Afleveringen
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My guest today is Mark Rossano, Co-Founder & CEO of C6 Capital Holdings, a firm focused on building real-world solutions in energy and agriculture infrastructure.
In this episode, we explore Markâs journey from Morgan Stanley and global oil trading to building a holding company that owns hydroelectric power plants and sustainable fertilizer companies.
In Todayâs Episode We Discuss:
00:00:00 - Intro: meet Mark Rossano
00:01:06 - From Wall Street to Oil Trading & Global Energy
00:03:18 - Launching a Fund & Personal Tragedy
00:05:45 - Why Energy & Agriculture Infrastructure
00:08:00 - How Mark Met His Partner Fernando
00:10:15 - The Early Pain: Fundraising & Doubters
00:13:09 - Power Prices, Fertilizer & Macro Contrarian Views
00:15:02 - First Close: Winning Investors Over with Track Record
00:16:50 - Structure & Scale of the Portfolio
00:20:56 - Why Sulfur Is the Hidden Commodity Crisis
00:22:25 - Deal Sourcing: How They Find Hydroelectric Assets
00:24:50 - Why Mark Buys Minority Stakes & Not Full Control
00:26:09 - Their âAnti-Private Equityâ Approach
00:29:04 - Why Engineers Partner with Markâs Firm
00:32:07 - Lessons from Running Real Businesses vs. Modeling
00:36:17 - Macro Insights That Drive Capital Allocation
00:40:56 - How Mark Avoids Bad Investments
00:44:16 - Big Mistakes Founders Make (Sales, Leverage, Assumptions)
00:50:17 - Fund Structure & Deployment Strategy
00:54:00 - The Psychological Side of Building During Chaos
00:58:03 - Making Tough Calls & Turning Off Emotions
01:02:15 - Best Investment Advice & Favorite Books
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Mark on X: https://x.com/markfny
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. -
What if the real edge in investing isnât another framework or deal structureâbut how you learn?
In this solo episode of HoldCo Builders, I break down a mental model that quietly powers the world's top capital allocators, HoldCo founders, and hedge fund managers. Inspired by the teachings of Alix Pasquet (Prime Makaya Capital), we explore why the highest IRRs often come from behavioral changeânot spreadsheets.
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In This Episode, You Will Learn:
00:57 - Why âlearningâ is useless unless it changes your behavior
03:27 - The overlooked relationship between physical tension and decision-making
06:47 - How elite investors maintain sharpness across decades
08:10 - How to build your personal âlearning laboratoryâ for real feedback
09:31 - Why you only need 7 right people to change your life
09:46 - The power of teaching as leverage and how it compounds
10:46 - How Buffett, Howard Marks, and others sharpen their edge by thinking out loud
16:10 - The âFutsal Principleâ of rapid feedback loops for capital allocators
19:14 - How elite investors stay sharp across decades (continued)
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Alix on Twitter: https://x.com/alixpasquet
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. -
Zijn er afleveringen die ontbreken?
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Johannes Hock, a former private equity associate left his high-paying job to build wealth through acquisition. In 2022, Johannes and his partner acquired DFW Turf, a fast-growing artificial turf installation business.
After leaving a prestigious private equity firm, he went on to review over 200 deals in just a few months, submitted 10 LOIs, signed 3, and ultimately closed on one.
In just two years, they scaled the business from $5M to over $21M in revenueâleveraging both organic growth and strategic acquisitions.
