12x EBITDA—and Still Regrets Selling

12x EBITDA—and Still Regrets Selling

What if you got exactly the number you dreamed of—and it was still the wrong decision? Danny Namerow built Farryn Electric from scratch on lessons his electrician father taught him the hard way: diversify, don't work for builders, and never let one client own your business. He pivoted to service work, adopted flat rate pricing, built a tight crew of six, and watched his margins soar.  Then a private equity firm called three times. On the third call, he listened—and walked away with 12 times EBITDA. Within a year, he'd watched them lose 90% of his customer base. Danny opens up about the earn-out nightmare, what he'd negotiate differently, and the business fundamentals that made Farron sellable in the first place. He found his Costa Rica anyway. But he'd tell you there was another path to get there. Here's what we discuss with Danny: • Why Danny's father drilled one rule into him: never work for builders • The pivot from new construction to service work — and how it changed everything • How flat rate and package pricing unlocked margins he couldn't hit on time-and-materials • Why a tight crew of six outperformed larger, less focused teams • The three calls from private equity — and why he finally picked up • What 12x EBITDA actually looks like when the check clears • The earn-out nightmare: how PE lost 90% of his customer base in under a year • What he'd negotiate differently if he did it again • Why having a second buyer in the room changes everything • How he found his version of Costa Rica — and whether the sale was the only path to get there12x EBITDA—and Still Regrets Selling Running a blue-collar business? Wondering how to think about value or selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or send us a message at theturn@iconicfounders.com. Iconic Links: • Learn More: https://www.iconicfounders.com • Connect: theturn@iconicfounders.com • Podcast Production: Lower Street https://lowerstreet.co

Didn't Want to Sell. Then Life Changed.

Jay Maier started a tree service company in Rochester, Minnesota at 29. No business background. Parents were educators. He paid himself $36,000 a year on $180,000 in revenue and reinvested everything else into equipment and people. He scraped, clawed, and grew—slowly and conservatively. The real shift came around 2005 when Jay stopped doing the work and started developing the people who did it. He realized his best value wasn't trimming trees—it was making sure everybody knew exactly what to do. That mindset change took him from a self-employed tradesman to a business owner. By 2013, he was doing $2 million, had no debt, and genuinely didn't want to sell. Then his wife was diagnosed with stage four cancer. That changed everything. Jay sold to a national company, completed a three-year earnout, and walked away. But he wasn't built to sit still. He started consulting blue-collar businesses, then took a GM role at a 50-year landscape company in his hometown—no ownership, just a third of the profits and a chance to follow someone else's vision. Six years later, the business had grown 75%. He's still there, still fulfilled, still building. Here's what we discuss: • Starting from scratch at 29 with no business background and no financial head start • Why he paid himself $36K on $180K in revenue—and why that discipline made the difference • The moment he stopped doing the work and started developing the people who did it • Why people development is your "future ticket" — and what happens when you forget that • The difference between producing work and building a business that does work • How a leader's ability to see five years out changes everything about their day-to-day decisions • Selling at $2M in revenue, debt-free — and why he almost didn't sell at all • His wife's stage four cancer diagnosis and how it changed the calculus entirely • The three-year earnout and what it felt like to let go of his life's work • What he learned about money, ownership, and fulfillment on the other side of the deal Running a blue-collar business? Wondering how to think about value or selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or send us a message at theturn@iconicfounders.com. Iconic Links: • Learn More: https://www.iconicfounders.com • Connect: theturn@iconicfounders.com • Production: Lower Street https://lowerstreet.co

Started Over at $3M, Built to $200M

Jerry Schill spent 20 years building a landscaping business with his brother. Design-build, residential, creative work—chasing every shiny object along th way. But then they split.  Jerry took the maintenance side and rolled back to $3 million. He'd admit that he was scared. But he got laser-focused. And from 2012 to 2019, he took the business from 0% recurring revenue to 93%.  He ditched residential entirely, built a "business in a box," and grew to $16.5 million before partnering with Argon Capital. Four years later: 37 locations, 1600 employees, eight states, nearly $200 million in revenue, and best-in-class EBITDA margins. The lesson? Focus and discipline beat chasing shiny objects every time. Here's what we discuss:  • Starting with his brother and why they eventually split  • Rolling back to $3M and being scared to start over  • Going from 0% to 93% recurring revenue  • Why he eliminated the entire residential division in one year  • Building the "business in a box" model  • Joining Vistage and surrounding himself with smarter people  • Why his bank said no—and how he found PE instead  • Partnering with Argon Capital and what they taught him  • The difference between an expense and an investment  • Imposter syndrome at 1600 employees  • Growing from 4 locations to 37 in four years  • Recapitalizing with TruArc Partners  • Why every business should be built to sell Running a blue-collar business? Thinking about selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or send us a message at theturn@iconicfounders.com. Iconic Links:  • Learn More: https://www.iconicfounders.com  • Connect: theturn@iconicfounders.com  • Production: Lower Street https://lowerstreet.co

Family Business to $410M Exit

Tony Mallinger joined his family's roofing products manufacturing company in 2001. His dad bought it in the late eighties for about $2 million. By the time Tony led the first sale in 2020, it was doing $62 million. Four years later, after two acquisitions under private equity, they sold again—for $410 million. But this isn't just a growth story. It's a family business story. Three brothers, a father who wanted to treat everyone the same, and years of misalignment that made the success feel hollow. Their best year ever? Everyone was miserable. That's when Tony knew it was time to sell. He pushed for a fiduciary board, hired the best M&A attorney and banker, and signed the purchase agreement two weeks before COVID hit. The family relationships got rough after the first sale. The good news They're better now. But the lesson is clear (and it's a rather common one): you can win the deal and still have wounds to heal. Here's what we discuss:  • How his father—an accountant—bought a $2M manufacturing company  • Growing from $10M to $62M through strategic accounts and speed-to-market  • Working with two brothers and a father—and why alignment was the hardest part  • Setting up a fiduciary board with real governance  • How his father transferred 90% of equity to the kids early  • The moment everyone was miserable after their best year  • Signing the purchase agreement two weeks before COVID  • Staying on as CEO and buying their #2 competitor six months later  • Going from $62M to $130M in four years  • The second exit at $410 million Running a blue-collar business and wondering how to think about value or selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or reach out to theturn@iconicfounders.com.

15 People to $50M in Profit

Bryan Carruthers started his first company in the middle of the 2008 financial crisis, right after college. A tiny consulting firm called Consilium. He sold it to a publicly traded business a few years later. Then he went the private equity route—got backing, bought a 15-person shop, and built it into a national $50 million EBITDA business in under five years. Then he sold it to one of the largest consulting firms in the world. Most founders are obsessed with ownership percentage. Bryan was obsessed with acceleration. He gave away two-thirds of his first company to partners who knew more than he did. He took 5-10% in a PE-backed roll-up because he knew he could build something bigger, faster. He called it "ignorance as a superpower"—jumping before he knew what he was doing, then bringing in the pieces to make it work. Three exits. Each one bigger than the last. And he never owned more than a third of any of them. Running a blue-collar business? Wondering how to think about value or selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or send us a message at theturn@iconicfounders.com. Iconic Links:  • Learn More: https://www.iconicfounders.com  • Connect: theturn@iconicfounders.com  • Production: Lower Street https://lowerstreet.co