Value-driven investor and turnaround specialist Reggie Prior Jr. (Founder, Prior LLC) breaks down his simple but relentless playbook: buy what others overlook and rebuild it into a durable cash flow machine. We go from his first mentor (textile legend Jimmy Gibbs) to reading Graham & Dodd, using collateral to get started, and why he rarely sells, preferring to borrow against assets instead.

Sponsors:
This episode is sponsored by CapitalPad, the marketplace that connects acquisition entrepreneurs with investors who want exposure to small-business deals. Operators list live deals in one place; investors get standardized terms, governance, and distributions. If you are raising for a deal, or you want to back great operators, visit https://capitalpad.com/

Our sponsor Spacebar Studios builds and runs your newsletter end to end, so you stay top of mind with founders, brokers, LPs, talent and your customers without adding to your workload. Strategy, writing, design, sending, and list growth are handled. HoldCo Builders listeners also get a two-week free trial. Start with a free intro call at https://www.spacebarstudios.co/inquire

Timestamps
0:00 Reggie Prior Jr. and his “buy overlooked, rebuild cash flow” playbook
0:50 Wofford College and mentor Jimmy Gibbs
3:57 The lesson: just ask (how Reggie earned the mentorship)
5:16 Running his father’s company; learning by doing
9:43 Sponsor: CapitalPad (operator-investor marketplace)
11:05 Reframing the strategy: rebuild rather than break apart
12:42 Prior LLC’s four pillars (Diversified, Global, CRE, Capital)
13:30 Why he rarely sells
15:02 Portfolio overview; value lens across categories
16:48 Case study: Highway 9 real-estate deal
19:59 Adding 265k of value by acquiring a state-owned strip for $12,000
22:41 Sponsor: Spacebar Studios
27:05 Where private deal flow comes from
27:57 Moretex origins (founded 1908) and how he stumbled onto the opportunity
31:10 Hidden kicker: next door 70 million dollar stadium
32:12 Taking over Moretex
33:50 Lessons from doing the deal and showing up personally
34:13 First 90 days: key hires (maintenance, SOPs); no salesperson for 31 years
35:52 Vertical integration: buying the pulverizer supplier
38:00 Tariff tailwinds plus all USA inputs boost demand
38:21 Oldest chemical plant in the Southeast
41:37 Brand and formula value
42:56 Why no auction? Family context, timing, and trust
44:13 Mission: fix and own Moretex long term
45:44 Building a mentor bench: the names and why it matters
47:02 Three “secrets”
48:09 How networks actually compound (and how to start)
51:04 Reggie works seven days a week, 365 days a year
52:59 On happiness, overwhelm, and tradeoffs
55:49 Why saving American manufacturing is personal
58:33 How picky is he? On saying yes, triaging inbound, new bets
1:00:39 Why do the podcast? On signal, diligence, and reciprocity
1:02:08 Wrap up: key lessons and gratitude

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

The greatest builders in history share one habit that changed their fortunes.

You’ll hear how a single paragraph led Munger to a $500 million investment, how Jeff Bezos started Amazon because of one statistic in an article, and how Elon Musk saw an opportunity through the absence of information.

This episode is about building your mental warehouse of ideas, training your intuition, and developing the kind of insight that compounds for life.

The Sponsors
This episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/

Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.

Timestamps
0:00 Intro: The compounding power of reading
0:49 Investor quotes on reading
2:04 A real competitive advantage
2:32 A 50-year habit and the $500M outcome
3:25 The Tenecco idea and the $8M to $80M jump
4:42 Sponsor: CapitalPad
5:52 Jeff Bezos: One stat that launched Amazon
6:09 Morris Chang (TSMC): A textbook insight that rewired an industry
6:36 Elon Musk: no Mars plan
6:50 Dietrich Mateschitz
7:11 Bill Gates: The Altair 8800 moment
7:25 Phil Knight: Japanese trade finance to Nike’s supply chain
7:43 Reading dividends vs. “luck”
8:28 Reading as an edge: Building a mental warehouse
8:55 Naval Ravikant on lifelong reading
9:23 Sponsor: Spacebar Studios
10:27 $8M to $80M to $500M
10:50 “5 to 10 great insights in a life”
11:10 BYD: The Asian counterpart insight
11:40 The 29x BYD outcome
11:48 How reading trains intuition: “You can almost smell it”
12:22 The ultimate unfair advantage of reading
13:00 Final challenge: Are you reading like your life depends on it?

