Buyers and Builders

Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS).

Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capitalpad.com/ - A deal-by-deal private equity investing platform

This episode is also sponsored by Space Bar Studios. If you’re an investor, holdco, or PE firm that needs media that drives outcomes, they’ll build the newsletter, strategy, and production system for you. Right now they’re offering a free campaign for businesses doing $1M+ in revenue. Get your 2 week free trial: https://www.spacebarstudios.co/inquire

Timestamps:
00:00 Intro & who Donza is (2 platforms, Capitalpad)
00:25 The spicy tweet: “Most PE investors aren’t really investors”
00:56 Why PE ≠ investor training: incentives & slow feedback loops
02:24 Donza’s origin story: island → banking → PE
04:27 The hangar conversation that changed his life
06:05 PE associate programs, fund velocity & early reps
07:27 Investment philosophy setup (industry → company → price)
07:51 Partnership — Capitalpad
08:31 Building conviction: Five Forces, 2–4 thesis pillars, price last
10:50 What he kept/ditched from institutional PE before launching
12:02 Why 2024 to launch Clear Peak; co-founding with Luke
14:55 Model choice: independent sponsor now, fund optionality later
16:24 Deal #1: cruise/maritime maintenance software—core thesis
18:10 Capital reality on Deal #1: family offices & cold-start relationships
18:58 Deal #2: faster process; staged diligence & value-creation session
20:29 Partnership — Spacebar Studios
21:08 Operating the portfolio: GTM at IT Sync; financial visibility at Entara
23:55 Back to market for Deal #3; discipline on timing
24:08 Highest-ROI levers post-close (company-specific, no cookie cutter)
25:17 Choosing investors: family offices vs. SBIC; red flags
27:20 Superpower & weakness: depth of work vs. time trade-offs
29:33 Taking risk: leaving institutional PE; AI’s coming impact
31:18 Hardest skill shift: decision-making rests with you
32:16 Hours & lifestyle now vs. institutional PE
33:12 Happiness & autonomy; what “winning” (MOIC/IRR) looks like
34:18 What he’s studying now (IT services, vertical SaaS, mental models)
35:12 Practicing intellectual curiosity; inviting dissent
36:22 Favorite book: Behave (Robert Sapolsky)
37:15 Wrap-up & future check-in

Support our Sponsors:
CapitalPad: https://capitalpad.com/
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This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

I spoke with an operator who sold his own company - then turned around and bought eight more. His playbook is specific, bank-friendly, and built for growth. In this episode, I’m unpacking the lessons from those deals:

00:00 Intro: From exit to 8 acquisitions
00:26 Portfolio averagE: 4.7x paid; $4.1M EBITDA
00:52 Structure banks love: 70% now, 30% later; owner reinvests
01:18 Growth thesis: target 5x MOIC + “second bite” bigger than first
03:30 Value creation: capital allocation, incentives, team energy
04:51 Sponsor: SpaceBar Studios
05:31 Deal cadence & outlook: 1–2 deals/per year; potential portfolio sale

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

Co-invest in curated SMB acquisitions led by proven searchers and independent sponsors. Get a full deal room with financials, tax returns, sponsor profiles, and value-creation plans.

No management fees; CapitalPad participates only after investors get their capital back and profits are earned. Operators under LOI can also use CapitalPad to fill equity gaps with a trusted co-investor network. These are long-term, illiquid investments and involve risk.

Apply at: https://capitalpad.com/ - A deal-by-deal private equity investing platform

Spacebar Studios
Build relationships at scale with a done-for-you B2B newsletter.
HoldCo Builders listeners get a 2-week free trial: they set up your newsletter and send your first editions with zero fees to prove the channel works. Start your free trial now by going to: https://www.spacebarstudios.co/inquire

Operator-first, place-based PE done right. In this episode, Doug Lepisto (co-founder of Sleeping Giant Capital) breaks down how his team backed 7 searchers to buy 7 local companies, deploying a $34M Fund I and gearing up for Fund II.

We unpack the full playbook—how they source in-region deals, why they bet on the operator first, and the exact 10-10-10 searcher economics.

Doug shares how they structure boards, protect the downside, and build long-term, hold-forever companies with a university-powered talent pipeline.

