Powered by RND
PodcastsBusinessHoldCo Builders

HoldCo Builders

PrivatEquityGuy
HoldCo Builders
Latest episode

Available Episodes

5 of 106
  • How I Bought 20+ Small Farms and Built a $350M HoldCo in My 30s | Jack McCarthy Interview
    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/inquireScalepath 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://scalepath.beehiiv.com/Jack McCarthy, co-founder & CEO of Goldleaf Farming, shares how he’s building one of the largest specialty-crop platforms in the U.S. We cover why almonds & pistachios, raising $250M+, buying 20+ farms, and scaling to ~12,000 acres.Jack explains valuing farms by cash flow (not price per acre), managing water/climate risk, navigating commodity cycles, aligning with long-term LPs, and keeping leverage low.Timestamps:00:00:00 Intro00:00:28 What Goldleaf is building00:01:26 Jack’s background & meeting co-founder Brandon00:04:06 Wednesdays at the almond mill; lean-startup exploration00:05:01 Partnership: Scalepath00:06:26 Pivot from agtech to owning farms; meeting Brandon; first investors00:09:48 Buying the first farm (Fall 2017)00:10:35 Lessons from the first acquisition00:14:10 Why almonds & pistachios00:15:51 How they value farms (cash-flow/DCF mindset)00:17:13 Partnership: Spacebar Studios00:18:10 Capital raising phases (friends & family → family offices)00:19:15 Alignment with LPs; team equity & structure00:23:09 Diversified LP base (sub-$1M checks)00:25:47 Capital structure: lower debt, higher equity00:28:01 Biggest risks: water & growing conditions00:29:09 Selectivity: ~1,400 farms reviewed; 27 bought00:30:12 Early mistakes; refocusing on water/quality00:32:02 Jack’s advice: constant improvement; long slog; do it00:34:12 Personal Q: family (4 kids)00:34:35 Culture & benefits: family-first values00:36:57 Best investment advice & favorite book (East of Eden)----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
    --------  
    38:58
  • This Is the Best $1M EBITDA Business (A Lesson From Talking to 2,000 Business Owners)
    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:00:00:00 - Intro & guest: Rand Larson00:01:43 - What ScalePath is (structure & purpose)00:02:29 - “How I make money”00:03:11 - HVAC acquisition near-bankruptcy story00:05:07 - Genesis of peer groups (therapy → community)00:06:43 - Ad break: Scalepath newsletter (sponsor)00:07:49 - What makes a great event (small, similar, 3-hour format)00:08:37 - Why local organizing is rare (and hard)00:09:59 - Early peer groups = therapy; today = ROI focus00:12:56 - 16 events in ~35 days00:15:01 - Why paid improves attendance (Vistage/YPO comparison)00:16:02 - Niche-based groups: B2B, pro services, local services00:17:17 - Online vs. in-person00:19:20 - Ideal setup: industry peers + local group00:19:35 - Pricing models & member feedback00:20:07 - Price point & ROI framing00:22:32 - The van: $42k “vanlife” for meetups00:23:10 - First trips & momentum00:24:59 - Why the van is standout B2B marketing00:25:59 - Newsletter stories: behind the scenes00:27:47 - Why sell a commercial cleaning business00:29:25 - Talking to $30–50M operators; misery check00:30:38 - Community value for acquisition decisions00:31:28 - Niche example: boat upholstery repair00:32:59 - Hiring lesson: inexperienced vs. experienced owners00:35:08 - Common theme: undercapitalization00:35:33 - “Take every dollar the bank offers” (asset deal context)00:38:29 - ~10% therapy; SBA-debt stress early on00:40:16 - “Real work starts after close”00:40:29 - Join a peer group before the fire (vs. during)00:41:10 - Why experienced owners value peer groups----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
    --------  
    55:00
  • We closed 7 deals in 14 months (first $140m and a portfolio of 13 companies)
    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 marketsFirst 6 founders this month get their newsletters launched for free.Reserve your slot here: https://www.spacebarstudios.co/inquireRunning 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/Today’s guests are Lizzie Ryan and Darrel Connell, Managing Partners at IMBIBA, one of the UK’s leading specialist investors in leisure, education, and health. We cover IMBIBA’s operator-heavy model, why they back four-walls brands with proven unit economics, and how they sourced, structured, and exited deals through the toughest market in a decade.We dig into Fund I’s brutal raise, doing 7 deals in 14 months during COVID, building resilience in portfolio construction (childcare, wellness, and real estate-backed concepts), and the mechanics of operational gearing and like-for-like performance that drive exit timing. They share hard-won lessons on off-market origination (1,000+ outreaches → 600 meetings → 3–4 investments), upgrading teams post-investment, the “professional MD” hire, picking sites, saying no to bad leases, and aligning founder incentives with liquidity—without losing momentum.Timestamps:00:00:00 Intro00:00:07 Who are IMBIBA’s managing partners?00:02:36 IMBIBA origin story & “two lives” of the firm00:03:46 Fund I thesis: proven unit economics, operator help, rollout00:04:22 Sponsor break - Scalepath00:05:22 Building an operator-heavy PE team00:06:11 Fundraising war stories (2018): the brutal last £10m00:09:13 Post-raise: first 18–24 months00:09:52 COVID hits: portfolio shut, scenario planning, survival00:10:22 Doing 7 deals in 14 months: why founders chose them00:11:35 What great PE–founder support looked like in crisis00:14:19 Managing LP expectations during uncertainty00:15:07 Rebuilding the portfolio: childcare, wellness, four-walls brands00:16:14 Sponsor break - Spacebar Studios00:17:35 Designing for resilience: margins, labor mix, exits00:18:16 Portfolio & exits: NQ64, Little Houses Group00:20:05 Who buys these assets now? (trade, PE, US interest)00:21:49 When