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

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

Peter Lang has done 22 acquisitions (mostly off-market). Grant spent a full day at his masterclass—and it was the most valuable single-day M&A professional development he has ever had. Most people share 101-level fluff; Peter was selective about who he let in the room, so he went straight to 202/303-level tactics:

- a 128-question pre-LOI audit,
- “pre-diligence,”
- risk registers,
- and first-call bonding that actually wins deals.

During the session he even had them cold DM a business owner about selling - someone in the room even booked a meeting before lunch.

The Sponsor
This episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/

Timestamps
00:00 Intro: 10 companies → self-funded search (3–5× EBITDA target)
00:24 Why Grant’s back: $11M raised + Peter Lang’s one-day M&A Lab
00:56 What made the seminar different: straight to operator tactics
01:41 Opening prompt: the scary 3-5 year goal (Fund II at $50M, 5× MOIC ambition)
03:00 The math behind 5×: low entry multiples, modest growth, sane leverage
04:51 Fund sizing realities: checks, number of bets, and concentration
06:47 Scaling a bigger fund by doubling down on winners via add-ons
07:49 “Every business problem can be solved through M&A”
08:41 Who is Peter Lang? 22 off-market acquisitions, agency roll-ups
09:58 Most underrated outreach: LinkedIn DMs (with live results in the room)
11:12 The only goal of the first call: bonding and true alignment
12:32 Where EC enters the process: usually post-LOI via searchers
12:55 The 128-question pre-LOI audit (and why serious sellers complete it)
14:46 Sponsor: CapitalPad
16:24 “Pre-diligence” naming hack to get real docs before LOI
17:52 Terms more important than Price: seller notes, earn-outs, and the “$1B for $1/day” example
18:54 Three-phase diligence: do high-risk checks before legal/QofE spend
19:11 Linked Google Sheets system: shared vs. private notes that stay in sync
19:44 The Risk Register: make concerns explicit, score, mitigate, resolve
21:55 Winning competitive processes by showing deeper prep (and credibility)
22:30 Zero retrades: how pre-LOI depth prevents post-LOI drama
23:32 Selling = buying in reverse: ship-shape data room and audit ready
24:59 What Grant will implement now
25:54 Biggest meta-takeaway: huge ROI on practitioner-level M&A education
27:02 Why his big goal now feels closer: helping searchers generate proprietary deal flow
28:01 Could EC run searches on behalf of top operators? Credibility advantages
28:39 Producer’s compliment: why Grant’s clarity matters in deals

Support our Sponsor
CapitalPad: https://capitalpad.com/

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

In this deep dive, we unpack the operating philosophy of Joe Liemandt - builder of Trilogy Software and ESW Capital, and now the force behind Alpha School - including lessons from 100+ acquisitions. Liemandt became a billionaire by buying sleepy software assets and turning them into cash machines, vanished from public view for years, then re-emerged with a mission to rebuild systems from first principles. This episode isn’t about education - it’s about how great operators think.

The Sponsor
This episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/

Timestamps
00:00 Intro: Who is Joe Liemandt & why this episode
01:16 The real job of a boss: raise the bar
03:25 Reality-distortion & Trilogy’s elite culture
06:44 Expect more than they expect of themselves
08:46 ESW Capital’s “insane” bet: buying legacy software
09:20 Sponsor: CapitalPad
12:47 Pricing power: why most companies undercharge
14:33 Value-based pricing: the ESW playbook
16:15 Pricing moats
17:56 The real bottleneck: motivation vs information
19:48 Hiring for fire
21:27 Inner scorecard
23:12 Information is commodity; motivation is scarcity
24:45 Leaders as motivators
26:10 Systems that reward curiosity, not compliance
27:06 Closing framework: light the fire
27:55 “Customers have the answers” - sit with end users

Support our Sponsor
CapitalPad: https://capitalpad.com/

Subscribe on Spotify:
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https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

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.

