Tony Mallinger joined his family's roofing products manufacturing company in 2001. His dad bought it in the late eighties for about $2 million. By the time Tony led the first sale in 2020, it was doing $62 million. Four years later, after two acquisitions under private equity, they sold again—for $410 million.

But this isn't just a growth story. It's a family business story. Three brothers, a father who wanted to treat everyone the same, and years of misalignment that made the success feel hollow. Their best year ever? Everyone was miserable. That's when Tony knew it was time to sell. He pushed for a fiduciary board, hired the best M&A attorney and banker, and signed the purchase agreement two weeks before COVID hit. The family relationships got rough after the first sale. The good news They're better now. But the lesson is clear (and it's a rather common one): you can win the deal and still have wounds to heal.

Here's what we discuss:
• How his father—an accountant—bought a $2M manufacturing company
• Growing from $10M to $62M through strategic accounts and speed-to-market
• Working with two brothers and a father—and why alignment was the hardest part
• Setting up a fiduciary board with real governance
• How his father transferred 90% of equity to the kids early
• The moment everyone was miserable after their best year
• Signing the purchase agreement two weeks before COVID
• Staying on as CEO and buying their #2 competitor six months later
• Going from $62M to $130M in four years
• The second exit at $410 million

Running a blue-collar business and wondering how to think about value or selling? Iconic Founders Group helps founders like you explore what's next. If you're doing over $2M in profit, check us out at iconicfounders.com or reach out to theturn@iconicfounders.com.