Boring Money

David Heacock
  • 5.0 (5)
  • Entrepreneurship
  • Updated Weekly

Boring Money is for the people quietly getting rich the unglamorous way. Hosted by David Heacock, founder and CEO of Filterbuy, this podcast covers boring businesses, acquisitions, cash flow, EBITDA, tax strategy, fixed income, and the real mechanics of compounding capital. Built for operators, investors, and business owners who care more about long-term wealth than hype, headlines, or status.

  1. 2d ago

    How He Built an Eight-Figure Business Selling Toilet Paper

    Jake Berk is 31 and the president of Berk International, a second-and-third-generation family business in Boyertown, Pennsylvania that converts toilet paper, paper towels and dry wipes. His grandfather started it in the 1970s buying bales of reclaimed T-shirts; Jake's dad and three uncles cut them into 20-pound boxes of rags and rolled them up driveways on skateboards. They built that into a company, sold it in the late 90s, watched the buyer run it into the ground, took the machinery back and started over. Today it pays eight figures a year and ships to 15 countries. Jake's dad is still the CEO. Jake is the president who has effectively run sales for ten years. For a long time they loosely talked about where the business was going and never actually said it. Then a consultant sat them down with ten questions, had them write their answers separately, and read them aloud. They were not on the same page. That exercise is the reason this conversation could happen. We break down: Why "boring" businesses are having a renaissance, and why toilet paper is as safe as it gets Manufacturer vs. converter: parent rolls from Egypt, China, Vietnam, Turkey and Italy, 300 stock SKUs plus 150 private-label items Selling only through distributors: food service, jan/san, industrial, and why price alone never wins the account Freight on a low-margin commodity: the largest price increase they have ever pushed, delivered pricing, and why Jake refuses to add a fuel surcharge The "same page" exercise that finally got a father and son honest about a liquidity event Why "we want more sales" is the wrong goal, and the cash flow modeling to do before hiring another rep Building a target map by industry and region, and holding one person accountable to it Whether Berk should go direct to end users, and how we run Filterbuy's nine distribution points and same-day courier delivery Family business rules: don't overlap roles, name the decision maker, and say the expectations out loud Jake's advice to anyone who wants to start a manufacturing business: don't. Become a distributor first. I grew up in a distribution business and bought it in 2012, and we stocked toilet paper too. Every time it grew I had less cash, which is why I ended up in air filters getting paid upfront. So my take for Jake: more sales is the easy part. Before you hire another rep, model what five times the revenue does to receivables, inventory, purchasing, customer service, lead times and the credit line. Cash, not demand, is what stops a distributor from growing. Nobody actually wants more sales. They want more money in their pocket, and those are not the same thing.

  2. Oct 6

    It’s Boring, But It’s How You Make Millions Investing

    Jonathan Boyar runs Boyar Value Group, the firm his father Mark started in 1975 as a research service and grew into Boyar Asset Management in 1983. The idea has not changed in fifty years: ignore what Wall Street pays as a multiple of earnings and ask what an acquirer would pay for the whole business. If the stock trades at a big discount to that number, it is interesting. If not, you do not have to swing. Jonathan puts 70 to 80 percent of his own net worth into the same stocks he buys for clients, turns the portfolio over about 10 percent a year, and says most days he does nothing. The best example is Madison Square Garden. When the Knicks and Rangers were sitting inside one company at an enterprise value that made no sense next to what the teams were worth, Boyar wrote a public letter to James Dolan asking him to split them apart. The company did, the press picked it up, and the position outperformed. Patience got rewarded faster than they expected. We break down: Valuing a public company the way a buyer would, and why that gives you a margin of safety the multiple never will Why SpaceX at 20 times revenue is a pass, and what makes a boring business worth paying up for Running a concentrated, tax-efficient book for about 100 clients with 10 percent turnover and six investment professionals Value traps, and why the catalyst matters as much as the discount The research business: six publications a year, the summer "Fresh Looks", the "Forgotten 40" every December, and a $600-a-year newsletter The private equity roll-up wave in wealth management: crazy multiples, a bad fiduciary for the end client, and why Jonathan is not selling Advice for the plumber in Wichita with cash to invest: index funds if you do not know what you are doing, and buy the corrections Sports teams as an asset class, second-order effects of tax rules, and billionaires with egos AI as the great democratizer of information, and why Boyar still does not use it for analysis The private-market arbitrage, Watsco rolling up HVAC distributors, and why cash flow is what people actually care about My take: I left finance for air filters because I wanted something unlikely to change. Jonathan stayed in finance and built the same thing: a process that does not care what is fashionable, a client base that buys into it, and the patience to do nothing most days. Most owners I meet who sell end up afraid of losing what they have. A business you control, throwing off cash, is the opposite of that. That is boring money.