In Todayâs Episode We Discuss:00:00:00 - Intro
00:00:31 - Where it all started
00:02:09 - Being an associate at a PE firm and quitting â best decision ever
00:05:18 - Why the 10-10-10 model in private equity wasnât attractive enough
00:07:31 - Underestimating the actual risk of acquiring a company
00:09:25 - Johannesâs financial position before quitting his private equity job
00:10:32 - First acquisition details (looked at 200â300 deals in 2â3 months)
00:12:26 - Chasing the perfect deal vs. getting something done
00:15:18 - The conversation with the lender that closed the acquisition
00:18:15 - Why recurring revenue is overrated (and how to create equity value)
00:21:51 - Why cash controls are the #1 focus post-acquisition
00:25:29 - Only one person wasnât a good fit post-acquisition
00:27:31 - One regret: not adding more cash to the balance sheet
00:29:00 - Cap table structure and the importance of raising smart money
00:33:42 - Organic growth and hiring 30 people
00:37:56 - Risks of buying a company growing 40â50% per year
00:40:54 - Reinvesting in growth while staying profitable
00:41:57 - The story of the first add-on acquisition in 2024
00:44:19 - The thought process behind add-ons (51% to 100%, with flexibility)
00:47:29 - How they finance future acquisitions
00:51:18 - Trucks break down, people donât show up, customers get angry â Johannes has seen it all
00:54:37 - The plan: open 3 new locations and do 1â2 acquisitions per year
00:59:31 - Industry is growing 50% annually (with 20% growth, it wouldâve been a different story)
01:00:40 - The happiness of pursuit
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Johannes on X: https://x.com/HockJohannes
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. -
Neil Mehta built Greenoaks Capital into one of the most successful â and secretive â investment firms in the world. While most VCs chase hype, Neil built a reputation for radical focus, long-term thinking, and doing his own diligence.
In this solo research episode, I break down what holdco builders, private equity investors, and traditional business owners can learn from Mehtaâs strategy â from his obsession with simplicity to how he scaled Greenoaks to $15b AUM without raising hype-driven rounds.
Key topics in this episode:
- Why Greenoaks avoids traditional venture traps
- The importance of doing your own due diligence (never outsource it!)
- How conviction and focus beat diversification
- Neil Mehtaâs underrated operating edge
- What SMB and HoldCo builders can apply from a top-tier investor
If you're building a group of companies, allocating capital, or operating a company, this episode will give you valuable frameworks.
I hope you enjoy it.
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Timestamps:
00:00:00 - Intro
00:01:56 - Greenoaks Capital and its investment philosophy
00:04:31 - Finding hidden gems: the power of a contrarian acquisition strategy
00:11:02 - The decisive power of backing the right leader (special people)
00:17:15 - Riding the wave of transformative shifts
00:20:36 - The power of deep understanding and bold conviction
00:26:43 - The imperative of ruthless prioritization
00:35:11 - The cost of outsourcing fundamental analysis
00:37:52 - The art of seeing beauty in business and viewing founders as artists painting their masterpiece
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Neil on LinkedIn (No one at Greenoaks Capital Partners uses Twitter): https://www.linkedin.com/in/neil-mehta-47623079/
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. -
My guest today is Nick Huber â entrepreneur, investor, and creator behind a $30M+ holding company spanning real estate, service businesses, and media.
In this episode, we dive deep into how Nick allocates capital across multiple businesses, builds operationally lean teams, and balances short-term cash flow with long-term wealth creation.
We explore how social media transformed his entrepreneurial journey, raising millions and unlocking career-changing relationships. Nick also shares the realities of building in public, handling criticism, and why focusing on "unsexy" businesses gives him an edge.
If you're an investor, business buyer, or private equity professional looking to learn how to think, operate, and allocate like a world-class entrepreneur, this conversation is for you.
Topics include:
Capital allocation frameworksScaling without losing controlBuilding trust and raising millions onlineThe real mindset behind entrepreneurshipHandling criticism and pressure at scaleLife lessons from building boring businessesListen now to get an unfiltered view into the mind of one of todayâs most transparent and tactical business builders.
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Timestamps:00:00:00 - Intro
00:00:23 - Why everyone wants to follow people who live an interesting life
00:04:25 - The huge upside and downside of being transparent on social media
00:05:36 - âNick is going broke, heâs a fraud, and going bankrupt?!â
00:10:36 - The debt structure behind Nickâs most expensive acquisition ($52M valuation deal)
00:19:15 - How to stay focused when running a diversified portfolio
00:22:40 - 325 employees across Nickâs portfolio (only 20 are Americans)
00:25:38 - Whatever you do: add as much value to others as you canâand do it for free
00:28:02 - The story of meeting a wealth manager that changed Nickâs views on life and business
00:32:18 - Helping investors evaluate deals led Nick to 5 closed deals
00:35:06 - How one Twitter thread converted into 40,000 followers and a new business life
00:36:28 - Business and life are an adult marshmallow test
00:40:02 - Three things every operator should learn
00:43:22 - Working 60 hours a week
00:45:45 - The most painful part of the journey
00:47:29 - Is Nick an iceman, or does he really care what people think of him?----------------------------------------------
Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ âAs Nick builds his holding company, here are the links to all of his businesses, as well as his new book, which will be released on April 29, 2025.
