260 - Best of 2025! How Private Equity Valuations Are Changing the Property Management Game with Peter Lohmann

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Peter Lohmann (https://x.com/pslohmann). In this episode, we dive into the unsexy but incredibly lucrative world of property management with Peter Lohmann, the founder of RL Property Management in Columbus, Ohio.Peter reveals how he scaled his business from zero to nearly 700 units and $3 million in revenue after leaving his job as an engineer. Peter also shares his controversial advice on why you should start, not buy, a management company if you are new to business, and details the "operational nightmare" you must navigate to reach success.We even discuss the massive opportunity for exits, where Private Equity firms are paying 1.5x to 2x top-line revenue for established companies.Questions This Episode Answers:1. What are the target benchmarks for revenue per door and profit margins in a successful property management business?2. Why does Peter recommend building a company from scratch rather than acquiring an existing one?3. What specific marketing strategies—from Google Business Profiles to meetups—would Peter use to get 100 doors in just six months?4. At what unit count does a property management company typically become self-sustaining enough to hire full-time staff?5. How are Private Equity groups valuing these businesses, and what multiples can you expect if you sell?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Highlights00:27 Introduction to Property Management00:54 Revenue and Profit Margins02:29 Understanding Clients and Tenants03:06 Key Responsibilities of Property Managers03:37 Profiles of Property Owners04:29 Why Hire a Property Management Company?05:41 Payment Structures and Fees06:34 Company History and Growth10:50 Remote and Local Operations16:16 Starting a Property Management Business19:02 Finding Your First Clients19:29 Early Challenges and Strategies20:47 Benchmarks in Property Management21:50 The Importance of Community23:27 Scaling Your Business30:57 Operational Complexities32:21 Opportunities in Property Management35:38 Conclusion and Final Thoughts

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Minh Nguyen (@minhnxn). In this episode, we dive deep into the exciting world of AI and how it's revolutionizing the way we build businesses and gather information online.Minh, coming straight from the heart of tech in the Bay Area, shares his practical experiences using various Large Language Models like Claude, ChatGPT, and the often-overlooked Gemini for tasks ranging from coding to deep research.We explore his journey building Cash On, a powerful Chrome extension for real estate investors, and uncover the surprising potential of simple browser tools. Get ready to learn about AI-powered web scraping, the rise of directory websites and programmatic SEO, and how no-code platforms like Lovable and Bolt.new are empowering non-technical founders to bring their app ideas to life.Questions This Episode Answers:• What AI tools (like LLMs) do you use and for what specific purposes?• Why do you think people are "sleeping on" Gemini?• How can AI be utilized for web scraping and data acquisition?• What are some good types of app ideas to start with when using no-code or low-code tools?• How can I leverage my existing content (like podcast episodes) using AI?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Automating Data Collection for Real Estate02:59 Exploring AI Tools and Their Applications05:48 Building AI-Powered Web Scrapers09:10 The Future of Programmatic SEO12:07 Leveraging AI for Business Ideas14:54 Creating Chatbots for Business Analysis17:45 Building Without Coding: New Possibilities21:08 Frameworks for Identifying Business Opportunities

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Kevin Henderson (https://x.com/KHendersonCo).Today, I sit down with Kevin, a founding partner of the SMB Law Group, which I believe is the fastest growing law firm in the country. Kevin is an established legal expert who handled M&A and securities compliance for a publicly traded, large flow control company called FlowServe.He walked away from that cush corporate job to launch a transactional boutique focused on the Entrepreneurship Through Acquisition (ETA) space alongside his partners, Eric and Sam.Kevin discusses how he and his co-founders brought their expertise from working on multi-billion dollar deals (Big Law) and applied it to neglected Main Street M&A. He explains the unique financial structure they pioneered to solve the problem of buyers having less money for legal fees, including the use of fixed fees and a mechanism to essentially finance transaction expenses, including legal fees, against the required buyer equity injection in SBA deals.We also dive into the amazing story behind the famous headline, “Who the Hell Is Kevin Henderson?”, after SMB Law Group achieved the number one deal count ranking in the entire state of Texas in its first full calendar year!Questions This Episode AnswersHow did a lawyer overcome paralyzing fear to leave a cush corporate job and launch a startup?Why did SMB Law Group choose to focus on the neglected Entrepreneurship Through Acquisition (ETA) space?How can high-quality M&A legal services be delivered profitably with relatively affordable fixed fees?What is the mechanism that allows legal fees to be effectively financed against the buyer’s required equity injection in an SBA acquisition?What are the three most critical priorities for a highly experienced attorney when buying their own business?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Introduction to Kevin Henderson and His Journey03:07 Transitioning from Corporate Law to SMB Law05:45 Innovative Legal Structures for SMB Transactions09:01 The Importance of Quality of Earnings in Deals11:51 Kevin Henderson's Rise in the Legal World15:08 Key Considerations in Business Acquisitions18:00 Personal Insights and Future Aspirations

