Entrepreneur

A Strategic Growth Story: How Acquisitions Fueled Success

January 8, 2026 by Hans Blake, CFA, CPA

Reading Time: 3 minutes

Some business stories are loud. This one is not.

It is a story about a company that rode a massive kerosene wave, watched that wave fade, and still found a path to grow. Not by guessing the future perfectly, but by making one early decision that created options, then having the discipline to follow the market where it actually went.

When Y2K Turned Kerosene Into A Boom

Kerosene hit its peak around Y2K. In 1999, fear was everywhere. People thought electronics would fail, lights would go out, and basic needs like heat and cooking would become a problem overnight.

So demand exploded. The company sold huge volumes of kerosene heaters, fuel cans, and related products. At one point, they sold roughly 100,000 portable cookstoves because customers believed it might be their only way to cook and stay warm.

Then the moment passed.

Y2K came and went, and kerosene continued to dwindle year after year. Eventually, the decline became so clear that in 2023 the company sold off the kerosene division.

The 1993 Decision That Changed Everything

Here is the part that matters most. In 1993, the company was asked to consider selling gas products like gas logs, fireplaces, and wall heaters.

At the time, it was a big step. But it fit the same customer base. It was adjacent. It made sense.

In 1999, the business mix was still heavily weighted toward kerosene at about 97 percent kerosene and 3 percent gas. Over the next decade plus, that mix flipped completely. For the last 10 to 15 years, it has been essentially all gas and barely any kerosene.

That is what adaptation looks like when it is done with patience. You do not need to abandon the core. You need to build a second engine before the first one stalls.

Growth Through Strategic Acquisitions & Regional Strength

This is also a competitive industry. There are large players and plenty of regional distributors who focus on a two to three-state footprint and win through service and relationships.

The company leaned into scale by acquiring regional competitors and turning those acquisitions into real operating hubs. Two key examples were Kentucky and Texas, where they now run full operations:

In Mount Sterling, Kentucky, they operate a 68,000 square foot facility. In Texas, they operate a 150,000 square foot facility shipping product every day. They also maintain a smaller warehouse in Florida to serve that market.

This is not acquisition for acquisition sake. It is acquisition tied to distribution, service levels, and operational reach.

Optionality, Focus, and People

This story maps cleanly to intelligent investing principles.

First, temporary spikes are not the same as durable demand. Y2K was real, but it was not permanent.

Second, small decisions can create massive optionality. That 1993 gas expansion started as a minority of the business and became the business.

Third, disciplined focus matters. Selling the kerosene division in 2023 is not a loss. It is clarity. It is making the business match reality.

And finally, people are the multiplier. Scott describes looking at his team in biweekly meetings and still feeling energized by the work: “I still enjoy getting up in the morning and coming to work.”

That is not just sentiment. It is a signal. Businesses that keep adapting usually have leaders and teams that can execute change without losing their identity.

More From Scott Groves

Please be sure to subscribe to our podcasts as we will be interviewing Scott on upcoming podcasts where he shares valuable insights on principles of stewardship, adaptability, and long-term thinking that drive both business and investing success.

Scott Groves Bio

Scott Groves is the Chief Executive Officer of CUI Distribution, a leading heating products supplier headquartered in Greenville, South Carolina. With more than four decades of experience in the industry, Scott has guided CUI through significant growth and transformation since taking over the family business founded by his father in 1978.

Under his leadership, CUI has expanded from its origins in kerosene heaters and cans to become a trusted distributor serving residential, commercial, and industrial heating markets across the nation. Known for his practical leadership style and deep commitment to customer service, Scott emphasizes innovation, reliability, and family values as the foundation of CUI’s success.

Assessing Risk in Your Small Business

November 2, 2023 by Hans Blake, CFA, CPA

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Reading Time: 3 minutes In this episode, we had the pleasure of interviewing Bethany Winston, owner, and Editor-in-Chief of Kidding Around Greenville, as she shares valuable insights on assessing risk in your small business.

