How to Build a $200M HVAC HoldCo Without Outside Capital (2 Acquisitions and Organic Growth)
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 authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built free👉 Reserve your slot here: https://www.spacebarstudios.co/inquireToday on HoldCo Builders, I’m joined by Chris Hoffman, CEO of HP Solutions Group, the $200M+ holding company behind one of America’s fastest-growing residential services brands. Chris and his brother took over their father's $9M HVAC business in 2015 and turned it into a multi-brand platform with over 600 employees — all without raising outside capital.Timestamps:00:00:00 - From $9M to $150M: Why scaling gets easier00:01:22 - The mastermind that transformed our business00:03:56 - We didn’t invent the playbook, we executed the process playbook00:04:56 - Sponsor: Scalepath00:06:54 - I almost let my ego kill our growth00:08:19 - How we grew 35% annually for 8 years00:10:02 - Should more entrepreneurs take part in masterminds?00:11:37 - Why I paid myself $80K for 5 years00:15:01 - Sponsor: Spacebar Studios00:15:30 - How we built a game-changing advisory board00:19:38 - We hired a board member as our company president00:22:24 - Running a family business without the drama00:25:33 - Our mission: Become the #1 private home service company00:31:19 - Why we only do 1–2 acquisitions a year00:33:33 - Only looking for markets with a lot of tailwinds00:37:35 - Competing with private equity on great deals00:42:28 - How we 2.5x’d profit at Ferguson Roofing00:46:18 - The financing strategy that fuels our sales00:52:49 - How we scaled with zero outside capital00:55:51 - Capital allocation and debt terms from the banks00:58:43 - The mindset shift to break through the $30M ceiling01:01:34 - The goal is to just stay in the business and do the same things we’ve done so far----------------------------------------------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.
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This Model Beats Private Equity Returns (30-50%+ IRR)
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 authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built free👉 Reserve your slot here: https://www.spacebarstudios.comWhat if the key to building real wealth wasn’t in startups or VC, but in buying simple, cash-flowing businesses?In this episode, we dive deep into the minds of Royce Yudkoff and Rick Ruback — the Harvard professors who quietly shaped the world of search funds and acquisition entrepreneurship. Their ETA class at HBS has launched hundreds of successful HoldCos and operators.We explore the two paths of search (funded vs. self-funded), why the multiple matters more than growth, what red flags kill deals, and how great operators build empires by holding longer.If you’ve ever thought about buying a business — this is the playbook.Timestamps:00:00:00 - Intro: The Hidden Giants Behind ETA00:01:01 - The Bifurcation of Search: Funded vs. Self-Funded00:05:23 - Sponsor: Scalepath00:06:16 - The Magic Is in the Multiples, Not Growth00:09:51 - What to Look For: 5 Filters for Great Acquisitions00:13:58 - Sponsor: Spacebar Studios00:14:54 - Red Flags That Quietly Kill Deals00:19:01 - Where Real Growth Actually Comes From00:21:58 - Why Great Operators Still Sell Too Early00:25:51 - The Real Search Process (And Why It Works)00:29:45 - More Money Than Time: The Real Reason to Buy a Business----------------------------------------------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.
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How to Do 10+ Deals per Year ($8M in Revenue and $2.5M in EBITDA) | Jack Bennett
Scalepath connects you with a trusted network of over 2,000 business owners across the U.S. and Europe.Book a free call with CEO Rand Larsen, and he’ll personally introduce you to up to 3 vetted business owners in your region.Because in business, the right relationships change everything.Schedule your free intro call now: https://www.joinscalepath.comWant more qualified leads without guessing what to do next?Spacebar Studios is offering HoldCo Builders listeners a free 90-day demand generation roadmap tailored to your business.You’ll get 2–3 clear growth actions you can implement immediately.Book your free strategy call here: https://www.spacebarstudios.coJack Bennett is the co-founder of Lighthouse Capital, a firm advising and investing in small business acquisitions across the U.S. and Canada. In just under two years, Jack and his team have closed over 20 deals, built a 10-location accounting roll-up generating $8M in revenue, and developed a unique dual structure combining M&A advisory and direct equity investments.In this episode, we cover:00:00:00 - Introduction to Jack Bennett & Lighthouse Capital00:00:47 - Building a ghostwriting agency for wealthy clients00:04:48 - Spacebar Studios00:07:30 - Meeting Ben Kelly and founding Lighthouse Capital00:14:17 - Sponsor: Scalepath00:12:39 - Early days of Lighthouse and first hires00:15:38 - Structure and the types of companies they invest in00:17:25 - When do they decide to advise vs. invest00:19:00 - Why combine M&A advisory and rollups00:25:02 - Uniqueness of Lighthouse’s dual strategy00:29:10 - Converting fees into equity and how it actually works00:33:55 - Deal quality, ownership, and control00:37:11 - Pros and cons of following the M&A and roll-up strategy at the same time00:41:34 - Cash for equity and “see you at the first board meeting”00:45:19 - Being the youngest on the founding team00:48:39 - Four acquisitions and ten locations00:52:09 - Everything post-acquisition00:55:20 - The importance of integration00:59:53 - What Jack believes earns him the best returns01:03:29 - Is this the best investment advice you’ve ever heard?----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyJack on X: https://x.com/jackentr3This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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How I Left Investment Banking to Build a Search Fund (Luca Hany from Amboro Capital)
