November 04, 2025

Roll-ups, Earn Outs, and a 3-Year Exit with Josh Davis

40 minutes

In this episode of the M&A Launchpad Podcast, hosts Feras Moussa and Casey Minshew sit down with Josh Davis (JL Davis Enterprises) to unpack how he and his wife built one of the fastest-growing logistics companies in Canada—bootstrapped—then exited to a private-equity–backed strategic buyer in just three years. Josh shares the pivotal mentorship that shaped him, the asset-light pivot that unlocked scale, how custom software and ruthless scorecards drove margins, and what he learned operating under PE during a two-year earn-out. He also walks through his current family office and consulting work—helping founder-led SMBs get people, systems, and leadership right.

In this podcast episode, we discuss:

Josh’s origin story: entrepreneurial grandfathers, real-world mentorship, and the storm at sea that rewired his approach to leadership and preparedness

From mining to trucking: why roll-ups clicked and how a logistics pivot to asset-light changed everything

Building in-house software: dispatch → LTL consolidation → visibility → invoicing, and how “gamified” scorecards boosted GP and accountability

Scaling fast in a low-margin industry: the metrics that mattered and the hiring playbook that attracted top talent

Deciding to sell: pregnancy, capital intensity, and choosing a PE-backed strategic with operational support

Deal mechanics: two-year earn-out, integration lessons, and why the “education” was worth it

Life after exit: identity reset, launching a boutique family office, and spinning up a consulting arm for people/systems/tech turnarounds

Advice for first-time acquirers: right people/right seats, operating systems that actually run the business, and leveling up leadership

Chapters

00:00 Introduction to Josh Davis

01:01 Family roots, mentorship, dropping out to care for his grandfather

02:36 The final sailing trip: crisis at sea and leadership lessons

04:27 From mining to M&A: distressed assets, turnarounds, and roll-ups

06:10 Honeymoon to startup: launching a logistics company with an asset-based vision

07:14 The pivot to asset-light and why it unlocked scale

09:00 Building the software: dispatch → LTL modules → visibility → invoicing

10:45 Gamifying operations: scorecards, metrics, and gross profit discipline

12:40 Competing in low-margin markets and earning a real-world “MBA”

13:34 Deciding to sell: capital intensity, family priorities, and going to market

14:50 Choosing a PE-backed strategic; two-year earn-out and integration

17:02 Scale at exit: office team growth and contractor network

18:23 Why an earn-out made sense for a high-growth, tech-forward platform

20:00 What PE taught him: budgeting, acquisitions, and executive rigor

23:55 After stepping down: identity, family time, and launching a family office

25:57 Founders in the weeds: building a consulting arm for people/systems/tech

28:14 AI, software, and human capital: helping SMBs professionalize

31:02 Working on the business vs. in the business

31:30 Advice for first-time acquirers: people, systems, leadership

33:18 Rocket Round: free time (boating), most memorable moment, favorite tools (mentors, AI + HubSpot)

35:58 How to reach Josh (LinkedIn, JL Davis Enterprises, DM “scale”) and close

Connect with Josh Davis

LinkedIn: https://www.linkedin.com/in/scaling-with-josh-davis/

Company: https://jldavisenterprises.com

Additional Resources

The M&A Launchpad Conference – Join us in Houston for the 2026 M&A Launchpad Conference, a premier event designed for acquisition entrepreneurs, investors, and operators focused on buying, scaling, and selling businesses. Expect actionable sessions, curated networking, and access to dealmakers who are actively acquiring and scaling companies. Learn more and reserve your spot at https://www.malaunchpad.com — use code LAUNCH for $150 off your ticket.

O’Connell Advisory Group – Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions. Schedule a discovery call with Patrick of O'Connell Advisory Group—your dynamic Quality of Earnings partner. Visit https://www.oconnelladvisorygroup.com to learn more.

Get in touch with show hosts Casey Minshew and Feras Moussa at [email protected].

About The M&A Launchpad:

The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.

The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.

Connect with M&A Launchpad:

🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7

🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586

🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/

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By Casey Minshew and Feras Moussa

1212 ratings