Small Business Financial Risk: The Peaks and Valleys

At Intelligent Investing, we emphasize four dimensions of risk:

Your willingness to take on risk
Your ability to manage risk
Your need for risk to meet your financial goals
The actual risk present in your investment portfolio

Bethany Winston highlighted the financial challenges inherent to her small business, which relies predominantly on advertising revenue. It’s not uncommon for income in this sector to fluctuate throughout the year. The feast-or-famine dynamic can make managing finances nerve-wracking

Financial Safety Nets and Resilience

Bethany wisely shared that she maintains a clear distinction between personal and business finances, a practice we strongly advocate. She sets aside specific amounts for personal income, ensuring that, even during lean periods, the business can continue to operate and pay employees. COVID-19 was a stark test for businesses. Bethany’s experience mirrored many entrepreneurs’, with traffic and client advertising taking a hit. However, she emphasized the importance of having a financial safety net to weather such storms. By diversifying her content and addressing the changed needs of her audience, she managed to not only stay afloat but also experienced increased traffic in 2020.COVID-19 was a stark test for businesses. Bethany’s experience mirrored many entrepreneurs’, with traffic and client advertising taking a hit. However, she emphasized the importance of having a financial safety net to weather such storms. By diversifying her content and addressing the changed needs of her audience, she managed to not only stay afloat but also experienced increased traffic in 2020.

Living Below Your Means: A Wise Financial Habit

We discussed the critical principle of living below your means, which acts as a buffer during times of financial stress. Having a game plan and the ability to pivot is pivotal to surviving and thriving through challenging times. Risk management is at the core of Intelligent Investing’s financial strategies. We offer a complimentary risk assessment to help you understand your risk tolerance and assess your portfolio’s risk. Reach out to us to get started. Small business owners face unique financial risks and rewards. When it comes to risk management, especially in your finances and financial goals, we encourage a prudent, diversified approach. The COVID-19 crisis highlighted the importance of having a financial safety net. Ensuring you can manage expenses and continue operations during challenging periods is crucial. We always advocate living below your means and having a solid financial game plan in place to navigate financial uncertainties. Schedule a short discovery call or meeting We’ll be interviewing Bethany on several podcasts regarding markets, passive investing, and diversification, so be sure to subscribe to our Intelligent Money Minute podcasts.

Bethany Winston Bio

Bethany Winston is the owner and editor-in-chief of Kidding Around Greenville & Kidding Around Spartanburg. She enjoys exploring parks, discovering local events, and meeting the people who make Greenville an amazing place to live. Kidding Around Greenville is known for tapping into the heart of Greenville and bringing readers firsthand reviews of the best things to do and see in the Upstate and Southeast region. Readers use Kidding Around® to find things to do, places to visit, and businesses and resources they need, helping them to make wonderful memories with their families. Credits: This blog was written in part by ChatGPT, an AI language model developed by OpenAI. The content of this blog reflects the knowledge and opinions of ChatGPT, may or may not reflect the knowledge and opinions of Intelligent Investing, and is protected by copyright laws. Please do not reproduce or distribute without giving proper credit to ChatGPT and OpenAI.

The Finances of Starting a Business

September 21, 2023 by Hans Blake, CFA, CPA

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Reading Time: 2 minutes In this episode, we had the pleasure of interviewing Bethany Winston, owner, and Editor-in-Chief of Kidding Around Greenville, as she shares valuable insights on the finances of starting a business.

The Profit-First Approach

Bethany shared valuable insights into her experience and how she has applied financial strategies to ensure her business’s success. She highlighted the book “Profit First” by Mike Michalowicz as a valuable resource. This book discusses transforming a business from a cash-eating monster into a money-making machine. One key lesson Bethany learned from “Profit First” is the concept of setting up separate bank accounts and allocating income into various categories. This method involves segregating income into different accounts, such as operating expenses, dividends, taxes, and profit. By doing so, entrepreneurs can ensure that they’re not only generating revenue but also consistently turning a profit.