Scalepath has a network of over 2,000 business owners across the U.S. and Europe. Book a call with the CEO Rand Larsen, he will introduce you to up to 3 business owners in your area. Relationships run the world, don’t forget that. Sign up for a free call here: https://www.joinscalepath.com/Spacebar Studios is offering your company a free 90-day growth roadmap - Sign up for a free call here: https://www.spacebarstudios.co/Ever wonder what it takes to start a solo search fund in Europe? Luca Hany left investment banking and bet on himself to build Amboro Capital, one of the few traditional search funds in Switzerland.In this raw and practical episode, Luca dives into his strategy, the gaps in the Swiss market, how he raised capital with no operating experience, and how he builds deal flow from scratch in a country with no public company database.In this episode, we cover:00:00:00 - Intro to Luca Hany and Amboro Capital00:00:27 - Why Luca left investment banking after 6 years00:02:22 - Discovering ETA and building a personal mode00:04:44 - Sponsor: Spacebar Studios00:05:16 - Why Switzerland is ripe for ETA—and why no one's doing it00:07:52 - The Swiss succession crisis in SMEs00:11:12 - Educating SME owners on alternatives to selling to competitors00:13:42 - Sponsor: Scalepath00:14:12 - Letter-based outreach strategy and surprising owner reactions00:16:30 - Lack of company databases and why it's actually an advantage00:18:28 - Balancing fundraising, deal sourcing, and strategy00:20:45 - Investor objections: "Does ETA even work in Switzerland?"00:22:34 - Addressing lack of operating experience head-on00:24:49 - Why Luca chose to go solo and how he avoids loneliness00:26:11 - Real costs of doing a solo search in Switzerland00:28:54 - Recruiting and paying top-tier interns00:31:15 - What niches and industries Luca is targeting00:35:49 - How he defines a great business (non-obvious signs)00:38:00 - Adding Southern Germany to the search scope00:40:55 - Real competition in the Swiss deal landscape00:43:04 - Typical deal structures and seller expectations00:48:15 - When to pull the trigger on a business00:50:15 - Red lines, long-term vision, and personal motivation00:54:13 - Best investment advice Luca ever received00:55:00 - Is he under pressure? Why he sees this as a privilege00:56:10 - Favorite book and closing reflections----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyLuca on LinkedIn: https://www.linkedin.com/in/lucahany/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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How The Chainsmokers Built a $200M AUM Fund (Using 7 Proven Operating Principles)
Spacebar Studios is offering your company a free 90-day growth roadmap - Sign up for a free call here: https://www.spacebarstudios.co/Scalepath has a network of over 2,000 business owners across the U.S. and Europe. Book a call with the CEO Rand Larsen, he will introduce you to up to 3 business owners in your area. Relationships run the world, don’t forget that. Sign up for a free call here: https://www.joinscalepath.com/Few realize Drew and Alex of The Chainsmokers are world-class operators and disciplined investors --- with over 220 portfolio companies through their investment firm, Mantis.In this solo deep dive, I break down the real Chainsmokers story — from sleeping on floors and running fan CRMs to building a systemized investment engine backed by General Catalyst and Mark Cuban.Timestamps:00:00:00 - Why This Episode Exists00:01:54 - What Drives the Great Ones00:04:43 - Sponsor: Scalepath00:05:14 - Be Bad First, Then Get Good00:07:31 - Systems Before Scale00:10:29 - Two Questions Every Buyer Should Ask00:14:01 - Sponsor: Spacebar Studios00:15:14 - The Chainsmokers' Investments and Product Portfolio Today00:19:20 - If Your Revenue Doubled Overnight, Would Your Systems Survive?00:25:33 - Build Something Only You Can Build and Acquire00:32:25 - People Don’t Trust People They Don’t See00:34:58 - What It Looks Like in Year 1000:36:35 - What Makes Long-Term Investing So Powerful: Everyone Else Burns Out00:41:16 - Build a World, Not Just a Stack of Companies00:47:01 - Fix the “Plumbing” Before You Scale00:52:05 - Are You Building an Investment Firm Worth Joining?----------------------------------------------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/PrivatEquityGuyThe Chainsmokers on Twitter: https://x.com/TheChainsmokersThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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!
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