HoldCo Builders

How We Bought 27+ Businesses and Built a $1 Billion HoldCo at 39 | Steve Carroll Interview

Oct 7, 2025
Steve Carroll, CEO and co-founder of Kelso Industries, shares his journey from nearly bankrupt to managing a billion-dollar company through strategic acquisitions of HVAC and mechanical businesses. He discusses the pivot from a broken first deal to a partnership-driven acquisition model that retains owner expertise. Discover the importance of local operations, innovative cash management, and recruiting talent to scale while preserving company culture. Plus, Steve reveals his best investment advice: invest in hardworking leaders!
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ANECDOTE

Long Road Before Kelso

  • Steve Carroll bootstrapped multiple side businesses while working at Walmart before founding Kelso in May 2021.
  • He spent years testing ideas like marketing for home services and pest control before committing full-time.
ADVICE

Budget Real Deal-Buying Costs

  • Expect buying businesses to cost $100k–$200k in travel, diligence, and broken-deal fees before your first close.
  • Budget personal runway accordingly and prepare to swallow some failed deal costs early on.
ANECDOTE

Childhood Friend Became Co-Founder

  • Steve Nicholson, Carroll's fourth-grade friend and BYU accountant, became Kelso's finance co-founder after years of pitching.
  • Their long friendship provided complementary skills: operations and private equity know-how.
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