The Importance of Manual Management

Bethany found that a hands-on approach allows her to assess her financial situation regularly and make informed decisions. While there might be automated solutions, the act of personally managing the finances provides a deeper understanding of the business’s financial health. We discussed the significance of planning for taxes, especially in a small business setting. Setting aside funds for taxes prevents financial stress when tax season arrives. It’s a practice that not only saves money but also eases the burden on the family and ensures the business remains in good financial standing.

The 10, 20, 30, 40 Rule

In addition to Bethany’s insights, I shared a simple financial plan, the “10, 20, 30, 40 Rule,” which encourages entrepreneurs to allocate percentages of their income to different financial categories. This structured approach includes dedicating a portion to giving, savings, housing, and discretionary spending. It’s a framework that can help business owners strike a balance between enjoying their earnings and securing their financial future. Bethany’s experience and the financial strategies she shared serve as a valuable resource for entrepreneurs and small business owners. Navigating the complexities of business finance requires careful planning, discipline, and the right mindset. By adopting strategies like those discussed in this episode, entrepreneurs can chart a path to financial success in their ventures. Schedule a short discovery call or meeting We’ll be interviewing Bethany on several podcasts regarding markets, passive investing, and diversification, so be sure to subscribe to our Intelligent Money Minute podcasts.

Bethany Winston Bio

How to Set and Attain Your Financial Goals

August 2, 2023 by Hans Blake, CFA, CPA

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Personal and Business Financial Goals

Bethany opens up about her personal financial goals, which include purchasing a home with her husband. After living in church housing for 14 years, they finally achieved their dream of buying a house next to their closest friends. Additionally, Bethany and her husband aspire to secure a comfortable retirement without burdening their children with financial responsibilities, including providing debt-free college education. On the business front, Bethany discusses the rebranding of her company as “Kidding Around Media.” Her future plans entail expanding the brand beyond Greenville, aiming for Columbia, Charleston, and Charlotte. However, she recognizes the importance of maintaining the quality of content across cities and is open to adjusting expansion plans to ensure a healthy work-life balance.

The Importance of a Written Financial Plan

Bethany’s journey highlights the significance of having a written plan to achieve financial goals. As we often say at Intelligent Investing, “if you fail to plan, then you’re planning to fail.” We understand the value of a well-structured financial plan for our high-net-worth clients, revisiting it annually to ensure they stay on track. At Intelligent Investing, we leverage our proprietary Intelligrations® to seamlessly integrate our clients’ financial lives. By organizing their financial details into a one-page integrations report, we simplify their journey towards financial success. Our goal is to minimize financial stress and maximize the quality of life for our clients. Schedule a short discovery call or meeting We’ll be interviewing Bethany on several podcasts regarding markets, passive investing, and diversification, so be sure to subscribe to our Intelligent Money Minute podcasts.

Bethany Winston Bio

The Foundations and Beginnings of Kidding Around Greenville

June 29, 2023 by Hans Blake, CFA, CPA

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Reading Time: 3 minutes In this episode of Intelligent Money Minute, we dive into the foundations and beginnings of Kidding Around Greenville with the owner and editor-in-chief, Bethany Winston. From financial challenges and reinvesting profits to the importance of building a team, we’ll explore the key aspects of starting and growing a successful business in this podcast.

Financial Hurdles

Bethany Winston shares her financial journey when starting Kidding Around Greenville. With limited funds available, she had to bootstrap the business from scratch. She began by utilizing free resources and investing her own time and effort into the venture. As the business grew and started generating profits, Bethany made the strategic decision to reinvest most of the earnings back into the business. This allowed her to hire people and expand the infrastructure of the site, laying the foundation for future growth. Bethany didn’t have to wait too long before making her first hires and starting to outsource tasks. Even in the initial stages, when the website wasn’t generating income, Bethany reinvested the money earned from a few small jobs into hiring contractors. This early outsourcing helped her avoid burnout from handling all the tasks herself. By building a team, Bethany could focus on the business’s strategic aspects while delegating operational responsibilities to others.

