Spotting the tech gap in the traditional economy3:43 Data infrastructure, MySQL roots & AI rollups at OpenOcean5:15 Bridging VC, AI and micro-cap PE7:35 Sponsor: Capitalpad - invest alongside vetted searchers8:37 What AI-enabled services really are (with simple examples)12:21 Inside OpenOcean’s AI-enabled services thesis & deal work16:00 Joining Shore Capital & backing searchers and roll-ups17:08 Sponsor: Spacebar Studios - done-for-you newsletters18:14 How Cyrus evaluates AI risk and upside in real deals31:01 Moving from VC to ETA/PE and key mindset shifts45:46 Investing in what doesn’t change, AI as a tailwind & favorite bookSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 investors do differently to consistently catch those outliers. If you’re a searcher, investor, fund, or holdco, this is the episode that will change how you think about ETA returns forever.TIMESTAMPS0:00 Access as the #1 driver of outperformance & episode roadmap0:40 Dinner scene: Stanford-slide searcher vs seasoned LP reality2:15 Power laws, Magnificent Seven & how a few winners drive all returns3:40 Yale study: 1,192 investor observations vs the Stanford search fund myth5:35 Segment 1: The Illusion of the Stanford Index & why no one matches it7:45 Segment 2: The Batting Cage Problem & why access determines investor outcomes9:26 Segment 3: The Two-Stage Bet, broken searches, missing winners & 10x outcomes14:13 Sponsor: Spacebar Studios - guaranteed 10,000 newsletter subscribers in 90 days15:20 Elite ETA investor tier, access hierarchy & why “spray and pray” fails17:51 Real odds for searchers, importance of elite access & final “respect the griffins” takeawaySponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquire#ETA #SearchFunds #EntrepreneurshipThroughAcquisition #SelfFundedSearch #TraditionalSearch #SearchFundInvestor #SearchAcquisition #BusinessAcquisitionFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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-capitalized balance sheets, manages messy founder transitions, and keeps hundreds of retail LPs aligned while staying oversubscribed on almost every deal.TIMESTAMPS0:00 Biggest risk in PE founder transitions and bad leadership fit0:44 Why the “retail private equity” model4:37 Working with PE as a CPA and deciding to start Borgman Capital in 20176:10 How uncertainty really hits lower middle-market companies8:04 Biggest early mistakes: Hiring the wrong leaders and underestimating founders11:35 Responsibility to employees, banks and LPs13:10 Sponsor: CapitalPad - Backing business buyers and accessing proprietary small-business deals14:12 First acquisition story16:24 Why Borgman chose hundreds of retail LPs instead of a fund20:45 Oversubscribed deals, memos, webinars and passthehat.com29:09 Sponsor: Spacebar Studios30:23 State of private equity today: Fewer deals closing, lower leverage and patient sellers32:34 Why Borgman fishes in second-tier cities36:17 Deal flow: 1,500 deals a year, 2-minute financial test and what they actually buy40:49 Adding 500k-1M of extra equity to protect against surprises54:44 Risks of raising from regular investors58:59 When to sellSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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.TIMESTAMPS0:00 Intro1:43 Defining retirement: cost of living vs net worth3:04 Immigrant upbringing & discovering value investing4:40 From NYU to Wall Street & joining a family office7:58 Learning to analyze businesses & six key questions10:33 Carvana deep dive: customer experience, lending & unit economics17:03 Filtering noise, short reports & thinking in 10-year terms22:21 Studying great long-term hedge funds & idea sourcing via 13F filings25:17 Sponsor: Capitalpad - a marketplace for small business deals26:19 What really matters: returns, time horizon & simple return math36:16 When to sell: being wrong, better opportunities & thesis playing out43:21 Leaving Wall Street for Buddhism & moving back to India48:41 Enlightenment, meditation & inner transformation55:21 Blending investing with spirituality, Substack & what’s nextSponsored by CapitalPad:https://capitalpad.com/ - A deal-by-deal private equity investing platformDiscuss investment ideas with Akshay: https://substack.com/@realreturnsFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 63-year-old founder Fredrik Karlsson, the former CEO of Lifco - one of Sweden’s legendary serial acquirers. After two decades mastering the art of permanent capital, Karlsson left to build his own vehicle. Six years later, RÖKO is worth billions.TIMESTAMPS:0:00 The hidden $2B holding company with 29 businesses0:34 Who is Fredrik Karlsson? (Ex-Lifco CEO turned founder)1:40 Röko’s launch: $20-25M founder capital + $200M