Steve Carroll is the CEO & co-founder of Kelso Industries, a national MEP services platform uniting HVAC, mechanical, plumbing, and electrical companies. In just a few years, Kelso went from a gritty, nearly-broke first acquisition to 29 acquisitions and $1B+ in revenue. Steve breaks down the bruises and the blueprint: why their first year almost killed the business (including a single job that wiped out a year of profit), the switch from “buy and replace” to a partner-and-keep-the-owner...
My guest today is Nick Hatchka, founder of Cub Investments, which has completed over a dozen acquisitions. Nick is now building a regional platform of generator dealers and service businesses in California alongside his operating partner, Dylan Ferguson. We discuss his journey: - to independent sponsorship, - lessons from 12+ acquisitions, - what makes a good business model, - partnering with operators, - and buying seller-dependent companies. Sponsors This episode is brought to you by Capi...
Imagine being in your early 30s, launching a private equity fund, and raising $450 million for your first fund. (No track record. No rich father or uncle.) Urs Wietlisbach, one of the three co-founders, led client relationships and fundraising, pushed proactive deal sourcing and thematic research, and kept the team focused on pensioners as the ultimate client. Sponsors This episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with ...
My guest today is Alexis Sikorsky. An entrepreneur who bootstrapped, scaled, and ultimately sold a company in a 9-figure exit. Sponsors This episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/ ETA Europe — sharp weekly curation...
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 fo...
Grant Hensel has started 10 companies (7 failed, 2 sold, 1 scaled), bought a business his wife now operates, and then got obsessed with backing self-funded searchers. He’s the founder of Entrepreneurial Capital, raising ~$11M to invest in “cockroach” SMBs at 3–5x earnings alongside gritty owner-operators. If you’re buying or backing boring, profitable businesses, this is a playbook episode. CapitalPad: the SMB investment platform for accredited investors & searchers. Join now: https://c...
A deep-dive on the operator-first path to buying a small business. Told through the lessons of investor-turned-operator Tim Ludwig (60+ portfolio companies; now co-runs Majority Search). Learn how search funds actually work, which industries to invest in, which searchers to back, why EQ beats IQ in a first-time CEO, and the exact playbook from LOI → close → the first 100 days. Want a newsletter that builds trust—but have zero time? Spacebar Studios handles strategy, writing, design, and dis...
Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS). Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capitalpad.com/ This episode is also sponsored by Space Bar Studios. If you’re an investor, holdco,...
I spoke with an operator who sold his own company - then turned around and bought eight more. His playbook is specific, bank-friendly, and built for growth. In this episode, I’m unpacking the lessons from those deals: 00:00 Intro: From exit to 8 acquisitions 00:26 Portfolio averagE: 4.7x paid; $4.1M EBITDA 00:52 Structure banks love: 70% now, 30% later; owner reinvests 01:18 Growth thesis: target 5x MOIC + “second bite” bigger than first 03:30 Value creation: capital allocation, incentives, ...
Co-invest in curated SMB acquisitions led by proven searchers and independent sponsors. Get a full deal room with financials, tax returns, sponsor profiles, and value-creation plans. No management fees; CapitalPad participates only after investors get their capital back and profits are earned. Operators under LOI can also use CapitalPad to fill equity gaps with a trusted co-investor network. These are long-term, illiquid investments and involve risk. Apply at: https://capitalpad.com/ Space...
At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry. Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scratch that hit $3.66m in year one with double-digit margins. Today it’s five companies, ~$30m rev...
What happens when a holding company thinks like an immigrant, moves like an entrepreneur, and plays the long game with permanent capital? In this episode, we unpack the operating system of Fernando De Leon and Leon Capital Group—a family holding company that conceives, develops, owns, and operates businesses across real estate, financial services, healthcare, and technology. Capitalpad lets accredited investors co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers...
Want to grow your B2B business? Start with your inbox. Spacebar Studios builds newsletters that drive pipeline, build authority, and generate real revenue. Bonus: The first six founders who raise their hand get their newsletter built for free. Reserve your slot: https://www.spacebarstudios.co/inquire Scalepath is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https:/...
Rand Larson helps small business owners beat the loneliness of operating by building tight, ROI-driven peer groups. We dig into what actually works: working-capital traps, hiring/firing discipline, burnout, and why some owners sell just 12–24 months post-close. Scale Path is the sponsor of this episode. If you’re a searcher or operator and want real stories + actionable playbooks from the trenches, check the Scalepath newsletter and peer groups: https://www.joinscalepath.com/ Timestamps: 00:...
Want to build a media asset your competitors can’t copy? Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value. - 115k+ subscribers in compliance - 7-figure ARR driven by email - Built for SaaS, services, and niche B2B markets First 6 founders this month get their newsletters launched for free. Reserve your slot here: https://www.spacebarstudios.co/inquire Running a business can feel like you're doing it all alone—but you d...
Your newsletter is the gallery. Gagosian sold because his collectors heard from him—constantly. Spacebar Studios builds the newsletter that keeps you in front of founders, LPs, and operators every week. Book a call to get yours (First 6 founders get theirs launched for free): https://www.spacebarstudios.co/inquire Default aggressive—together. Larry didn’t wait alone; he built rooms full of people who moved. ScalePath surrounds you with like-minded operators so momentum compounds. Get 3 vette...
Want to build a media asset your competitors can’t copy? Spacebar Studios turns B2B newsletters into profit centers — driving pipeline, authority, and long-term enterprise value. - 115k+ subscribers in compliance - 7-figure ARR driven by email - Built for SaaS, services, and niche B2B markets First 6 founders this month get theirs launched for free. Reserve your slot here: https://www.spacebarstudios.co/inquire Brandon Pindulic sold his first company for 7 figures, then built Space Bar Ven...
Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue. - 115k+ subs in compliance - 7-figure ARR from email First 6 founders get theirs built free Reserve your slot here: https://www.spacebarstudios.co/inquire Running a business can feel like you're doing it all alone—but you don’t have to. Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand La...
Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue. - 115k+ subs in compliance - 7-figure ARR from email First 6 founders get theirs built free Reserve your slot here: https://www.spacebarstudios.co/inquire Running a business can feel like you're doing it all alone—but you don’t have to. Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand La...
Running a business can feel like you're doing it all alone—but you don’t have to. Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area. It’s part mastermind, part growth engine, part therapy. Book your free intro call at https://www.joinscalepath.com/ Want to grow your B2B business? Start with your inbox. Spacebar Studios builds B2B newsletters that drive pipeline, build ...