Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together. Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight). Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors. Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control. His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience. Enjoy this insightful conversation with Dustin Carreon of COI Holdings. ---------------------------------------------- Timestamps: 00:00:00 - Intro 00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money 00:06:16 - Struggling a lot as a teenager 00:12:28 - Not fitting in, thinking you’re not smart enough 00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people) 00:21:15 - Meeting the millionaire "homeless Santa Claus" 00:27:45 - Dustin learns capital allocation 00:36:16 - "The business produces a lot of cash, I should be doing something with it." 00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details 00:55:30 - Second acquisition: buying a business in another state 00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies 01:07:44 - Post-acquisition strategy (30-60-90 days) 01:18:19 - Why invest in an asset heavy manufacturing company? 01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio ----------------------------------------------- Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy Dustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/ This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.