raised2:15 Portfolio breakdown: 29 companies across B2B and B2C3:00 Q3 2025 results: 21% margins, 14.5% ROCE4:46 How Röko scaled faster than any European serial acquirer5:41 Why Röko only buys high-margin (15%+) asset-light companies6:22 Sector-agnostic strategy and disciplined capital allocation7:07 Risks Karlsson fears most: recession and bad managers8:29 Röko HQ model: one Excel sheet, zero micromanagementSponsored by CapitalPad:https://capitalpad.com/ - A deal-by-deal private equity investing platformFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 on entrepreneurship and resilience0:34 Who is Ian Rickwood and what is Henley Group?1:04 The scale of Henley today: capital, sectors, and strategy3:02 Early career: Procter & Gamble and Pepsi5:02 Discovering Subway & winning the master franchise7:04 “More margin in the lease than in the sandwich” real estate awakening11:01 From 17 Subways to buying Benjys13:03 Scaling Benjys to 90 stores + ~200 ‘vanchises’… then getting crushed15:05 A tough exit and what it taught Ian17:04 Starting Henley from lifestyle dev to serious platform19:03 Surviving the GFC and pivoting the model21:03 A 12-year run and Henley’s track record22:07 Building a firm with your spouse “colors and numbers”25:08 Bringing the kids into the business (without ruining them)29:04 Dealing with bad deals and problem assets31:02 Geographic expansion Holland, Germany, Poland, Ireland33:06 Entering the US and timing the exit33:56 From deal-by-deal to first fund37:03 “It’s all about the deal” capital vs conviction40:13 Sponsor: Capitalpad marketplace for acquisition deals41:20 What a perfect operator/entrepreneur partner looks like43:03 Reading people in a 60-minute meeting45:02 Why car washes? Entering a ‘boring’ but beautiful business47:03 The failed first platform: overpaying, over-spending, bad sites48:00 Rebuilding from scratch: launching Aquasonic the right way49:02 Data, AI and picking car wash sites52:05 The most expensive beliefs Ian has changed55:11 Big-picture lessons keep learning, don’t give up, pivot fast57:17 Favorite books and how Ian unwinds57:47 Closing thoughts and wrap-up Sponsored by CapitalPad:https://capitalpad.com/ - A deal-by-deal private equity investing platformFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 #SMBacquisitionTIMESTAMPS0:00 The overlooked M&A superpower4:55 Warren Buffett & Mrs. B: a deal built on trust8:04 Shopify lesson: empathy that wins founders11:54 David Cote at Honeywell: listening as diagnostic precision15:47 How to practice it: questions, plant walks, and strategic silence

My guest today is Joel Mathew, Head of Originations at Woodson Equity. We discuss how his entrepreneurial path led him into private equity, Woodson’s “inch wide, mile deep” focus on diversified industrials and business services, and why they favor hands-on, control deals. Joel shares a live carve-out playbook, how he sources more than a 1,000 deals a year, the first-100-days operating cadence, culture as an edge, off-market vs. banked processes, and the mindset required to win in the lower middle market.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireTIMESTAMPS0:00 Intro5:03 Focus: diversified industrials & business services6:27 Hold period philosophy7:07 Target size & screens8:04 Why pursue larger deals9:41 Value creation beyond capital; control investing11:08 Hands-on operations (presence on the floor)12:53 Sponsor: CapitalPad14:16 Stewardship playbook: cost discipline, systems, people15:24 Beyond the P&L: culture & morale16:18 Weighing purpose vs. numbers21:42 Factory-floor insights you won’t see in a data room25:48 Why deal flow is “easy” (but a lot of work)28:16 Sponsor: Spacebar Studios29:48 Bigger vs. smaller deals31:44 Seller types: family, PE, and carve-outs33:50 Winning trust with founders not yet selling38:02 Where the best off-market deals originate39:10 Time allocation & focus blocks41:05 Best ROI: banker processes vs. proprietary43:40 Deals that die… and come back44:51 What’s exciting now: volatility & tariffs47:12 Patterns of elite operators49:24 Staying sharp & never settling53:16 War stories from the trenches55:15 What’s next for Woodson (2-3 years)57:08 “No bad deals, only bad prices”Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