Nick on X: https://x.com/sweatystartup
www.sweatystartup.com
www.nickhuber.com
www.somewhere.com
www.boltstorage.com
www.recostseg.com
www.boldseo.com
www.webrun.com
www.titanrisk.com
www.linkedin.com/in/sweatystartup
Link to buy the book on Amazon: https://amzn.to/4bLazjW
Link to buy the book in the UK: https://bit.ly/422njPW
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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My guest today is Nick Keegan, co-founder and CEO of Mail Metrics, a company helping highly regulated industriesâlike banks, insurers, and pension providersâcommunicate more effectively with their customers.
Nick started Mail Metrics in 2013 at just 24 years old, after serving 11 years in the Irish Defence Forces. It took 7 years to reach âŹ1M in revenue, but what followed is nothing short of remarkable: in 2023, the company hit âŹ40Mâand is on track to do âŹ210M in 2025.
In this episode, we go deep into the gritty early years, how he closed his first clients after 3 years of trying, and how Mail Metrics scaled through a combination of organic growth and strategic acquisitions.
Nick breaks down what he looks for in an acquisition target, how deals are structured and financed, and what it really takes to integrate teams post-deal.
We also cover:
The challenges of selling into regulated industries with long sales cyclesHow Nick brought on a private equity partner while keeping controlThe key lessons from growing a 600-person companyHis approach to capital allocation, leadership, and leverageAnd the mindset shifts that helped him grow from a bootstrapped founder to leading a 9-figure businessWhether you're an operator, investor, or aspiring acquirer, this episode is packed with insight.
I hope you enjoy this conversation with Nick Keegan.
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Timestamps:
00:00:00 - Intro
00:00:11 - The early days of Nick and MailMetrics
00:07:01 - The story of the first two massive clients (took an extremely long time to close)
00:08:06 - Growth through acquisitions
00:11:07 - The story of the first two acquisitions (financing and structure)
00:16:16 - Post-acquisition strategy
00:19:05 - Timeline of all the acquisitions
00:20:09 - Improving the bottom line through synergies across the portfolio
00:22:59 - The third acquisition almost doubled the business 00:26:00 - 2â3 factors that need to be true for Nick to acquire a competitor
00:28:27 - When acquisitions donât go as planned⊠00:32:45 - The decision to partner with a private equity firm 00:37:15 - Nick and his roles over the years
00:41:48 - Nickâs view on leverage when doing acquisitions 00:43:40 - What Nick would do if he were to start all over again
00:46:35 - MailMetrics today
00:48:35 - Your goals can come trueâsometimes 10x bigger than you ever dreamed
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Nick on X: https://x.com/Nick_Keegan
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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In this special episode, I share transformative insights on the power of networks, heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management.
I dive into his framework for understanding how your network acts as both a critical competitive moat and a vital margin of safety in investing and business.
Key topics covered, largely learned from Alix Pasquet:
- Why your network is your strongest competitive advantage
- The "Triad" strategy for building powerful connections, a concept deeply influential in Alix Pasquet's thinking
- How to become "important" to the right people
- The importance of generosity, persistence, and long-term thinking in networking
This episode is filled with actionable advice and mindset shifts, largely shaped by the principles I've learned from Alix Pasquet.
Whether you're an investor, entrepreneur, or simply looking to expand your circle, you'll gain valuable insights on building a network that compounds over time.
I hope you enjoy it.
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Timestamps:
00:00:00 - It doesnât matter where you live
00:01:26 - Why networks are a competitive edge
00:05:08 - You donât need too many people to become an excellent investor
00:06:09 - The network behind great investors (not just brilliant thinkers)
00:08:13 - The Private Whisper Network
00:09:56 - The culture of "talk to him, talk to her"
00:11:42 - The power of the Triad
00:15:49 - How to start building your network (even if you feel unimportant)
00:19:44 - Find shared missions
00:21:19 - You donât need to be famous; you just need to be consistent
00:23:10 - Small acts of leverage
00:25:49 - Truly busy, high-agency people, the ones you admire, didnât get there by giving up after two tries
00:27:09 - Do your homework by knowing their thinking, their portfolio, their recent exits, and struggles
00:30:35 - Mentorship is often where most accomplished people find the most joy
00:31:57 - Don't burn your early mentors
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Alix on Twitter: https://x.com/alixpasquet
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year.
