Buyers and Builders

In this episode, I sit down with Pascal Levy-Garboua, a seasoned entrepreneur, investor, and the founder of Noosa Labs. After making 140 venture capital investments, including seven unicorns, Pascal shifted his focus to acquiring and scaling small, profitable SaaS businesses under Noosa Labs. His next goal? Building a $50 million ARR portfolio with a 50% EBITDA margin.We dive into his journey—from bootstrapping and navigating trade-offs to executing four acquisitions in his first year. Pascal shares invaluable lessons on structuring deals, managing high-cost debt, and the realities of scaling through acquisitions. He also explains how his experience as a VC has shaped his unique approach to investing in and operating SaaS businesses.If you're interested in entrepreneurship, acquisitions, or building a portfolio of profitable SaaS companies, this episode is packed with insights you won’t want to miss.Please enjoy this conversation with Pascal Levy-Garboua., founder of Noosa Labs.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:18 - A career in technology00:05:33 - Finding fulfillment: Enjoying work for the first time00:10:13 - Bootstrapping a business and key trade-offs00:13:34 - Completing four acquisitions in the first year00:18:53 - Key lessons from the first four acquisitions00:28:54 - What he would do differently if he could redo those acquisitions00:32:17 - Underestimating the challenges of the journey00:34:56 - Defining a North Star for capital allocation00:42:25 - Managing high-cost debt00:50:34 - Understanding what founders can’t or don’t want to do00:52:07 - Personal growth as an acquirer and investor00:54:02 - Typical deal structures and key considerations01:01:20 - How making 140 VC investments, including seven in unicorn companies, shaped Pascal as a SaaS investor----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyPascal on Twitter: https://x.com/2pascThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Arie Scherson, co-founder of Bluedot Holdings, a fast-growing e-commerce and SaaS holding company with six portfolio businesses generating over $10 million in revenue.Arie started his journey as a YouTuber in his 20s, testing 15 different products before mastering Facebook Ads and scaling his first business.Through relentless experimentation, investing, and team-building, he has built a diverse portfolio, including an agency, a SaaS business, and four e-commerce brands. Despite the challenges of managing multiple ventures, Arie continues to acquire, scale, and optimize businesses—proving that content, marketing, and persistence are powerful tools in the modern business landscape.In this episode, we dive deep into his early failures, investment strategy, deal structures, and the key lessons he’s learned on his journey.Please enjoy this conversation with Arie Scherson.----------------------------------------------Timestampls:00:00:00 - Intro00:00:52 - Early days and first failures00:03:50 - Learning everything from Youtube00:05:24 - Working as a server while in university00:07:44 - First company00:11:12 - Current portfolio of 6 companies00:19:09 - It’s often scary to do multiple things00:22:30 - The power of selling only the right products00:28:40 - Experiment as much as you can00:31:25 - How a trendy product became a $500m company00:34:57 - Content is leverage00:38:15 - Ecommerce is hard, really hard00:41:42 - Deal structures00:48:39 - How Arie and his team working to run their businesses00:52:21 - Biggest challenges of the last 2 years00:56:48 - Arie’s secret sauce which allows him to succeed00:59:58 - Why did Arie buy a $50,000+ course?01:04:04 - Favorite book01:06:40 - Best investment advice Arie has ever received01:10:27 - Domino effect on tariffs----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyArie on Twitter: https://x.com/ariesnotebookThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Explore the fascinating mind of Jeremy Giffon, a behind-the-scenes genius in business. He shares his unique approach to acquisitions and capital allocation that has made him an unsung hero in investing. Discover how he identifies hidden opportunities in the market and structures deals that others overlook. His insights into navigating financial blind spots and fostering long-lasting businesses provide a treasure trove of knowledge for anyone interested in wealth-building. This conversation unveils a masterclass in strategic thinking and the art of private investment.

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.

Niklas Sävås, equity analyst at Redeye and author/podcaster on M&A, explains Swedish serial acquirers' playbook. He discusses why M&A often outpaces organic growth. He highlights how minimal integration, disciplined financing, and sector-agnostic deals drive high P/E multiples. He also covers sourcing, post-acquisition realities, and the daily struggle of finding strong local managers.

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.