Acquiring Minds ETA Unicorn: $1 Billion in Revenue in 5 Years
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Dec 4, 2025 Steve Carroll, CEO of Kelso Industries, shares his journey from SBA searcher to leading a MEP powerhouse grossing over $1 billion. He reveals the challenges of scaling and the importance of integrated MEP services. Carroll discusses learning from failed acquisitions, the myth of passive income, and the intensive work ethic required for success. He highlights how partnerships can drive value, his experience transitioning to a CEO role, and the formula for replicating growth in small businesses. Tune in for insights on entrepreneurship and managing high-stakes deals!
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Raise Equity When SBA Limits Growth
- If an SBA loan can't cover working capital, raise institutional equity and shift to a roll-up growth plan.
- Align investor returns with an explicit plan (e.g., grow EBITDA from $2M to $10M) and include M&A in the strategy.
Use Equity First To Buy Time And Flexibility
- Kelso avoided debt early and used committed equity capital so they could learn and iterate without servicing loans.
- That no-debt first-year approach reduced execution risk while building operating capability.
Limping In On Day One
- Steve ruptured his Achilles right after closing the Arizona deal but still flew to meet the team and lead day-one meetings.
- His arrival despite injury signaled commitment and calmed staff fears about layoffs.
