Frederik Brandis was one of the key minds behind Arsipa, a buy-and-build platform focused on acquiring occupational medicine and workplace safety consultancies. As one of the earliest investors and strategic partners, he helped scale the business through dozens of acquisitions before it achieved an exit to Warburg Pincus just three years after its founding.

Today, he is the Founder & General Partner of Aven Capital Partners, where he backs exceptional entrepreneurs before they even own a business—helping them acquire, integrate, and scale small companies into market-leading platforms.

In this conversation, we discuss what separates AAA entrepreneurs from everyone else, why emotional intelligence matters more than pedigree, how Frederik evaluates founders before they've built anything, why buy-and-build remains one of the most attractive opportunities in investing, and the biggest lessons from building one of Europe's most successful acquisition platforms.

We also explore:

• What makes an exceptional buy-and-build entrepreneur
• How to evaluate people before they've built a track record
• Why relationships outperform spreadsheets in acquisitions
• The biggest misconceptions about roll-ups and ETA
• When to sell—and why leaving value for the next owner matters
• The future of buy-and-build investing

Whether you're interested in private equity, entrepreneurship through acquisition (ETA), search funds, capital allocation, or building businesses through acquisitions, I believe this episode is packed with practical insights.

TIMESTAMPS
00:00 The gap in private equity that led to Aven Capital Partners
06:04 What makes a true "AAA Entrepreneur"
09:00 How Frederik evaluates founders before they've built anything
13:34 Is now still the best time for buy-and-build?
16:43 The Arsipa story: from first investment to major exit
20:20 Why Frederik chose investing over becoming a searcher
27:00 Holding periods, exits & leaving upside for the next owner
32:50 Designing businesses that private equity actually wants to buy
37:16 How young entrepreneurs earn credibility without pedigree
43:25 Why many searchers and roll-up founders fail
46:06 Frederik vision for building Europe's operating system for buy-and-build

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Greg Geronemus is the Co-Founder and Managing Partner of Footbridge Partners, one of the leading investors in Entrepreneurship Through Acquisition (ETA). Before launching Footbridge, Greg and his partner David acquired a business generating approximately $5 million of EBITDA, paid down most of its $20 million debt load, grew EBITDA by roughly 50%, and ultimately exited at around 9x EBITDA—roughly four turns higher than their entry multiple.

Today, through Footbridge, Greg backs the next generation of search fund entrepreneurs and acquisition leaders across North America.

We discuss the rise of self-funded search, committed capital vehicles, why buying businesses has become more competitive, the real economics behind different search models, and the mindset required to survive a process that often takes years.

Timestamps:
0:00 Greg's acquisition story and introduction to ETA
1:03 How search funds have changed since 2010
6:40 Raising equity and debt when almost nobody understood search
10:40 Is buying businesses actually harder today?
17:30 The Harvard ETA course that changed the industry
24:42 The mindset required to survive a two-year search
27:16 Traditional search vs. self-funded search explained
35:33 The biggest misconception about ownership and wealth
40:22 Why committed capital vehicles are exploding
48:38 What Greg looks for when backing acquisition entrepreneurs
50:24 If you had $500k today—which path would you choose?
53:08 Greg's advice for future searchers

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Nathan Lindley is the CEO of Lindley Home Services, an HVAC platform that has completed 11 acquisitions across Texas.

But this story almost ended before it began...

After acquiring his first two companies with an SBA loan, Nathan watched revenue collapse, burned through his cash, nearly lost his father's retirement savings and came dangerously close to bankruptcy. The turning point was  a complete rethink of incentives, compensation, and how to build an acquisition platform that actually compounds.

In this conversation, Nathan shares the brutal reality behind his first acquisitions, the lessons that reshaped his operating philosophy, and why he now believes buying a business is really about buying opportunities—not revenue.

Timestamps:
00:00 Introduction: Nathan's 11 acquisitions and $16M run-rate HVAC platform
00:25 The acquisition timeline: from the first deal in 2020 to acquisition #11
01:24 From Christian book publishing to buying HVAC businesses
03:55 Selling real estate to fund the first acquisition
04:33 Buying a one-technician HVAC company—and the costly assumptions that followed
07:58 Losing 40% of revenue almost immediately after closing
10:26 Acquisition #2 makes every problem much bigger
11:20 Running out of cash—twice
14:18 The decision to put everyone on commission
15:15 Every employee quits on the same day
16:21 The Indeed hire who changed the entire business
18:59 The emotional toll: fear, alcohol, and nearly going bankrupt
23:13 One technician outperforms the rest of the company
25:52 Why Nathan waited a full year before doing acquisition #3
27:00 Acquisitions #3 and #4—and buying businesses the second time around
28:46 How his M&A due diligence completely changed
29:30 The "buying at-bats" framework for acquisitions
33:08 Why Lindley spends almost nothing on marketing
34:15 Turning acquired customer databases into new revenue
36:27 Hiring exceptional technicians and building repeatable systems
37:35 The company today: 50 employees across three markets
39:13 How Lindley integrates acquired businesses
42:38 Teaching acquired technicians to double their income
43:17 The acquisitions that didn't work—and why
46:47 Planning an exit and doing it all over again
49:04 Where to connect with Nathan

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Chris Rolls is the founder of PieLAB Capital, a holding company with nine portfolio companies built through 13 acquisitions.