How Sid Jashnani scaled his firm into a portfolio of 15 companies and $77 million in revenue. If you’re an investor or builder, this is a masterclass in turning chaos into compounding cash flows.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireWe discuss:0:00 Intro: from systems integrator to 15-company HoldCo0:34 Plateau at $4M: what wasn’t working3:22 Discovering EOS: why it clicked and how to start7:46 Sponsor CapitalPad: accredited investors invest in acquisition entrepreneurs10:26 Owning product lines: vertical integration and moat16:59 Rolling EOS across companies: the non-negotiable cadence18:05 Before vs after EOS: escaping firefighting and gaining control19:19 Sponsor Spacebar Studios: done-for-you newsletters for deal flow and trust24:02 Accountability Chart: firing yourself from Ops the right way29:05 Hiring via scorecard: finding the operator who can deliver37:20 Eight Cash Drivers: terms, inventory discipline, margin expansion49:02 Portfolio snapshot: 15 companies and current metrics52:44 Build vs buy: when to create your own product1:03:00 Raising a fund: de-risking and scaling the platform1:06:54 Partnering with PE: timing, structures, and trade-offsSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Buying a small business and raising the equity shouldn’t take a roadshow.In this episode, Donza Worden (ex–institutional PE, Clear Peak Capital) and Travis Jamison (multi-exit founder turned investor) break down how CapitalPad makes both sides easier:1) curated deal flow for accredited investors;2) and a streamlined path to capital for independent sponsors/searchers.Start deploying today with CapitalPad: https://capitalpad.com/ - A deal-by-deal private equity investing platformWe cover:00:00 Intro — making buying businesses & raising capital easier00:27 Danza’s path: IB/PE → Clear Peak → the CapitalPad problem02:01 Travis’s path: founder → exits → discovering SMB deals03:35 Why SMB acquisitions: return studies & the access gap05:11 The marketplace solution: deal flow + right-sized checks06:45 Build & launch timeline; choosing curation over “open”07:46 Fees & alignment: investors pay (20% carry + 1.5% close), sponsors free10:36 Curation filters: leverage, concentration, valuation, tough industries15:13 Do good deals fund? Understanding complexity & platform growth16:51 Searcher flow: teaser, VDR, interview, listing, go-live18:02 Investor experience: NDAs, Q&A, allocations, SPV mechanics19:54 Post-close: reporting discipline & early outcomes21:42 Portfolio design: illiquidity + diversify (expect some failures)22:45 Market temperature: pricing sanity, avoiding froth23:55 Common searcher mistakes; why post-LOI matters27:33 Beyond capital: better governance31:01 No pay-for-priority access; keeping incentives aligned32:14 Roadmap: expert LP involvement & operator supportSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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… and guiding them to restructure and close for $42 million in cash just months later.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireWe discussed:0:00 Who is Mac Lackey + Spanish football club owner0:34 Early life: football-first, scholarship, brief pro career1:28 First company3:06 Early internet wave (1998 eight-figure exit in mid-20s)5:24 Post-exit: acquirer IPOs (’99); starts a football media company9:08 Building the largest non-televised football content shop:14-month sale (2000) during dot-com crash12:20 The “strategic value vs financials” lesson and buyer’s lens14:50 Sponsor: CapitalPad20:14 Engineering a bidding war in London; fast LOI from competitors27:53 Sponsor: Spacebar Studios29:02 Third company: interim CEO, roll-ups, misaligned risk appetites and sells stake (which later becomes a nine-figure outcome)33:23 Life design shift: optimizing for freedom of time after first child48:08 Exit DNA: optionality, 10–100x ROI examples; common fixes (founder dependency, buyer math, estate/tax prep “two years + 1 day”)1:02:52 Bet on peopleSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireReach out to Mac: https://maclackey.com/mikk/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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-generation steward.Sponsor:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/ - A deal-by-deal private equity investing platformWe break down the three pillars of lasting wealth:0:00 The hidden question after success: what do you do with the money?1:30 Builders vs. stewards: different skill sets, same discipline2:00 How legacy families preserve wealth for generations2:30 "From rice field to rice field"4:00 The simple fundamentals wealthy families follow4:20 Why complexity sells, but simplicity endures5:45 The two-bucket philosophy: preservation and compounding6:01 Pillar #1: Conservative fixed income (your stability base)6:40 Story: The entrepreneur who lost half his fortune chasing returns7:22 Sponsor: CapitalBad - the marketplace for long-term investors8:16 Pillar #2: High income strategy (living off cash flow)9:12 Example: The Midwestern family that compounds quietly9:15 Pillar #3: Long-term growth (own great companies for decades)10:05 Compounding only works if you let it10:59 