Timestamps:
00:00 Intro (Sleeping Giant overview: place-based, West MI, Fund I $34M)
00:33 Doug’s background
04:41 Sleeping Giant timeline
06:18 Sponsor (CapitalPad.com)
10:32 Buffett, Brent Beshore, ETA/search, university model
13:42 Fundraising journey (easiest no, institutions vs HNW/FOs, strategy)
16:13 Ideal targets (shift to higher-quality $3 to $5M EBITDA businesses)
18:14 First acquisition setup
18:20 Sponsor (SpacebarStudios.co)
19:29 First acquisition story
21:41 Deal size (larger than initial target)
22:05 Seller rollover & post-close roles (case by case)
23:14 Operating lessons (protect downside, boards, emotions; big deal are better than many small)
26:25 Pipeline & selectivity (LOIs as the key KPI)
28:48 Operators-first vs deal-first (why back people)
30:32 The 8-week Acquire Course (1:1 coaching format)
34:56 Course throughput & outcomes
35:57 Searcher economics (10/10/10 vesting, salary/bonus)
37:58 Portfolio update & headwinds (tariffs, organic growth systems, board design)
40:27 Fund II focus (double down on place, build an enduring machine)
42:10 Defining long-term (25-year term, durable niches like metal components)
43:38 Liquidity in a long fund
46:04 Scalability (2–3 CEOs at a time; replication in other regions)
47:29 Place-based investing philosophy & macro trends
50:51 Quickfire (best advice and favorite book)

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

At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry.

Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scratch that hit $3.66m in year one with double-digit margins.

Today it’s five companies, ~$30m revenue, and a clear target: $150m by 2033.

This conversation is the real operator’s playbook:
- how to know when it’s time to jump,
- what to buy and why,
- the hybrid non-integration model that actually works,
- the communications cadence that calms teams and customers,
- and the unsexy habits that compound.

Capitalpad lets you co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.
Apply at: https://capitalpad.com/ - A deal-by-deal private equity investing platform

Want brokers, operators, and investors to think of you first, or simply more customers? That’s why I partner with Spacebar Studios—they build and scale B2B newsletters. They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk.

They’re offering three HoldCo Builders listeners a free two-week trial.
Go to: https://www.spacebarstudios.co/inquire

Timestamps:
00:00 - Intro: who Sam Turner is (ex-CFO → UK SMB/HVAC acquirer)
01:12 - Why leave a high-paying CFO job for blue-collar businesses?
01:36 - Dissatisfaction: politics, travel, no autonomy, family priorities
03:10 - How he made it happen: engineered exit & planning window
04:54 - Choosing ETA/search over property (people-focused)
05:49 - Didn’t pick an industry until after starting the search
05:54 - Research approach: 15–30 sectors explored
06:48 - Sponsor - CapitalPad
07:52 - Acquisition criteria: large & fragmented, multiple arbitrage, non-tech
09:54 - Capital model: deal-by-deal, retain majority equity
10:43 - Strengths & weaknesses
14:04 - Timeline & where the group is today (first deal Dec 2021; 4 buys + 1 organic; ~$30m rev; 2033 target $150m)
17:31 - First acquisition story
20:08 - Sponsor - Spacebar Studios
23:39 - What he buys now: $3–12m revenue, ~10% EBITDA, commercial/built-environment
25:14 - Why buy multiple quickly: diversify operational risk
28:16 - Post-acq philosophy: no full integration; hybrid model, common tech
32:51 - Why #2 and #3 worked: better margins, owner transition, heavy communication
36:58 - Organic playbook: hire industry COO, spin up division, recruit A-players
39:33 - Organic results: ~$3.66m year-1, double-digit margins, 20–22 engineers
43:40 - Wrap-up & thanks

Support our Sponsors:
CapitalPad: https://capitalpad.com/
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Subscribe on Spotify:
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This podcast is for informational purposes only and should not be relied upon as a bas

What happens when a holding company thinks like an immigrant, moves like an entrepreneur, and plays the long game with permanent capital? In this episode, we unpack the operating system of Fernando De Leon and Leon Capital Group—a family holding company that conceives, develops, owns, and operates businesses across real estate, financial services, healthcare, and technology.

