35 deals and $110M in EBITDA. No fluff—just focus, discipline, and 2 decades

Wow. Just had a humble moment I wanted to share.

I interviewed this CEO and co-founder of a public company for my podcast.

I don’t have a background in private equity or investment banking. No fancy degrees or big job titles.

Just a deep curiosity about investing, acquisitions while trying to learn from people who’ve done one, five or 35 deals (in some cases). All while building my own small holding company.

The podcast has quietly become the best thing I’ve ever done for learning, building relationships, and attracting like-minded people.

High-net-worth investors, GPs, LPs, operators — people I deeply admire — are now replying to cold emails and saying yes to conversations.

Not because I have a big platform.

But because I’ve put in the reps, stayed consistent, and let the work speak for itself (I guess).

Most of the time after we stop recording, we keep talking for 10-15 minutes.

Sometimes they offer advice. Sometimes great stories which can't be shared in public. Sometimes even capital if the next deal makes sense. Every time I walk away having learned something meaningful.

It feels like my version of an MBA. But a really personal one.

In any case, I work hard to keep putting together content that I think is valuable and I take this account very seriously. 

It's helped create countless new real world relationships, DMs I still cannot believe, and zoom meetings with people I've previously only read about. 

With that — I can't wait for what the next few years will bring — and it's impossible to express how thankful I am for those few moments of your attention each day.

- - - -

I believe that even if it takes 5-7 years of preparation to acquire a company – one is not slow, but extremely focused.

The right deal isn't about speed. It's about finding a company that fits your skill set, life, and values. A lot of wealth can be lost while chasing "fast."

 - - -

Very unpopular opinion:

When acquiring a small business, I think the absolute best DD is to show up a month early and work alongside the owners for a month.

There is no better due diligence than seeing how the work is done yourself.

It's not scalable, but there's no better way to learn about the company and the industry.

- - - -

You start somewhere.

A small traditional business.

Simple operations. Strong cash flow. A niche industry no one’s talking about.

You close your first deal — a $2M EBITDA company.

Unsexy to most, but not to you.

You see the moat. You see the people. You see the opportunity.

You get to work.

You learn how it all moves — the quirks, the levers, the bottlenecks.

You optimize. You modernize. You lead.

It works. You return capital. You gain trust.

You don’t stop there.

You take what you’ve learned and go find the next one.

Same playbook, different vertical.

Another $3M EBITDA business in a niche with tailwinds.

Recurring revenue. Fragmented competition. 

Room to grow.

You roll it up under the same umbrella.

You build a portfolio.

Now you’re playing in the $5–10M EBITDA range.

More moving parts. More complexity.

But you’ve earned confidence — from your team, your investors, and yourself.

You know how to allocate capital with intention.

You know what great looks like.

Deals keep coming. You get disciplined.

You say no to most, yes to a few.

You know this is a long play — not a flip, not a fad.

You’re building for durability.

Operators start reaching out.

The kind of people who’ve built, scaled, and want to do it again.

They join you because you give them what most won’t:

Ownership. Autonomy. Trust.

You let them run their companies like CEOs.

And they deliver. Better margins. Smarter growth. Culture that scales.

You’ve built more than a business.

You’ve built a platform.

Now you’re looking at larger companies.

$10M+ EBITDA. Private equity is in the room.

But you’re not just another buyer — you’re an operator.

You talk less. You ask sharper questions.

You know what it takes to run these, not just acquire them.

Some bets are bumpy. Some integrations stall.

The road isn’t always smooth — but that’s the cost of playing big.

You adapt. You stabilize. You improve.

Your investors stay with you — not just for the returns, but for the trust.

They know your word means something.

They know you’ll fight through the hard stuff.

Work. Work. Work. Rest.

Then back to building.

You’ve built a culture where people want to win.

Where capital is deployed with precision.

Where roll-ups aren’t just theory — they’re real, cash-flowing, and growing.

You look back at where it started — a single traditional business in a niche market.

And now?

You’ve got a diversified portfolio across sectors.

A team of killers. A network of deal flow.

And momentum that can’t be bought.

You’re not chasing exits.

You’re playing for keeps.

- - - -

I believe holdco isn’t a business model. It’s an outcome when great things happen.

I say this after interviewing 75+ people who have built a portfolio of companies.

Many people say 'I’m building a holdco' when what they mean is:

"I want to own multiple things because it sounds impressive."

Here’s the truth:

1. You don’t start with a holdco

2. You're better off earning your way to this by mastering a single business first

The path looks more like this:

1. Find an edge in one company

2. Build operational discipline

3. Scale with systems

4. Use cash + skills to buy another

Building a holdco isn’t a strategy. It’s the result of compounding operating leverage—and smart capital allocation, where sometimes (but not always) deploying capital into acquisitions provides higher returns than reinvesting in the core.

The smart way to do all this:

Start narrow. Get great. Then grow wide.

-

That said,

People’s acquisition stories are wildly different—and that’s the beauty of it.

Some spend years in the trenches: analyzing 100+ deals, sending dozens of LOIs, enduring cold calls, ghosted emails, and dead-end meetings. It’s a grind. It tests your patience, stamina, and conviction.

Others? (Still very rare though.) Find the right seller after just a few emails. Five contacts. One LOI. One signed APA. And just like that—first deal closed.

There’s no formula. No one-size-fits-all path.

But here’s the truth: none of it happens unless you start.

You can read all the case studies, follow every operator on Twitter, binge every podcast. But until you make that first call, send that first email, or talk to that first broker—you’re just a spectator.

It’s like searching for gold. Some dig for years. Others hit a vein on day one. Both end up with treasure. The only difference? One got “lucky” early. The other stayed in the game.

So wherever you are—thinking, planning, researching—remember: the first step matters more than the perfect strategy.

The only deal you’re guaranteed not to close is the one you never go after.

Get in the game.

- - - -

How has been the week in the small holding company world?

Traditional company

Talked to the owners of the heavy equipment rental company.

The one with an EBITDA of $2 million per year.

Until last week the second owner has never shared his desired "number," he finally did it so we have another meeting this week.

I can see why so many folks chasing great deals and attractive niche businesses end up giving up and going back to work.

It takes time, is expensive, and there are no guarantees.

Without the weekly podcast and the daily conversations with those on the same journey, I think I would’ve given up a long time ago.

Forget days or weeks—even months. Great things in this game take years.

But as I always say: if the deal is truly attractive, and you can acquire it on favorable terms, how many do you really need in the end?

Consumer loan company

A lot can change in 3-4 years…

In 2021 and 2022, I "begged" and convinced people to finance our loan portfolio at 13-14% interest rates.

The company was losing money, but a few people still believed in us.

Today we are profitable, have thousands of customers, and have access to more debt that we could use at 8-10% interest rates.

The big lesson from my own experience is to just keep going and always find the few people who will bet on you in the very early days.

That said, we closed one equity investment last week and expect to close another within the next 14 days—all part of our strategy to strengthen our equity position and fuel future growth.

- - - -

This week’s podcast has a great story:

The Danish friends who built a $700M holdco by acquiring 30+ businesses

• First acquisition in 2017

• They've made 35 acquisitions so far

• A team of 1,200 talented people

A perfect example of someone staying in one industry for decades:

The reward can be HUGE.

Revenue $322M with $110M EBITDA ($55-75M free cash flow)

Fascinating!

I hope you enjoy it.

Here are the links to Spotify, Apple Podcasts and YouTube.

That’s all for today.

Thanks for reading and talk to you again next week.

Take care,

PrivateEquityGuy / Mikk Markus