  3. Sep 29

    He Built 1.5M Followers With Zero Ad Spend. I Hired Him to Do It for Air Filters.

    Stanley Henry ran hotels for 12 years. Eleven jobs in twelve years, because he was the guy they sent in to fix the one that wasn't working. New Zealand, Australia, the UK, a stint in Japan. In his last year he was running a hotel in Melbourne that did more profit in one January than it had ever done in revenue in a January, and his boss still didn't think he should be on vacation. He turned to his wife and said it out loud: as long as I work for someone else, they're always going to want more. Six months later he was back in New Zealand with no network and no brand. He had five or six coffee meetings a day for six months, posted about it on LinkedIn the whole time, and had no idea what the business was going to be. Then COVID locked the country down and everyone he'd met asked him to do for them what he'd been doing for himself. First client May 11, 2020. Seven people a year later. Fifteen staff writing LinkedIn posts for brokers and insurance guys for three years. Then he hired a 22-year-old with 400,000 TikTok followers to figure out video, and The Attention Seeker went to 300,000 followers in three months, 700,000 in eighteen, then Instagram, YouTube, a podcast. Today it's about 1.5 million followers across platforms, built with no paid spend, which is the whole pitch: an organic agency that is itself one of the biggest brands on organic social. Clients came the same way his LinkedIn clients did. They watched, then they called. Eighteen months ago the agency was 40 people. Today it's 15 and does more revenue. He replaced eleven project managers with an AI he named Kevin, a context brain on a server in the office that digests every meeting, email and document every six hours and then puts calendar invites in the humans' calendars telling them what to shoot. The editors are still human, because AI makes average and the algorithm only rewards great. This one is a little different from the usual episode. Filterbuy hired Stanley's agency a few weeks ago. I've believed in organic social for a decade and spent real money failing at it, and my personal brand started two years ago because I decided I had to learn the game myself. So the second half of this conversation is the actual plan for how you make people under 50 care about an air filter company, and how a small boring business anywhere should start. We break down: Why a marketing agency that doesn't do its own marketing is the norm, and why doing it anyway was the entire business LinkedIn in 2026: AI slop made real stories more valuable, not less. His team now has journalists calling clients for what actually happened this week The One New Zealand telco rebrand that put them on the map, and Pizza Hut New Zealand going from 3,000 followers to 100,000 and beating Domino's and McDonald's on social in the one market where Pizza Hut is growing Why his perfect client is a boring grudge purchase: banks, telcos, energy, insurance, air filters. People are either indifferent or they hate you, and both are easy to move The 50/50 rule: the TikTok and Tracksuit study on brand versus performance spend, and why paid can't distribute bad content anymore no matter what you pay His playbook for a local pest control or plumbing company with no budget: hire one young content creator at $6,000 to $7,000 a month, five videos a day, six months, a weekly start-stop-continue, and dominate your zip code. Most people quit at two weeks. A month to land it is fast The Filterbuy strategy: take the filters out of the content entirely, build a social TV show called Filtered By, street interviews with unnecessary censorship, get the show loved for three months before anyone touches paid Nike has 300 channels. Why one series per audience beats one channel trying to talk to everyone, and why you build them one at a time What has changed on social in five years: nothing. Cheap tricks stopped working because everyone learned them. Good stories always won, and the winning edit right now is the simplest one Where I'd focus if I could pick one platform, where he would, and why we both land on YouTube being the hardest and the most valuable Why he's selling the agency: agencies cash flow but don't scale, so he used the cash to build the brand, and the brand launched an education product three months ago that's already doing a quarter million a month in New Zealand and Australia off a two-hour webinar a week The line I kept coming back to: you can't pay Facebook to distribute crap anymore. The platforms only show people what they'd choose to watch, so the question isn't how do I get my message in front of them. It's what would they want to watch, and how do I get my name next to it. That's the directive I gave my team, and it's why I hired someone who has done it for boring brands before. Stanley told my head of growth he'd put his neck on the line if the show didn't work. I wish every vendor felt that way. We'll find out in three months.

