Asset Management Beats Dealmaking Over Time

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:
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.