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Nathan rolled up 11 tiny (<$1M EBITDA) HVAC companies, paying low 3x multiples. Now PE is interested in buying the group, and Nathan is already planning to do it all over again. “I see a lot of opportunity in taking these really small mom-and-pop shops and building them up...

136,799 просмотров • 25 дней назад •via X (Twitter)

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Ramsey Sahyoun is the Co-Founder of Evergreen, one of America’s most interesting acquisition machines. He and Jeff Totten started the firm when they were 25 and 27 years old. Today, they’ve acquired over 160 companies and completed 47 acquisitions in 2025 alone. The portfolio does $1.5 billion in sales and $250 million in EBITDA. We discuss: - Why they chose MSPs - The lessons from their first acquisition - What went wrong with an early roll-up attempt - How they built a proprietary sourcing engine - Why 80% of their deals are proprietary - How talent, goal setting, and value creation became central to Evergreen’s operating system Enjoy! Timestamps: 0:00 Evergreen’s scale and long-term hold model 2:06 Discovering private equity and buying private companies 4:14 Meeting Jeff Totten at Alpine Investors 5:53 First acquisition and current portfolio 10:23 Leaving Alpine and starting young 12:18 The first 6-18 months after closing 13:15 What went wrong with an early MSP roll-up 18:44 Building Evergreen’s sourcing engine 23:07 The value of having a large acquisition database 26:09 How to build trust with business owners 34:02 Evergreen’s M&A, talent, and playbook flywheel 41:54 Lessons from 160 acquisition post-mortems 44:22 Setting big goals and planning backward 47:16 One-page plan and quarterly renewals 48:53 What Evergreen learned from Alpine and Graham Weaver 51:27 How Ramsey and Jeff’s roles changed as Evergreen scaled 54:21 What people misunderstand about Evergreen 56:48 Closing thoughts from Ramsey

PrivateEquityGuy (Mikk Markus)

214,514 просмотров • 2 месяцев назад

If you can survive the worst you can possibly imagine - in today’s guest’s case, it was a painful divorce - what else can be as scary in this world? Turns out, really nothing… which led Steve to quit his corporate job at Illinois Tool Works (ITW) to go and acquire manufacturing companies himself. So far, he has done 5 acquisitions (churning out 200M+ parts per year). Even though we briefly cover the painful divorce being the motivator at the end, knowing the whole story, this one is very emotional. (Hey, this is still 99% of business podcast where Steve shared the financing, structure, how he finds deals, post-acquisition strategy, and everything in between. That said, I find it interesting that we simply never know what drives people who build large investment firms and companies overall.) TIMESTAMPS 0:00 From corporate manager to 5 acquisitions in manufacturing 1:06 The moment Steve knew he was done with corporate life 2:54 The “measured exit” that turned into months of uncertainty 4:59 The first deal: tiny business, bad structure, and a lucky failure 5:42 The seller starts ghosting -- and the deal unravels 7:01 Losing the deal, burning cash, and rebuilding his entire approach 8:57 Why most people shouldn’t pursue acquisitions (the “strong why” test) 9:55 Sponsor: CapitalPad -- backing real operators in overlooked markets 11:06 How to tell if a seller is actually ready to sell 14:02 The exact outreach message that landed his first acquisition 19:04 Structuring and closing the first deal + brutal first 90 days 20:57 Sponsor: Spacebar Studios -- building newsletters for HoldCos & investors 23:18 Implementing EOS: turning chaos into an operating system 39:45 80/20 thinking in manufacturing: cutting noise, expanding margins

PrivateEquityGuy (Mike Markus)