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Tyler Mumford (https://x.com/StumpGuyTy).I’m thrilled to chat with Tyler Mumford, who heard me and Chris Koerner discussing the idea of launching a stump grinding business on a Holdco Bro episode and decided to quit his $180,000 job.We dive deep into the key strategies and tactics that helped him go from zero to replacing his income so quickly. Tyler reveals how total focus was his biggest differentiator and explains why he quit his job rather than starting this as a side hustle, feeling that the risk-taker gets the spoils. He shares how he initially focused on a B2B play with tree companies and quickly pivoted to include direct-to-consumer jobs by optimizing his Google Business Profile.Tyler also discusses the power of sharing his journey publicly (MO) and how that led him to create an extensive, 85-page Playbook to monetize the hundreds of questions he received. Finally, we talk about how simply being "in the game" of entrepreneurship led him and his wife to launch their mobile Swedish candy store, Amelia's Swedish Candy, which operates out of a beautiful 1962 Volkswagen Transporter and is already doing impressive revenue.Questions This Episode Answers:How did Tyler replace his $180k SAS income with a stump grinding business in about a year?What was the biggest differentiator that allowed a new service business to grow rapidly?How did a new business rank number one organically on Google Maps against established local competitors?What is the secret strategy for getting customers to write a Google review immediately after service?How can entrepreneurs monetize the constant questions they receive after growing an audience?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 From Corporate to Stump Grinding Success02:47 The Power of Focus and Risk-Taking05:59 Building Relationships and Market Understanding08:51 Leveraging Google Business for Growth11:46 The Art of Asking for Reviews15:08 The Surge in Stump Grinding Interest17:48 The Stump Grinding Community and Its Growth20:39 Building a Stump Grinding Community23:54 The Challenge of Helping Others26:09 Creating a Playbook for Success29:58 The Value of Information and Consulting33:20 Launching a Candy Business37:54 Revenue and Future Plans for the Candy Business

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Amanda Orson (https://x.com/amandaorson). We dive deep into how massive efficiency gains from AI are revolutionizing startups, allowing companies to run much leaner than ever before. Amanda explains her approach of Seed strapping—taking outside capital just once to get the initial product, like Navigator or the B2B directory, off the ground, and then relying on rapid revenue reinvestment to accelerate growth and preserve equity.She reveals that between 50% and 60% of their code is now AI generated, and we discuss the possibility of the first single person unicorn company. We focus heavily on practical AI frameworks, including how Amanda uses ChatGPT's operator as a "proof of concept" to validate whether or not a function can be automated before investing further.We break down the differences between using ChatGPT versus Claude, with Amanda emphasizing that Claude is often superior for creating "tighter" projects that involve deep research and dynamic artifacts. Plus, she shares her incredible "cheat code" for turning historical figures or admired business leaders—like Edwin Land or Elon Musk—into specialized AI thought partners by curating their transcripts and distillations. She even offers a starting point for any business owner looking to dive into AI for the first time.Enjoy the conversation!__________________________Questions This Episode Answers:What is Seed strapping and how can it help founders preserve equity?How much leaner can a modern company run now that AI can generate code?What is the "genius framework" for using operator to validate the feasibility of automation?How can you use Claude projects to create a specialized AI thought partner out of business idols?Should you use ChatGPT or Claude as your primary AI workhorse for data projects?__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 The Rise of AI and Its Impact on Business02:55 Seed Strapping: A New Approach to Funding06:07 Leveraging AI for Efficiency and Growth09:04 Using AI as a Thought Partner11:51 Data Management and Analysis with AI15:06 The Future of AI in Business17:58 Practical Applications of AI Tools21:10 Navigating AI for Business Owners

