Today we are breaking down Ecolab, a global sustainability leader offering water, hygiene, and infection prevention solutions that protect people & the resources vital to life. As of this recording, Ecolab has a $66 billion market cap and protects over 36% of the world's packaged food supply and over 44% of the global milk supply. My guest is Todd Wenning, founder of KNA Capital Management, who has a knack for finding interesting businesses. We get into Ecolab's very on-brand origin story, how the business kept that core focus throughout its history, and how it became one of two vendors that any US McDonald's must work with. Please enjoy this Breakdown on Ecolab. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. —- This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit octus.com to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.  —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Business Breakdowns (00:03:24) Founding Story and Early Innovations (00:04:52) Ecolab's Modern Business Segments (00:06:10) Chemical Foundations and Major Acquisitions (00:07:05) Sustainability and Solid Chemical Solutions (00:08:36) Market Opportunities and Challenges (00:10:09) The Nalco Acquisition and Water Solutions (00:15:40) Customer Relationships and Sales Strategy (00:20:29) Economic Sensitivity and Resilience (00:22:34) Financial Performance and Growth Projections (00:24:34) Capital Allocation and M&A Strategy (00:25:58) Competitive Landscape and Market Position (00:28:20) Future Growth Drivers and Water Focus (00:37:18) Valuation and Investor Considerations (00:40:18) Lessons from Breaking Down Ecolab

Today we are breaking down Goosehead Insurance. I always enjoy hearing about how a new entrant has effectively carved out a niche in a world of incumbents and Goosehead fits that billing perfectly.  I'm joined by Geoff Collette, founder and PM of Aeon Capital Partners, and he walks us through the story of Goosehead identifying a bottleneck in the home-buying process.  We also cover the evolving market, where captives like State Farm and Allstate are leaving opportunities for independent players like Goosehead to provide value.  There's a lot to learn from Goosehead and its evolution, with notable themes like technology, the franchising model, and an emphasis on speed. Please enjoy this breakdown on Goosehead Insurance. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit octus.com to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.  —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Business Breakdowns (00:04:26) How Goosehead Attracts Customers (00:05:15) Market Focus and Business Scale (00:06:07) Goosehead's Growth and Key Players (00:08:51) The Founding Story of Goosehead (00:12:28) The Shift from Captive to Independent Agents (00:15:29) Challenges in the Insurance Market (00:19:37) Goosehead's Unique Business Model (00:36:42) Franchising and Corporate Strategy (00:41:00) Operational Challenges and Strategic Adjustments (00:46:28) Financial Performance and Future Prospects (01:00:29) Competitive Landscape and Risks (01:07:40) Valuation and Lessons From Goosehead