24,615 просмотров • 7 месяцев назад

My conversation with Tracy Britt Cool. Warren Buffett called her his "fireman" because of her reputation at Berkshire Hathaway for turning around struggling businesses. In this conversation, you'll learn exactly how she did it, how she evaluates businesses, and the mistake that most people make when hiring. (0:00) Intro, recent reading, and family life (3:04) Alan Mulally's Turnaround at Ford (4:22) The Work Test (5:03) The Pampered Chef Turnaround (7:06) How Value Creation is Changing (8:38) Why Companies Fail to Adapt (10:09) Lessons from the Farm (16:57) Lessons from Warren Buffett (18:25) Ad Break (20:57) Buying Companies at Kanbrick (22:38) The 3 Components of Long-Term Thinking (25:11) Avoiding the Complexity Trap (26:23) How to Turnaround a Declining Business (28:03) Attracting Talent to a Declining Business (30:29) Matching Structure to Time Horizon (32:00) Growing Margins (33:25) The Process: What to Focus on (35:10) The 3 Buckets of Putting People First (37:00) How to Specifically Evaluate Talent (40:16) Identifying the People to Avoid at All Costs (42:23) Sourcing Deals (43:56) 5 Lenses to Evaluate a Business (45:14) How to Evaluate a Moat (49:29) How Quantitative Analysis Misleads (50:25) A Detailed Look at Return on Invested Capital (53:18) What Makes an Attractive Market (54:33) Finding High-Potential Businesses (57:00) The Post Close Playbook (1:02:03) Repeatable Business Systems (1:04:06) Why Copying What Works is Hard (1:06:01) Mistakes in the Past 5 Years (1:10:13) Debt and Leverage (1:12:20) 3 Ways to Think about AI (1:15:13) What Most People Get Wrong When Hiring (1:21:12) Businesses to Avoid (1:22:35) What Not to Do (1:24:31) Public vs. Private Company Boards (1:27:04) How Warren Buffett Taught Katharine Graham Business (1:29:28) Each Hire is a Million Dollar Decision (1:31:02) Evaluating Integrity (1:32:36) The One Word That Keeps People Honest (1:35:52) Principles & Lessons from Business History (1:36:59) Inflation (1:40:22) Public Company Heroes (1:41:41) Companies & Political Opinions (1:42:46) What is Success for you? Tracy Britt Cool is the co-founder of Kanbrick and the former CEO of Pampered Chef. At Berkshire Hathaway, she worked directly with Warren Buffett and was on the board of Kraft Heinz, Benjamin Moore, and Dairy Queen. (Includes paid partnerships. If you're interested in sponsoring, reach out.)

Shane Parrish

430,283 просмотров • 9 месяцев назад

Is this the ultimate Holdco model (built by a 25 year old)? How Jack does 10+ deals per year $8m in revenue and $2.5M in EBITDA 1. Stop chasing $250k and build something that pays you $2M 2. Integration starts at LOI, not after the deal closes. 3. We give you money, show up at the board meeting, and expect results. 4. The operator is the investment. 5. We built Lighthouse with a spreadsheet, two guys, and a phone. 6. Within two weeks, we know who to bet on. 7. Never overpay. Even if your multiple rises, stay disciplined. Enjoy. Timestamps 0:00 Introduction to Jack Bennett & Lighthouse Capital 0:47 Building a ghostwriting agency for wealthy clients 4:48 Spacebar Studios 7:30 Meeting Ben Kelly and founding Lighthouse Capital 14:17 Sponsor: Scalepath 12:39 Early days of Lighthouse and first hires 15:38 Structure and the types of companies they invest in 17:25 When do they decide to advise vs. invest 19:00 Why combine M&A advisory and rollups 25:02 Uniqueness of Lighthouse’s dual strategy 29:10 Converting fees into equity and how it actually works 33:55 Deal quality, ownership, and control 37:11 Pros and cons of following the M&A and roll-up strategy at the same time 41:34 Cash for equity and “see you at the first board meeting” 45:19 Being the youngest on the founding team 48:39 Four acquisitions and ten locations 52:09 Everything post-acquisition 55:20 The importance of integration 59:53 What Jack believes earns him the best returns 01:03:29 Is this the best investment advice you’ve ever heard?

PrivateEquityGuy (Mikk Markus)

33,783 просмотров • 1 год назад

Marissa Mayer on scaling Google and the internal black market CEO Eric Schmidt created for new hires “One of the things that [former Google CEO Eric Schmidt] talked about a lot was that at every order of magnitude, you should expect every process to break—and you should expect to have to completely reinvent it. It’s very different to deal with tens of people versus hundreds of people versus thousands of people” Marissa shares a story of how one time Eric reinvented Google’s hiring process in a way that initially frustrated everyone: “We had closed the year at about 200 people, and we had a plan to double the size of the company over the coming year. Eric showed up in March, looked at the plan, and said: ‘there’s just no way you guys are going to be able to double the number of employees and keep the quality and culture the way you want it to be.’” Eric then told the company that he would let them collectively hire 50 people that year—versus the 200 they were planning on hiring. And to enforce this, he created 50 laminated dollar bills with Larry Page and Sergey Brin’s faces on them and distributed them to Google’s VPs. Every new hire that year would require one “Larry & Sergey” bill. Naturally, a black market for these “Larrys & Sergeys” developed, and as Marissa describes, it became surprisingly efficient: “What would happen is the Head of Sales would have one and he would really need a new feature to make a sale. So he would [say to the engineer]: ‘look, I’m going to give you this Larry & Sergey but you have to promise you’re going to use it to hire someone who is going to build this feature to secure this revenue.’” She continues: “As painful as it was because there was way too much work to slow down our hiring like this, [the new process] was actually a really good moment for the company because it made us be really thoughtful about how we were scaling and where we were putting our resources. We had to be that much more thoughtful about what to prioritize and where the opportunities were. Yes, hypergrowth is really fun, but you also need to realize that you want that hypergrowth to happen in terms of users and revenue—and not necessarily in terms of the size of the company.”