to sell vs. hold: operational gearing & like-for-like trends00:25:18 Typical deal structure: significant minority, founder-led00:26:14 Sourcing: mapping subsectors, off-market outreach00:27:20 Upgrading teams post-investment; the “professional MD” hire00:30:09 Funnel math: 1,000+ outreaches → 600 meetings → 3–4 deals00:30:41 Red flags & when to walk at the 11th hour00:31:43 Spotting real operators (site visits, staff, standards)00:33:07 How their team works: operating partners on boards00:34:57 Personal strengths & weaknesses (deal smell, negotiation)00:37:23 Where founders need the most help: people & property00:39:13 Coaching without micromanaging; the chair that moves the needle00:41:28 Incentives & aligning around liquidity events00:42:38 Navigating misalignment on timing and partial liquidity00:45:06 Where they’ll invest next; where they won’t (exitability lens)00:47:57 Supply of opportunities vs. capital in today’s UK market00:48:44 Advice for emerging managers: resilience & learning from failure00:50:01 What’s next
    --------  
    54:18
  • Larry Gagosian Makes $1B+ a Year Brokering Off-Market Art (While Still Owning 100% Of The Business)
    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/inquireDefault 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 vetted intros for free. Book a call: https://www.joinscalepath.com/A concise, hard-nosed breakdown of Larry Gagosian’s operator toolkit—how a relentless deal engine, secondary-market focus, and absolute control compound into 18 galleries and $1B in annual revenue. We translate his moves into actionable tactics for investors, business buyers and holding company builders:- build proprietary deal flow,- price on information,- create markets,- and turn relationships into leverage.Timestamps:00:00:00 - Why Larry Gagosian00:02:46 - Section 1: Build a deal engine00:03:47 - Tactic: 100 cold calls a day00:04:49 - Show up uninvited (crashing rooms, creating access)00:06:04 - Default aggressive beats perfect timing00:07:04 - Sponsor: ScalePath (operator network)00:08:16 - Implementation: build your pipeline & momentum (questions to ask owners)00:10:44 - Section 2: Total control and owning 100%00:13:45 - Non-obvious plays (private-jet terminal gallery)00:16:55 - Sponsor: Spacebar Studios (get your B2B newsletter built for free)00:18:39 - Section 3: Build a market around your edge (secondary markets)00:19:04 - Building a secondary market00:21:19 - Tactics: proven assets, create liquidity, exploit fragmentation, earned secrets00:23:06 - Apply to SMBs: secondary markets & roll-ups, own the transaction00:25:58 - Investor lessons: ignore status games, price on info, map your niche, be the connector00:26:37 - Section 4: Build relationships, not deals00:27:31 - The S.I. Newhouse cold call and a life-changing relationship00:29:04 - “Heir maps,” future inventory & proprietary deal flow00:30:08 - Co-conspirators, not just clients (embedded trust)00:31:03 - Operationalizing relationships (network, outreach muscle, non-transactional, real-world events)00:33:44 - Think in decades (compounding relationships and capital)00:35:24 - Synthesis: the Gagosian playbook (sell more, control, brand, secondary, outbound, relationships)00:37:45 - Closing & CTA (share, subscribe, next episodes)----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
    --------  
    38:17
  • The Next Andrew Wilkinson? Building a 6-Company HoldCo (Bootstrapped with a 7-Figure Exit)
    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 marketsFirst 6 founders this month get theirs launched for free.Reserve your slot here: https://www.spacebarstudios.co/inquireBrandon Pindulic sold his first company for 7 figures, then built Space Bar Ventures — a bootstrapped holding company with 6 cash-flowing digital businesses and zero outside capital. We break down how he starts, buys, and scales companies, the $10K bet that launched his most successful venture, and the traps that kill most HoldCos.Timestamps:00:00:00 - Intro00:00:44 - Starting the first agency while working at a SaaS company00:04:39 - Transition from side business to full-time entrepreneur00:08:35 - Negotiation lessons and structuring the earnout deal00:12:28 - Landing Oracle as first major client00:14:06 - Post-sale period and consulting work00:19:30 - Acquiring Planet Compliance - turnaround story00:22:05 - Starting Spacebar Visuals with $10k and co-founder search00:25:49 - Why the operator recruitment method works00:28:54 - Refining Space Bar Ventures' vision – incubations vs acquisitions00:32:36 - Sponsor: Spacebar Studios00:36:15 - Advice for growing HoldCo Builders & Private Equity Guy00:38:50 - Delegation lessons and becoming a better operator00:42:42 - Spotting talent early - why Ryan was the right co-founder00:44:32 - Current focus - growth over acquisitions00:47:34 - Raising capital vs staying bootstrapped00:50:02 - Cost-cutting and 'Vendor Day' – saving $100k/year00:53:58 - Strengths, weaknesses, and growth strategy00:57:35 - Why the $1M after-tax cash flow goal01:01:24 - Quickfire: best investment advice & favorite books----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
    --------  
    1:03:16

More Business podcasts

About HoldCo Builders

The HoldCo Builders Podcast with PrivatEquityGuy is a place where you can find meaningful conversations about holding companies, entrepreneurship, small businesses, investing, and more.Be sure to follow the podcast, so you never miss an episode!
Podcast website

Listen to HoldCo Builders, Making Cents and many other podcasts from around the world with the radio.net app

Get the free radio.net app

  • Stations and podcasts to bookmark
  • Stream via Wi-Fi or Bluetooth
  • Supports Carplay & Android Auto
  • Many other app features
Social
v7.23.3 | © 2007-2025 radio.de GmbH
Generated: 8/31/2025 - 10:55:27 AM