{
  "id": 41764,
  "title": "‘It’s really not for the faint of heart’: This 29-year-old CEO became a business owner, doubled revenue in 3 years, and learned what car not to drive",
  "url": "https://urgent.news/2026/08/02/its-really-not-for-the-faint-of-heart-this-29-year-old-ceo-became-a",
  "topic": "science",
  "section": "Science",
  "published": "2026-08-02T11:30:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/08/02/its-really-not-for-the-faint-of-heart-this-29-year-old-ceo-became-a-business-owner-doubled-revenue-in-3-years-and-learned-what-car-not-to-drive/"
  },
  "original_language": "en",
  "account": "Lucas Philips, a 29-year-old CEO, has become a successful business owner by acquiring and doubling the revenue of niche automotive interior manufacturer Newark Auto in just three years. Before embarking on his entrepreneurial journey, Philips grew up watching his father run a small business, and after graduating from Northwestern University, he launched a coffee concept and raised capital before deciding that he wanted more control and less risk. He found this in the world of small business acquisitions, where he uses debt financing rather than equity rounds or bootstrapping.\n\nPhilips emphasizes that becoming a business owner is not for everyone, describing it as \"really not for the faint of heart.\" He recounts a failed attempt to acquire a small shop in rural Oregon, where he should have brought a more modest car, such as a Camry, instead of a brand-new convertible Mustang. This anecdote highlights the importance of careful decision-making in the acquisition process.\n\nSince acquiring Newark Auto, Philips has pushed annual revenue from around $1 million at purchase to more than $3 million. He has achieved this success through bolt-on acquisitions, long commutes, and a team of hourly workers who have never experienced the perks of startup life. Philips jokes about a lack of a ping-pong table in his office, emphasizing the importance of focusing on the core business rather than getting distracted by such trivial matters.\n\nPhilips traces his entrepreneurial drive back to his family's history, as his ancestors were Jewish small business owners who immigrated to New York over a century ago. This background, along with his experiences at Northwestern University and the Acquisition Lab, has shaped his approach to small business acquisition. He learned about the business from the Walker Deibel playbook and was particularly inspired by the book \"Buy Then Build,\" which helped him understand the importance of buying a business with debt rather than raising equity rounds or bootstrapping from zero.\n\nThe CEO's approach to business ownership differs from the search fund model popularized by Harvard and Stanford, which allows MBAs to own a small portion of a business with institutional equity and no personal guarantee. Philips, on the other hand, used a more challenging SBA model, where he put down 10% down and took on a personally guaranteed loan for the remaining 90%. He frames this approach as \"burning the boats,\" meaning he is fully invested and responsible for the success or failure of the business, much like a warrior burning his boats behind him to ensure he cannot turn back. Philips believes that anyone considering this path should undergo formal training, such as the Acquisition Lab's modules on search and diligence, to ensure they are prepared for the risks and responsibilities that come with owning a business.",
  "summary": "Lucas Philips, a 29-year-old CEO, has built a successful business empire by acquiring niche manufacturers of custom automotive interiors and doubling revenue in just three years. Despite growing up with a father who owned a small business, Philips initially pursued a career in startup equity funding before deciding to take a more hands-on approach. After reading Buy Then Build by Walker Deibel, Philips acquired Newark Auto, a company that specialized in custom automotive interiors, and has since increased the company's revenue from just over a million dollars to more than three million dollars. Philips acknowledges that running a small business is not for the faint of heart and shares a cautionary tale about the importance of choosing the right vehicle for business deals.",
  "key_points": [
    "Lucas Philips, 29, doubled Newark Auto's revenue in 3 years",
    "Philips emphasizes business ownership is not for faint of heart",
    "Failed Oregon shop acquisition taught importance of careful decision-making"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}