Want to grow your B2B business? Start with your inbox. Spacebar Studios builds newsletters that drive pipeline, build authority, and generate real revenue. Bonus: The first six founders who raise their hand get their newsletter built for free.
Reserve your slot: https://www.spacebarstudios.co/inquire

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)

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

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

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

Want to build a media asset your competitors can’t copy?
Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.

- 115k+ subscribers in compliance
- 7-figure ARR driven by email
- Built for SaaS, services, and niche B2B markets

First 6 founders this month get their newsletters launched for free.
Reserve your slot here: https://www.spacebarstudios.co/inquire

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

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)

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

Want to build a media asset your competitors can’t copy?
Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value.

- 115k+ subscribers in compliance
- 7-figure ARR driven by email
- Built for SaaS, services, and niche B2B markets

First 6 founders this month get theirs launched for free.
Reserve your slot here: https://www.spacebarstudios.co/inquire

Brandon Pindulic sold his first company for 7 figures, then built Space Bar Ventures — a bootstrapped holding company with 6 cash-flowing digital businesses and zero outside capital. We break down how he starts, buys, and scales companies, the $10K bet that launched his most successful venture, and the traps that kill most HoldCos.

Timestamps:
00:00:00 - Intro
00:00:44 - Starting the first agency while working at a SaaS company
00:04:39 - Transition from side business to full-time entrepreneur
00:08:35 - Negotiation lessons and structuring the earnout deal
00:12:28 - Landing Oracle as first major client
00:14:06 - Post-sale period and consulting work
00:19:30 - Acquiring Planet Compliance - turnaround story
00:22:05 - Starting Spacebar Visuals with $10k and co-founder search
00:25:49 - Why the operator recruitment method works
00:28:54 - Refining Space Bar Ventures' vision – incubations vs acquisitions
00:32:36 - Sponsor: Spacebar Studios
00:36:15 - Advice for growing HoldCo Builders & Private Equity Guy
00:38:50 - Delegation lessons and becoming a better operator
00:42:42 - Spotting talent early - why Ryan was the right co-founder
00:44:32 - Current focus - growth over acquisitions
00:47:34 - Raising capital vs staying bootstrapped
00:50:02 - Cost-cutting and 'Vendor Day' – saving $100k/year
00:53:58 - Strengths, weaknesses, and growth strategy
00:57:35 - Why the $1M after-tax cash flow goal
01:01:24 - Quickfire: best investment advice & favorite books

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

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/

What if your next CEO hire could 10x—or destroy—your portfolio company?

Michael Ovitz, legendary founder of CAA, built a $100M+ firm by spotting raw, misfit talent and turning it into power. In this solo episode, we break down the exact frameworks Ovitz used—and how HoldCo builders and investors can apply them to identify elite operators, structure trust systems, and build institutions that last.

If you're hiring leaders, backing talent, or scaling a portfolio of companies—this is a playbook you can't afford to skip.

Timestamps:
00:00:00 - Why Michael Ovitz Matters
00:05:07 - Big lessons when hiring a CEO for your portfolio company
00:05:25 - Sponsor: Scalepath
00:06:40 - Don’t overindex presentation and don’t judge by how equipped someone looks today
00:07:59 - Meet hundreds and thousands to train your eye
00:10:36 - Institutional momentum is more important than individual brilliance
00:16:32 - Sponsor: Spacebar Studios
00:17:59 - The top 0.01% of people I back just never stop
00:20:11 - Reward those who create a movement
00:22:28 - Decentralized decision-making
00:27:12 - Ego is the enemy of multiples
00:29:28 - Be brutally honest but relationship-driven
00:33:07 - Time is the ultimate enemy
00:36:14 - How to build time discipline in your investment firm or HoldCo
00:40:44 - Add these three questions to your DD
00:41:22 - How to win when you play the long game with people

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

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/

Danny Vivier is quietly building one of the most thoughtful vertical SaaS portfolios in the game.

Buying founder-led software companies and grow them forever.

Danny shares the real playbook behind Evermore's rise—raising from 35 investors, managing post-acquisition chaos, and why he's doubling down on boring businesses with big moats.

Timestamps:
00:00:00 - Intro – Who is Danny Vivier?
00:01:07 - Starting First Landings (E-commerce)
00:02:10 - Product Sourcing and Early Days
00:03:09 - Getting Offer from Aggregator
00:04:56 - Sponsor: Scalepath
00:06:59 - Amazon Delisting Story
00:07:59 - Exit Process & Post-Sale Transition
00:08:42 - Why Danny Moved Into Software
00:09:30 - Managing Risk While Employed
00:11:22 - First Acquisition
00:14:34 - Sponsor – Spacebar Studios
00:16:06 - Partner Dynamics with Scott
00:18:04 - First Acquisition Size & Deal Terms
00:18:58 - Second Acquisition – Sign Company
00:20:03 - Launching the Evermore Strategy
00:21:08 - Lessons from Offline vs SaaS Businesses
00:22:05 - Post-Acquisition Leadership Hiring
00:24:14 - Offline Business Operations Today
00:25:13 - Going All-In on Vertical SaaS
00:26:36 - Acquisition Structures and Transitions
00:27:55 - Evermore vs VC, PE, and Search Funds
00:30:50 - Raising from 35 Individual Investors
00:33:00 - Convincing Investors with the Vision
00:34:50 - Investor Communication Systems
00:36:28 - Deal Sourcing Strategy
00:38:36 - Competition in Acquisitions
00:42:32 - Refining Acquisition Criteria
00:45:58 - Debt Strategy and Deal Structures
00:46:30 - Portfolio Size Today
00:47:03 - Doubling Down on One Platform
00:50:33 - Vertical SaaS Opportunity Ahead
00:51:04 - Current Portfolio Struggles
00:52:28 - Leaving Social Media
00:54:08 - Final Thoughts and Wrap-Up

