From $26M to $12M—and BACK: Hard Lessons from a Private Equity Rollercoaster
April 30, 2026 •
What does it really take to scale a trades business into a national leader—and what happens when it all starts to unravel?
In this episode of The Entrepreneur’s Journey, Michael sits down with Kory Mitchell, former CEO of a leading environmental services company and current founder of Iconic Founders. Kory shares his full journey—from growing a family business into the #1 abatement company in the U.S., to navigating a dramatic post-sale downturn, and ultimately rebuilding the company under intense pressure.1.5
This conversation goes beyond the highlight reel. Kory opens up about painful lessons, leadership challenges, private equity realities, and what founders must understand before selling their business.
If you’re building, scaling, or thinking about exiting your company—this episode is packed with hard-earned wisdom you won’t want to miss.
Tune into this episode to also learn:
● Why chasing the wrong type of growth can quickly destroy profitability.
● How a single leadership decision cut EBITDA in half in under a year.
● Why sticking to your core business is critical when scaling.
● How to think about selling your business—and when not to.
What we discussed
● [00:00:40] Introduction to Kory Mitchell and his journey from family business to industry leader.
● [00:02:30] Growing up in an asbestos abatement business and early exposure to entrepreneurship.
● [00:04:30] Scaling through new service lines and expanding into new markets.
● [00:06:30] Using acquisitions to rapidly grow revenue and geographic footprint.
● [00:08:00] Selling the business to private equity and transitioning leadership.
● [00:09:30] The impact of bringing in an outside CEO and shifting strategy.
● [00:10:45] How chasing large industrial projects led to massive losses.
● [00:12:20] Taking back control and leading a full company turnaround.
● [00:14:00] Lessons learned from rebuilding EBITDA from $12M back to $26M.
● [00:16:00] The emotional and operational challenges of scaling a large organization.
● [00:18:00] When it makes sense to sell—and when it doesn’t.
● [00:19:30] Building a business that creates optionality for founders.
● [00:21:00] Launching Iconic Founders and helping trades owners scale and exit.
● [00:23:00] What business owners need to know before selling to private equity.
3 Things To Remember
- Growth is only valuable if it aligns with what your business actually does well—otherwise, it can quickly erode profits.
- Selling your business creates opportunity, but it also introduces new risks and challenges that require careful planning.
- The ultimate goal is optionality—building a business that gives you the freedom to sell, scale, or step back on your terms.
Memorable moments
(00:10:45) “We went from $26 million in EBITDA to $12 million in nine months.”
(00:12:45) “Don’t take on growth for the sake of growth at any cost.”
(00:15:30) “If the business is working for you, why sell?”
(00:18:10) “You want to build a business that gives you optionality.”
Useful Links
Connect with Michael Pallozzi: pallozzi@hfmadvisors.com | LinkedIn
Connect with Jason Gabrieli: jgabrieli@hfmadvisors.com | LinkedIn
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