Consumption vs. compounding: every generation’s choice11:45 Structure, simplicity, and temperament in wealth management12:00 Can you manage yourself as well as you managed your company?Support our Sponsor:CapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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.Sponsors:This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquireTimestamps0:00 Reggie Pryor Jr. and his “buy overlooked, rebuild cash flow” playbook0:50 Wofford College and mentor Jimmy Gibbs3:57 The lesson: just ask (how Reggie earned the mentorship)5:16 Running his father’s company; learning by doing9:43 Sponsor: CapitalPad (operator-investor marketplace)11:05 Reframing the strategy: rebuild rather than break apart12:42 Pryor LLC’s four pillars (Diversified, Global, CRE, Capital)13:30 Why he rarely sells15:02 Portfolio overview; value lens across categories16:48 Case study: Highway 9 real-estate deal19:59 Adding 265k of value by acquiring a state-owned strip for $12,00022:41 Sponsor: Spacebar Studios27:05 Where private deal flow comes from27:57 Moretex origins (founded 1908) and how he stumbled onto the opportunity31:10 Hidden kicker: next door 70 million dollar stadium32:12 Taking over Moretex33:50 Lessons from doing the deal and showing up personally34:13 First 90 days: key hires (maintenance, SOPs); no salesperson for 31 years35:52 Vertical integration: buying the pulverizer supplier38:00 Tariff tailwinds plus all USA inputs boost demand38:21 Oldest chemical plant in the Southeast41:37 Brand and formula value42:56 Why no auction? Family context, timing, and trust44:13 Mission: fix and own Moretex long term45:44 Building a mentor bench: the names and why it matters47:02 Three “secrets”48:09 How networks actually compound (and how to start)51:04 Reggie works seven days a week, 365 days a year52:59 On happiness, overwhelm, and tradeoffs55:49 Why saving American manufacturing is personal58:33 How picky is he? On saying yes, triaging inbound, new bets1:00:39 Why do the podcast? On signal, diligence, and reciprocity1:02:08 Wrap up: key lessons and gratitudeSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purpose

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 the kind of insight that compounds for life.The 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. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.Timestamps0:00 Intro: The compounding power of reading0:49 Investor quotes on reading2:04 A real competitive advantage2:32 A 50-year habit and the $500M outcome3:25 The Tenecco idea and the $8M to $80M jump4:42 Sponsor: CapitalPad5:52 Jeff Bezos: One stat that launched Amazon6:09 Morris Chang (TSMC): A textbook insight that rewired an industry6:36 Elon Musk: no Mars plan6:50 Dietrich Mateschitz7:11 Bill Gates: The Altair 8800 moment7:25 Phil Knight: Japanese trade finance to Nike’s supply chain8:55 Naval Ravikant on lifelong reading9:23 Sponsor: Spacebar Studios10:27 $8M to $80M to $500M10:50 “5 to 10 great insights in a life”11:40 The 29x BYD outcome11:48 How reading trains intuition: “You can almost smell it”12:22 The ultimate unfair advantage of reading13:00 Final challenge: Are you reading like your life depends on it?Support our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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-call bonding that actually wins deals.During the session he even had them cold DM a business owner about selling - someone in the room even booked a meeting before lunch.The SponsorThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformTimestampsSupport our SponsorCapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 principles. This episode isn’t about education - it’s about how great operators think.The SponsorThis episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformTimestamps00:00 Intro: Who is Joe Liemandt & why this episode01:16 The real job of a boss: raise the bar03:25 Reality-distortion & Trilogy’s elite culture06:44 Expect more than they expect of themselves08:46 ESW Capital’s “insane” bet: buying legacy software09:20 Sponsor: CapitalPad12:47 Pricing power: why most companies undercharge14:33 Value-based pricing: the ESW playbook16:15 Pricing moats17:56 The real bottleneck: motivation vs information19:48 Hiring for fire21:27 Inner scorecard23:12 Information is commodity; motivation is scarcity24:45 Leaders as motivators26:10 Systems that reward curiosity, not compliance27:06 Closing framework: light the fire27:55 “Customers have the answers” - sit with end usersSupport our SponsorCapitalPad: https://capitalpad.