HoldCo Builders

Bruce Marks is a seasoned lender who has closed over $400M in deals, helping over 1,200 entrepreneurs acquire businesses using SBA loans. As Senior VP at First Bank of the Lake, Bruce specializes in financing small business acquisitions, search funds, and lower middle-market M&A transactions.Bruce doesn’t just finance deals—he knows what makes a buyer successful and what gets deals killed.In this episode, we dive into:How a young entrepreneur bought a $10M business with just $40KWhy your experience matters more than the business you’re buyingThe biggest mistakes first-time buyers make with lendersSBA loans, seller financing, and deal structuring strategiesWhy Bruce only finances "need" businesses—not “want” businessesWe also talk about why the worst thing for a buyer is not knowing the answer when employees ask, the importance of buying a business you actually understand, and why the best deals never hit the market.If you’re looking to buy a business, this episode is a must-listen—Bruce shares real, actionable insights that can save you from costly mistakes and help you land the right deal.Please enjoy this conversation with Bruce Marks.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:24 - Bruce's background00:04:45 - How to become the top 0.01% at what you do?00:09:53 - Self-funded search vs. traditional search00:13:39 - Takeaways from talking to 3 searchers per day00:18:08 - I have $100,000-$500,000 and want to buy a business, now what?00:31:02 - How often do really bad things happen?00:34:09 - High quality people buy high quality companies00:44:40 - We expect to double our loan portfolio in the coming years00:47:10 - Post-close situations; knowing the dynamics of business00:57:07 - You want to have a choice in life to do what you want to do01:00:03 - Having multiple SBA loans at once01:03:04 - That's a nice story, Bruce, if only it were true----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBruce on Twitter: https://x.com/sbabmarksThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, we dive into the world of serial acquisitions with Niklas Savas, an analyst at Redeye, who has a unique perspective on the Swedish serial acquirers' approach.Addtech AB: Over 150 companies, $1.5B in revenue, $150M in operating profit.Lagercrantz Group AB: Around 40 companies, $500M in revenue, $50M in profitLifco AB: Over 100 companies, $1B in revenue, $100M in profitTeqnion AB: Around 10 companies, $100M in revenue, $10M in profitRöko: A private company with a diverse portfolio of 27 companies, more than $500M in revenueNiklas discusses how growth through mergers and acquisitions (M&A) can open doors to expansive growth, and how Swedish serial acquirers have mastered the art of driving up prices and maintaining high P/E ratios. We also explore the realities of post-acquisition management, the competitive landscape of deal-making, and the advantages of being sector-agnostic.With his extensive analysis of businesses and focus on expansion, Niklas paints a picture of how acquisitions can fuel long-term growth.Niklas is also the host of the Investing by the Books podcast, where he shares insights on acquisitions, business strategies, and investment principles with a focus on real-world examples.Enjoy this insightful conversation with Niklas Savas.----------------------------------------------Timestamps:00:00:00 - Intro00:00:16 - Life before resarching serial acquirers00:03:51 - What makes the Swedish serial acquirers so unique?00:06:44 - Organic growth vs growth through M&A00:08:50 - The goal is to raise prices as much as possible00:12:00 - How can Swedish serial buyers maintain such a high P/E ratio?00:15:38 - Typical structure of transactions00:17:29 - The reality of business management, problems that arise after an acquisition00:19:24 - The biggest daily struggles for Swedish serial acquirers00:20:16 - Post-acquisition synergy00:22:58 - Competition on deals00:27:03 - Which company has Niklas analyzed the most00:30:00 - How many acquisitions are they trying to make per year00:33:54 - Expansion into a new country00:37:19 - 10x growth in last 5 years00:39:29 - Buying a MOAT and companies with a brand00:42:49 - Who would Niklas copy if he started holdco from scratch00:48:57 - Being sector agnostic has huge advantages00:50:08 - Meet all 200 serial acquirers in person (investors, operators)----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyNiklas on Twitter: https://x.com/NiklasSavasThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together.Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight).Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors.Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience.Enjoy this insightful conversation with Dustin Carreon of COI Holdings.----------------------------------------------Timestamps:00:00:00 - Intro00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money00:06:16 - Struggling a lot as a teenager00:12:28 - Not fitting in, thinking you’re not smart enough00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people)00:21:15 - Meeting the millionaire "homeless Santa Claus"00:27:45 - Dustin learns capital allocation00:36:16 - "The business produces a lot of cash, I should be doing something with it."00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details00:55:30 - Second acquisition: buying a business in another state00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies01:07:44 - Post-acquisition strategy (30-60-90 days)01:18:19 - Why invest in an asset heavy manufacturing company?01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyDustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.Ben didn’t just buy into a franchise—he built a powerhouse.In this episode, we dive into what makes a top-performing franchisee, Ben’s approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that “people don’t quit jobs, they quit managers.”Please enjoy this conversation with Ben Little.