Steve Carroll is the CEO & co-founder of Kelso Industries, a national MEP services platform uniting HVAC, mechanical, plumbing, and electrical companies.

In just a few years, Kelso went from a gritty, nearly-broke first acquisition to 29 acquisitions and $1B+ in revenue.
Steve breaks down the bruises and the blueprint: why their first year almost killed the business (including a single job that wiped out a year of profit), the switch from “buy and replace” to a partner-and-keep-the-owner model, how they finance growth without overpaying, and the operating system (recruiting, cash, WIP discipline) that lets local brands scale without losing their soul.

Sponsors
This episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/

Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.

Timestamps
00:00 Intro
00:34 Steve’s background
01:56 Early thesis: from marketing & home services lead gen to HVAC focus
03:54 Bootstrapping experiments, agencies, pest control—what worked/what didn’t
04:58 Personal runway & the real cost of chasing deals while employed
06:00 Broken deals, travel, and swallowing $100k–$200k before first close
06:16 Meet the co-founder: lifelong friend Steve Nicholson; Kelso name origin
08:32 First near-deal dies; deciding to swing at the largest SBA-sized deal
10:26 Finding a commercial HVAC business in Arizona
13:11 Sponsor: CapitalPad
18:23 Survival year: no new acquisitions, just fixing ops and cash
19:13 The unlock: partnering with an Idaho operator who stays on, not exits
20:21 Bringing in a PE partner (Peterson Partners): why working capital blew up the SBA plan
24:26 How the PE check actually changed things (and what it didn’t)
28:29 Sponsor: SpaceBar Studios
29:32 Scale after deal #2: ~$40–50M revenue; raising the bar to $30–40M targets
30:50 Handing Arizona to Poncho so Steve can live on planes finding partners
33:22 Hitting $10M EBITDA in 2 years and setting the $1B revenue goal
34:32 Reaching $1B TTM four years after launch
36:25 Structure: Kelso buys 100%, owners stay, roll equity, 3-year earnouts
37:48 Why this is a relationship business (and why replacing owners destroys value)
43:10 Liquidity: horizon to public markets or new capital partner—patient equity model
46:59 Building the corporate engine: legal, HR, recruiting (15 in-house), finance, insurance
49:06 Project businesses need WIP discipline; dashboards and tighter forecasting
49:57 Footprint today
51:05 Centralized cash & working capital management
52:36 Post-close uplift: many ops 2–3x EBITDA with branch and service expansion
54:27 Financing new deals mostly via lenders + internal cash; no overpaying
56:24 Succession planning at every level; why this creates employee confidence
59:42 Example: ex-owner now building Kelso’s national service platform
1:01:10 Why Kelso hasn’t sold any companies (and likely won’t)
1:02:58 Steve’s evolving role: firing himself from jobs, hiring an exec team

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarst

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

My guest today is Nick Hatchka, founder of Cub Investments, which has completed over a dozen acquisitions. Nick is now building a regional platform of generator dealers and service businesses in California alongside his operating partner, Dylan Ferguson. We discuss his journey:

- to independent sponsorship,
- lessons from 12+ acquisitions,
- what makes a good business model,
- partnering with operators,
- and buying seller-dependent companies.

Sponsors
This episode is brought to you by CapitalPad. A marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal - or want to back operators - check out https://capitalpad.com/

Our sponsor Spacebar Studios builds and runs your newsletter so you stay top-of-mind with founders, brokers, LPs, and talent - without adding to your workload. HoldCo Builders listeners also use their two-week free trial. Go to https://www.spacebarstudios.co/inquire and get started for free.