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 wiped out a year of profit), the switch from “buy and replace” to a partner-and-keep-the-owner model, how they finance growth without overpaying, and the operating system (recruiting, cash, WIP discipline) that lets local brands scale without losing their soul.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 - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.Timestamps00:00 Intro00:34 Steve’s background01:56 Early thesis: from marketing & home services lead gen to HVAC focus03:54 Bootstrapping experiments, agencies, pest control—what worked/what didn’t04:58 Personal runway & the real cost of chasing deals while employed06:00 Broken deals, travel, and swallowing $100k–$200k before first close06:16 Meet the co-founder: lifelong friend Steve Nicholson; Kelso name origin08:32 First near-deal dies; deciding to swing at the largest SBA-sized deal10:26 Finding a commercial HVAC business in Arizona13:11 Sponsor: CapitalPad18:23 Survival year: no new acquisitions, just fixing ops and cash19:13 The unlock: partnering with an Idaho operator who stays on, not exits20:21 Bringing in a PE partner (Peterson Partners): why working capital blew up the SBA plan24:26 How the PE check actually changed things (and what it didn’t)28:29 Sponsor: SpaceBar Studios29:32 Scale after deal #2: ~$40–50M revenue; raising the bar to $30–40M targets30:50 Handing Arizona to Poncho so Steve can live on planes finding partners33:22 Hitting $10M EBITDA in 2 years and setting the $1B revenue goal34:32 Reaching $1B TTM four years after launch36:25 Structure: Kelso buys 100%, owners stay, roll equity, 3-year earnouts37:48 Why this is a relationship business (and why replacing owners destroys value)43:10 Liquidity: horizon to public markets or new capital partner—patient equity model46:59 Building the corporate engine: legal, HR, recruiting (15 in-house), finance, insurance49:06 Project businesses need WIP discipline; dashboards and tighter forecasting49:57 Footprint today51:05 Centralized cash & working capital management52:36 Post-close uplift: many ops 2–3x EBITDA with branch and service expansion54:27 Financing new deals mostly via lenders + internal cash; no overpaying56:24 Succession planning at every level; why this creates employee confidence59:42 Example: ex-owner now building Kelso’s national service platform1:01:10 Why Kelso hasn’t sold any companies (and likely won’t)1:02:58 Steve’s evolving role: firing himself from jobs, hiring an exec teamSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstThis podcast is for informational purposes onl

My guest today is Nick Hatchka, founder of Cub Investments, which has completed over a dozen acquisitions. Nick is now building a regional platform of generator dealers and service businesses in California alongside his operating partner, Dylan Ferguson. We discuss his journey:- to independent sponsorship,- lessons from 12+ acquisitions,- what makes a good business model,- partnering with operators,- and buying seller-dependent companies.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 - or want to back operators - check out https://capitalpad.com/ - A deal-by-deal private equity investing platformOur sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.We cover:0:00 Nick Hatchka on 12+ acquisitions and a California generator platform0:35 Background: MIT → McKinsey → 2 startups → Fortune 500 clean tech1:54 Founding Cub (2016): SBA and personal capital for the first deal2:49 Scaling: 12+ acquisitions across interior plants and landscaping, later divested4:09 New platform thesis: generators in California and why the model is capital intensive5:27 Investing focus: market and model selection over operator heroics8:16 Capital discipline: self-funded pace vs raising outside capital9:18 Sponsor CapitalPad: standardized terms, governance, and distributions for acquirers and investors12:03 Generator business explained: sell, install, maintain, and test backup power (monthly, quarterly, annual PMs)13:22 Sponsor Spacebar Studios: done-for-you newsletters with a two-week free setup20:11 Partnering with Dylan Ferguson: 20-30 interviews and complementary skills25:54 First acquisition Conti: sourced direct, LOI-to-close ~6 months, closed Jan 202428:16 Post-close playbook: replace owner-operator and rebuild systems for scale33:39 Early lessons: grew fast to replace 4–5 seller hats and would build recruiting pipeline earlier34:38 Results: revenue ~$3M → ~$6M and team 7 → ~1442:13 Second acquisition PowerGen: 5–6 months later with larger C&I footprint in Bay Area and Sacramento45:04 Capital and operating philosophy: seller note fixed ~8 years, target ≥3x DSCR, keep strong cash reserves and focus on service quality51:32 Book and wrap: The Science of Success and expanding the circle of competenceSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.