Nikonomics - The Economics of Small Business

Hosted by Nikolas Hulewsky

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303

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May 2026

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About the show

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.

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May 7, 2026Episode 30246 min

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

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin 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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Understanding Holdcos vs. Roll-Ups04:50 The Roll-Up Strategy: Why Choose This Path?09:57 Key Characteristics of a Successful Roll-Up14:47 Measuring Market Fragmentation and Consolidation20:05 The Importance of Size in Acquisitions23:26 The Importance of First Acquisitions25:24 Navigating Challenges in Early Partnerships28:19 Understanding the Veterinary Clinic Market31:10 Differentiating the JV Model from Traditional Roll-Ups36:25 Operational Value Creation in Roll-Ups41:07 Identifying Market Tailwinds and Risks44:03 Analyzing the Dental Roll-Up Market

May 5, 2026Episode 30142 min

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

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin 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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 From Corporate to Entrepreneurship: The Journey Begins02:40 Building Poolology: The Early Days and Growth Strategies05:53 Navigating Rapid Growth: Challenges and Lessons Learned08:47 The Transition to Construction: Expanding Services11:38 Marketing and Customer Acquisition: Strategies for Success15:01 Future Aspirations: Scaling and New Opportunities17:52 Reflections on the Journey: What Would You Change?

April 30, 2026Episode 30047 min

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

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin 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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Highlights_The Rise of Tuttle Twins03:02 Navigating Nonprofit and For-Profit Dynamics05:54 The Mission-Driven Approach08:46 The Impact of COVID-19 on Sales12:09 Realizing the Power of Media15:00 Overcoming Supply Chain Challenges17:48 Entrepreneurial Journey and Lessons Learned24:20 The Struggles of Early Entrepreneurship25:49 Transitioning to Nonprofit Work28:11 Financial Growth and Challenges30:04 Revenue Streams and Business Models32:56 The Nonprofit vs. For-Profit Mindset35:51 Creating Wealth in Nonprofits39:41 The Future of Libertas Network

April 28, 2026Episode 29944 min

299 - Best of 2025! Surviving $250,000 in Employee Theft to Build an $8.5M HVAC Empire with Austin Linney

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Austin Linney (https://x.com/AustinLinney). In this episode, we dive deep into the gritty, unglamorous reality of buying and operating home service businesses. Austin shares how he transitioned from the real estate industry to acquiring an HVAC, plumbing, and electric company, scaling its revenue from $3.2 million to nearly $9 million in just 17 months.We break down the dangerous myth of passive ownership and discuss why simply handing the reins to a CEO without understanding the day-to-day operations can be a fatal mistake. Austin also opens up about the hard lessons learned after uncovering massive employee theft and explains why bulletproof accounting and clean bookkeeping are the true lifeblood of any acquisition. If you want to know what it truly takes to succeed in the trenches of entrepreneurship and leadership, you need to hear this.Questions This Episode Answers:Why is the idea of passive ownership a dangerous myth when acquiring a new business?What is the single most important metric for tracking the daily health of a home services business?How can understanding different generational perspectives radically improve your leadership?Why must you prioritize bookkeeping and clean financials from day one of an acquisition?How do you successfully scale a company from $3.2 million to $9 million in just 17 months?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Highlights00:39 Introducing Austin Linney and His HVAC Journey01:17 The Anti-Private Equity Group01:49 The HVAC Business Acquisition03:30 The Importance of Direct Involvement04:27 The Role of Data in Business04:55 The Unexpected Acquisition07:16 The CEO Decision08:16 The Reality of Business Operations11:22 The Challenges of Scaling Up12:34 The Importance of Understanding the Business13:42 The Role of Leadership22:30 Understanding Different Age Groups in the Workplace23:00 The Importance of Perspective in Company Roles24:00 Diverse Roles and Their Unique Challenges26:07 Lessons from Business Struggles and Successes36:48 The Value of Action Over Procrastination38:12 Personal Reflections and Motivations42:29 The Power of Positivity and Authenticity

April 23, 2026Episode 29835 min

298 - Best of 2025! The 3-Step Framework Consultants Use to Fix Million-Dollar Problems with Maurizio Cuna