After building and selling multiple businesses, Chris entered private equity to learn the investing side of the game. But he eventually became convinced that the traditional PE model forces investors to sell their best businesses too early. That realization led him to build a permanent capital holding company inspired by Berkshire Hathaway, Constellation Software, TransDigm and the Swedish serial acquirers.

In this conversation, Chris explains how PieLAB sources deals, why private markets offer advantages over public markets, how he evaluates recurring revenue businesses, lessons from growing Detector Inspector, and the three primary levers he uses to create value after an acquisition.

Timestamps:
0:00 From Entrepreneur to Investor
3:03 Trading Operational Help for Private Equity Experience
5:01 Why Chris Abandoned the Traditional PE Model
5:25 Discovering Constellation Software & Serial Acquirers
8:43 Why Private Markets Beat Public Markets
13:05 Building Australia's First Serial Acquirer
14:59 The Challenge of Permanent Capital & Investor Liquidity
16:24 How Detector Inspector Grew Into an Industry Leader
17:08 Why Chris Loves Compliance Businesses
20:41 The Three Levers of Value Creation
23:00 The Pricing Power Playbook
25:27 Using AI to Reduce Costs & Improve Operations
33:03 Why Every HoldCo Needs an AI Champion
41:07 Bolt-On Acquisitions vs Platform Acquisitions
43:38 Building a HoldCo for the Next 30 Years
46:06 Work-Life Balance, Curiosity & Long-Term Success

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, David Flickinger, founder of Vellm.ai, joins Mikk Markus to explain how his journey from Marine Corps officer to AI implementation shaped his perspective on technology, and how business owners, private equity professionals, search fund operators, and CEOs can move beyond using Claude and ChatGPT as a simple productivity tool and begin building AI infrastructure that creates real enterprise value.

Drawing on years of experience deploying AI solutions inside operating companies, David shares how AI agents can be connected directly into CRMs, ERPs, financial systems, proposal databases, and operating workflows to capture institutional knowledge, reduce key-man risk, improve decision-making, and dramatically increase productivity.

One of the most fascinating examples comes from a commercial roofing company where an AI system analyzed 47 building plans and produced a $6.5 million estimate in 23 minutes—nearly identical to the estimate produced by a senior estimator after two weeks of work.

We discuss:
0:00 Introduction: Why Most Business Owners Use AI Wrong
1:20 David Flickinger's Journey from Marine Officer to AI Operator
6:48 ChatGPT vs Real AI Infrastructure
0:24 The Roofing Company AI Case Study
6:17 How AI Learns Decades of Business Experience
20:39 Human Oversight, Trust & AI Decision-Making
25:30 What Happens to Junior Employees in an AI World?
28:07 How AI Doubled Revenue Without Hiring More Staff
32:17 AI, Key-Man Risk & Higher Business Valuations
39:02 The Biggest Risks of Implementing AI
45:05 The First AI Project Every Business Owner Should Start

David on X: https://x.com/DWFlickinger

David's firm - AI agents for the workflows that run your business: https://vellm.ai/

Brett Kelly is the founder and CEO of Kelly Partners Group. Since founding the firm in 2006, Brett has completed more than 90 acquisitions, compounded revenue at over 30% annually and built a business expected to generate roughly $50 million in EBITA in 2026.

Timestamps:
0:00 Brett Kelly's early years and losing his job at 22
3:57 Writing to 80 successful Australians while unemployed
9:13 The moment Brett decided to start his own firm
12:24 Launching Kelly Partners with a clear long-term vision
13:22 Inspired by Disney, McDonald's, Ritz-Carlton & Berkshire Hathaway
17:10 Choosing the right clients and creating a business system
18:36 The 204-step operating system behind Kelly Partners
19:01 The acquisition strategy: becoming #1 or #2 in local markets
24:05 Winning clients through a differentiated value proposition
28:27 Lessons learned from 95 acquisitions
29:06 Why the 51/49 ownership model works
31:39 What types of firms Kelly Partners acquires
32:59 Capital allocation and building a capital-efficient roll-up
34:30 Doubling profits after acquisitions: the biggest lever
35:18 AI, accounting, and the future of professional services
36:28 Permanent capital vs. traditional private equity
37:20 Brett's biggest challenge today: financing growth
37:53 Kelly Partners' 17-step hiring process
38:28 The future: building a global accounting platform
39:45 Focus, systems, and operating at world-class standards
41:17 Why passion and meaning matter in business
43:05 How accountants can genuinely improve people's lives
44:24 Final thoughts on leadership, culture, and making a difference
45:32 30% revenue CAGR, 35% book value growth & 90+ acquisitions