Startup Archive

162,101 просмотров • 2 лет назад

I sat down with Nicolas Sharp, founder of Attio, to talk in depth about how his company is disrupting the $80 billion CRM market. Attio has raised $116m, is 4x'ing ARR and is one of the fastest growing companies in Europe. We talk about: - Why Attio went against all conventional wisdom and spent years 3 years building the product before launching - Why Attio doesn’t hire ‘Software Engineers’ and who they hire instead. - How Attio chose investors who would back a long-term bet against multi-billion $ incumbents - How Attio is building CRM from first principles for the AI era - Who should you avoid hiring at all costs, and who should you hire for your startup And so much more. If you’re interested in learning about the story of how Nick built Attio into the incredible company it is today and is disrupting one of the most important software categories, you’re going to want to see this. Enjoy // Timestamps 00:00 Intro 00:39 Why Attio spent 3 years building their product before launch 5:05 The Power of Building Systems, Not a Box of Features 9:05 How to know when it’s time to launch 13:30 Nick’s Playbook For a Killer Product Launch 18:09 How To Go From an Investor to a Founder 23:05 How Failure Led to Attio's Big Break 28:07 Why startups need to hire "Hidden Gems," 34:05 Fundraising 49:36 Why Attio Invests In Inexperienced Talent 55:07 The Case For Not Hiring Software Engineers (& Who You Should Hire Instead) 1:02:46 The 8 Persona Hiring Framework 1:09:05 How Attio doesn’t use OKR's 1:27:11 Where does Nick's Ambition and Grit come from? 1:36:59 How Attio is Building CRM from First Principles for the AI era 1:45:29 How to Successfully Market In A Crowded Industry 1:51:10 Breaking Down Attio’s Viral Marketing Strategies 2:02:15 The Change That Had The Biggest Impact on Customer Conversion 2:05:04 Why Attio created A “Reverse Trial” 2:10:16 Why Nick is building from London, not Silicon Valley 2:22:48 The 10-Year Vision for Attio

Wouter Teunissen

26,369 просмотров • 10 месяцев назад

Why NVIDIA founder Jensen Huang wouldn’t start a company if he had to do it all over again In this clip from the Acquired podcast, Jensen is asked what company he would start if he was 30 years old again today. His response: “I wouldn’t do it.” “Building a company and building NVIDIA turned out to have been a million times harder than any of us expected it to be. And at the time, if we realized the pain and suffering and just how vulnerable you’re going to feel and the challenges that you’re going to endure, the embarrassment and the shame, and the list of all the things that go wrong—I don’t think anybody would start a company.” Jensen believes that the superpower of entrepreneur is that they don’t know how hard it is. They only ask themselves: How hard can it be? “You have to get yourself to believe that it’s not that hard because it’s way harder than you think. And if—taking all of my knowledge now—I go back, and I said I’m going to endure that whole journey again, I think it’s too much. It is just too much.” And he believes entrepreneurs need to surround themselves with supportive family, friends and colleagues. “You need the unwavering support of the people around you… I’m pretty sure that almost every successful company and entrepreneur that has gone through some difficult challenges had that support system around them.” Video source: Acquired Podcast (2023)

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34,405 просмотров • 1 год назад