Capitalpad lets accredited investors co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.
Apply at: https://capitalpad.com/ - A deal-by-deal private equity investing platform

Want brokers, operators, and investors to think of you first? That’s why I partner with Spacebar Studios—they build and scale B2B newsletters. They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk.
They’re offering three HoldCo Builders listeners a free two-week trial.
Go to: https://www.spacebarstudios.co/inquire

You’ll learn:

00:00 - Intro & Leon Capital Group overview
02:26 - Border-childhood & immigrant mindset
05:24 - Turning labor into equity at 14
07:21 - Harvard takeaways & Goldman “pipes of money”
12:37 - Four questions to decode deal headlines
13:17 - Move to Dallas (2003) & flood-map/option flip
14:41 - Sponsor: CapitalPad
16:00 - 2008 crisis: speed over perfection; spouse’s push
17:21 - Going all-in 200×; distressed loans & 24-condo flip
18:04 - Broker flywheel & long-term loyalty
20:32 - Sponsor: Spacebar Studios
21:42 - PropCo/OpCo playbook → to 265 dental clinics
25:02 - Build it in-house: Patient Capital financing
25:51 - Cut out middlemen: insurance brokerage
26:41 - Crexi origin story: data, auctions, listings
28:38 - Wrap-up & next-episode teaser

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire

Subscribe on Spotify:
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Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

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

Want brokers, operators, and investors to think of you first? Relationships compound when you stay top of mind. That’s why I partner with Spacebar Studios—they build and scale B2B newsletters.

They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk. They’re offering three HoldCo Builders listeners a free two-week trial. If you want warmer intros and better deal flow, start today: go to https://www.spacebarstudios.co/inquire

This solo episode is a practical playbook for buying, building, and owning businesses—distilled from the career of Fernando De Leon and Leon Capital Group. We cover how an immigrant mindset, speed in downturns, and incentive-aware dealmaking can compound into a multi-billion platform across real estate, healthcare, and financial services.

You’ll learn:

- How to turn labor into equity (and why ownership is better vs one-time fees)
- The four questions to decode big-deal headlines and fund incentives
- A crisis playbook: speed, certainty, enough-but-not-perfect exits
- How a PropCo/OpCo strategy scaled to ~265+ dental clinics
- Building in-house lending (Patient Capital) and insurance brokerage to control growth and margins
- The origin of Crexi and the power of clean data + auctions + listings
- Relationship flywheels: brokers as compounding assets

Who this is for: HoldCo builders, searchers, SMB operators, and PE folks who want a gritty, operator-led path to compounding.

Timestamps:
00:00:00 - Intro & Leon Capital Group overview
00:02:24 - Border-childhood & immigrant mindset
00:03:55 - Spelling bee, father’s passing, $10k lesson
00:05:21 - Turning labor into equity at 14
00:07:18 - Harvard takeaways: negotiation “currencies” & hiring for outputs
00:08:50 - Goldman: seeing the pipes of money & incentives
00:12:37 - Four questions to decode deal headlines
00:13:14 - Move to Dallas (2003) & flood-map/option flip
00:14:43 - 2008 crisis: speed over perfection; spouse’s push
00:16:09 - Rapid distressed deals (bad loans, 24-condo flip)
00:18:00 - Broker flywheel & long-term loyalty
00:19:23 - Sponsor: Spacebar Studios (newsletter compounding)
00:20:29 - Propco/Opco playbook → to 265 dental clinics
00:23:01 - Repeatable playbook: medspas & lab rescue
00:24:02 - Build it in-house: Patient Capital financing
00:25:50 - Cut out middlemen: insurance brokerage
00:26:36 - Crexi origin story: data, auctions, listings
00:28:38 - Wrap-up & next-episode teaser

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Subscribe on Spotify:
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Subscribe on Apple Podcasts:
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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

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

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Scalepath is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https://scalepath.beehiiv.com/

Jack McCarthy, co-founder & CEO of Goldleaf Farming, shares how he’s building one of the largest specialty-crop platforms in the U.S. We cover why almonds & pistachios, raising $250M+, buying 20+ farms, and scaling to ~12,000 acres.

Jack explains valuing farms by cash flow (not price per acre), managing water/climate risk, navigating commodity cycles, aligning with long-term LPs, and keeping leverage low.

