179 episodes

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Business Breakdowns Colossus

    • Economía y empresa
    • 5.0 • 3 Ratings

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

    Cintas: Rags to Riches

    Cintas: Rags to Riches

    This is Zack Fuss. Today, we are breaking down Cintas Corporation. It is America's largest uniform rental company, and for around $1.50 per worker per day, Cintas will collect, clean, and replace uniforms for organizations in industries such as lodging, hospitality, entertainment, manufacturing, and retail.
    To help break down Cintas, I am joined by Delian Entchev, a portfolio manager at Aoris Investment Management. The company's origins trace back to the Great Depression, when its founder, who was a circus worker at the time, began a small business to reclaim and clean rags for local factories in Cincinnati, Ohio.
    Nearly a hundred years later, Cintas is set to approach 10 billion in sales at a 10% five-year CAGR and a 20% operating margin. It remains a family-owned business, with multiple generations of the Farmer family having held leadership roles at the company. Please enjoy this Breakdown of Cintas Corporation.

    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    (00:00:00) Welcome to Business Breakdowns
    (00:05:52) Overview of Cintas Corporation
    (00:07:49) Cintas's Business Model and Services
    (00:14:22) Financial Performance and Market Position
    (00:15:23) Historical Evolution of Cintas
    (00:19:14) Economic Model and Customer Engagement
    (00:21:26) Growth Drivers and Competitive Landscape
    (00:27:14) Competitive Advantages and Scale
    (00:32:15) Corporate Culture and Lessons Learned
    (00:34:29) Challenges and Strategic Adjustments
    (00:39:40) Future Risks and Opportunities
    (00:43:25) Capital Allocation and Customer Relationships
    (00:46:47) Lessons From Breaking Down Cintas

    • 46 min
    Mineral Resources: Unearthing Value

    Mineral Resources: Unearthing Value

    This is Matt Reustle. Today, we are breaking down Mineral Resources. Even if you've had some bad experiences investing in commodities, I would not skip over this one so quickly. 
    Fraser Christie, investor at TDM Growth Partners, joined me to talk about how MinRes has taken a different approach to the historically cyclical boom-bust industry. We walk through the increasingly vertical integration of Mineral Resources' business and we get into some of the thoughtful capital allocation that has taken place through this history. It's a very fun business with a very fun founder who still remains a key player. Please enjoy this breakdown of Mineral Resources.

    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    (00:00:00) Welcome to Business Breakdowns
    (00:05:58) Deep Dive into Mineral Resources' Business Segments
    (00:07:26) Founder Chris Ellison's Entrepreneurial Journey
    (00:10:22) Overview of the Mining Market and Its Competitive Landscape
    (00:16:43) Mineral Resources' Financial Model and Capital Allocation Strategy
    (00:27:59) Intercompany Innovations and Employee Welfare
    (00:36:03) The Time Line for Recouping An Investment in Mining
    (00:40:11) Mineral Resources as a M&A Target
    (00:43:56) Main Risks and Challenges
    (00:49:38) Lessons From Breaking Down Mineral Resources 

    • 51 min
    Motorola Solutions: From Zero to Hero

    Motorola Solutions: From Zero to Hero

    Today, we are breaking down Motorola Solutions. This breakdown is a fascinating story of brand versus business, as Motorola was a mainstay on Interbrands' Top 100 Brand list for most of the 2000s. 
    I'm joined by Portfolio Manager, Joseph Shaposhnik. We discuss how Motorola achieved stealth success over the past 15 years while Apple overtook its iconic flip phone. We also cover how CEO Greg Brown worked with two, and arguably three, activist investors to focus on mission-critical communications, a very specific customer segment, and a more blended hardware-software model. It's a truly great example of a business finding a niche and executing to a T. Please enjoy this Breakdown on Motorola.

    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
    Show Notes
    (00:00:00) Welcome to Business Breakdowns
    (00:05:35) The Fall and Rise of Motorola Solutions
    (00:07:05) Greg Brown's Strategic Leadership
    (00:12:26) Motorola's Business Model and Market Position
    (00:16:27) Land Mobile Radio Networks Explained
    (00:23:26) Video Security and Command Centers
    (00:28:53) Financial Performance and Growth Strategy
    (00:33:12) Motorola’s Strong Pricing Power
    (00:37:27) Saturating The Customer Through Acquisitions
    (00:41:38) Competitive Landscape and Future Prospects
    (00:45:03) The Threat of Competition In Software
    (00:50:23) Motorola as an Acquisition Target
    (00:52:39) Lessons from Motorola Solutions

    • 55 min
    The Marina Industry: Building Moats, Storing Boats

    The Marina Industry: Building Moats, Storing Boats

    This is Zack Fuss. Today, we are breaking down the U.S. Marina Industry. In the U.S. there are more than 11,000 marinas, grossing over $6 billion in sales. 
    Today, there is a 12 to 1 ratio of registered boats versus the supply of rentable wet slips and dry storage spaces. Zoning regulations lead to limited supply growth, which has led to a sustained backdrop of strong, profitable growth for the industry. 
    To break down the industry, I am joined by David Chesner, co-CEO of Grove Point Marinas, and Josh Koplewicz, managing partner of Thayer Street Partners. We discuss how Marinas are currently evolving from a largely local and independent model to one that is institutionalizing as an asset class and lowering the industry's cost of capital, helping to finance growth. And, to illustrate the unit economics, we cover the largest players in the space, including publicly traded Sun Communities’ Safe Harbor Marina business. Please enjoy this breakdown of the Marina Industry. 