We discuss:
Yuenâs journey from immigrant roots to building HalBar
The firmâs investment thesis, fund structure, and capital strategy
How they source operators and deals, and drive post-acquisition value
Lessons from wins and misses in ETA
HalBarâs playbook for growing EBITDA and scaling portfolio companies
Whether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights.
I hope you enjoy this conversation with Yuen Yung.
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Timestamps:
00:00:00 - Intro
00:00:14 - Immigrating from China to the USA
00:05:07 - The Shark Tank TV show story
00:12:39 - Why you should never fall in love with your business
00:14:00 - ETA, search funds, and the thesis behind HalBar Partners
00:20:41 - How Yuen met Nate, his co-founder
00:25:22 - Deal structures and partnership dynamics with Nate; early investors
00:27:21 - How someone with capital can replicate HalBarâs model
00:29:42 - Why they chose this specific investment model
00:34:12 - 50% of deals are in Europe, 50% in North America
00:37:03 - Typical deal structure explained (percentages shared)
00:45:12 - Key differences between the U.S. and European markets
00:50:35 - How they find the best operators
00:53:25 - Selling a company in December 2024 with a 45% IRR
01:00:16 - Getting serious about understanding human psychology
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Follow Mikk/PrivatEquityGuy on Twitter: â â https://x.com/PrivatEquityGuyâ â
Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/â â
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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My guest today is Jesper SĂžgaard, co-founder and CEO of Better Collective â a global leader in digital sports media and sports betting information, with over 400 million monthly visits, 1,200+ employees, and 20 international offices.
Founded in 2004, Better Collective has grown into a powerhouse through a disciplined mix of organic growth and over 35 acquisitions, including major deals like Playmaker Capital and AceOdds in 2024. The company now owns 11+ media brands, including Action Network, SoccerNews, and HLTV.
In this episode, Jesper shares:
The founding story of Better Collective
How to scale a media company globally
His M&A playbook and how to integrate acquisitions
How to think about capital allocation with âŹ111M in EBITDA
Building a 20-year co-founder partnership
Operating in highly regulated markets across the globe
And why staying in one industry can unlock massive long-term success
If you're an operator, investor, or builder whoâs thinking about scale, strategy, and sustained leadershipâthis conversation is a masterclass in all three.
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Timestamps:
00:00:00 - Intro
00:00:22 - The early days and how everything got started
00:02:35 - Realizing this could actually become a real business
00:05:13 - Was it difficult, or were you just having fun?
00:06:33 - Partnering with co-founder Christian: strengths and weaknesses
00:11:55 - The decision to start acquiring other companies
00:17:14 - Revenue streams and how the business makes money
00:20:05 - Growing through acquisition â why they wish they'd started earlier
00:22:40 - Deal structures: how some acquisitions were put together
00:24:57 - Lessons from 35 acquisitions â deals that didnât go as planned
00:27:26 - The strategic thinking behind specific acquisitions
00:30:36 - Growing the company has felt like starting a new job every 2â3 years
00:33:23 - How Jesper thinks about acquiring a business
00:35:49 - Jesperâs approach to capital allocation
00:39:32 - Deciding when to reinvest profits vs. paying dividends
00:41:07 - A great example of someone who stayed in one industry for decades
00:43:43 - What keeps Jesper up at night
00:45:07 - Staying humble, but always driven to do more
00:47:30 - Think long-term and always act with decency
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Follow Mikk/PrivatEquityGuy on Twitter: â https://x.com/PrivatEquityGuyâ
Jesper on Twitter: â https://x.com/jespersoegaardâ
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Meet Matthew Mathison â Co-founder and Managing Partner at MBL Partners, a firm building and investing in enduring, cash-flowing businesses. With a unique mix of Wall Street experience and entrepreneurial grit, Matthew shares how MBL identifies overlooked opportunities, partners with exceptional operators, and builds long-term value without chasing hype.
If you're into real-world investing, smart capital allocation, and the playbook behind durable business successâthis one's for you.
Please enjoy this conversation with Matthew Mathison., co-founder of MBL Partners.
