{"podcast":{"title":"More or Less","slug":"more-or-less-6425141","podcast_index_feed_id":6425141,"rss_url":"https://anchor.fm/s/e3c9ef30/podcast/rss","website_url":"https://moreorlesspod.com/","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/38116620/38116620-1716176683266-60ee7e22a9d27.jpg","author":"Dave Morin, Jessica Lessin, Brit Morin, and Sam Lessin","episode_count":159,"summary":"Dave Morin, Jessica Lessin, Brit Morin, and Sam Lessin have debated the future of Silicon Valley and tech as the closest of friends for the last 15 years. Now six companies, two venture funds and more than a decade at Google, Apple and Facebook later, they are opening up the debate. From The Information, Offline Ventures, and Slow Ventures. Follow the crew: http://x.com/davemorin http://x.com/brit http://x.com/lessin http:/x.com/jessicalessin Follow the pod: https://moreorlesspod.com/ http://youtube.com/moreorlesspod https://x.com/moreorlesspod","last_synced_at":"2026-07-10T22:17:30.049171+00:00","page_url":"https://stenobird.com/podcast/more-or-less-6425141"},"episode":{"title":"Teamshares IPO: $60M EBITDA, 92 Companies, Zero Exits","slug":"teamshares-ipo-60m-ebitda-92-companies-zero-exits","published_at":"2026-06-17T12:00:00+00:00","page_url":"https://stenobird.com/podcast/more-or-less-6425141/teamshares-ipo-60m-ebitda-92-companies-zero-exits","show_page_url":"https://stenobird.com/podcast/more-or-less-6425141","url":"https://podcasters.spotify.com/pod/show/moreorlesspod/episodes/Teamshares-IPO-60M-EBITDA--92-Companies--Zero-Exits-e3kshsa","audio_url":"https://anchor.fm/s/e3c9ef30/podcast/play/121570634/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-16%2F426265905-44100-2-cd7b1fe3236b8.mp3","summary":"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:…","meta_description":"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 si…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3117,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/more-or-less-6425141/episodes/teamshares-ipo-60m-ebitda-92-companies-zero-exits/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/more-or-less-6425141/teamshares-ipo-60m-ebitda-92-companies-zero-exits.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}