Buyers and Builders

Meet Matthew Mathison – 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 success—this 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 - Matthew’s '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 - Matthew’s perspective on using outside capital

00:54:35 - Stories of huge successes and epic failures

00:59:42 - What’s next on Matthew’s to-do list

01:01:17 - Why he’s glad to be starting now—not 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.

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 journey—from 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 won’t 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 can’t or don’t 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.

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 businesses—proving 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 he’s 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 - It’s 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 - Arie’s 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.

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 companies—while 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 Giffon’s 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 investing—someone who operates in the shadows but understands the game better than almost anyone.If you’re interested in business, investing, or the hidden principles of wealth-building, you don’t 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.

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 doesn’t just finance deals—he 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 $40K
• Why your experience matters more than the business you’re buying
• The biggest mistakes first-time buyers make with lenders
• SBA loans, seller financing, and deal structuring strategies
• Why Bruce only finances "need" businesses—not “want” businesses

We 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 you’re looking to buy a business, this episode is a must-listen—Bruce 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.

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.

Today’s 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 Carreon’s 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 businesses—all without outside investors.

Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.

His story proves that you don’t 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 Dustin’s 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 you’re 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.

Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.

Ben didn’t just buy into a franchise—he built a powerhouse.

In this episode, we dive into what makes a top-performing franchisee, Ben’s 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 “people don’t quit jobs, they quit managers.”

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.

Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s 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 Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA.

Ryan’s approach doesn’t fit neatly into the usual categories—it’s 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 Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way.

Please enjoy this conversation with Ryan Sullivan—entrepreneur, 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 ​​​​- The reaction and support of the family when going through all the craziness

00:38:18 – 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 well”

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.

Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenue—all 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 Roman’s 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.