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Timestamps:
00:00:00 - Intro
00:00:17 - The defining moment from his hedge fund days that shaped his approach to business
00:06:18 - Launching his own hedge fund in his mid-30s
00:13:39 - Lessons and stories from seeing a company grow from $100M to over $1B in market cap
00:17:47 - Recovering from extremely difficult times: carrying the weight of the world
00:21:06 - Obvious red flags when evaluating high-growth companies
00:24:18 - The core thesis behind MBL Partners
00:29:57 - From advisory to financial investment and equity
00:33:31 - Matthewâs 'cup of tea' in terms of investment case
00:37:14 - What MBL does when stepping into a business
00:40:15 - How they build deal flow
00:45:02 - Matthew and his talented team members
00:47:43 - A look into their portfolio companies
00:52:15 - Matthewâs perspective on using outside capital
00:54:35 - Stories of huge successes and epic failures
00:59:42 - Whatâs next on Matthewâs to-do list
01:01:17 - Why heâs glad to be starting nowânot 10 years ago
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Matthew on Twitter: https://x.com/matthewmathison
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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In this episode, I sit down with Pascal Levy-Garboua, a seasoned entrepreneur, investor, and the founder of Noosa Labs. After making 140 venture capital investments, including seven unicorns, Pascal shifted his focus to acquiring and scaling small, profitable SaaS businesses under Noosa Labs. His next goal? Building a $50 million ARR portfolio with a 50% EBITDA margin.
We dive into his journeyâfrom bootstrapping and navigating trade-offs to executing four acquisitions in his first year. Pascal shares invaluable lessons on structuring deals, managing high-cost debt, and the realities of scaling through acquisitions. He also explains how his experience as a VC has shaped his unique approach to investing in and operating SaaS businesses.
If you're interested in entrepreneurship, acquisitions, or building a portfolio of profitable SaaS companies, this episode is packed with insights you wonât want to miss.
Please enjoy this conversation with Pascal Levy-Garboua., founder of Noosa Labs.
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Timestamps:
00:00:00 - Introduction
00:00:18 - A career in technology
00:05:33 - Finding fulfillment: Enjoying work for the first time
00:10:13 - Bootstrapping a business and key trade-offs
00:13:34 - Completing four acquisitions in the first year
00:18:53 - Key lessons from the first four acquisitions
00:28:54 - What he would do differently if he could redo those acquisitions
00:32:17 - Underestimating the challenges of the journey
00:34:56 - Defining a North Star for capital allocation
00:42:25 - Managing high-cost debt
00:50:34 - Understanding what founders canât or donât want to do
00:52:07 - Personal growth as an acquirer and investor
00:54:02 - Typical deal structures and key considerations
01:01:20 - How making 140 VC investments, including seven in unicorn companies, shaped Pascal as a SaaS investor
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Pascal on Twitter: https://x.com/2pasc
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Meet Arie Scherson, co-founder of Bluedot Holdings, a fast-growing e-commerce and SaaS holding company with six portfolio businesses generating over $10 million in revenue.
Arie started his journey as a YouTuber in his 20s, testing 15 different products before mastering Facebook Ads and scaling his first business.
Through relentless experimentation, investing, and team-building, he has built a diverse portfolio, including an agency, a SaaS business, and four e-commerce brands. Despite the challenges of managing multiple ventures, Arie continues to acquire, scale, and optimize businessesâproving that content, marketing, and persistence are powerful tools in the modern business landscape.
In this episode, we dive deep into his early failures, investment strategy, deal structures, and the key lessons heâs learned on his journey.
Please enjoy this conversation with Arie Scherson.
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Timestampls:00:00:00 - Intro
00:00:52 - Early days and first failures
00:03:50 - Learning everything from Youtube
00:05:24 - Working as a server while in university
00:07:44 - First company
00:11:12 - Current portfolio of 6 companies
00:19:09 - Itâs often scary to do multiple things
00:22:30 - The power of selling only the right products00:28:40 - Experiment as much as you can
00:31:25 - How a trendy product became a $500m company
00:34:57 - Content is leverage
00:38:15 - Ecommerce is hard, really hard
00:41:42 - Deal structures
00:48:39 - How Arie and his team working to run their businesses
00:52:21 - Biggest challenges of the last 2 years
00:56:48 - Arieâs secret sauce which allows him to succeed
00:59:58 - Why did Arie buy a $50,000+ course?