We cover:
0:00 Nick Hatchka on 12+ acquisitions and a California generator platform
0:35 Background: MIT → McKinsey → 2 startups → Fortune 500 clean tech
1:54 Founding Cub (2016): SBA and personal capital for the first deal
2:49 Scaling: 12+ acquisitions across interior plants and landscaping, later divested
4:09 New platform thesis: generators in California and why the model is capital intensive
5:27 Investing focus: market and model selection over operator heroics
8:16 Capital discipline: self-funded pace vs raising outside capital
9:18 Sponsor CapitalPad: standardized terms, governance, and distributions for acquirers and investors
12:03 Generator business explained: sell, install, maintain, and test backup power (monthly, quarterly, annual PMs)
13:22 Sponsor Spacebar Studios: done-for-you newsletters with a two-week free setup
20:11 Partnering with Dylan Ferguson: 20-30 interviews and complementary skills
25:54 First acquisition Conti: sourced direct, LOI-to-close ~6 months, closed Jan 2024
28:16 Post-close playbook: replace owner-operator and rebuild systems for scale
33:39 Early lessons: grew fast to replace 4–5 seller hats and would build recruiting pipeline earlier
34:38 Results: revenue ~$3M → ~$6M and team 7 → ~14
42:13 Second acquisition PowerGen: 5–6 months later with larger C&I footprint in Bay Area and Sacramento
45:04 Capital and operating philosophy: seller note fixed ~8 years, target ≥3x DSCR, keep strong cash reserves and focus on service quality
51:32 Book and wrap: The Science of Success and expanding the circle of competence

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

Subscribe on Spotify:
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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.

Imagine being in your early 30s, launching a private equity fund, and raising $450 million for your first fund. (No track record. No rich father or uncle.)

Urs Wietlisbach, one of the three co-founders, led client relationships and fundraising, pushed proactive deal sourcing and thematic research, and kept the team focused on pensioners as the ultimate client.

Sponsors
This episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/

ETA Europe — sharp weekly curation of European acquisitions, operators, and deals. Sign up, it's free: https://legacy-partners-newsletter.beehiiv.com/

You'll learn:
00:00 Why this episode & who it’s for
00:36 From “stocks & bonds are boring” to real assets; early AUM context
01:25 Independence as the goal; raising $450M with no track record
02:20 Three complementary founders is better than one “perfect” entrepreneur
03:12 Leaving Goldman: the coffee invite, risk, and family pushback
04:35 “Fill your backpack”: learn aggressively, then have the courage to leave
05:43 The costly fundraising mistake: paying an upfront “rainmaker” (and why never again)
06:08 Sponsor: CapitalPad (a marketplace for investors and acquisition entrepreneurs)
06:40 Why they IPO’d in 2006: talent, direct deals, and Asian credibility
10:05 Operating public, thinking private: ignore the ticker, focus long term
10:30 “We are responsible for dreams”: pensions as the true client
11:05 Proactive diligence: working 12–36 months before a sale is announced
12:05 Urs’s role today: fundraising, client relationships, and a 100+ person marketing team
12:45 The PE model now: ~53% equity / 47% debt; returns from business building
13:35 Edge vs. competitors: thematic sourcing and pre-work win auctions
14:40 Example: German deal log, 582 days of prep before the bank book
16:05 Returns stack vs. mega-peers; tailwinds, management being everything
16:36 Sponsor: ETA Europe newsletter (weekly EU ETA deal flow & analysis)
17:13 Four thematic teams: Healthcare, IT, Goods/Products, Services
18:00 Healthcare thesis in action: U.S. physiotherapy roll-up playbook
19:10 From 100 to 600+ clinics; EBITDA from ~$38M to ~$110M in four years
19:56 Why PE has outperformed publics: information, incentives, not leverage
21:00 Compensation design: “eat what you kill” + shared carry across teams
21:50 Hiring from industry, not just finance; sweat equity for managers
22:40 Heavyweight chairs matter: PCI Pharma example (4x MOIC)
23:40 What makes entrepreneurs succeed
24:45 Play to strengths, fix fast: people business above all

Support our Sponsors:
CapitalPad: https://capitalpad.com/
ETA Europe: https://legacy-partners-newsletter.beehiiv.com/

Subscribe on Spotify:
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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.

