oday's interview is the story of a small business holdco.

The Elmore Companies portfolio is 9 businesses strong and does around $200 million in annual revenue.

And it's run by three partners, two of whom are with us today, Gant Elmore and Matt Moldenhauer.

We unpack what they're building and, more importantly, how they're building it.

A theme threaded throughout our conversation is compounding.

‍Hardly a new concept, but many investors and builders talk the compounding talk; Gant and Matt walk the walk.

‍Their acquisitions are forever-holds.

‍They seek operating partners who view the business as their life's work.

‍And they've seen time and again in their own portfolio how it's not until years seven or 12 or even 15 where the magic of compounding happens.

"From two to a hundred million took 10 years," says Gant, "and from a hundred million to 200 million took a year."

‍Another key theme of what Gant and Matt are building is operations.

Matt spent seven years operating a small business in a hard industry, a business that had just $2m in revenue when acquired. Listen for how much gratitude he has for the operational chops he earned during that tenure.

And how he recommends a similar path to you, aspiring holdco builder.

‍There is so much in today's interview with Gant Elmore and Matt Moldenhauer. Enjoy.