  4. Sep 22

    He Does $6M a Year Bottling Water. One Robot Almost Broke Him.

    Jay Peterson got out of Boston College in 1991 into no jobs, went home to Kankakee, Illinois, and sold industrial real estate for a broker who gave him the listing nobody wanted: a hundred acres next to a dynamite plant. Two years later some friends set him up as a Canteen distributor with one route truck and two vending machines. He and his wife Myra were the first two employees. They canceled their honeymoon to take on a Sears distribution center. That vending company got to about $10 million. He sold it in 2001, kept the water and coffee routes, sold those in 2005, and then a fax came across his desk. Nestle Waters had bought every independent water company in the country to compete with Coke and Pepsi, figured out they only wanted the dense markets, and was selling off the rest. Jay bought the Evansville, Indiana routes, with a Toyota plant and an Alcoa can plant on the customer list, for $225,000 on $1.1 million of revenue. That's Mountain Glacier. He's run it for 20 years. Today it's a $6 million co-packing plant putting out about 2 million five-gallon bottles a year. 40 truckloads a week, with a plant that can do 80. He went from 30,000 home-delivery customers down to 15 big ones. The sales are there. What's in the way is a robot. He bought it at a trade show, waited two years for it to be built in Poland, and got it dropped on his floor last June with a two-week install in the contract. It took seven months. The suction cups couldn't hold 20% of his bottles. The layout meant he couldn't go back to hand loading without cutting his throughput in half. He ran the plant around the clock from June to October, put about a million dollars of his own money in, and his father-in-law named the robot Philip Bottles. This year Philip is the employee of the month, every month. The hole from last year is still there. We break down: Why vending machines aren't the passive income YouTube says they are: you need a million dollars of revenue before you can afford a money room and a warehouse, and until then the husband fills machines at night and the wife does the books Route density, and why Nestle wanted a truck parked in front of a Manhattan tower all day but not Buffalo What's actually in the bottle: spring water at 200+ TDS, remineralized RO at 50 to 100, distilled at 3 or less, and how he blends a recipe to whatever a customer specs Where I pushed back on the robot. It always takes longer than they say, and you don't tear out the way you get product out the door until the new way is proven The freight company that came with the water business: 12 day cabs, 30 trailers, and a $700,000 SBA note, six months into unwinding it one truck at a time Why I told him to rip the Band-Aid off. I did it over 12 to 18 months and I should have done it in one auction. Trucks don't get more valuable, the insurance doesn't get cheaper, and the problem eats your attention the whole time Why he should not sign the three-to-five year freight contract J.B. Hunt is about to offer him. A rate per lane, a fuel surcharge, revisited every year. Anything more complicated than that and you're getting screwed somewhere Three SBA 7A notes, everything collateralized, and what a bad robot year does to your covenants Whether $600,000 or $2 million actually fixes anything, and why "capital constrained" is usually shorthand for something else The assignment I gave his son Jake, who just joined with an accounting background: a 13-week cash flow model, every dollar in and out, closed within a week of month end, done in 60 days, and nothing else on his desk until it is The line I kept coming back to: if you're upside down on half the business, doubling it might just make you upside down by double. Jay wants to go from 40 loads to 80. I don't know if that's a good idea, and neither does he, because nobody has the numbers yet. Once they do, the next move will be obvious to him, to his bank, and to anybody he'd ask for money. Until then everybody is guessing. Jay is 57. He's spent 33 years horse trading in and out of businesses, and what he wants now is one the Peterson family keeps for another 20. The water is fine. The plant is fine. Culligan wants it. What he has to get right is the boring part.

