HoldCo Builders How I Bought 20+ Small Farms and Built a $350M HoldCo in My 30s | Jack McCarthy Interview
Aug 27, 2025
Jack McCarthy, co-founder and CEO of Goldleaf Farming, shares his journey in building one of the largest specialty-crop platforms in the U.S. He discusses the strategic importance of almonds and pistachios and his method of valuing farms based on cash flow. McCarthy reveals insights on navigating climate risks, raising over $250 million, and the significance of aligning with long-term investors. His transformative shift from tech to agriculture showcases the unique challenges and operational strategies behind acquiring and scaling farms.
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From AgTech Curiosity To Buying Farms
- Jack met growers and processors during Stanford and pivoted from agtech to buying farms after investor suggestions.
- He bought his first farm in fall 2017 and left TPG to focus full time on farming.
Learn The Industry By Talking To People
- Use a lean startup approach: interview industry players and iterate before scaling.
- Learn the whole value chain (growers, processors, exporters) to spot durable opportunities.
From Standalone Deals To One Company
- Early Goldleaf ran each farm as a standalone deal, which complicated operations.
- They transitioned to running farms under one corporate parent to gain scale and simplify management.
