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The lower middle market runs on trust and relationship building. In this episode, we explore Bowles Hollowell Conner & Co., the quiet Charlotte-based advisory firm that shaped how lower middle market M&A gets done. Before private equity was institutionalized asset class, BHC figured out how to turn founder-led businesses into transactions lenders could underwrite and capital could trust. This is a story about credibility over capital, why bad packaging can kill deals, and how preparation - not promotion - closes deals in the lower middle market. Timestamps: 0:00 Why great investing ecosystems can be traced back to a few hidden origins 1:10 How a small Charlotte firm became a training ground for middle-market M&A 3:27 What Erskine Bowles saw at Morgan Stanley in the 1960s 6:35 How BHC turned founder chaos into lender confidence 10:12 Why BHC became the default choice for family-owned businesses 14:22 The true job of a great lower-middle-market advisor 15:21 Cash flow as downside protection 19:17 How BHC helped fuel middle-market efficiency 21:08 Where BHC alumni show up today 22:07 Attention to detail, low ego, and a partnership mindset Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mike/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks to Luis Reyes of Iberian Ventures ( https://www.linkedin.com/in/luiz/ ) about how he has completed over 30 acquisitions in 4 years and is building a fire safety rollup in Europe. Snow notes: 0:00 From rural Mexico to more than 30 acquisitions 4:00 Buy-and-build thesis 6:45 Funding the first deals 11:55 The 100-day integration playbook 19:00 Using AI to scale operations and service quality 32:05 Deal sourcing at scale without spam 37:05 Managing risk, customer concentration, and diligence 44:35 Takeaways for other buyers 53:00 Hold vs sell and capital discipline Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks to Christa Glassburn about how she joined a search fund, acquired seven companies and scaled revenue from $15 million to $200 million. Snow notes: 0:00 Christa’s $15M to $200M scaling story 2:30 FBI operator lessons 3:37 Jump to a search fund and move to rural Virginia 11:51 First acquisition and integration learning curve 17:28 Culture reset and global expansion via acquisitions 20:05 Post acquisition playbook 23:08 7 total acquisitions and off market sourcing 30:25 Transition to launching Harbor Capital 39:36 How to find invisible small town deals Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

This episode breaks down how Jeremy Giffon ( https://x.com/jeremygiffon ) thinks about special situations, forced sellers, and overlooked businesses, showing why the best investments come from understanding incentives, human behavior, and coordination problems rather than complex models or market timing. Show notes: 0:00 Special situations in the lower middle market 6:18 The perfect business is getting paid for your words and gaining access 9:44 Coordination problems and forced sellers create the best deals 11:44 Ghost ship companies and orphaned assets that VCs misunderstand 15:28 Patience and selectivity outperform constant deal activity 18:42 Negotiation and the 25 million LOI with a Ferrari 488 21:19 Six unconventional truths about making better business decisions Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks to Jeremy Yamaguchi ( https://x.com/jeremyyamaguchi ) about how he acquired 10 companies in 18 months. Show notes: 0:00 How Jeremy built and exited 3 home services businesses 5:48 Why “boring” home services were a massive tech opportunity 8:11 Why he chose venture for Lawn Love + the YC story 12:41 Why home services are still wildly fragmented and why most founders misunderstand the space 13:59 Sponsor: CapitalPad (backing searchers + proprietary deal access) 17:36 Game selection 27:23 Cabana thesis: national pool brand via M&A + ops + vertical software 28:45 Sponsor: SpaceBar Studios (35,000 newsletter subs in 90 days guarantee) 34:48 10 deals in 18 months, 4x YoY growth 59:45 Only buy from good-faith sellers Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