My guest today is Alexis Sikorsky. An entrepreneur who bootstrapped, scaled, and ultimately sold a company in a 9-figure exit.

Sponsors
This episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/

ETA Europe — sharp weekly curation of European acquisitions, operators, and deals. Sign up, it's free: https://legacy-partners-newsletter.beehiiv.com/

We cover:
00:00 Sponsor: CapitalPad
01:36 Who is Alexis Sikorsky
02:03 Early entrepreneurship
03:59 First ISP & internet café in West Africa
05:12 Conflict with government & partner’s death
07:05 Buys training company
07:43 1999–2000: founding the software dev firm
09:20 Buying assets of Logical Access
09:37 On failures & lessons (politics, client concentration)
12:35 “I can’t be employed” mindset / drive to continue
13:06 2008 peak: €11–12M revenue, €3M profit
14:31 “The grind” years: cuts, mortgages, survival
15:17 Private equity calls
16:35 The very optimistic 2-year plan
17:22 The deal: ~11x EBITDA, 85% cash now / 15% later
18:59 Final personal exit; later strategic sale (undisclosed 9 figures)
19:30 Sponsor: ETA Europe newsletter
20:41 “If I had 2023 wisdom in 2003…”
21:22 How much runway to hold; agility for black swans
22:23 Fear, resilience, and hiring “good people” too late
24:59 Personality under stress; heart attack joke
28:07 Why post-PE period was the best
28:13 “Did you sell to the right people?”
28:29 Strengths & weaknesses
30:00 Life after exit
34:31 What retirement actually felt like
35:01 Happiness, safety, safari/diving; minimal “stuff”
39:52 Founders often don’t know their own company
40:52 Know your numbers monthly
43:28 “Fire yourself” from most tasks as CEO
44:51 “What’s your number?” conversation
45:37 Grow to sell vs. morphing into a bank
47:50 Growth vs. lifestyle businesses
50:16 Execute phase cadence
51:08 Best growth levers (context-dependent)
52:03 M&A focus for this audience
52:17 Why M&A is the fast/cheap shortcut
54:01 Leverage math in euros (LBO example)
56:08 PE myths
1:01:05 Negotiate your own contract & non-compete
1:01:23 Managing time during diligence
1:02:21 Readiness test: 1-week no-phone vacation
1:02:37 How to diligence PE (ask for 5, call the others)
1:06:59 What buyers saw that he didn’t
1:10:41 Why founders often under-sell
1:10:55 Nominal EBITDA explained
1:12:13 Over-management at €100M valuations
1:12:35 Where clients fail in execution
1:14:21 Black swans & an online pivot to €100M
1:16:28 Quickfire wrap
1:17:33 Best investing advice (fundamentals over price)

Support our Sponsors:
CapitalPad: https://capitalpad.com/
ETA Europe: https://legacy-partners-newsletter.beehiiv.com/

Subscribe on Spotify:
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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.

Nikolai Dimitrov went from pro football to building Unity Investment Partnership, where he buys small, reliable, everyday businesses, paying 3–4× cash flow with seller-aligned structures, and has closed 4 acquisitions so far.

We cover his rocky start (including a Facebook group against him), four acquisitions, why “terms more important than price,” post-acquisition reporting, incentives, and how culture and a real CEO will power Unity’s next stage.

CapitalPad: the SMB investment platform for accredited investors & searchers. Join now: https://capitalpad.com/ (Not investment advice.)

