HoldCo Builders

For the last 20 years, private equity followed a simple formula: buy with leverage, cut costs, rely on multiple expansion, exit at a higher valuation.That playbook worked incredibly well.But it no longer does.In this episode, I break down why the old private equity model is structurally broken - not just cyclically - and why a new model is emerging. A model where cheap debt doesn’t save you, multiple expansion can’t be assumed, and real value creation matters more than spreadsheets.TIMESTAMPS:00:00 Why the old private equity playbook is dead and why buy at 8x sell at 12x no longer works02:05 What the old PE model was and why it worked for 20 years06:25 Why the old playbook is failing structurally as rates rise and leverage weakens09:18 The shift from capital deployment to capability deployment11:00 How the industrial builder mindset creates real alpha today14:10 Why specialization beats being a generalist buyer18:30 How founders should diligence buyers in the new model22:15 The opportunity for HoldCo builders and small buyers in the lower middle marketSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, I’m joined by John Seiffer - the person investors, company buyers and operators call when growth starts getting expensive, messy, or fragile. John has spent decades across manufacturing, software, restaurants, chemicals, and professional services, and he sees the same pattern over and over: founders are great at the product and the sale… but the company can’t scale until the structure scales.TIMESTAMPS00:00 Deals are great, but the money is made in operations02:15 The real business model: CAC, LTV, gross margin07:06 What a “healthy company” looks like + why founders get stuck on structure10:10 Sponsor: CapitalPad (back the next generation of business buyers)11:09 The expectation gap: hiring for outputs + breaking sales into subdivisions15:48 Scaling myth: reinvesting blindly (why ROIC and attribution matter)20:22 “Exit without selling”: free your time, keep ownership benefits, serve your life24:34 Sponsor: SpaceBar Studios ($0 newsletter build, limited spots)33:13 Delegation done right: specify the output + schedule follow-ups (no surprises)42:33 John’s 1-week playbook: “systems inventory” + 2 questions that reveal misalignmentSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

The future of private equity talent is moving toward ownership.We explore why the traditional PE career path is breaking, why carry no longer delivers the upside it once promised, and why more professionals are choosing to build - not wait - for real equity.You will discover:0:00 The Quiet Exodus Inside Private Equity1:45 Carry That Never Materializes2:56 “I Didn’t Join PE to Be an Operator”3:38 No Real Path to Ownership5:27 Where PE Talent Is Going NextSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, we break down a powerful idea from Jeffrey Walker, a private equity veteran who backed thousands of entrepreneurs and watched success and failure up close. His conclusion is uncomfortable but freeing: the people who win don’t follow a path, they create one.You’ll hear why talent is overrated, why “perfect careers” quietly fail, how one pathless founder built a $200M company, and a practical framework for building a career or business that actually compounds over decades.TIMESTAMPS0:00 The dangerous myth of “the path”1:04 Jeffrey Walker’s core insight: there is no path3:05 Talent is common, intentionality is rare4:12 The banker assembly line trap5:53 The perfect resume that led nowhere7:01 The pathless entrepreneur who built a $200M company8:34 Sponsor CapitalPad - Curated deal flow. Aligned sponsors. Simplified investing.9:44 How building your own path changes everything12:13 A practical framework for creating your own path14:16 The real takeaway: paths only make sense in hindsightSponsors:https://capitalpad.com/Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Today’s guest, David Dowda (Dowda Holdings), went from burned-out insurance salesman working 80-100 hour weeks to buying his first business doing just $30,000 a year - fully seller-financed.Ten years later, he owns nine companies across multiple industries - all acquired with zero outside equity and often minimal cash down.TIMESTAMPS0:00 How he bought a $30k revenue business with zero cash down3:00 Rolling up a beach town with chairs, linens, golf carts and a coffee shop8:03 Buying a construction company 6 hours away with no experience10:31 Sponsor: CapitalPad - investing alongside small business buyers11:58 Flipping the construction business for a 300% return in 18 months17:19 Scaling a moving company22:15 Sponsor: SpaceBar Studios - b2b newsletter35:04 Creative M&A structures with 100% seller finance, bank debt and earnouts42:57 Building teams, promoting from within and making businesses “transition ready”52:05 Why he believes multiples will compress on Main Street1:02:13 Managing personal guarantees, stress and four kids under five1:06:20 Next chapter raising capital to buy $5-20M companiesSponsors:https://capitalpad.com/https://www.spacebarstudios.co/inquireFollow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.