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Maurizio Cuna (https://x.com/themgmtconsult). Maurizio brings 20+ years of consulting expertise, having worked with some of the largest companies globally, and his job is literally business problem solving.I was stoked to learn his approach and better understand how to solve business problems. We entrepreneurs can apply those skills to our businesses. We dive into how consultants go beyond mere symptoms to identify the actual problem, using powerful tools like the Problem Tree and the five whys technique to help entrepreneurs problem solvePlus, Maurizio shares his consulting frameworks for prioritizing problems based on Frequency, Severity, and Willingness to Pay. Questions This Episode Answers:• How do consultants work?• How do they pinpoint the real problem, not just a symptom?• What mental models do experts use to break down complex business issues?• When facing multiple problems, how do you decide which to tackle first?• How can entrepreneurs balance quick action with careful analysis?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Consulting Philosophy: Moving Beyond Quick Fixes03:01 Understanding the Consultant's Approach to Problem Solving05:59 Identifying the Right Problems: The Importance of Root Cause Analysis08:53 Prioritizing Problems: Frameworks for Effective Solutions12:07 Balancing Speed and Thoroughness in Problem Solving15:03 The Role of Feedback Loops in Consulting17:50 Consulting Dynamics: The Client-Consultant Relationship21:03 The Future of Consulting: Emphasizing Soft Skills23:53 Navigating Data Collection and Analysis in Consulting26:45 The Shift Towards Soft Skills in a Tech-Driven World

April 21, 2026Episode 29750 min

297 - Best of 2025! 50,000 Subscribers. $10M in Revenue. 1 Insanely Creative Business Idea with Michael Clark

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Michael Clark. We dive into the incredible story behind The Flower Letters, a subscription business started with his wife, Hanny Clark, that mails immersive, physical story letters to subscribers. What started as a small idea in April 2020 with World War II love letters has exploded into a multi-million dollar venture, projecting $8-10 million this year! Michael shares how they bootstrapped this unique concept, scaling to over 50,000 subscribers by focusing on daily profitability and smart advertising strategies, leveraging a prepaid option for cash flow. You'll hear why he considers this direct mail business, despite his FinTech background, the most complicated he's ever built, managing over 900 inventory pieces in-house. We also discuss their "long game" vision, transforming The Flower Letters into a mission-driven company with potential for TV shows, audiobooks, and more, while carefully integrating AI only for artistic elements. Questions This Episode Answers:How did The Flower Letters grow from 33 subscribers to over 50,000 with multi-million dollar revenue?What advertising strategy was key to their rapid customer acquisition and how did they manage a $30 CAC?How does a subscription business like The Flower Letters prioritize daily profitability and manage cash flow through prepaid options?Why is a seemingly simple direct mail business considered the "most complicated" venture by a FinTech entrepreneur, and how is its fulfillment handled?How do The Flower Letters leverage a "long game" strategy to build a mission-driven company with a growing catalog of stories and future content expansion?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Rapid Growth and Business Model Overview03:02 The Origin Story: From Idea to Execution05:53 Marketing Strategies and Customer Acquisition08:46 Financial Insights and Business Economics12:06 Creating a Unique Customer Experience14:58 Operational Challenges and Fulfillment Process25:07 In-House Fulfillment and Customer Service27:58 The Importance of Storytelling in Business30:21 Creative Storytelling and the Role of AI36:38 Revenue Growth and Business Strategy38:59 Building a Sustainable Business Model42:47 Leveraging the Postal Service for Success44:45 Community Engagement and Pen Pal Ideas46:43 Launching a Podcast and Sharing Stories

April 16, 2026Episode 29640 min

296 - Best of 2025! I Asked AI to Run My Business for a Week. Here's What Happened with Andrew Pignanelli

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Andrew Pignanelli (https://x.com/@ndrewpignanelli). In this episode, we dive into the wild reality of building one-person billion-dollar companies. Andrew is the founder of the General Intelligence Company of New York, and their flagship product, Cofounder, is acting like an AI Chief of Staff for entrepreneurs. We talk about how business owners can finally cure the "million paper cuts problem", those tedious, daily tasks like scheduling meetings, managing emails, and competitor monitoring that quietly drain your time and brain power.Andrew explains how his platform goes beyond standard AI assistants by using a unique memory system to learn your workflow, allowing you to build complex automations autonomously using just natural language. We also zoom out to debate whether these powerful AI agents will soon wipe out traditional knowledge work and what that means for the future of the economy. If you want to know how running a highly successful real-world business might soon feel as easy as playing a video game, you won't want to miss this.Questions This Episode Answers:How can entrepreneurs scale a massive business without having to scale their human team?What is the "million paper cuts problem", and how can an AI Chief of Staff completely take it off your plate?How does a dedicated AI agent with a memory system outperform standard AI tools when managing daily business operations?What are the easiest ways to use automations for tedious tasks like email management, recruiting, and competitor monitoring?Will advanced AI agents eventually replace human knowledge workers, and how should founders prepare?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/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

April 14, 2026Episode 29537 min

295 - Best of 2025! Surviving the "Buyer's Trap" to Build a $6M HVAC Empire with Jack Carr