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Alex Nelson (https://x.com/weddingvenueguy).I'm thrilled to welcome back Alex Nelson, the wedding venue guy! When we last spoke, he had just launched his incredibly successful Iowa wedding venue with zero experience.Now, Alex has expanded beyond the venue, buying five coffee shops and supporting his wife's baby boutique, leading me to call him a mogul. We dive deep into his journey since that first venture, starting with how he and his wife booked their own venue a year and a half out, inspiring the business idea. Alex shares the shocking reality of building a multi-million dollar venue from the ground up, dealing with massive budget overruns (the original $1.5 million budget ended up closer to $2.7 million!).He explains the intense stress of unexpected construction delays that forced them to refund deposits from booked weddings, a situation he said felt like the start of a Ponzi scheme. We also discuss the key advantages of using an SBA 7A loan for real estate projects, specifically the 25-year amortization period.Finally, Alex details his shift from the high-ticket, specific needs of the wedding venue business to acquiring and rebranding multiple coffee shop locations, and offers excellent advice for anyone looking to enter the wedding venue space, including essential ways to test demand.Questions This Episode Answers:1. What are the key advantages of using an SBA 7A loan when financing both real estate and a business?2. How do you accurately gauge market demand for a new standalone wedding venue?3. What happens when catastrophic construction delays impact a business that operates purely on pre-booked deposits?4. Is it easier to buy an existing business (like four coffee shops) or build one from scratch (like a wedding venue)?5. What is the most critical first step (and financial commitment) an aspiring wedding venue owner should take?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 – How he discovered the wedding-venue idea03:02 – Booking a venue before even being engaged05:26 – Saving money & early planning07:36 – COVID moment: deciding to build now10:01 – SBA loan plan + cost jump to $2.7M12:27 – Construction delays & real challenges17:19 – Taking deposits before the venue existed19:34 – Stress, refunds & near-disaster moments24:20 – Year 1–3 revenue growth29:04 – Buying & expanding multiple coffee shops36:16 – Scaling operations & improving systems41:02 – Future plans: more shops + another venue

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I sit down with Chris Sacchinelli (https://x.com/@investopreneur_). Chris is an entrepreneur who has been practicing what he preaches for years, creating content while building, buying, and selling over a dozen businesses.We dive deep into the best paths for first-time entrepreneurs looking to replace their W-2 income. He shares his top three business ideas right now - Newsletters, low-capital Home Services (like pressure washing), and AI consulting, explaining why these simple, bootstrap ventures are truly life-changing businesses.Questions This Episode Answers:• What are the three best businesses for first-time entrepreneurs right now?• What is the true reality of passive income?• How can focusing on consistency with a newsletter lead to guaranteed business distribution?• What is the framework you should use to decide what business to start (Ikagi)?• How do you structure a multi-million dollar Hold Co to avoid unnecessary operational complexity?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 [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 The Journey of Entrepreneurship03:02 The Power of Content Creation05:58 Exploring Business Frameworks08:51 The Newsletter Revolution11:44 Finding Your Voice in Business15:05 The Reality of Passive Income17:58 Home Services as a Starting Point20:50 Scaling Businesses Effectively23:41 The Pursuit of Uncapped Upside28:30 The Pursuit of Fulfillment32:16 Balancing Family and Business35:07 Launching a Healthcare Venture Studio38:58 Lessons from Past Experiences45:13 Navigating the Challenges of Business Models52:17 Building an Ownable Business

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Andrew Pignanelli (https://x.com/@ndrewpignanelli). I sat down with Andrew, founder of The General Intelligence Company of New York, to dive into his incredible product, CoFounder. The core idea behind CoFounder is facilitating one person billion dollar companies. As entrepreneurs, we constantly struggle with the million paper cuts problem, all those tiny daily tasks that take up huge chunks of our time and brain capacity. Andrew explains how CoFounder acts as a chief of staff or self completing to-do list, extending your capacity without needing to hire a huge team.We discuss how these AI agents use a persistent memory system and deep API integrations to understand you and automate crucial tasks like scheduling and managing emails. You won't believe how easy Andrew has made building complex automations using simple natural language, you can skip the need for complicated tools like Zapier altogether! We also explore powerful use cases like automated competitor monitoring, how CoFounder uses guardrails to manage tasks like sending calendar invites, and even integrating with tools like Limitless. If you want to see the future of autonomous companies and learn how to scale your business without scaling people, you need to hear this.Questions This Episode Answers:1. How can I grow my business without having to scale the people side of things?2. What is the million paper cuts problem and how can AI agents fix it?3. How can I build complex automations using just natural language?4. What is the difference between an API and the Model Context Protocol (MCP)?5. What specific tasks like scheduling, email, and competitor monitoring are CoFounder users automating the most?__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 – Intro: One-person billion-dollar companies00:40 – What CoFounder is and why it’s exploding03:05 – How AI connects all your tools (email, Slack, CRM)05:28 – The “million paper cuts” problem CoFounder solves07:44 – Top use cases: scheduling, email, research, monitoring10:07 – Treating AI like a human assistant12:33 – Live demo: reading calendar, creating tasks, using tools15:00 – The easiest automation builder (natural language flows)22:04 – Onboarding: how CoFounder learns your style and workflow29:12 – Competition, vision, and the future of autonomous companies

