Key Points From the Interview
oing public, an IPO, is something we typically associate with zero-to-one, venture-funded entrepreneurship.
Not so much our world of buying small businesses.
Here, big liquidity events typically take the form of selling the business you bought to a private equity fund, or maybe a roll-up or strategic acquirer.
Well today's guest Josh Medow may — one day — prove the exception.
Josh bought a decades-old logistics business. It was a good, solid business with a lot of those search-friendly characteristics.
But it wasn't fast growing.
It is today, and this is the story of how Josh did that.
Notice that, it's not that Josh lucked into a business that had all this growth potential.
He had to look for those growth opportunities in the business, only after he became its owner.
And he insists that no matter what business he might have otherwise bought, he would have similarly searched for ways to transform it into something fast growing.
It's a mindset that I don't think I've encountered from other guests.
The idea that you're going to buy a "boring" or "sleepy" business, not to enjoy compounding over time, but to fundamentally reshape it.
Now, Josh hasn't gone public yet; that is still years in the distance.
But after my conversation with him, I for one believe he can get there.
See if you agree.
Here is Josh Medow, owner of Mercury.