Timestamps:
00:00:00 Intro
00:00:28 What Goldleaf is building
00:01:26 Jack’s background & meeting co-founder Brandon
00:04:06 Wednesdays at the almond mill; lean-startup exploration
00:05:01 Partnership: Scalepath
00:06:26 Pivot from agtech to owning farms; meeting Brandon; first investors
00:09:48 Buying the first farm (Fall 2017)
00:10:35 Lessons from the first acquisition
00:14:10 Why almonds & pistachios
00:15:51 How they value farms (cash-flow/DCF mindset)
00:17:13 Partnership: Spacebar Studios
00:18:10 Capital raising phases (friends & family → family offices)
00:19:15 Alignment with LPs; team equity & structure
00:23:09 Diversified LP base (sub-$1M checks)
00:25:47 Capital structure: lower debt, higher equity
00:28:01 Biggest risks: water & growing conditions
00:29:09 Selectivity: ~1,400 farms reviewed; 27 bought
00:30:12 Early mistakes; refocusing on water/quality
00:32:02 Jack’s advice: constant improvement; long slog; do it
00:34:12 Personal Q: family (4 kids)
00:34:35 Culture & benefits: family-first values
00:36:57 Best investment advice & favorite book (East of Eden)

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

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

Rand Larson helps small business owners beat the loneliness of operating by building tight, ROI-driven peer groups. We dig into what actually works: working-capital traps, hiring/firing discipline, burnout, and why some owners sell just 12–24 months post-close.

Scale Path is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https://www.joinscalepath.com/

Timestamps:
00:00:00 - Intro & guest: Rand Larson
00:01:43 - What ScalePath is (structure & purpose)
00:02:29 - “How I make money”
00:03:11 - HVAC acquisition near-bankruptcy story
00:05:07 - Genesis of peer groups (therapy → community)
00:06:43 - Ad break: Scalepath newsletter (sponsor)
00:07:49 - What makes a great event (small, similar, 3-hour format)
00:08:37 - Why local organizing is rare (and hard)
00:09:59 - Early peer groups = therapy; today = ROI focus
00:12:56 - 16 events in ~35 days
00:15:01 - Why paid improves attendance (Vistage/YPO comparison)
00:16:02 - Niche-based groups: B2B, pro services, local services
00:17:17 - Online vs. in-person
00:19:20 - Ideal setup: industry peers + local group
00:19:35 - Pricing models & member feedback
00:20:07 - Price point & ROI framing
00:22:32 - The van: $42k “vanlife” for meetups
00:23:10 - First trips & momentum
00:24:59 - Why the van is standout B2B marketing
00:25:59 - Newsletter stories: behind the scenes
00:27:47 - Why sell a commercial cleaning business
00:29:25 - Talking to $30–50M operators; misery check
00:30:38 - Community value for acquisition decisions
00:31:28 - Niche example: boat upholstery repair
00:32:59 - Hiring lesson: inexperienced vs. experienced owners
00:35:08 - Common theme: undercapitalization
00:35:33 - “Take every dollar the bank offers” (asset deal context)
00:38:29 - ~10% therapy; SBA-debt stress early on
00:40:16 - “Real work starts after close”
00:40:29 - Join a peer group before the fire (vs. during)
00:41:10 - Why experienced owners value peer groups

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

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

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Running a business can feel like you're doing it all alone—but you don’t have to.
Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.
It’s part mastermind, part growth engine, part therapy.
Book your free intro call at: https://www.joinscalepath.com/

Today’s guests are Lizzie Ryan and Darrel Connell, Managing Partners at IMBIBA, one of the UK’s leading specialist investors in leisure, education, and health. We cover IMBIBA’s operator-heavy model, why they back four-walls brands with proven unit economics, and how they sourced, structured, and exited deals through the toughest market in a decade.

We dig into Fund I’s brutal raise, doing 7 deals in 14 months during COVID, building resilience in portfolio construction (childcare, wellness, and real estate-backed concepts), and the mechanics of operational gearing and like-for-like performance that drive exit timing. They share hard-won lessons on off-market origination (1,000+ outreaches → 600 meetings → 3–4 investments), upgrading teams post-investment, the “professional MD” hire, picking sites, saying no to bad leases, and aligning founder incentives with liquidity—without losing momentum.

