Nikonomics - The Economics of Small Business

Welcome to Nikonomics—the show for entrepreneurs and Wantrapreneurs, looking to make their first million. I bring firsthand experience, having bought and sold over a dozen businesses, achieved multiple 7-figure exits, and generated over $100 million in revenue. Each week, I blend humor with real insights from successful entrepreneurs, sharing growth strategies, deal insights, and unique business ideas you won’t find elsewhere. Ready to turn your entrepreneurial dreams into reality? Hit play and let’s get to work. Follow me on Twitter @CoFoundersNik or YouTube @NikonomicsPodcast.

Nikonomics - The Economics of Small Business is a business podcast hosted by Nikolas Hulewsky, with 299 episodes on record and a Required Pod Score of 86. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Nikolas Hulewsky hosts Nikonomics - The Economics of Small Business, a business show with 299 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #302

  302 - Best of 2025! Roll-Ups vs. Holdcos: Understanding the Key Differences and Benefits with Dzmitry Miranovich

  May 7, 202647 minS1

  MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribe Join me, Nik (https://x.com/CoFoundersNik), as I interview Dzmitry Miranovich (https://x.com/dzmitry9). Dzmitry is building a massive roll-up in the veterinary clinic space, currently with over 20 locations! Many people have ideas about what a roll-up or holdco actually is, but Dzmitry breaks down the real differences and reveals why he chose the roll-up route. We dive deep into what makes a good industry for a roll-up , from market fragmentation and tailwinds to operational value creation and how to actually quantify your runway for consolidation . We also discuss the nuances of the JV model and why your first acquisition is crucial for long-term success. It's an insightful look into the art of consolidation and what it truly takes to build a successful roll-up . Questions This Episode Answers: What's the difference between a roll-up and a holdco ? What key characteristics make an industry ideal for a roll-up ? How do you calculate an industry's runway for consolidation ? How does a roll-up's operational value creation drive success? Why is your first acquisition crucial when building a roll-up ? Enjoy the conversation! __________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts. __________________________ MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe Spotify: https://tinyurl.com/5avyu98y Apple: https://tinyurl.com/bdxbr284 YouTube: https://tinyurl.com/nikonomicsYT __________________________ This week we covered: 00:00 Understanding Holdcos vs. Roll-Ups 04:50 The Roll-Up Strategy: Why Choose This Path? 09:57 Key Characteristics of a Successful Roll-Up 14:47 Measuring Market Fragmentation and Consolidation 20:05 The Importance of Size in Acquisitions 23:26 The Importance of First Acquisitions 25:24 Navigating Challenges in Early Partnerships 28:19 Understanding the Veterinary Clinic Market 31:10 Differentiating the JV Model from Traditional Roll-Ups 36:25 Operational Value Creation in Roll-Ups 41:07 Identifying Market Tailwinds and Risks 44:03 Analyzing the Dental Roll-Up Market

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  Episode #302

  302 - Best of 2025! Roll-Ups vs. Holdcos: Understanding the Key Differences and Benefits with Dzmitry Miranovich

  May 7, 202647 minS1

  MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribe Join me, Nik (https://x.com/CoFoundersNik), as I interview Dzmitry Miranovich (https://x.com/dzmitry9). Dzmitry is building a massive roll-up in the veterinary clinic space, currently with over 20 locations! Many people have ideas about what a roll-up or holdco actually is, but Dzmitry breaks down the real differences and reveals why he chose the roll-up route. We dive deep into what makes a good industry for a roll-up , from market fragmentation and tailwinds to operational value creation and how to actually quantify your runway for consolidation . We also discuss the nuances of the JV model and why your first acquisition is crucial for long-term success. It's an insightful look into the art of consolidation and what it truly takes to build a successful roll-up . Questions This Episode Answers: What's the difference between a roll-up and a holdco ? What key characteristics make an industry ideal for a roll-up ? How do you calculate an industry's runway for consolidation ? How does a roll-up's operational value creation drive success? Why is your first acquisition crucial when building a roll-up ? Enjoy the conversation! __________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts. __________________________ MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe Spotify: https://tinyurl.com/5avyu98y Apple: https://tinyurl.com/bdxbr284 YouTube: https://tinyurl.com/nikonomicsYT __________________________ This week we covered: 00:00 Understanding Holdcos vs. Roll-Ups 04:50 The Roll-Up Strategy: Why Choose This Path? 09:57 Key Characteristics of a Successful Roll-Up 14:47 Measuring Market Fragmentation and Consolidation 20:05 The Importance of Size in Acquisitions 23:26 The Importance of First Acquisitions 25:24 Navigating Challenges in Early Partnerships 28:19 Understanding the Veterinary Clinic Market 31:10 Differentiating the JV Model from Traditional Roll-Ups 36:25 Operational Value Creation in Roll-Ups 41:07 Identifying Market Tailwinds and Risks 44:03 Analyzing the Dental Roll-Up Market

  ListenShow Notes
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  Episode #301

  301 - Best of 2025! From W2 Employee to a $18M Business Owner – Why I Left Corporate Finance to Start a Pool Business with Malcolm Marshall