I built an app in Softr for the HVAC industry to solve some crucial problems. The problem is that those in the HVAC industry and similar industries like construction, plumbing, and electrical do not have one source of truth where: 1. Their clients can request for thier services. 2. Clients can be onboarded after they make a payment. 3. They store the information and bio data of their technicians. 4. They assign tasks to their technicians. 5. Technicians can track onsite jobs with pictures in real time of when working. 6. Clients see the progress of their projects. 7. Invoices and quotations from paid clients can be tracked. 8. Technicians borrow assets from the company, and they can be tracked. 9. There is a database where every individual, from technicians to admin and clients, are all stored. 10. Login details from every individual are secured and they can only see things that are their business without seeing that of another person, be ita technician or a client. These and many more are what people in these industries face as a challenge. I came up with a solution that addresses all these problems. I built a workflow that also auto-populated the users table in the database with technicians and clients when the records are filled in the technician and client tables, respectively. There is also a workflow that sends an email to the admin when a client makes a request from the portal. Taking advantage of the database, workflow, and portal gave a full-blown application for the HVAC industry. If you are in the construction, plumbing, electrical, or HVAC industry and you need a similar build, reach out, and I will be more than happy to replicate this for you or something similar in Softr.

Ada || Airtable, Zapier & Make.com

26,724 просмотров • 8 месяцев назад

Since founding the firm in 2006, Brett has completed more than 90 acquisitions, compounded revenue at over 30% annually and built a business expected to generate roughly $50 million in EBITA in 2026. My conversation with Brett Kelly, the founder and CEO of Kelly Partners Group. Enjoy. Timestamps: 0:00 Brett's early years and losing his job at 22 3:57 Writing to 80 successful Australians while unemployed 9:13 The moment Brett decided to start his own firm 12:24 Launching Kelly Partners with a clear long-term vision 13:22 Inspired by Disney, McDonald's, Ritz-Carlton & Berkshire Hathaway 17:10 Choosing the right clients and creating a business system 18:36 The 204-step operating system 19:01 The acquisition strategy: becoming #1 or #2 in local markets 24:05 Winning clients through a differentiated value proposition 28:27 Lessons learned from 95 acquisitions 29:06 Why the 51/49 ownership model works 31:39 What types of firms Kelly Partners acquires 32:59 Capital allocation and building a capital-efficient roll-up 34:30 Doubling profits after acquisitions: the biggest lever 36:28 Permanent capital vs. traditional private equity 37:20 The biggest challenge today: financing growth 37:53 Kelly Partners' 17-step hiring process 38:28 Building a global accounting platform 39:45 Focus, systems and operating at world-class standards 43:05 How accountants can genuinely improve people's lives 44:24 Final thoughts on leadership, culture, and making a difference 45:32 30% revenue CAGR, 35% book value growth & 90+ acquisitions

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55,835 просмотров • 1 месяц назад

Aidan Gomez (Aidan Gomez) is a computer scientist, co-author of the seminal paper ‘Attention Is All You Need,’ and the CEO of Cohere. In this episode, we discussed his upbringing in the cabin his grandfather built in Codrington, a small town North of Brighton, and the values that were instilled in him through his family. We explored his path from Codrington to his undergraduate studies at the University of Toronto, emailing Geoffrey Hinton, and joining Google Brain where he co-wrote the paper on transformers. We discussed how he met his co-founders Ivan Zhang and Nick Frosst, and his insights on what it means to build a meaningful, successful company in Canada. Aidan shares his conviction about what is at stake — for Canada and for the world at large. This is a conversation about family, values, and what it means to live with conviction. The Other Stuff is hosted by internetVin — filmmaker, entrepreneur, and possibly the most curious man on Earth. Produced by New. The Other Stuff #29 — Aidan Gomez: Empathy and Conviction — Timestamps 00:00:00 Intro 00:03:10 The Malleability of Toronto 00:11:06 Growing Up in Codrington 00:13:50 The Story of Aidan Gomez’s Family 00:27:23 Introduction to the Internet 00:30:39 Values and Work Ethic 00:35:46 University of Toronto’s AI Scene 00:40:48 Emailing Geoffrey Hinton 00:42:16 Google Brain 00:45:15 Dropout: A Simple Way to Prevent Neural Networks from Overfitting 00:49:48 The Beauty of Research 00:54:24 One Model to Rule Them All 00:59:54 Meeting Ivan Zhang and Nick Frosst 01:04:00 The Birth of Cohere 01:06:56 Twitter Influencers and Alex Friedland 01:11:48 Being the CEO 01:12:51 Building for Canada 01:15:01 Three Fundamental Ingredients of Building a Company 01:21:39 Working with the Canadian Government 01:24:39 Reflexivity in Canada 01:36:22 What Is Evil? 01:42:40 The Role of AI in the World

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45,297 просмотров • 7 месяцев назад