oday's guest bought a tiny, struggling pet supplies store, doing just $100k in sales.

But Phil Miller had a nose for value.

He saw that the store had a ton of underutilized space that could be monetized with pet boarding, pet grooming.

He also understood that being zoned for pet boarding was precious, and this business was so zoned.

He jumped in and bought it.

That was back in 2006.

18 years later, in 2024, Phil had grown to 11 locations, 2 of them pet hospitals, and Pawville was an established regional brand.

Private equity came knocking, and Pawville became the platform for PE-backed WagWay.

Now, 18 years is a long time, yes.

But note, while it took 14 years to get to 3 locations, the next 8 locations came in only 4 years, from 2020 to 2024.

Listen for how Phil unlocked growth when he shifted from owner of the physical locations to tenant.

This is a lesson in capital allocation. Always be asking: is there a better use of the capital your business has locked up in real estate? (Probably.)

Also listen for the theme of turning around existing mom & pops and how — dare I say — easy it is if you are an experienced, competent operator from the same industry.

OK, please enjoy this conversation with Phil Miller, founder & CEO of Pawville.