  May 5, 202642 minS1

  MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribe Join me, Nik (https://x.com/CoFoundersNik), as I interview Malcolm Marshall (https://x.com/malcolmpools). Malcolm shares his incredible W2 to entrepreneur journey from a VP of Finance role at C4 Energy during its hyper-growth phase (from $8 million to $300 million!) to successfully scaling his business, Poolology, an $18 million pool construction and home services business in Central Texas. We dive into the surprising challenges of scaling businesses, the reality of bootstrapping, and how he navigated the shift from a W-2 to full-time entrepreneurship. You'll hear about the "aha!" moments, the hard-earned lessons, and what he would focus on if starting a new business today, especially in the promising field of AI infrastructure. Questions This Episode Answers: • How did Malcolm Marshall go from W2 to entrepreneur and scale his business, Poolology, from a small pool route to $18 million in revenue? • What were the biggest financial stressors and operational challenges during C4 Energy's hyper-growth? • Why did Malcolm leave a high-paying W-2 job with equity to start a small business? • How do pool construction and maintenance businesses acquire customers and what are their typical EBITDA margins? • If starting over, what industry would Malcolm focus on, and what’s the most crucial lesson he learned about team building? Enjoy the conversation! __________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts. __________________________ MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe Spotify: https://tinyurl.com/5avyu98y Apple: https://tinyurl.com/bdxbr284 YouTube: https://tinyurl.com/nikonomicsYT __________________________ This week we covered: 00:00 From Corporate to Entrepreneurship: The Journey Begins 02:40 Building Poolology: The Early Days and Growth Strategies 05:53 Navigating Rapid Growth: Challenges and Lessons Learned 08:47 The Transition to Construction: Expanding Services 11:38 Marketing and Customer Acquisition: Strategies for Success 15:01 Future Aspirations: Scaling and New Opportunities 17:52 Reflections on the Journey: What Would You Change?

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  Episode #301

  301 - Best of 2025! From W2 Employee to a $18M Business Owner – Why I Left Corporate Finance to Start a Pool Business with Malcolm Marshall

  May 5, 202642 minS1

  MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribe Join me, Nik (https://x.com/CoFoundersNik), as I interview Malcolm Marshall (https://x.com/malcolmpools). Malcolm shares his incredible W2 to entrepreneur journey from a VP of Finance role at C4 Energy during its hyper-growth phase (from $8 million to $300 million!) to successfully scaling his business, Poolology, an $18 million pool construction and home services business in Central Texas. We dive into the surprising challenges of scaling businesses, the reality of bootstrapping, and how he navigated the shift from a W-2 to full-time entrepreneurship. You'll hear about the "aha!" moments, the hard-earned lessons, and what he would focus on if starting a new business today, especially in the promising field of AI infrastructure. Questions This Episode Answers: • How did Malcolm Marshall go from W2 to entrepreneur and scale his business, Poolology, from a small pool route to $18 million in revenue? • What were the biggest financial stressors and operational challenges during C4 Energy's hyper-growth? • Why did Malcolm leave a high-paying W-2 job with equity to start a small business? • How do pool construction and maintenance businesses acquire customers and what are their typical EBITDA margins? • If starting over, what industry would Malcolm focus on, and what’s the most crucial lesson he learned about team building? Enjoy the conversation! __________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts. __________________________ MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe Spotify: https://tinyurl.com/5avyu98y Apple: https://tinyurl.com/bdxbr284 YouTube: https://tinyurl.com/nikonomicsYT __________________________ This week we covered: 00:00 From Corporate to Entrepreneurship: The Journey Begins 02:40 Building Poolology: The Early Days and Growth Strategies 05:53 Navigating Rapid Growth: Challenges and Lessons Learned 08:47 The Transition to Construction: Expanding Services 11:38 Marketing and Customer Acquisition: Strategies for Success 15:01 Future Aspirations: Scaling and New Opportunities 17:52 Reflections on the Journey: What Would You Change?

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  Episode #300

  300 - Best of 2025! Teaching Kids Capitalism: How the Tuttle Twins is Changing Hearts, Minds, and Laws with Connor Boyack

  Apr 30, 202648 minS1

  MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribe Join me, Nik (https://x.com/CoFoundersNik), as I interview Connor Boyack (https://x.com/cboyack). In this episode, we dive into the wildly unconventional business model behind the Tuttle Twins , a massive publishing empire that teaches kids the fundamentals of capitalism , economics , and entrepreneurship . Connor breaks down the paradox of operating a highly profitable media arm entirely within a non-profit organization , the Libertas Institute (now the Libertas Network ). We explore how a philanthropic kickstart model uses initial donations to ignite a self-sustaining marketing engine , and how treating a non-profit like an aggressive for-profit startup creates the ultimate market feedback loop . If you want to know how to aggressively scale a mission-driven brand without sacrificing your margin , you need to hear this! Questions This Episode Answers: How can you legally and effectively run a highly profitable business unit inside a non-profit organization ? What is the " philanthropic kickstart model " and how does it create a self-funding marketing strategy ? How can an unexpected demand surge impact your supply chain , and how do you pivot? Why do most non-profits struggle with inefficiency, and how does applying an entrepreneurial mindset fix them? How can a founder build personal wealth and earn royalties while leading a non-profit ? Enjoy the conversation! __________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts. __________________________ MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe Spotify: https://tinyurl.com/5avyu98y Apple: https://tinyurl.com/bdxbr284 YouTube: https://tinyurl.com/nikonomicsYT __________________________ This week we covered: 00:00 Highlights_The Rise of Tuttle Twins 03:02 Navigating Nonprofit and For-Profit Dynamics 05:54 The Mission-Driven Approach 08:46 The Impact of COVID-19 on Sales 12:09 Realizing the Power of Media 15:00 Overcoming Supply Chain Challenges 17:48 Entrepreneurial Journey and Lessons Learned 24:20 The Struggles of Early Entrepreneurship 25:49 Transitioning to Nonprofit Work 28:11 Financial Growth and Challenges 30:04 Revenue Streams and Business Models 32:56 The Nonprofit vs. For-Profit Mindset 35:51 Creating Wealth in Nonprofits 39:41 The Future of Libertas Network

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