This one hire is something all profitable, cash-flowing traditional businesses can do. Yes, it can be a significant investment -- great specialists aren’t cheap -- but in the right setup, it can completely change the trajectory of a company. I share two real-world examples of owner-operated, non-glamorous businesses that hired a Chief Investment Officer to professionally manage excess cash. In both cases, capital allocation quietly became the dominant profit engine, generating the majority of group earnings while the core operations remained stable and conservative. TIMESTAMPS 0:00 The hidden problem of excess cash in profitable businesses 1:55 When reinvestment, M&A, and dividends all stop making sense 2:00 Hiring a Chief Investment Officer 3:10 Case study: a fruit importer that turned cash into its main profit engine 4:40 Case study: a family manufacturer where capital allocation drove 80% of profits 6:45 Why capital allocation becomes the real growth engine over time Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, Todd Saunders shares how one small group of customers with much better retention changed the direction of his entire business. Instead of chasing trends or going broader, he went deep into a simple, overlooked niche -- independent flooring retailers -- and ended up building the core software used across the industry. Todd explains why brand and community mattered more than features, how Facebook groups and events became his main growth drivers, and how that approach helped him roll up 8 niche software companies, grow past $30M in revenue, and exit for $100M+. Show notes: 0:00 From Google to flooring software 5:19 The retention data that changed everything 7:44 The bold pivot (and why revenue collapsed first) 8:37 8 acquisitions lead to a platform build 13:35 Sponsor: CapitalPad 15:40 51% brand, 49% product (the real moat) 18:58 The Facebook group engine 25:05 FloorCon: turning community into a movement 28:12 Sponsor: Spacebar Studios 31:09 The “great idea” that nearly blew up the business 40:07 Buying niche software: relationships vs outreach 44:03 Integration: the stuff nobody tells you 57:47 His founder filter: “I know in 5 minutes” 59:22 Hospitality vs service (the lesson that explains everything) Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

We go deep on Justin Ishbia, co-founder and Managing Partner of Shore Capital Partners - one of the most successful lower-middle-market private equity firms in the U.S. After inviting Justin on the podcast and being asked to reconnect in early 2026, I used the time to study Shore’s work more closely. This episode is the result: a synthesis of Justin’s long-form interviews, public commentary, and Shore’s operating history, focused on the systems behind their results. TIMESTAMPS 0:00 Why to study Justin Ishbia 1:30 Buy small, professionalize, roll up, sell the platform 2:20 The numbers: Shore’s reported track record (platforms, exits, and why the median matters) 3:15 “I’m not smart, I just know who to copy” 4:30 How “luck” is earned through repetition 6:55 Reserving most capital for add-ons to create multiple paths to 3x - 8x outcomes 8:43 Sponsor CapitalPad: backing acquisition entrepreneurs buying real, unsexy businesses 9:47 Why “the system is the star” Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Steve Lawrence, the founder of Uncomplicated Group went from middle management at a $14B manufacturer to buying five businesses in a few short years -- now running two injection-molding factories, employing 45 people, and shipping 200M parts a year. But this episode isn’t about the highlight reel. It’s about the real path: quitting his job for a deal that collapsed at the finish line, burning cash on diligence, watching funding evaporate, and learning what “the seller isn’t emotionally ready” actually means -- when the mortgage clock is ticking. We dig into how Steve rebuilt his deal process from scratch, how he sold himself with zero acquisition track record, the red flags he now screens for, and the operating system (EOS) that changed everything post-close. TIMESTAMPS 0:00 From corporate manager to 5 acquisitions in manufacturing 1:06 The moment Steve knew he was done with corporate life 2:54 The “measured exit” that turned into months of uncertainty 4:59 The first deal: tiny business, bad structure, and a lucky failure 5:42 The seller starts ghosting -- and the deal unravels 7:01 Losing the deal, burning cash, and rebuilding his entire approach 8:57 Why most people shouldn’t pursue acquisitions (the “strong why” test) 9:55 Sponsor: CapitalPad -- backing real operators in overlooked markets 11:06 How to tell if a seller is actually ready to sell 14:02 The exact outreach message that landed his first acquisition 19:04 Structuring and closing the first deal + brutal first 90 days 20:57 Sponsor: Spacebar Studios — building newsletters for HoldCos & investors 23:18 Implementing EOS: turning chaos into an operating system 39:45 80/20 thinking in manufacturing: cutting noise, expanding margins Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

