Running a business can feel like you're doing it all alone—but you don’t have to.
Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.
It’s part mastermind, part growth engine, part therapy.
👉 Book your free intro call at https://www.joinscalepath.com/

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email

First 6 founders get theirs built free
👉 Reserve your slot here: https://www.spacebarstudios.co/inquire

Today on HoldCo Builders, I’m joined by Chris Hoffman, CEO of HP Solutions Group, the $200M+ holding company behind one of America’s fastest-growing residential services brands. Chris and his brother took over their father's $9M HVAC business in 2015 and turned it into a multi-brand platform with over 600 employees — all without raising outside capital.

Timestamps:
00:00:00 - From $9M to $150M: Why scaling gets easier
00:01:22 - The mastermind that transformed our business
00:03:56 - We didn’t invent the playbook, we executed the process playbook
00:04:56 - Sponsor: Scalepath
00:06:54 - I almost let my ego kill our growth
00:08:19 - How we grew 35% annually for 8 years
00:10:02 - Should more entrepreneurs take part in masterminds?
00:11:37 - Why I paid myself $80K for 5 years
00:15:01 - Sponsor: Spacebar Studios
00:15:30 - How we built a game-changing advisory board
00:19:38 - We hired a board member as our company president
00:22:24 - Running a family business without the drama
00:25:33 - Our mission: Become the #1 private home service company
00:31:19 - Why we only do 1–2 acquisitions a year
00:33:33 - Only looking for markets with a lot of tailwinds
00:37:35 - Competing with private equity on great deals
00:42:28 - How we 2.5x’d profit at Ferguson Roofing
00:46:18 - The financing strategy that fuels our sales
00:52:49 - How we scaled with zero outside capital
00:55:51 - Capital allocation and debt terms from the banks
00:58:43 - The mindset shift to break through the $30M ceiling
01:01:34 - The goal is to just stay in the business and do the same things we’ve done so far

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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy 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.

Running a business can feel like you're doing it all alone—but you don’t have to.
Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.
It’s part mastermind, part growth engine, part therapy.
👉 Book your free intro call at https://www.joinscalepath.com/

Want to grow your B2B business? Start with your inbox.
Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.
- 115k+ subs in compliance
- 7-figure ARR from email
First 6 founders get theirs built free
👉 Reserve your slot here: https://www.spacebarstudios.com

What if the key to building real wealth wasn’t in startups or VC, but in buying simple, cash-flowing businesses?

In this episode, we dive deep into the minds of Royce Yudkoff and Rick Ruback — the Harvard professors who quietly shaped the world of search funds and acquisition entrepreneurship. Their ETA class at HBS has launched hundreds of successful HoldCos and operators.

We explore the two paths of search (funded vs. self-funded), why the multiple matters more than growth, what red flags kill deals, and how great operators build empires by holding longer.

If you’ve ever thought about buying a business — this is the playbook.

Timestamps:
00:00:00 - Intro: The Hidden Giants Behind ETA
00:01:01 - The Bifurcation of Search: Funded vs. Self-Funded
00:05:23 - Sponsor: Scalepath
00:06:16 - The Magic Is in the Multiples, Not Growth
00:09:51 - What to Look For: 5 Filters for Great Acquisitions
00:13:58 - Sponsor: Spacebar Studios
00:14:54 - Red Flags That Quietly Kill Deals
00:19:01 - Where Real Growth Actually Comes From
00:21:58 - Why Great Operators Still Sell Too Early
00:25:51 - The Real Search Process (And Why It Works)
00:29:45 - More Money Than Time: The Real Reason to Buy a Business

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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy 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.

Scalepath connects you with a trusted network of over 2,000 business owners across the U.S. and Europe.
Book a free call with CEO Rand Larsen, and he’ll personally introduce you to up to 3 vetted business owners in your region.

Because in business, the right relationships change everything.
Schedule your free intro call now: https://www.joinscalepath.com

Want more qualified leads without guessing what to do next?
Spacebar Studios is offering HoldCo Builders listeners a free 90-day demand generation roadmap tailored to your business.

You’ll get 2–3 clear growth actions you can implement immediately.
Book your free strategy call here: https://www.spacebarstudios.co

Jack Bennett is the co-founder of Lighthouse Capital, a firm advising and investing in small business acquisitions across the U.S. and Canada. In just under two years, Jack and his team have closed over 20 deals, built a 10-location accounting roll-up generating $8M in revenue, and developed a unique dual structure combining M&A advisory and direct equity investments.

In this episode, we cover:
00:00:00 - Introduction to Jack Bennett & Lighthouse Capital
00:00:47 - Building a ghostwriting agency for wealthy clients
00:04:48 - Spacebar Studios
00:07:30 - Meeting Ben Kelly and founding Lighthouse Capital
00:14:17 - Sponsor: Scalepath
00:12:39 - Early days of Lighthouse and first hires
00:15:38 - Structure and the types of companies they invest in
00:17:25 - When do they decide to advise vs. invest
00:19:00 - Why combine M&A advisory and rollups
00:25:02 - Uniqueness of Lighthouse’s dual strategy
00:29:10 - Converting fees into equity and how it actually works
00:33:55 - Deal quality, ownership, and control
00:37:11 - Pros and cons of following the M&A and roll-up strategy at the same time
00:41:34 - Cash for equity and “see you at the first board meeting”
00:45:19 - Being the youngest on the founding team
00:48:39 - Four acquisitions and ten locations
00:52:09 - Everything post-acquisition
00:55:20 - The importance of integration
00:59:53 - What Jack believes earns him the best returns
01:03:29 - Is this the best investment advice you’ve ever heard?

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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy

Jack on X: https://x.com/jackentr3

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.