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Jack (https://x.com/theHVACJack). In this episode, I sit down with Jack, who left a lucrative career managing operations for wineries and running a Bitcoin mining venture to dive into the sexiest unsexy business out there: HVAC and plumbing. He shares the terrifying reality of buying his first business, only to have his entire staff quit the day before he officially took over. We discuss how he turned that nightmare into a massive success, scaling from a $600,000 purchase to nearly $6 million in top-line revenue in just two and a half years. We explore his brilliant acquisition strategy of using tuck-ins to buy out smaller competitors, his framework for leveraging overseas talent to handle customer service and retention, and his crucial warning about avoiding the buyer's trap when pursuing entrepreneurship through acquisition (ETA).Questions This Episode Answers:What is the first thing you should do when every employee quits the day you buy a business?How can you use tuck-in acquisitions to rapidly scale top-line revenue?Why is stepping into the granular, day-to-day operations a blessing in disguise for a new business owner?How can you effectively integrate overseas talent into a local home services business?What is the buyer's trap and how do you avoid paying a premium for a job rather than a true business structure?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 From Corporate to HVAC: A Bold Leap09:50 Navigating the Challenges of Business Ownership19:53 Scaling Through Acquisitions and Organic Growth29:47 Leveraging Overseas Talent for Business Efficiency37:17 Lessons Learned and Future Aspirations

April 9, 2026Episode 29450 min

294 - Best of 2025! How to Build a Business That Can Run Without You with John Seiffer

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview John Seiffer (https://x.com/BetterCeo), author of Output Thinking. John is an experienced entrepreneur who knows what it takes to build a business that doesn't require you to be in the day-to-day grind.We dive into how to move past being a solopreneur and actually build a scalable business. We talk about different phases of SMBs, why relying just on revenue isn't the best way to think about growth, and how the owner's role shifts dramatically when you start building systems instead of just doing everything yourself.John shares his unique perspective using his Eight Buckets framework and explains how to start identifying outputs in your business to figure out what to delegate. We even discuss the Grandma in the kitchen analogy and how to get that crucial tribal knowledge out of people's heads without making them feel uncomfortable.Plus, we touch on how tools like AI are changing the game for creating documentation (SOPs). This episode is packed with practical insights for any entrepreneur looking to systematize and scale.Questions This Episode Answers:How do you identify the first thing you should delegate in your business?What are John Seiffer's Eight Buckets of a business?How do you get tribal knowledge out of your employees' heads without making them feel threatened?What are the three different kinds of SOPs you should document?What's the best way for an overwhelmed entrepreneur to start systematizing?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 The Evolution of a Business Model03:00 Understanding Entrepreneurial Phases05:48 The Importance of Systematization09:08 Output Thinking Explained12:03 The Journey of Entrepreneurship14:52 Identifying Business Outputs17:48 The Seven Buckets of Business21:08 The Owner's Perspective25:30 The Role of a CEO: Beyond 40 Hours27:55 Systematizing Business Operations30:22 Effective Delegation and Communication34:47 Types of Standard Operating Procedures (SOPs)39:05 Leveraging AI for Documentation43:52 Extracting Knowledge from Employees44:49 Creating Accountability for Entrepreneurs

April 7, 2026Episode 29349 min

293 - Best of 2025! Building Beehiiv Into a Million Dollar Business with Tyler Denk

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Tyler Denk (https://x.com/denk_tweets), the co-founder and CEO of the booming newsletter platform Beehiiv. We dive into his incredible journey from Morning Brew to building Beehiiv, which now processes billions of newsletter impressions and pays millions to creators.We explore how Beehiiv helps individuals and businesses with audience building, monetization through ads and paid subscriptions, and the surprising dynamics of running a business where your users make almost as much as you do! Learn about the evolution of newsletter monetization, the power of owning your audience, and Tyler's unique perspective on leadership and growth while staying deeply involved in the product. We also touch on the decision to raise venture capital and his thoughts on future opportunities in the content space.Questions This Episode Answers:How much is Beehiiv currently paying out to creators per month?What are the typical margins for a SaaS and ads business like Beehiiv?How did the advertising model for newsletters evolve?How important is it for businesses to build their own email lists to mitigate platform risk?How did Tyler and his co-founders decide to raise venture capital early on?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/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Building a Successful Platform03:09 The Journey of Beehive05:56 Revenue Streams and Business Model08:51 The Evolution of Newsletter Monetization12:01 Empowering Creators and Small Businesses14:55 The Importance of Email Ownership17:49 Nurturing Customer Relationships through Content24:59 The Power of Consistency in Business Writing28:13 The CEO's Role: Inspire, Retain, and Recruit30:37 Balancing Doing and Delegating as a CEO36:45 Navigating Growth and Venture Capital Decisions46:49 Identifying Underserved Niches in the Newsletter Space