01:04:04 - Favorite book
01:06:40 - Best investment advice Arie has ever received
01:10:27 - Domino effect on tariffs
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Arie on Twitter: https://x.com/ariesnotebook
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Jeremy Giffon is one of the most interesting minds in business that almost no one knows about. As a former analyst at Tiny Capital, he played a key role in acquiring and operating dozens of companiesâwhile staying almost completely out of the spotlight. His insights on capital allocation, holding companies, and finding asymmetric opportunities have made him a legend among those who pay attention.In this episode of HoldCo Builders, I break down Jeremy Giffonâs strategies, philosophy, and unconventional approach to business. How did they structure deals that made Tiny Capital so successful? What can we learn from his playbook on acquisitions, incentives, and building a business that lasts?This is a deep dive into one of the sharpest minds in private investingâsomeone who operates in the shadows but understands the game better than almost anyone.If youâre interested in business, investing, or the hidden principles of wealth-building, you donât want to miss this episode.
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Timestamps:
00:00:00 - Staying behind the scenes
00:02:27 - Executing deals that most people don't even see
00:03:29 - Why does this opportunity exist?
00:05:11 - Driving on the blindspots of finance
00:06:15 - Speaking money into existence
00:09:35 - The best leveraged business
00:10:01 - Health problems, retirement, divorce - the deals happening all the time
00:13:07 - Founders who speak a different language than investors
00:15:16 - You can find opportunities in every industry
00:16:50 - Patience and selectivity
00:18:47 - $25 million and a Ferrari 488
00:21:01 - That single phone call
00:22:47 - Leverage is not only financial
00:24:23 - Paying $57,000 to have lunch with your hero
00:25:32 - The best decisions are obvious
00:27:03 - Not trying to outsmart the market
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Jeremy on Twitter: https://x.com/jeremygiffon
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Bruce Marks is a seasoned lender who has closed over $400M in deals, helping over 1,200 entrepreneurs acquire businesses using SBA loans. As Senior VP at First Bank of the Lake, Bruce specializes in financing small business acquisitions, search funds, and lower middle-market M&A transactions.
Bruce doesnât just finance dealsâhe knows what makes a buyer successful and what gets deals killed.
In this episode, we dive into:
How a young entrepreneur bought a $10M business with just $40KWhy your experience matters more than the business youâre buyingThe biggest mistakes first-time buyers make with lendersSBA loans, seller financing, and deal structuring strategiesWhy Bruce only finances "need" businessesânot âwantâ businessesWe also talk about why the worst thing for a buyer is not knowing the answer when employees ask, the importance of buying a business you actually understand, and why the best deals never hit the market.
If youâre looking to buy a business, this episode is a must-listenâBruce shares real, actionable insights that can save you from costly mistakes and help you land the right deal.
Please enjoy this conversation with Bruce Marks.
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Timestamps:
00:00:00 - Introduction
00:00:24 - Bruce's background
00:04:45 - How to become the top 0.01% at what you do?
00:09:53 - Self-funded search vs. traditional search
00:13:39 - Takeaways from talking to 3 searchers per day
00:18:08 - I have $100,000-$500,000 and want to buy a business, now what?
00:31:02 - How often do really bad things happen?
00:34:09 - High quality people buy high quality companies
00:44:40 - We expect to double our loan portfolio in the coming years
00:47:10 - Post-close situations; knowing the dynamics of business
00:57:07 - You want to have a choice in life to do what you want to do
01:00:03 - Having multiple SBA loans at once
01:03:04 - That's a nice story, Bruce, if only it were true
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Bruce on Twitter: https://x.com/sbabmarks
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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In this episode, we dive into the world of serial acquisitions with Niklas Savas, an analyst at Redeye, who has a unique perspective on the Swedish serial acquirers' approach.
Addtech AB: Over 150 companies, $1.5B in revenue, $150M in operating profit.
Lagercrantz Group AB: Around 40 companies, $500M in revenue, $50M in profit
Lifco AB: Over 100 companies, $1B in revenue, $100M in profit
Teqnion AB: Around 10 companies, $100M in revenue, $10M in profit
Röko: A private company with a diverse portfolio of 27 companies, more than $500M in revenue
Niklas discusses how growth through mergers and acquisitions (M&A) can open doors to expansive growth, and how Swedish serial acquirers have mastered the art of driving up prices and maintaining high P/E ratios. We also explore the realities of post-acquisition management, the competitive landscape of deal-making, and the advantages of being sector-agnostic.