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Kevin Dahlstrom (https://x.com/camp4), a serial entrepreneur and former CMO of three publicly traded companies, who's disrupting the healthcare industry with his testosterone replacement therapy startup.I reached out to Kevin Dahlstrom because despite being a multiple-time serial entrepreneur, CMO of three public companies, and angel investor in over 50 businesses, he's taking on his boldest swing yet: launching BOLT Health, a direct-to-consumer men's health optimization business in the heavily regulated healthcare space targeting the silent epidemic of low testosterone (low T) affecting millions of men.Kevin's entrepreneurial journey into testosterone replacement therapy (TRT) started with his own health optimization as a committed biohacker. At 54, he now feels better than he did in his 20s, and he built a subscription healthcare business to help other men achieve the same results.Questions This Episode Answers:How did a brand new subscription wellness service achieve $70,000 in MRR in just 5 months without significant paid advertising spend?How can a founder leverage CMO expertise and content marketing to educate customers on controversial or confusing health topics like hormone optimization?How do you structure a medical services organization (MSO) to operate compliantly with doctor-owned entities and compounding pharmacy networks?What makes testosterone replacement therapy such a massive business opportunity for health entrepreneurs right now?Why is the mainstream healthcare system (sick care vs. health care) creating opportunities for cash-pay longevity medicine startups?__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 – Intro: Kevin Dahlstrom on launching Bolt Health01:00 – From banking to biohacking03:05 – Why testosterone is foundational for men’s health05:22 – The silent epidemic of low testosterone07:47 – Building Bolt: Subscription model and process10:12 – Modern approach: Microdosing and TRT myths12:39 – New research changing testosterone therapy15:06 – Bolt’s customer journey and business model19:56 – Why traditional healthcare is broken24:44 – The future of health: Longevity and cash-pay medicine29:34 – The opportunity in modern healthcare innovation33:55 – Authentic marketing and influencer growth36:20 – Why product > marketing early on38:45 – Kevin’s edge: Turning passion into business46:03 – Lessons from chasing unicorns vs. building real value

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Ryan Bartlett, founder and CEO of True Classic (https://x.com/@RyanBartlett)From failed musician and poker player to billion-dollar t-shirt brand founder, Ryan Bartlett's entrepreneurial journey is proof it's never too late to start a business. In this episode, we explore how Ryan built True Classic from zero to over $100 million in revenue in just two years, selling 30+ million t-shirts and becoming one of the fastest-growing e-commerce brands in the apparel industry.Questions This Episode Answers:Is it too late to start a business in your 30s or 40s?How do you pivot from a failed career into successful entrepreneurship?What skills from music and poker translate to building a billion-dollar business?How did True Classic grow from $0 to $100M in just two years?What is the "white space opportunity" strategy for finding winning business ideas?How do you identify which business idea to pursue (the "fat pitch" method)?When should you transition from founder-operator to hiring a CEO?How do you scale a team from scrappy generalists to specialized experts?What role does creativity play in winning at e-commerce and digital marketing?How do you build risk tolerance for making big inventory and business bets?What are the three core problems True Classic solved in the t-shirt market?How do you compete in a "boring" or saturated industry like apparel?How important are co-founders vs. going solo as an entrepreneur?What's the best way to test products cheaply using drop shipping?How do Facebook ads and paid media drive D2C brand growth?Why do employees quit without warning and how do you prevent it?How will AI tools like Sora change marketing and ad creative production?Should entrepreneurs use AI video generation for Facebook advertising now?What's True Classic's expansion strategy (women's line, new products)?How do you balance profit with purpose and philanthropic impact?__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 – Intro: Who is Ryan Bartlett / True Classic story03:05 – Failing in music & poker for a decade10:08 – Moving from poker to digital marketing12:25 – Creativity becomes a business advantage14:49 – Compounding skills over 10+ years17:14 – Running a $1M/year marketing agency22:01 – Solving fit, feel, and price in clothing24:19 – Why boring industries have big opportunity26:44 – The bet that launched True Classic31:33 – Leveraging experience & risk tolerance33:57 – Scaling to $100M and needing a real team36:12 – Creatives vs Operators38:33 – Why people management is the hardest part40:45 – Staying in your area of strength43:12 – You don’t need perfect planning to start45:33 – Failure builds the muscle47:57 – Creativity is the real advantage50:20 – AI + Sora + creativity for content55:02 – Sora is changing marketing