----------------------------------------------Timestamps:00:00:00 - Intro00:00:29 - What am I good at, what am I bad at and why franchising?00:06:59 - Early days: work as a cook and cashier00:14:23 - Going from being independently successful all the way to starting again from the bottom00:24:32 - Finding the best operators with the highest standards00:27:41 - The daily pressure of proving to others that he is the best at what he does00:29:42 - Where does his drive come from?00:32:11 - Competitors visit their stores and leave feeling very disappointed00:35:37 - 4 stores hit $100,000 in weekly sales for the first time00:40:42 - Expanding the business while owning 100% of the real estate00:47:31 - People and companies fail because of undercapitalization00:50:06 - The biggest challenges Ben is facing today while running 14 locations00:56:39 - Going all-in to the operating partner model has been the best decision01:04:40 - "Don't go to zero"-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBen on Twitter: https://x.com/TRUmavThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s never too late to take the leap.As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA.Ryan’s approach doesn’t fit neatly into the usual categories—it’s not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way.Please enjoy this conversation with Ryan Sullivan—entrepreneur, operator, and Managing Director of North Park Group.----------------------------------------------Timestamps:00:00:00 - Intro00:00:25 - "You were 48 when you started - what took you so long?"00:04:33 - When this "crazy" co-founder Greg convinces you to start acquiring companies00:09:03 - Core team strengths and weaknesses00:13:43 - How they were able to continue other pursuits while managing a portfolio of 5 companies 00:16:29 - The amount Ryan invested in the business00:19:41 - Taking private money vs taking public money and saying no to many investors00:24:42 - Despite his great success, Ryan struggles with impostor syndrome 00:27:50 - How to recover from a failed deal that you worked for so long00:30:37 - Hard work after first acquisition (it's a lot harder than people say it is)00:34:38 ​​​​- The reaction and support of the family when going through all the craziness 00:38:18 – What type of companies they are looking for00:42:50 - Timeline of acquisitions00:45:49 - Buying a company with real estate to manage a risk00:49:33 - The ultimate goal is to acquire 8-10 companies00:51:25 - The structure of the first acquisition00:59:58 - Acquisition number two01:03:35 - "nothing is more important than buying well”01:07:22 - Temptation to buy just "something"01:10:45 - Portfolio of 6 businesses and $80m revenue / $8m ebitda01:14:26 - Keeping the debt level as low as possible01:16:36 - Starting a deal-by-deal instead of raising a fund-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyRyan on LinkedIn: https://www.linkedin.com/in/ryan-sullivan-b2253a1/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Roman Khan is the co-founder of Peak21, a direct-to-consumer holding company that has scaled to an impressive $200 million in revenue—all while maintaining profitability.Together with his wife Jennifer, Roman has acquired 10 companies, building a diverse and thriving portfolio of DTC brands.In this episode, we dive into Roman’s entrepreneurial journey, including the challenges and strategies of scaling a profitable holding company, his approach to identifying and integrating acquisitions, and the unique dynamics of running a business with his spouse.We also explore the future of direct-to-consumer businesses, lessons learned from building and buying brands, and what it takes to succeed in an increasingly competitive market.Please enjoy this conversation with Roman Khan, co-founder of Peak21.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:30 - Starts his business career with $20,00000:05:19 - Getting fired by his wife "go find other companies to buy"00:06:55 - First success in business (paying 7-fig in dividends)00:08:40 - "I'm an idiot, I made a huge mistake"00:10:35 - The story of the first acquisition00:13:40 - Investing in a very small companies and growing 10x or more00:19:10 - Finding the first investor to start Peak2100:21:31 - 5 acquisitions, the largest have been 8-figure investments00:29:57 - Three key competencies00:32:55 - Intensive work 6 hours a day00:34:55 - "When we started 10 years ago, we had it easy"00:38:28 - Looking at 80-100 deals per month00:40:32 - Lessons from the oil industry00:43:21 - Roman's best investment advice-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Roman on Twitter: https://x.com/RomanEcomThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Christopher Hillier is a seasoned entrepreneur with over 15 years of experience in the employee benefits industry.He began his journey as the Co-Founder and President of Benefit Health Advisor, a full-service employee benefits brokerage based in Englewood, Colorado.In our conversation, we delve into Chris’s entrepreneurial journey, from starting a brokerage firm from scratch and scaling it to $16M in top-line revenue, to acquiring an insurance underwriting company on the verge of collapse and turning it around for a strategic exit.We also explore his insights on the ETA (Entrepreneurship Through Acquisition) space, where he is now a recognized expert, and his perspective on time management—an area he’s written a book about.Chris shares lessons learned from navigating acquisitions, growing businesses, and managing teams, as well as his thoughts on the future of employee benefits and wellness in a rapidly evolving marketplace.Please enjoy this conversation with Christopher Hillier, serial entrepreneur, investor and educator in the ETA space.