  5. Sep 15

    This Veteran's Boring Business Makes $11,000/Day

    Ian Dahlberg got out of the Coast Guard and was trying to figure out what he was doing next. He picked up a security guard license on a whim while going to college on the GI Bill, and it got him hired at the Waldorf Astoria in 2012 as a security manager trainee. He says he's got more stories from that one year than from six years in the military. Seven incident reports a day was the average. Then he did the thing I keep telling people to do. He went back to being a guard. Night shift, shipping container terminal, so he could learn the side of the business he'd been managing from above. He wrote the business plan for Dahlcore in the guard booth. He didn't know what a bill rate was. He couldn't read a P&L. Six more years inside the industry after that. Branch manager at Securitas, a mobile unit for Chase Bank, then Brooklyn: 300 people and 10,000 guard hours a week. He brought in seven figures of business and his salary went up $5,000. Two employers after that, data centers and then Chelsea Market, six days a week and twelve-hour days. He started Dahlcore in April 2018 by calling cemeteries, because he was looking for somewhere the big companies weren't. First year, $90,000. Second year, $670,000. Then COVID took him down to three clients and about $8,000 a week. This year he's projected a little over $4 million, on 7% margins. He also told me he bid roughly $100 million of RFPs this year and won none of them. We break down: Why cemeteries were the right first client for a company with no track record: weekends only, no staff on site, and nobody else was bothering to call them The Winter Lantern Festival, where he was hired for four guards and found out at the precinct meeting that he needed thirteen per shift, with two weeks to hire them and two employees on Staten Island to start from Why the moment he knew it was real wasn't the $19,000 deposit check, it was standing in the field looking at thirteen people wearing a logo he'd designed himself What 7% margins actually mean: $8,000 a week sounds like $400K a year until you work out that it leaves him $28,000 Why he deliberately carries the overhead of a $10 million company at $4 million, because that's how he was trained to run a branch at Securitas and he'd rather buy the capacity early The race to the bottom, and how it actually works: PE firms buying agencies state by state to qualify for national accounts, and a new facilities director who's told to cut 10% and goes shopping instead of picking up the phone Where I pushed him hardest. What do you offer that your competition can't? He's got real answers, and he still hadn't sold me by the end of it Retention, where we disagree. He says his is strong and the clients he lost lost their funding. My definition is simpler: is this revenue I can count on next year, yes or no, and the reason doesn't change the number The marketing agency he built to sell his own playbook to security companies outside New York, which now pays for the $135K a year he spends marketing Dahlcore Why hiring one salesperson and teaching them his method produced a $1.2 million contract in Q1, after years of sales being entirely him What transfers from Ian's story is the order he did it in. He used the military to get into something adjacent, worked inside the industry until he understood it, and only then went out on his own against the companies he used to work for. I don't think he makes it without that. What he's up against now is a different problem. He can have a $10 million business he runs himself, or a $10 million business that runs without him, and only one of those is worth anything to the family he wants to hand it to. He's closer to the first one. That's normal. It's also the whole job from here.

  6. Sep 8

    He Makes $185K/Year as an Electrician. I Told Him He Can Do $1M Next Year.

    Ron Butler spent eight years at one residential electrical company and didn't want to leave. He asked them to match a $100K offer he'd gotten elsewhere. They couldn't. He pitched them on starting a service department instead, four guys, he'd out-earn the whole shop. They didn't bite. So he took the other job. Day one he walked into a branch running on chaos. Day two he called his CPA and asked whether $60 or $70K working for himself, after the tax treatment, would match the $100K. She said more than match. Day three he told them it wasn't a good fit and left. He had just bought a house and had no real savings behind him. That was 18 months ago. Top Notch Electrical Services did $131K gross in its first year, $91K net, and he's at $185K over the last twelve months. All of it word of mouth. He has never spent a dollar on marketing. Nine contractor relationships, built by getting up at 7am, putting on a company shirt, sitting in a coffee shop, writing down 20 or 30 numbers and calling them. He came in planning to hire his first full-time employee. I told him not to. We break down: Why the employee is the wrong hire: his ability to deliver the work isn't the constraint, his pipeline is, and every dollar he has should go into fixing the one that's actually broken Why he's the bottleneck. Every site walk, every invoice, every job runs through him, so the hours that would build a pipeline get spent doing the work instead The case for deliberately earning less this year: 1099 out jobs he could do himself, accept the lower margin, and put the freed-up hours into relationships The idea I'd chase if I were him. Pull every permit filed in Austin, see which contractors have real repeating volume, and go get in front of those specific companies His first job was a $20K remodel in a $3M home that he'd turned down and handed to another electrician, and the client asked for him back Why he walked away from $30 Thumbtack leads even though they were working, and why I think that was right at his stage Why three years to a million isn't ambitious enough, and what the 12-month version looks like: nine contractor relationships to fifty The out-of-state licensing question, $20 to $30K a year to be a master on record in another state, and why I told him I'm not equipped to advise him on it Ron's slogan is "confidence is competence." He passed his master electrician exam first try, at 26, when the four masters he knows averaged five attempts between them. That trait is why the business works. It's also why he wants to do every job himself, and it's the thing that caps him at $200K if he doesn't let it go. He asked me for a realistic timeline to a million a year. I said twelve months. I don't think he expected the number to be that low.