With his extensive analysis of businesses and focus on expansion, Niklas paints a picture of how acquisitions can fuel long-term growth.
Niklas is also the host of the Investing by the Books podcast, where he shares insights on acquisitions, business strategies, and investment principles with a focus on real-world examples.
Enjoy this insightful conversation with Niklas Savas.
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Timestamps:
00:00:00 - Intro
00:00:16 - Life before resarching serial acquirers
00:03:51 - What makes the Swedish serial acquirers so unique?
00:06:44 - Organic growth vs growth through M&A
00:08:50 - The goal is to raise prices as much as possible
00:12:00 - How can Swedish serial buyers maintain such a high P/E ratio?
00:15:38 - Typical structure of transactions
00:17:29 - The reality of business management, problems that arise after an acquisition
00:19:24 - The biggest daily struggles for Swedish serial acquirers
00:20:16 - Post-acquisition synergy
00:22:58 - Competition on deals
00:27:03 - Which company has Niklas analyzed the most
00:30:00 - How many acquisitions are they trying to make per year
00:33:54 - Expansion into a new country
00:37:19 - 10x growth in last 5 years
00:39:29 - Buying a MOAT and companies with a brand
00:42:49 - Who would Niklas copy if he started holdco from scratch
00:48:57 - Being sector agnostic has huge advantages
00:50:08 - Meet all 200 serial acquirers in person (investors, operators)
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Niklas on Twitter: https://x.com/NiklasSavas
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Todayâs story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together.
Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight).
Dustin Carreonâs journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businessesâall without outside investors.
Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.
His story proves that you donât need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustinâs experience.
Enjoy this insightful conversation with Dustin Carreon of COI Holdings.
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Timestamps:
00:00:00 - Intro
00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money
00:06:16 - Struggling a lot as a teenager
00:12:28 - Not fitting in, thinking youâre not smart enough
00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people)
00:21:15 - Meeting the millionaire "homeless Santa Claus"
00:27:45 - Dustin learns capital allocation
00:36:16 - "The business produces a lot of cash, I should be doing something with it."
00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details
00:55:30 - Second acquisition: buying a business in another state
00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies
01:07:44 - Post-acquisition strategy (30-60-90 days)
01:18:19 - Why invest in an asset heavy manufacturing company?
01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Dustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Ben Little runs the #1 Zaxbyâs franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.
Ben didnât just buy into a franchiseâhe built a powerhouse.
In this episode, we dive into what makes a top-performing franchisee, Benâs approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that âpeople donât quit jobs, they quit managers.â
Please enjoy this conversation with Ben Little.
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Timestamps:
00:00:00 - Intro
00:00:29 - What am I good at, what am I bad at and why franchising?
00:06:59 - Early days: work as a cook and cashier
00:14:23 - Going from being independently successful all the way to starting again from the bottom
00:24:32 - Finding the best operators with the highest standards
00:27:41 - The daily pressure of proving to others that he is the best at what he does
00:29:42 - Where does his drive come from?
00:32:11 - Competitors visit their stores and leave feeling very disappointed
00:35:37 - 4 stores hit $100,000 in weekly sales for the first time
00:40:42 - Expanding the business while owning 100% of the real estate
00:47:31 - People and companies fail because of undercapitalization
00:50:06 - The biggest challenges Ben is facing today while running 14 locations
00:56:39 - Going all-in to the operating partner model has been the best decision
01:04:40 - "Don't go to zero"
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Ben on Twitter: https://x.com/TRUmav
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that itâs never too late to take the leap.
As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Groupâs portfolio generates $80â85 million in revenue and $8 million in EBITDA.
Ryanâs approach doesnât fit neatly into the usual categoriesâitâs not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Groupâs acquisitions, how Ryan transitioned into this space, and the lessons heâs learned along the way.
Please enjoy this conversation with Ryan Sullivanâentrepreneur, operator, and Managing Director of North Park Group.
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Timestamps:
00:00:00 - Intro
00:00:25 - "You were 48 when you started - what took you so long?"