----------------------------------------------Timestamps:00:00:00 - Intro00:00:45 - Christopher's story before founding, building and buying the company00:04:35 - How does the company make money?00:10:53 - Landing the first major clients00:16:55 - First acquisition, buying distressed assets00:20:49 - The reason for selling the company to a strategic buyer00:24:11 - It's all harder than you'd ever imagine00:30:08 - A perfect timing to sell a business: cash, stock, earn-out00:34:10 - The importance of a right fit between buyer and seller00:38:40 - Investing in search funds (love for ETA - entrepreneurship-through-acquisition)00:43:09 - Buying an already established business is a kind of miracle00:48:19 - The search process to find the right opportunity takes a long time and its lonely00:56:21 - Chasing money-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyChristopher on LinkedIn: https://www.linkedin.com/in/christopher-hillier-88621113/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Santino DeFranco is a former UFC fighter turned entrepreneur who has successfully transitioned from the octagon to the world of business ownership. Santino has acquired two companies: a Shell Gas Station with a Krispy Krunchy Chicken franchise and a restaurant hood cleaning business. In this episode, we dive into his journey from professional fighting to becoming a business owner, exploring how his competitive mindset and resilience have shaped his approach to entrepreneurship.Santino is also a highly sought-after MMA coach who has trained and guided world champions in the UFC, bringing the same level of discipline and strategy to coaching as he does to running his businesses. We discuss what it takes to operate across such diverse industries, his insights into finding value in small businesses, and the lessons he's learned along the way.Please enjoy this conversation with Santino DeFranco—fighter, coach, and entrepreneur.Enjoy the episode? Make sure you SUBSCRIBE for more.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:56 - Santino and his wild life as a UFC fighter before his first acquisition00:02:15 - Creation of the first iPhone and Android app called Ultimate MMA00:03:29 - Injuries and life as an MMA trainer for UFC fighters00:04:21 - I started looking for companies to buy00:05:21 - What sites does Santino use to find businesses00:07:08 - Find the first business to buy - a gas station00:07:42 - Where does Santino's entrepreneurial gene come from?00:10:02 - Tough decision: go back to work or start and build different companies00:10:58 - Most of the fighters ended up going broke, so Santino pushes them to invest and acquire the company00:13:35 - Why he is bullish on buying companies00:15:34 - Financial situation before buying the first company00:17:41 - Details of the first acquisition00:19:45 - You don't have to be a member of Mensa to do this job00:21:00 - Advisors on the first transaction00:23:01 - Negotiations with the owner00:26:25 - Doing due diligence all by himself00:29:10 - Reinvesting all profits into the company00:32:10 - First big mistake post-acquisition00:35:45 - Why he loves the gas station business00:38:44 - 2nd acquisition00:42:19 - Companies Santino prefers to buy00:45:52 - The reason why the seller sold the company00:48:54 - How he found this deal00:51:31 - Financial situation before the second acquisition00:56:27 - Hiring great people and taking care of employees by giving them a raise00:58:17 - When is the right time to acquire company number 301:01:19 - Working with children and thinking about buying an 8-figure business01:06:07 - "If someone else can do it, you can do it"01:10:49 - Who does Santino learn from, what books does he listen to01:15:21 - How Santino manages it all: family, businesses, coaching, reading, podcast-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuySantino on Twitter: https://x.com/TinoDeFrancoThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Joe Van Deman and Colin KingFounders of Circle City Capital Group. Starting with a small amount of savings and an SBA loan, over the past six years, they’ve made 14 acquisitions that have been consolidated into 4 companies, employing a total of 200 people.A combined $30m of revenue.----------------------------------------------Timestamps:00:00:00 - Intro00:00:55 - How Joe and Colin met and what they did before their first acquisition00:07.32 - Quitting their jobs to start a 50/50 partnership with a "stranger"00:12:29 - First acquisition00:20:33 - Second acquisition00:24:45 - The industries and companies they are looking at00:32:55 - Current portfolio and deals made so far00:41:42 - How they manage a portfolio of 10+ companies00:49:31 - How they survived the hard times00:57:13 - Post acquisition and learning the specifics of the industry/field within 90 days00:59:44 - Salary, paying dividends or reinvesting the profits01:01:05 - Thoughts on the next acquisitions-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyColin on Twitter: https://x.com/valuedontlieJoe on LinkedIn: https://www.linkedin.com/in/joevandeman/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Jason Andrew is the co-founder of a holding company Arbor Permanent Owners - team of operators and investors committed to growing businesses for the long-term.They just closed their fundraise and cornerstone deal: 40-year-old manufacturing business in the materials handling sector. $25m in revenue, 25%+ EBITDAJason, Simon and Rowan have done an exceptional job in their first year at Arbor Permanent OwnersTheir structure, strategy, fundraising, and first acquisition are all unique—and we cover each.Timestamps:00:00:00 - Intro00:00:32 - Life before acquiring "boring" traditional businesses00:07:15 - An honest opinion (criticism) towards search funds00:10:52 - The best structured cold email lead to business partnership00:14:27 - The first 30-60-90 day action plan for finding the best deals00:23:13 - Closing the first $25 million deal in 6 months00:32:14 - The structure of the first acquisition00:35:50 - Feedback from investors (changing the structure of the holding company 4 times)00:44:36 - Investor exit strategy00:55:35 - Growing holding company from 7-fig EBITDA to $45M without raising additional equity00:57:25 - Thoughts on never acquiring companies with less than $3mm EBITDA01:02:59 - What does Jason consume to learn the necessary skills to double the business?-----------------------------------------------Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Jason on Linkedin: https://www.linkedin.com/in/jason-andrew/?originalSubdomain=auThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.