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

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/

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email

First 6 founders get theirs built free
Reserve your slot here: https://www.spacebarstudios.co/inquire

In this episode of HoldCo Builders, I dive deep into the playbook of one of the most consistently high-performing investors in the world: Graham Weaver, Founder of Alpine Investors.

Alpine isn’t just a private equity firm, it’s a human capital compounding machine that grew from a $25,000 loan to over $15B in AUM, all by betting on people. Graham didn’t win by chasing deals, he won by outbehaving everyone else in the industry.

In this deep dive, I break down:
00:00:00 - Intro: Why Study Graham Weaver
00:02:21 - Lesson 1: Your Business is a Reflection of Your Will
00:04:41 - Sponsor: Scalepath
00:07:58 - Lesson 2: Purpose Over Strategy
00:11:26 - Sponsor: Spacebar Studios
00:15:21 - Lesson 3: Winnable Games
00:22:55 - Lesson 4: Talent as Alpha
00:27:19 - Lesson 5: Building Platforms Before Acquisitions
00:32:36 - Lesson 6: Managing for Long-Term Value
00:37:35 - Lesson 7: Personal Growth as Business Strategy
00:45:30 - Final Reflections and Call to Action

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

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/

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email

First 6 founders get theirs built free
👉 Reserve your slot here: https://www.spacebarstudios.co/inquire

Today on HoldCo Builders, I’m joined by Chris Hoffman, CEO of HP Solutions Group, the $200M+ holding company behind one of America’s fastest-growing residential services brands. Chris and his brother took over their father's $9M HVAC business in 2015 and turned it into a multi-brand platform with over 600 employees — all without raising outside capital.

Timestamps:
00:00:00 - From $9M to $150M: Why scaling gets easier
00:01:22 - The mastermind that transformed our business
00:03:56 - We didn’t invent the playbook, we executed the process playbook
00:04:56 - Sponsor: Scalepath
00:06:54 - I almost let my ego kill our growth
00:08:19 - How we grew 35% annually for 8 years
00:10:02 - Should more entrepreneurs take part in masterminds?
00:11:37 - Why I paid myself $80K for 5 years
00:15:01 - Sponsor: Spacebar Studios
00:15:30 - How we built a game-changing advisory board
00:19:38 - We hired a board member as our company president
00:22:24 - Running a family business without the drama
00:25:33 - Our mission: Become the #1 private home service company
00:31:19 - Why we only do 1–2 acquisitions a year
00:33:33 - Only looking for markets with a lot of tailwinds
00:37:35 - Competing with private equity on great deals
00:42:28 - How we 2.5x’d profit at Ferguson Roofing
00:46:18 - The financing strategy that fuels our sales
00:52:49 - How we scaled with zero outside capital
00:55:51 - Capital allocation and debt terms from the banks
00:58:43 - The mindset shift to break through the $30M ceiling
01:01:34 - The goal is to just stay in the business and do the same things we’ve done so far

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.

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/

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email
First 6 founders get theirs built free
👉 Reserve your slot here: https://www.spacebarstudios.co/inquire

What if the key to building real wealth wasn’t in startups or VC, but in buying simple, cash-flowing businesses?

In this episode, we dive deep into the minds of Royce Yudkoff and Rick Ruback — the Harvard professors who quietly shaped the world of search funds and acquisition entrepreneurship. Their ETA class at HBS has launched hundreds of successful HoldCos and operators.

We explore the two paths of search (funded vs. self-funded), why the multiple matters more than growth, what red flags kill deals, and how great operators build empires by holding longer.

If you’ve ever thought about buying a business — this is the playbook.

Timestamps:
00:00:00 - Intro: The Hidden Giants Behind ETA
00:01:01 - The Bifurcation of Search: Funded vs. Self-Funded
00:05:23 - Sponsor: Scalepath
00:06:16 - The Magic Is in the Multiples, Not Growth
00:09:51 - What to Look For: 5 Filters for Great Acquisitions
00:13:58 - Sponsor: Spacebar Studios
00:14:54 - Red Flags That Quietly Kill Deals
00:19:01 - Where Real Growth Actually Comes From
00:21:58 - Why Great Operators Still Sell Too Early
00:25:51 - The Real Search Process (And Why It Works)
00:29:45 - More Money Than Time: The Real Reason to Buy a Business

----------------------------------------------

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

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.