#217: Kelcey Lehrich (365 Holdings) — Building the Forever Home for E-Commerce Companies

Kelcey Lehrich is the Co-Founder and CEO of 365 Holdings, based in Akron, Ohio. 365 Holdings acquires and operates consumer products companies, with a focus on eCommerce and a goal of long-term ownership. In our conversation, Kelcey shares his path to entrepreneurship and his evolution from making his first acquisition to becoming a seasoned operator. He weaves in lessons from challenging ventures, unconventional acquisitions, and the earned wisdom of building durable businesses in the competitive world of e-commerce. We unpack how Kelcey thinks about demand creation versus demand capture, what it takes to build a resilient holding company, the tradeoffs between a centralized shared-services model and a decentralized structure, and how to create the best long-term home for brands. He also shares wisdom on what makes a company worth buying in the first place, lessons learned from organizing the HoldCo Conference — the un-conference of Micro Private Equity — here in Cleveland, and much more. Kelcey offers valuable insight for anyone exploring entrepreneurship through acquisition — or simply curious about how to thoughtfully scale something of quality over time. Please enjoy! 00:00:00 - The Entrepreneurial Spirit Unlocked   00:05:32 - Navigating Early Entrepreneurial Ventures   00:08:28 - The Birth of 365 Holdings   00:11:18 - E-Commerce Evolution and Insights   00:14:36 - Acquisition Strategies and Lessons Learned   00:17:37 - Understanding Distressed M&A   00:20:13 - The Rise of Entrepreneurship Through Acquisition   00:35:33 - Evolving Business Strategies   00:38:30 - Defining Success in Business   00:39:46 - Core Values and Company Culture   00:40:58 - Raising the Quality Bar   00:42:59 - The HoldCo Conference   00:45:20 - The Mindset of a HoldCo Entrepreneur   00:47:01 - Incentives and Profit Sharing   00:49:30 - Inspirations and Aspirations   00:50:16 - The Future of E-Commerce   00:52:12 - Opportunistic Acquisitions   00:53:19 - Building in Northeast Ohio   00:55:00 - Hidden Gem ----- LINKS: https://365-holdings.com/ https://www.linkedin.com/in/kelceylehrich/ ----- SPONSOR: Roundstone Insurance Roundstone Insurance is proud to sponsor Lay of The Land. Founder and CEO, Michael Schroeder, has committed full-year support for the podcast, recognizing its alignment with the company’s passion for entrepreneurship, innovation, and community leadership. Headquartered in Rocky River, Ohio, Roundstone was founded in 2005 with a vision to deliver better healthcare outcomes at a more affordable cost. To bring that vision to life, the company pioneered the group medical captive model — a self-funded health insurance solution that provides small and mid-sized businesses with greater control and significant savings. Over the past two decades, Roundstone has grown rapidly, creating nearly 200 jobs in Northeast Ohio. The company works closely with employers and benefits advisors to navigate the complexities of commercial health insurance and build custom plans that prioritize employee well-being over shareholder returns. By focusing on aligned incentives and better health outcomes, Roundstone is helping businesses save thousands in Per Employee Per Year healthcare costs. Roundstone Insurance — Built for entrepreneurs. Backed by innovation. Committed to Cleveland. ----- Stay up to date by signing up for Lay of The Land's weekly newsletter — sign up here. Past guests include Justin Bibb (Mayor of Cleveland), Pat Conway (Great Lakes Brewing), Steve Potash (OverDrive), Umberto P. Fedeli (The Fedeli Group), Lila Mills (Signal Cleveland), Stewart Kohl (The Riverside Company), Mitch Kroll (Findaway — Acquired by Spotify), and over 200 other Cleveland Entrepreneurs. Connect with Jeffrey Stern on LinkedIn — https://www.linkedin.com/in/jeffreypstern/ Follow Lay of The Land on X @podlayoftheland https://www.jeffreys.page/