On this episode of Made in Iowa, John Mickelson lays out a hard truth: many of America’s strongest manufacturing and industrial companies face a two-fold threat. First, founders and long-time owners are aging out without clear succession plans. Second, many of these businesses—while profitable—have never been fully operationalized. They’ve grown on grit, relationships, and instinct, but lack the systems, structure, and leadership depth required to thrive in their next chapter. John explains the distinction between venture capital and private equity, emphasizing that his firm isn’t chasing startups. With up to $500 million to invest, they focus on acquiring proven companies and strengthening what’s already working.
Out of 700 to 800 businesses reviewed, only five or six make the cut. Once acquired, the work begins—professionalizing operations, installing scalable systems, building leadership infrastructure, and preparing the company for long-term sustainability. This isn’t about quick exits; it’s about disciplined transformation. When asked if he ever wants to keep the companies they acquire, John answered without hesitation: “YES!” But their mandate is clear—deliver strong returns for investors while leaving each company healthier, more valuable, and better positioned for the future. It’s a practical, powerful strategy for preserving America’s industrial backbone while creating measurable growth.
Presenting sponsor: Wellmark https://wellmark.com/MadeinIowa
https://www.youtube.com/watch?v=YAuhOZypVpc
