Holed up in Utah for 3 days with 100 HoldCo owners. What did I learn?

Disclaimer: Unless noted otherwise, views and analysis expressed here are the author's own and based on public sources. The article is intended for informational and entertainment purposes only. This is not financial advice. Please consult a professional for investment decisions.

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You read that right: I went skiing again. And you know what, I don't feel guilty about it. Last week, I was in Sundance, Utah for the HoldCo Conf. For 3 days non-stop, I got to rub shoulders with the OGs of the SMB acquisition game. The chair lift was right across from the conference centre, and the spring snow wasn’t too bad. 

As usual, I took copious notes, some of which I am sharing with you, structured in four chapters:    

1. Who attended the HoldCo Conf

2. How to win deals in 2025 - when you can't compete on price

3. Reasons why the US HoldCo game is next level. Case study on Main Street Auto, a $200M revenue car repair rollup

4. What I learnt about incentivising management A-players

Kudos to Michael Girdley and Michael Wilson for organising HoldCo Conf, and for giving me an opportunity to be a part of it. You guys rock! 

Before we begin: have you got your ticket to our next Software Serial Acquirers Summit in London, on 6 May? Register here!

1. Who attended the HoldCo Conf

I had an AMAZING time at the conference. 

Objectively, HoldCo Conf is the most useful to US folks who represented +/-95% of the attendees. For me, the lack of immediate networking benefit was far outweighed by the diversity of experiences on show and hearing ways in which people go the extra mile in just about everything. 

There were a few searchers still searching. A Harvard MBA who has rolled up 100 repair shops in 3.5 years (more on that below). People rolling up foundries, roofing contractors, power washing franchises, ecommerce businesses, mortgage servicers, vacation rentals - and so on. 

2. How to win deals in 2025

Peter Lehrman is the founder of Axial - an SMB M&A platform that in 2024 listed 10,000 businesses for sale. Peter shared insights on getting admitted into processes; and of course, the impact of AI. 

Who gets the best access to deals? According to Axial’s data, family offices are the likeliest to be admitted into a narrow process, with 72% of requests fulfilled. Compared to only 40% for search funds. As a first-time acquirer without much capital or track record of closed deals, what can you do to stack the odds in your favour? Being super specific about your industry thesis. Why am I the best person to consolidate industry ABC?

Perhaps counter-intuitively, AI has made life more difficult for both buy- and sell-side.

With so many scraping, database, and outreach tools available practically for free, it is so much easier for people to spam each other. AI is encroaching on the parts of the market where the cost of errors is the lowest. Think outbound and initial data processing. The closer you get to a deal, the more human involvement is required. This is true both for sellers and for investors. 

This last point was echoed by several highly successful acquirers. To quote Bryan Rand (pictured below left), who built a $300M+ revenue HoldCo with no outside equity: “None of mid market buyers lose on price. Most sellers choose the safest exit - and not the highest offer”. 

You hear people saying things like “I will be the best son/daughter that you never had”. Cringe? Maybe. But step into the shoes of a 75-year old business owner who maybe doesn't have a family but who deeply cares about his reputation in the community. And so should you. 

3. Reasons why the US HoldCo game is next level 

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