The Turn: Blue Collar to Billions

Iconic Founders Group
  • 5.0 (9)
  • Entrepreneurship
  • Updated Biweekly

You've fought hard for your business. Growth was earned, not given. Maybe you've scaled, maybe you've sold— but who have you become in the process? This isn't another podcast obsessing over multiples and deal structure. We get to the heart of what you're actually going through. Hosted by Kory Mitchell, CEO of Iconic Founders, we sit down with blue-collar business owners who've built something real— businesses like HVAC, landscaping, pest control, construction. These are honest conversations about the challenges, the lessons, and the moments that changed everything. Because the real story isn't just how you got here—it's about the lessons along the way. About the Host, Kory Mitchell: Kory Mitchell is the host of The Turn and the founder of Iconic Founders Group. He's lived the founder's journey—building a small regional specialty contracting business with his family into a national ($200m)brand and navigating two transactions, including a 9-figure exit. With 25+ years in the specialty contracting industry, Kory learned how personal and high-stakes the decision to sell can be. Now he guides founder-led companies through legacy-preserving transactions and serves as a board member for several large national specialty trades businesses, bringing an operator's perspective to strategic growth. About Iconic Founders: Iconic Founders Group provides expert guidance for blue-collar industry founders ready to grow and sell their businesses while preserving legacy. We work with founder-led businesses doing $3M–$20M in profit across specialty contracting and trades—including HVAC, plumbing, electrical, landscaping, pest control, roofing, concrete, environmental services, tree services, excavation, asphalt paving, restoration, and more. Whether you're seeking liquidity, finding a partner to scale, or protecting the team and culture that made you great, Kory and the Iconic Team serves as a trusted advisor throughout the entire process—from readiness to strategic buyer alignment, all the way to a proud and well-earned close. Learn more at www.iconicfounders.com. Built Something Great? We Want to Hear Your Story. Whether you're in the thick of scaling, contemplating an exit, or reflecting on lessons learned, we'd love to connect. Visit us at www.iconicfounders.com and subscribe to The Turn wherever you get your podcasts.

  1. Jul 7

    They Didn't Buy His Customers. They Bought His Culture.

    Phil Cooper joined the family pest control business in 1984. He got handed the title of commission-only door-to-door salesman, and went to work. His brother wanted nothing to do with pest control — he hated the pesticides, hated the smell, wanted to be a scientist. Phil restructured the company so his brother could come back as an entomologist instead. That decision became the thing that eventually attracted Terminix. Phil's dad gave him an ultimatum at graduation: prove yourself by 30, or the business stays his. Six months before Phil's 30th birthday, his dad transferred the stock — gifted it outright. No purchase price. No negotiation. He'd built his own retirement separately and didn't need the money. From there, Phil and his brother spent 30 years getting Cooper Pest Control from $1 million to $6 million, then three years getting from $6 million to $11 million once they finally cracked the code on sales systems, leadership, and culture. When Terminix came calling, Phil had two things ready: a number, and a list of exactly what it would take. When their chief revenue officer asked to see the list on the spot and said he'd sign an LOI that day if it checked out, Phil and his brother had their moment of truth. They sold for life-changing, generational wealth. Phil stayed on for 20 months running newly acquired pest control brands, calls it the hardest job and the fastest learning curve of his life, then left to become an EOS implementer when his sponsor inside Terminix resigned. Here's what we discuss with Phil: • Growing up in the business and joining as a door-to-door commission-only salesman in 1984 • Why his dad restructured the company so his brother — an entomologist — would want to come back • The graduation gift that became an ultimatum: own it by 30, or walk away • His dad gifting the stock outright with no purchase price negotiation • The 10 years he "screwed up" trying to build a real sales team — and what finally worked • Why a great salesperson, sales manager, and account manager are three different animals • Going from $1M to $6M in 30 years, then $6M to $11M in three • Building "the list" — the specific terms it would take to sell, on paper, years in advance • The moment Terminix's CRO asked to see the list and offered an LOI on the spot • Why Terminix paid for culture, leadership, and systems — not the customer list • 20 months running acquired brands inside Terminix and the data lessons that came with it • Leaving after his internal champion resigned, and becoming an EOS implementer 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

  2. Jun 23

    Most Owners Are Terrified to Do This. He Did It Anyway.