00:04:33 - When this "crazy" co-founder Greg convinces you to start acquiring companies
00:09:03 - Core team strengths and weaknesses
00:13:43 - How they were able to continue other pursuits while managing a portfolio of 5 companies
00:16:29 - The amount Ryan invested in the business
00:19:41 - Taking private money vs taking public money and saying no to many investors
00:24:42 - Despite his great success, Ryan struggles with impostor syndrome
00:27:50 - How to recover from a failed deal that you worked for so long
00:30:37 - Hard work after first acquisition (it's a lot harder than people say it is)
00:34:38 ââââ- The reaction and support of the family when going through all the craziness
00:38:18 â What type of companies they are looking for
00:42:50 - Timeline of acquisitions
00:45:49 - Buying a company with real estate to manage a risk
00:49:33 - The ultimate goal is to acquire 8-10 companies
00:51:25 - The structure of the first acquisition
00:59:58 - Acquisition number two
01:03:35 - "nothing is more important than buying wellâ
01:07:22 - Temptation to buy just "something"
01:10:45 - Portfolio of 6 businesses and $80m revenue / $8m ebitda
01:14:26 - Keeping the debt level as low as possible
01:16:36 - Starting a deal-by-deal instead of raising a fund
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Ryan on LinkedIn: https://www.linkedin.com/in/ryan-sullivan-b2253a1/
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenueâall while maintaining profitability.
Together with his wife Jennifer, Roman has acquired 10 companies, building a diverse and thriving portfolio of DTC brands.
In this episode, we dive into Romanâs entrepreneurial journey, including the challenges and strategies of scaling a profitable holding company, his approach to identifying and integrating acquisitions, and the unique dynamics of running a business with his spouse.
We also explore the future of direct-to-consumer businesses, lessons learned from building and buying brands, and what it takes to succeed in an increasingly competitive market.
Please enjoy this conversation with Roman Khan, co-founder of Peak21.
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Timestamps:
00:00:00 - Introduction
00:00:30 - Starts his business career with $20,000
00:05:19 - Getting fired by his wife "go find other companies to buy"
00:06:55 - First success in business (paying 7-fig in dividends)
00:08:40 - "I'm an idiot, I made a huge mistake"
00:10:35 - The story of the first acquisition
00:13:40 - Investing in a very small companies and growing 10x or more
00:19:10 - Finding the first investor to start Peak21
00:21:31 - 5 acquisitions, the largest have been 8-figure investments
00:29:57 - Three key competencies
00:32:55 - Intensive work 6 hours a day
00:34:55 - "When we started 10 years ago, we had it easy"
00:38:28 - Looking at 80-100 deals per month
00:40:32 - Lessons from the oil industry
00:43:21 - Roman's best investment advice
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Roman on Twitter: https://x.com/RomanEcom
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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Christopher Hillier is a seasoned entrepreneur with over 15 years of experience in the employee benefits industry.
He began his journey as the Co-Founder and President of Benefit Health Advisor, a full-service employee benefits brokerage based in Englewood, Colorado.
In our conversation, we delve into Chrisâs entrepreneurial journey, from starting a brokerage firm from scratch and scaling it to $16M in top-line revenue, to acquiring an insurance underwriting company on the verge of collapse and turning it around for a strategic exit.
We also explore his insights on the ETA (Entrepreneurship Through Acquisition) space, where he is now a recognized expert, and his perspective on time managementâan area heâs written a book about.
Chris shares lessons learned from navigating acquisitions, growing businesses, and managing teams, as well as his thoughts on the future of employee benefits and wellness in a rapidly evolving marketplace.
Please enjoy this conversation with Christopher Hillier, serial entrepreneur, investor and educator in the ETA space.
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Timestamps:
00:00:00 - Intro
00:00:45 - Christopher's story before founding, building and buying the company
00:04:35 - How does the company make money?
00:10:53 - Landing the first major clients
00:16:55 - First acquisition, buying distressed assets
00:20:49 - The reason for selling the company to a strategic buyer
00:24:11 - It's all harder than you'd ever imagine
00:30:08 - A perfect timing to sell a business: cash, stock, earn-out
00:34:10 - The importance of a right fit between buyer and seller
00:38:40 - Investing in search funds (love for ETA - entrepreneurship-through-acquisition)
00:43:09 - Buying an already established business is a kind of miracle
00:48:19 - The search process to find the right opportunity takes a long time and its lonely
00:56:21 - Chasing money
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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Christopher on LinkedIn: https://www.linkedin.com/in/christopher-hillier-88621113/
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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