# Teamshares IPO: $60M EBITDA, 92 Companies, Zero Exits

Page: https://stenobird.com/podcast/more-or-less-6425141/teamshares-ipo-60m-ebitda-92-companies-zero-exits
Text version: https://stenobird.com/podcast/more-or-less-6425141/teamshares-ipo-60m-ebitda-92-companies-zero-exits.md
Podcast: [More or Less](https://stenobird.com/podcast/more-or-less-6425141)
Published: 2026-06-17T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/moreorlesspod/episodes/Teamshares-IPO-60M-EBITDA--92-Companies--Zero-Exits-e3kshsa
Audio file: https://anchor.fm/s/e3c9ef30/podcast/play/121570634/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-16%2F426265905-44100-2-cd7b1fe3236b8.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/more-or-less-6425141/episodes/teamshares-ipo-60m-ebitda-92-companies-zero-exits
Duration seconds: 3117

## Resource

Seven years after Slow wrote its first check, Sam sits down with Teamshares CEO Mike Brown as the company prepares to go public. Mike’s core insight is simple: America has millions of durable, cash-flowing small businesses, but no great long-term owner. After buying and operating electrical contractors himself, he realized the opportunity wasn’t another marketplace or PE roll-up, it was building a permanent holding company that acquires great businesses, gives employees ownership, and never sells. Today, Teamshares owns 92 businesses generating roughly $60M in EBITDA. The conversation explores why most roll-ups fail, why capital allocation is the true operating system of the business, and why the traditional private equity model may be running out of steam. Mike closes with an ambitious goal: grow corporate EBITDA from $19M to $100M by 2027 and create a forever home for thousands of small businesses. Chapters: 00:00 Episode Teaser Featuring Mike Brown, Teamshares CEO 01:11 The Teamshares Origin Story 04:48 From Wall Street to Buying Small Businesses 10:47 Why Going Direct to Sellers Didn’t Work (The FSBO Problem) 13:18 Buying at Scale, The Teamshares Model 15:27 92 Acquisitions and $60M EBITDA, Lessons Learned 18:26 Why Generalist Hires Didn’t Work 19:08 Building a Leadership Pipeline 23:46 The Internal YC, Community Across Portfolio Companies 27:42 How Technology Powers 92 Businesses 28:08 “Will This Business Exist in 50 Years?” 32:21 Why Most Roll-Ups Fail 37:30 The Road to $100M EBITDA 39:51 The Long-Term Vision 40:58 Capital Allocation as a Competitive Advantage 42:34 Decentralized Leadership, Centralized Capital 46:16 Why Private Equity Fails Small Businesses 49:25 Going Public, What Comes Next We’re also on ↓ X: https://twitter.com/moreorlesspod Instagram: https:…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/more-or-less-6425141/episodes/teamshares-ipo-60m-ebitda-92-companies-zero-exits/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/more-or-less-6425141/teamshares-ipo-60m-ebitda-92-companies-zero-exits.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.