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 works 02:05 What the old PE model was and why it worked for 20 years 06:25 Why the old playbook is failing structurally as rates rise and leverage weakens 09:18 The shift from capital deployment to capability deployment 11:00 How the industrial builder mindset creates real alpha today 14:10 Why specialization beats being a generalist buyer 18:30 How founders should diligence buyers in the new model 22:15 The opportunity for HoldCo builders and small buyers in the lower middle market Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This 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. TIMESTAMPS 00:00 Deals are great, but the money is made in operations 02:15 The real business model: CAC, LTV, gross margin 07:06 What a “healthy company” looks like + why founders get stuck on structure 10:10 Sponsor: CapitalPad (back the next generation of business buyers) 11:09 The expectation gap: hiring for outputs + breaking sales into subdivisions 15:48 Scaling myth: reinvesting blindly (why ROIC and attribution matter) 20:22 “Exit without selling”: free your time, keep ownership benefits, serve your life 24:34 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 misalignment Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This 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 Equity 1:45 Carry That Never Materializes 2:56 “I Didn’t Join PE to Be an Operator” 3:38 No Real Path to Ownership 5:27 Where PE Talent Is Going Next Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This 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. TIMESTAMPS 0:00 The dangerous myth of “the path” 1:04 Jeffrey Walker’s core insight: there is no path 3:05 Talent is common, intentionality is rare 4:12 The banker assembly line trap 5:53 The perfect resume that led nowhere 7:01 The pathless entrepreneur who built a $200M company 8:34 Sponsor CapitalPad - Curated deal flow. Aligned sponsors. Simplified investing. 9:44 How building your own path changes everything 12:13 A practical framework for creating your own path 14:16 The real takeaway: paths only make sense in hindsight Sponsors: https://capitalpad.com/ Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This 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. TIMESTAMPS 0:00 How he bought a $30k revenue business with zero cash down 3:00 Rolling up a beach town with chairs, linens, golf carts and a coffee shop 8:03 Buying a construction company 6 hours away with no experience 10:31 Sponsor: CapitalPad - investing alongside small business buyers 11:58 Flipping the construction business for a 300% return in 18 months 17:19 Scaling a moving company 22:15 Sponsor: SpaceBar Studios - b2b newsletter 35:04 Creative M&A structures with 100% seller finance, bank debt and earnouts 42:57 Building teams, promoting from within and making businesses “transition ready” 52:05 Why he believes multiples will compress on Main Street 1:02:13 Managing personal guarantees, stress and four kids under five 1:06:20 Next chapter raising capital to buy $5-20M companies Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

How these serial acquirers generate 20-40% annual returns for decades? They buy small, niche, profitable companies again and again. In this episode, we break down the strategy, the structure, and what private buyers can learn from the greatest acquisition machines on earth. TIMESTAMPS 0:00 Why tiny acquisitions beat big deals 1:12 21x, 120x, 375x: Lifco, Addtech, Constellation & Heico’s insane returns 2:07 The simple playbook: buying small boring companies again and again 3:56 Engine #1 - Organic growth in the “unsexy” corners of the economy 6:50 Engine #2 - Programmatic M&A: what these serial acquirers actually buy 13:07 Sponsor: CapitalPad - deal-by-deal private equity access for accredited investors 14:27 Owning 100+ companies: resilience, diversification & the 7-7-7 structure 16:00 What private buyers & HoldCo builders can apply immediately (7 acquisition principles) 19:35 Sponsor: Spacebar Studios - get your B2B newsletter built for $0 upfront 21:02 Don’t chase synergies: culture, dominant niches & promoting leaders from within 23:07 You’re playing the same game as Lifco & Constellation (long-term compounding mindset) Sponsors: https://capitalpad.com/ https://www.spacebarstudios.co/inquire Follow Mikk/PrivateEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.