Why This Operator Won’t Raise a Fund (17 Companies, 9 Exits) | Vic Keller
About this episode
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Vic Keller of Experience Ventures ( https://www.linkedin.com/in/vickeller/ ) about building 17 companies over two decades with 9 exits, having businesses acquired by Berkshire Hathaway, and his operator-first approach to building durable, people-driven companies - including a vertically integrated car wash platform spanning manufacturing, chemistry, and service/maintenance.
0:00 Deal-by-Deal vs Fund Life
3:48 Operator Mindset in the Lower Middle Market
8:10 Buffett Lessons + Durability
18:36 Car Wash Playbook
23:46 HoldCo Structure
27:50 Recruiting A-Players
32:17 Co-Invest Partners
36:22 Bigger Deals: What Changes
39:28 Debt vs Equity
42:06 Founders: Recap vs Sell to PE
48:04 ETA/Search Funds: Post-Close Risk
55:10 People and Investing in Yourself
Sponsors:
https://capitalpad.com/ - A deal-by-deal private equity investing platform
https://www.spacebarstudios.co/inquire
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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