Spacebar Studios writes your company newsletter—strategy, writing, design, distribution. Try it free for 2 weeks. Go to: https://www.spacebarstudios.co/inquire

We'll cover:
00:00 Intro: Who is Nikolai Dimitrov & Unity Investment Partnership
00:26 From pro football to acquisitions: quitting and what came next
02:04 Why buying companies: passion, team skills from sport
06:22 First strategy: veterinary roll-up
09:51 Sponsor: CapitalPad (SMB investor ↔︎ searcher platform)
10:36 12-18 months with no deal: iterate, don’t quit
11:50 First acquisition: 4× cash flow; 25% down, 75% seller-financed
13:35 Year 1 reality: building reporting from scratch in a mom-and-pop
14:53 “Terms over price”: negotiating when you’re the only buyer
17:34 Closing the first deal: proof the model works in CEE
18:34 Seller pipeline tailwind: retiring baby boomers in small business
19:17 Sponsor: SpaceBar Studios (done-for-you newsletters)
21:35 Raising from LPs: doctors, lawyers, real estate pros
22:50 Second acquisition; time allocation across businesses
23:33 Third deal: dental clinic
25:15 Incentives and the shift from deal-making to asset management
26:58 What a “good deal” looks like; buying right at low multiples
32:31 Growing the portfolio: sector differences, ops cadence
33:59 Diversified vs focused holdco: trade-offs in reporting & speed
35:10 Holdco vs fund: why avoid a limited-life vehicle (for now)
37:55 Best advice: a few winners drive returns (Buffett lesson)

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

Subscribe on Spotify:
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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

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.

Grant Hensel has started 10 companies (7 failed, 2 sold, 1 scaled), bought a business his wife now operates, and then got obsessed with backing self-funded searchers. He’s the founder of Entrepreneurial Capital, raising ~$11M to invest in “cockroach” SMBs at 3–5x earnings alongside gritty owner-operators.

If you’re buying or backing boring, profitable businesses, this is a playbook episode.

CapitalPad: the SMB investment platform for accredited investors & searchers. Join now: https://capitalpad.com/ (Not investment advice.)

Spacebar Studios writes your company newsletter—strategy, writing, design, distribution. Try it free for 2 weeks. Go to: https://www.spacebarstudios.co/inquire

You'll learn:
00:00 Grant’s path: 10 starts, 2 exits, 1 scaled; now backing self-funded searchers
00:32 Grant’s background & living the “buy vs. build” debate
02:26 Buying a business for his wife to run (4 LOIs, funny diligence misses)
05:24 First 90 days: installing EOS, weekly scorecard, real traction
06:52 Portfolio before the fund (one built, one bought)
07:08 Sponsor — Capitalbat (SMB investor ↔︎ searcher platform)
07:59 Holdco vs. minority investing; why operator quality dominates
09:32 Why self-funded search is a built-in grit test
10:14 From personal checks to raising a fund (organic evolution)
12:23 The four screens: low concentration, low capex, low cyclicality, history of profits
13:53 Cyclicality lesson: cheap isn’t worth macro sensitivity
15:52 Fund timeline: Oct ’24 idea → Feb ’25 start → Jul ’25 close
16:39 Fundraising tactics: “ask for advice,” webinars, soft-circle snowball
18:41 Sponsor — SpaceBar Studios (done-for-you newsletters)
20:27 Looking at deals while raising; confidence once ~$5M soft-circled
21:16 How Grant picks winners: on-site diligence, non-spreadsheet reality
22:51 Sourcing searchers: Searcher.com, webinars, “This Week in ETA” newsletter
26:15 Day-to-day now: LOI diligence, marketing, advisor feedback (pre-first deal)
27:17 Deployment pace: 13–18 deals over 2–3 years (~1 every other month)
27:38 Deal flow volume: ~1 LOI/day; be ultra-selective
28:03 The five pre-LOI seller questions (and why they matter)
32:26 What to buy (and avoid): home/B2B services, light mfg (with chops); no e-comm/retail/restaurants
33:58 The real investor value-add: resilience through the ugly middle
35:18 Roll-up skepticism; single-asset cash flow is better than multiple-expansion bets
37:53 First-90-days playbook: live in the trenches; avoid “academic” fixes
39:45 Inventory cautionary tale: don’t break the value prop you can’t see on a P&L
44:19 Game-changer hire: Chief of Staff as force multiplier
46:10 Failure as teacher; base rates favor buying over building
48:23 Where to find Grant (Twitter & LinkedIn)
49:05 Favorites: Switch, Good to Great, Traction; best advice—circle of competence
50:51 Wrap-up & close

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