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Andrea Allegrini is one of the key operators behind one of Europe’s most fascinating small-cap acquisition stories.

Lindbergh is building what could become the country’s first national HVAC maintenance platform through a disciplined roll-up strategy focused on fragmented, family-owned businesses.

In this conversation, Andrea explains how Lindbergh evolved from a logistics operator into a serial acquirer, why Italy’s HVAC market is such an attractive hunting ground, how the company structures acquisitions, and why technician retention matters more than financial engineering.

Timestamps:
0:00 Lindbergh’s evolution from logistics to HVAC roll-up
2:51 Building a pan-European logistics platform
6:03 Why Lindbergh exited France and pivoted to HVAC
11:47 The massive opportunity in Italy’s fragmented HVAC market
13:17 Inside Lindbergh’s acquisition strategy and deal structures
18:29 Cross-selling, technician sharing, and operational synergies
20:05 How word-of-mouth became Lindbergh’s sourcing engine
23:22 Acquisition multiples, seller financing, and capital allocation
30:23 “More plumbers, less managers”
31:40 Retaining technicians and building an internal academy
35:24 How Lindbergh attracted long-term U.S. investors

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 model
2:06 Discovering private equity and buying private companies
4:14 Meeting Jeff Totten at Alpine Investors
5:53 Evergreen’s first acquisition and current portfolio
8:14 How Berkshire Hathaway inspired Evergreen
10:23 Leaving Alpine and starting young
12:18 The first 6-18 months after closing
13:15 What went wrong with an early MSP roll-up
15:25 Why centralization hurt customer intimacy
18:44 Building Evergreen’s sourcing engine
22:27 Why Ramsey still talks to business owners himself
23:07 The value of having a large acquisition database
26:09 How to build trust with business owners
29:18 Why finding great deals is still the most important part of M&A
32:09 Higher valuations, higher rates, and value creation
34:02 Evergreen’s M&A, talent, and playbook flywheel
37:43 Why talent drives investing outcomes
39:17 Motivating founders vs. hired CEOs
41:54 Lessons from 160 acquisition post-mortems
44:22 Setting big goals and planning backward
47:16 Evergreen’s one-page plan and quarterly renewals
48:53 What Evergreen learned from Alpine and Graham Weaver
51:27 How Ramsey and Jeff’s roles changed as Evergreen scaled
54:21 What people misunderstand about Evergreen
55:07 How Ramsey’s view on managing people changed
56:48 Closing thoughts from Ramsey

This 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 investor
1:21 Discovering search funds at Wharton
7:53 Raising a search fund and finding Staff One HR
13:17 How underwriting search deals has changed
18:34 Buying a business right before the financial crisis
21:14 When Mark finally felt like a real CEO
24:19 Hiring the right people and upgrading the team
31:38 Surviving the emotionally hardest years as CEO
37:30 Rebuilding Staff One and selling to Oasis
42:14 Starting ETA Equity
45:20 What Mark looks for in searchers today
51:20 Lessons from deals that did not go well
58:30 Jockey, horse, and barn: what really matters in ETA
1:01:50 How the search fund market has changed

This 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 sounds
1:52 From fire protection operator to $20M in revenue
4:09 The three sales roles that drive B2B growth
6:25 Building hospitals, data centers, and complex fire systems
8:07 Selling the company and rolling equity into the platform
9:33 Going from one business to 12 offices and 800 people
11:21 The hidden pattern behind great acquisitions
13:53 Why integrations usually fail because of people
15:49 What 100+ acquisitions teach you that one or two never could
18:13 How to diligence small businesses without overcomplicating it
19:30 The danger of fast rollups and pure multiple arbitrage
23:39 Retaining owners and creating alignment after the deal
25:15 The real craft of off-market sourcing
31:00 Buffalo Growth Partners and the “guys in trucks” thesis
37:39 Reimagining private equity through operations
40:12 Small consistent improvements that compound into big results
42:06 Constraint-based growth and finding the real bottleneck
45:05 Meeting operators where they are with technology
48:51 Where to find Robert Irving and Buffalo Growth Partners

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.