Timestamps:
00:00:00 Intro
00:00:07 Who are IMBIBA’s managing partners?
00:02:36 IMBIBA origin story & “two lives” of the firm
00:03:46 Fund I thesis: proven unit economics, operator help, rollout
00:04:22 Sponsor break - Scalepath
00:05:22 Building an operator-heavy PE team
00:06:11 Fundraising war stories (2018): the brutal last £10m
00:09:13 Post-raise: first 18–24 months
00:09:52 COVID hits: portfolio shut, scenario planning, survival
00:10:22 Doing 7 deals in 14 months: why founders chose them
00:11:35 What great PE–founder support looked like in crisis
00:14:19 Managing LP expectations during uncertainty
00:15:07 Rebuilding the portfolio: childcare, wellness, four-walls brands
00:16:14 Sponsor break - Spacebar Studios
00:17:35 Designing for resilience: margins, labor mix, exits
00:18:16 Portfolio & exits: NQ64, Little Houses Group
00:20:05 Who buys these assets now? (trade, PE, US interest)
00:21:49 When to sell vs. hold: operational gearing & like-for-like trends
00:25:18 Typical deal structure: significant minority, founder-led
00:26:14 Sourcing: mapping subsectors, off-market outreach
00:27:20 Upgrading teams post-investment; the “professional MD” hire
00:30:09 Funnel math: 1,000+ outreaches → 600 meetings → 3–4 deals
00:30:41 Red flags & when to walk at the 11th hour
00:31:43 Spotting real operators (site visits, staff, standards)
00:33:07 How their team works: operating partners on boards
00:34:57 Personal strengths & weaknesses (deal smell, negotiation)
00:37:23 Where founders need the most help: people & property
00:39:13 Coaching without micromanaging; the chair that moves the needle
00:41:28 Incentives & aligning around liquidity events
00:42:38 Navigating misalignment on timing and partial liquidity
00:45:06 Where they’ll invest next; where they won’t (exitability lens)
00:47:57 Supply of opportunities vs. capital in today’s UK market
00:48:44 Advice for emerging managers: resilience & learning from failure
00:50:01 What’s next: Fund III, new geo

Your newsletter is the gallery. Gagosian sold because his collectors heard from him—constantly. Spacebar Studios builds the newsletter that keeps you in front of founders, LPs, and operators every week. Book a call to get yours (First 6 founders get theirs launched for free): https://www.spacebarstudios.co/inquire

Default aggressive—together. Larry didn’t wait alone; he built rooms full of people who moved. ScalePath surrounds you with like-minded operators so momentum compounds. Get 3 vetted intros for free. Book a call: https://www.joinscalepath.com/

A concise, hard-nosed breakdown of Larry Gagosian’s operator toolkit—how a relentless deal engine, secondary-market focus, and absolute control compound into 18 galleries and $1B in annual revenue. We translate his moves into actionable tactics for investors, business buyers and holding company builders:

- build proprietary deal flow,
- price on information,
- create markets,
- and turn relationships into leverage.

Timestamps:
00:00:00 - Why Larry Gagosian
00:02:46 - Section 1: Build a deal engine
00:03:47 - Tactic: 100 cold calls a day
00:04:49 - Show up uninvited (crashing rooms, creating access)
00:06:04 - Default aggressive beats perfect timing
00:07:04 - Sponsor: ScalePath (operator network)
00:08:16 - Implementation: build your pipeline & momentum (questions to ask owners)
00:10:44 - Section 2: Total control and owning 100%
00:13:45 - Non-obvious plays (private-jet terminal gallery)
00:16:55 - Sponsor: Spacebar Studios (get your B2B newsletter built for free)
00:18:39 - Section 3: Build a market around your edge (secondary markets)
00:19:04 - Building a secondary market
00:21:19 - Tactics: proven assets, create liquidity, exploit fragmentation, earned secrets
00:23:06 - Apply to SMBs: secondary markets & roll-ups, own the transaction
00:25:58 - Investor lessons: ignore status games, price on info, map your niche, be the connector
00:26:37 - Section 4: Build relationships, not deals
00:27:31 - The S.I. Newhouse cold call and a life-changing relationship
00:29:04 - “Heir maps,” future inventory & proprietary deal flow
00:30:08 - Co-conspirators, not just clients (embedded trust)
00:31:03 - Operationalizing relationships (network, outreach muscle, non-transactional, real-world events)
00:33:44 - Think in decades (compounding relationships and capital)
00:35:24 - Synthesis: the Gagosian playbook (sell more, control, brand, secondary, outbound, relationships)
00:37:45 - Closing & CTA (share, subscribe, next episodes)

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Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

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