    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    (00:00:00) Welcome to Business Breakdowns
    (00:05:21) Overview of the Marina Industry
    (00:08:00) Revenue and Margins in the Marina Business
    (00:10:36) Operational Improvements and Best Practices
    (00:12:54) Challenges in Marina Development
    (00:14:10) Competitive Landscape and Market Players
    (00:27:02) Growth Strategies and Financial Insights
    (00:34:28) Risks and Resilience in the Marina Industry
    (00:39:08) Lessons Learned from the Marina Industry

    • 43 min
    Coupang: Korean E-Commerce Craze

    Coupang: Korean E-Commerce Craze

    Today, we are breaking down the South Korean e-commerce giant Coupang. If we ran through the taxonomy of investor interests, this Coupang conversation checks many boxes on that list. It is a founder-owned and operated business, a business that went through a massive pivot years into existence, a business that's replicating the Amazon model to success, and a business with healthy debates on the TAM & financial trajectory going forward.
    Our guest today is Drew Cohen from Speedwell Research. We want Business Breakdowns to be the most efficient way for you to learn about a company, so we pack that information as densely as possible into about an hour of each episode, but if you are itching for more on Coupang, check out Drew's full report at speedwellresearch.com. Please enjoy this Breakdown of Coupang.

    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    (00:00:00) Welcome to Business Breakdowns
    (00:04:52) An Overview of Coupang
    (00:07:49) Coupang's Founder Story
    (00:10:46) The Pivot to Amazon Model
    (00:13:49) Coupang's Logistics and Delivery Innovations
    (00:17:32) Coupang's Market Position and Competition
    (00:25:24) Consumer Behavior and Market Dynamics
    (00:34:15) Understanding Gross Margins and GMV
    (00:36:48) Operating Leverage and Logistics Infrastructure
    (00:38:06) Future Growth and Market Expansion
    (00:41:30) Advertising and Brand Dynamics
    (00:48:59) Competitive Landscape and Risks
    (00:56:12) Valuation and Market Perception
    (00:59:15) Key Lessons from Coupang's Success

    • 1 hr 1 min
    Lifco: Dentistry, Demolition, and Decentralization

    Lifco: Dentistry, Demolition, and Decentralization

    This is Zack Fuss. Today we are breaking down Lifco, a Swedish conglomerate recognized amongst a group of notable Scandinavian serial acquirers. Lifco’s business focus is to acquire and develop market-leading niche companies that run independently and are largely self-funded business units. Carl Bennet, the current chairman, is the architect behind Lifco and was the former CEO of the famed Electrolux in the 1980s.
    After acquiring a business out of Electrolux with a friend, Carl formed the group that is now today's Lifco. The roots of the business are in the medical sector, specifically dental, but have since grown into a diversified conglomerate as an acquirer of dental instruments, demolition equipment, and a wide array of specialized industrial businesses. 
    I'm joined by Adnan Hadziefendic, a portfolio manager at REQ Capital. We discuss the company’s clear philosophy centered on constant long-term growth, a focus on profitability, and an intentionally decentralized organization. Please enjoy this breakdown of Lifco. 


    Register for the Business Breakdowns x Founders Conference.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----
    This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
    -----
    Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
    Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    (00:00:00) Welcome to Business Breakdowns 
    (00:05:27) Lifco's Business Model and History
    (00:06:29) Core Segments of Lifco’s Business and Acquisition Strategy
    (00:07:14) Carl Bennett's Role and Lifco's Evolution
    (00:09:53) Lifco's Turnaround and Expanding Outside of Dental
    (00:13:47) M&A Strategy and Integration
    (00:16:53) Lifco Playbook for Post-Acquisition
    (00:22:41) Decentralization as Paramount to the Lifco Culture 
    (00:28:02) Aligning Incentives Across Acquisitions
    (00:34:31) The Recent Leadership Transition
    (00:38:56) Lifco’s Capital Allocation Strategy
    (00:41:10) System Solutions and Future Growth
    (00:47:37) Lessons from Breaking Down Lifco's

    • 47 min

Customer Reviews

5.0 out of 5
3 Ratings

3 Ratings

Top Podcasts In Economía y empresa

Cracks Podcast con Oso Trava
Oso Trava
Chisme Corporativo
Macarena Riva y Rosalaura López
Dimes y Billetes
Moris Dieck
Libros para Emprendedores
Luis Ramos
Oso Trava Podcast
Oso Trava
SINERGÉTICOS
Jorge Serratos | 1+1=3

You Might Also Like

Invest Like the Best with Patrick O'Shaughnessy
Colossus | Investing & Business Podcasts
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
Founders
David Senra
Value Investing with Legends
Columbia Business School
The Memo by Howard Marks
Oaktree Capital Management
Acquired
Ben Gilbert and David Rosenthal

More by Colossus