  7. Sep 1

    He Got Fired Twice and Slept in His Car. Now He Does $450K Cleaning Floors.

    Justin Campbell got fired from a management job at TGI Fridays, moved back home into the room down the hall from his grandmother, and started taking $50-a-day temp shifts. The job site was far enough that he slept in his car outside it rather than risk the morning drive. One evening a guy from the commercial floor care company next door knocked on his window and asked what he was doing out there. He offered him steady evening hours. That knock is the whole origin story. Four years later Justin was the youngest director of operations that company had. Then an outside sales team came in, the tenured managers started getting cut, and he got fired again. He started Midland Floor Care off temp-work money, renting equipment from Home Depot one job at a time. Fifteen years on he's at close to $450,000, 98% commercial, three full-time people plus temp labor he flexes by project. A buyer has already approached him. They want a $4 to $5 million company, so that conversation ended quickly. The gap between those two numbers is what we spent most of this episode on. We break down: How he got his first commercial client: he noticed the floor while checking out of a Massage Envy, asked who was doing it, and the owner happened to be in earshot. She kept opening locations and kept bringing him with her Why residential paid him the same day and commercial pays net 30 to net 120, and what that does to a business funding its own growth What the Goldman Sachs 10,000 Small Businesses program actually gave him, which was not the grant he thought he was applying for Why he thinks his next hire is a general manager, and why I think that's the wrong one The hire I'd make instead: take a salesperson who already sells to his customers, pay a higher commission than feels comfortable, and fund six months of ramp The financial model you build before you go recruiting, or you end up with someone pricing work below cost and earning commission on it Why one good salesperson is enough to double a business this size Justin is also the first guest I've had who actually did the thing I keep telling young people to do: skip the debt, go work inside an industry, then start something in it. He just didn't do it on purpose. And the last thing I told him is the part most people skip. You keep looking for the next solution when the answer is in the doing. There's no magic bullet. Go make it work once.

  8. Aug 25

    He Bought a Couple 3D Printers for Fun. Now He Has 105.

    JT McCord spent eight years as a software engineer outside Columbus, Ohio, making $150K a year and stashing 30% of it. COVID sent him fully remote, and he bought a couple of 3D printers for the basement with no intention of selling anything. Three years later he runs 105 machines out of the bottom floor of an old salon. First year: $50K. Second year: $400K. He's at $400K again halfway through 2026. The part that got my attention is how he got the machines. One gaming grip listing on Etsy caught fire over Christmas. At the peak, 95% of his revenue came from that single product, and he financed 16 printers off it. Today that listing is less than a quarter of a percent of sales. The business that grew on top of it is the real story. We break down: His actual revenue mix: own catalog, B2B rush jobs, and printing capacity sold to other people. One of the three is a trap Why print-on-demand fulfillment caps him. Quote a customer, and they do the math and buy three more printers instead. It's already happened to him Amazon versus Etsy on the same listing in the same week: 45 units against 6, at triple the fees. You can't skip Amazon The co-founder split with Cameron, the C in JC. What a pre-agreed valuation saved them, and why JT still says get a partner and still says avoid giving them equity Why he hasn't replaced the $150K salary yet, and what he's actually paying himself Where I'd put every dollar: a full-time designer, evergreen products that solve a real problem, and the influencer playbook to move them The little 3D-printed frog he drops in every box, and why customers keep photographing it JT asked me how to turn this into an exponential equation. He's a process guy who wrote the software to run a hundred printers without knowing what's on any of them. That's not what's missing. What's missing is the creative side and the distribution side, and those are two halves of the same problem.

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About

Boring Money is for the people quietly getting rich the unglamorous way. Hosted by David Heacock, founder and CEO of Filterbuy, this podcast covers boring businesses, acquisitions, cash flow, EBITDA, tax strategy, fixed income, and the real mechanics of compounding capital. Built for operators, investors, and business owners who care more about long-term wealth than hype, headlines, or status.

Information

  • Creator
    David Heacock
  • Years Active
    2026
  • Episodes
    27
  • Rating
    Explicit
  • Copyright
    © 2026 Boring Money
  • Show Website
    Boring Money

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