    Chris Lee's mom called him with a U-Haul in the driveway. He'd already accepted a job in Little Rock. The U-Haul went to Texas instead. He joined his family's landscape company — Earthworks — when it had 25 employees, an answering machine, a pager, and no real systems. His stepdad was a brilliant operator who couldn't tolerate people. Chris was the opposite. He liked people. That turned out to be enough to start something. Over the next 25 years, Chris built Earthworks from a few hundred thousand in revenue to more than $40 million. He expanded geographically before it made obvious sense. He invested in data systems early, then figured out how to share that data with his team — and tie it to how they got paid. That comp shift, he says, was the single biggest thing they ever did. He opened new branches in Dallas and went greenfield into Houston with one operator and a foreman. And two years before going to market, he hired an advisor and did his own due diligence on the business — so when buyers came, there were no surprises. He sold to Osprey Landscape Group and rolled equity. He's still running the Texas platform. Still working more than he expected to. Still proving they made the right call. Here's what we discuss with Chris: • Canceling his job offer and joining the family business in 1998 with a pager and a roll of quarters • Expanding the geographic and demographic footprint when the business was being too restrictive • Investing in their first ERP system and what real-time job costing changed • Why sharing financial data with your team is terrifying — and why you have to do it anyway • Teaching employees the difference between profit and cash flow • Tying comp to actionable behavior — and why it became the single biggest move they made • The rule that changed everything: "My check gets cashed last" • Opening new branches in Dallas and going greenfield into Houston • Starting the sale process two years before going to market • Doing their own due diligence before buyers did • Getting four LOIs and why the decision came down to culture, not price • What it actually feels like post-close — more pressure, not less 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

  3. Jun 9

    They Grew to $40M and Destroyed the Family Doing It

    Seth Zeller's dad and uncle started an electrical contracting company in the early eighties on a handshake and a work ethic. No succession plan. No operating agreement. Just family, and the assumption that family would figure it out. When five second-generation Zellers entered the business, that assumption got tested. Hard. Seth pushed the envelope — bought out the first gen, took the reins, grew the business from $7 million to $40 million. But the conflict never went away. It just got worse. The fractures inside the business followed them everywhere — to the kitchen table, to Christmas dinner, eventually to the floor of the office. Seth and his brother had a physical altercation. In front of a customer. Their accounting manager had to pull them apart. Through all of it, the business kept growing. Consultants came and went. One fired them as a client. They tried EOS, YPO, a pastor as mediator, and a third-party buyout that fell apart on the one-yard line in January 2025. Seth finally forced his exit through the buy-sell in August of that year. He got out. He's not sure it healed anything yet. The family isn't taking vacations together. His parents are hurt. His confidence has wavered. But he's building something new — a consulting practice, a growth coaching business — and processing all of it out loud. This is the story of what happens when you don't make a plan. And what it costs. Here's what we discuss: • How the Zeller's built a $7M electrical business on integrity, reputation, and a handshake • What happens when five second-gen family members enter a business with no succession plan • Why "owner" isn't a job title — and the alignment problems it created • Buying out the first gen in 2015 — and why it didn't fix anything • Growing from $7M to $40M through EOS, the Great Game of Business, and outside consultants • The physical altercation with his brother — in front of a customer • Why the consultant fired them as a client • The third-party buyout that went to the one-yard line and fell apart • How to craft a buy-sell that actually alleviates conflict instead of adding to it • What it feels like to finally exit the business — and why it's more complicated than relief 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

  4. May 27

    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

  5. May 12

    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

  6. Apr 28

    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

  7. Apr 14

    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.

  8. Mar 31

    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

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Ratings & Reviews

5
out of 5
9 Ratings

About

You've fought hard for your business. Growth was earned, not given. Maybe you've scaled, maybe you've sold— but who have you become in the process? This isn't another podcast obsessing over multiples and deal structure. We get to the heart of what you're actually going through. Hosted by Kory Mitchell, CEO of Iconic Founders, we sit down with blue-collar business owners who've built something real— businesses like HVAC, landscaping, pest control, construction. These are honest conversations about the challenges, the lessons, and the moments that changed everything. Because the real story isn't just how you got here—it's about the lessons along the way. About the Host, Kory Mitchell: Kory Mitchell is the host of The Turn and the founder of Iconic Founders Group. He's lived the founder's journey—building a small regional specialty contracting business with his family into a national ($200m)brand and navigating two transactions, including a 9-figure exit. With 25+ years in the specialty contracting industry, Kory learned how personal and high-stakes the decision to sell can be. Now he guides founder-led companies through legacy-preserving transactions and serves as a board member for several large national specialty trades businesses, bringing an operator's perspective to strategic growth. About Iconic Founders: Iconic Founders Group provides expert guidance for blue-collar industry founders ready to grow and sell their businesses while preserving legacy. We work with founder-led businesses doing $3M–$20M in profit across specialty contracting and trades—including HVAC, plumbing, electrical, landscaping, pest control, roofing, concrete, environmental services, tree services, excavation, asphalt paving, restoration, and more. Whether you're seeking liquidity, finding a partner to scale, or protecting the team and culture that made you great, Kory and the Iconic Team serves as a trusted advisor throughout the entire process—from readiness to strategic buyer alignment, all the way to a proud and well-earned close. Learn more at www.iconicfounders.com. Built Something Great? We Want to Hear Your Story. Whether you're in the thick of scaling, contemplating an exit, or reflecting on lessons learned, we'd love to connect. Visit us at www.iconicfounders.com and subscribe to The Turn wherever you get your podcasts.

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