Acquiring Minds ETA Unicorn: $1 Billion in Revenue in 5 Years
28 snips
Dec 4, 2025 Steve Carroll, CEO of Kelso Industries, shares his journey from SBA searcher to leading a MEP powerhouse grossing over $1 billion. He reveals the challenges of scaling and the importance of integrated MEP services. Carroll discusses learning from failed acquisitions, the myth of passive income, and the intensive work ethic required for success. He highlights how partnerships can drive value, his experience transitioning to a CEO role, and the formula for replicating growth in small businesses. Tune in for insights on entrepreneurship and managing high-stakes deals!
AI Snips
Chapters
Books
Transcript
Episode notes
From One Deal To A $1.2B MEP Platform
- Steve Carroll built Kelso to about $1.2B by acquiring and partnering with 31+ companies across the U.S..
- Kelso focuses on commercial and industrial MEP services including HVAC, plumbing, electrical, construction, and maintenance.
First Purchase Fell Apart When GM Quit
- Steve nearly closed a small HVAC acquisition in 2020 that collapsed when the intended general manager quit during diligence.
- He spent personal money traveling and then pulled the deal after realizing the operation wasn't remotely passive.
Keep Your Job While Searching
- Keep your W-2 while searching so you don't run out of cash during failed deals.
- Use steady income to avoid forced fire sales or bankruptcy while you're building acquisition experience.