Supporting an Entreprenuer

Amanda Blake, the wife of Hans Blake, joins the conversation to discuss the challenges she faced in supporting her spouse’s entrepreneurial endeavors. She highlights the importance of balancing time and stepping in wherever help is needed. Living below their means was a fundamental principle for Hans and Amanda, allowing them to save and provide financial stability during the business’s early stages. Their frugality and prudent financial habits provided them with more freedom and reduced stress, emphasizing the often-underestimated value of living below your means when starting a business.

What’s Next for Kidding Around Greenville

Bethany shares her plans for expanding Kidding Around Greenville beyond its current scope. While already covering the southeast, she aims to actively expand into Columbia. Bethany emphasizes the significance of having a strong team, as it plays a crucial role in finding and adding events to the website’s calendar. Her experience highlights the benefits of collaboration and delegating tasks, enabling entrepreneurs to focus on their business’s growth and development. Starting a business involves financial challenges, strategic decision-making, and a commitment to reinvesting profits wisely. Bethany Winston’s journey with Kidding Around Greenville showcases the importance of bootstrapping, early hiring, and building a strong team. In conjunction with a sound foundation, the value of living below your means and supporting entrepreneurial endeavors as a spouse can’t be understated. If you’re looking for intelligent financial advice and want to learn more about how we can help you navigate your financial journey, feel free to reach out for a complimentary consultation. Schedule a short discovery call or meeting We’ll be interviewing Bethany on several podcasts regarding markets, passive investing, and diversification, so be sure to subscribe to our Intelligent Money Minute podcasts.

Bethany Winston Bio

Bethany Winston’s Kidding Around Greenville Journey

June 8, 2023 by Hans Blake, CFA, CPA

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Reading Time: 2 minutes In this episode of Intelligent Money Minute, we had the pleasure of interviewing Bethany Winston, owner and editor-in-chief of Kidding Around Greenville. Bethany shared her inspiring journey of starting her business and the challenges she faced along the way. As a fellow entrepreneur, it was exciting to connect with someone who understood the highs and lows of building a business.

Recognizing the Opportunity

Bethany’s entrepreneurial journey began when she was a stay-at-home mom, longing to find work that fulfilled her passion. With the advent of internet access at home, she saw an opportunity to create an online business. Initially starting as a blogger, she explored the possibilities of monetizing online content. It was during a local event in Greenville when she realized the city’s rapid growth and the lack of awareness about its offerings. This realization sparked the idea for Kidding Around Greenville, a platform to inform and connect the community. Starting a business is never easy, especially when finances are tight. Bethany and her husband navigated budget constraints and embraced the challenge. Richard, her husband, supported her wholeheartedly, recognizing the value of her endeavor. Despite working long hours with minimal income in the early stages, their family created cherished memories, exploring the city together for research purposes. Bethany’s story serves as a reminder that humble beginnings and dedication can lead to meaningful success.

Advice for Entrepreneurs

As a fellow entrepreneur, I understand the difficulties of building a business from scratch. It is crucial to partner with the right professionals to guide you along the way. Having a reliable attorney, CPA, and financial advisor can provide invaluable support and mentorship. If you are an entrepreneur seeking financial advice and encouragement, I invite you to reach out. I am passionate about helping fellow business owners and would be delighted to share my insights and experiences over a cup of coffee. Bethany Winston’s journey with Kidding Around Greenville is a testament to the power of recognizing opportunities and embracing the challenges of entrepreneurship. Her story highlights the importance of having a supportive partner, making lasting memories along the way, and partnering with professionals who can provide guidance. If you are embarking on your own entrepreneurial journey, remember that persistence and a strong support network are key to achieving your dreams. Schedule a short discovery call or meeting We’ll be interviewing Bethany on several podcasts regarding markets, passive investing, and diversification, so be sure to subscribe to our Intelligent Money Minute podcasts.

Bethany Winston Bio

10 Lessons I’ve Learned in my First Year as an Entrepreneur

August 7, 2018 by Hans Blake, CFA, CPA

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Reading Time: < 1 minute

We started Intelligent Investing in May 2017. Since today is my birthday, I thought I would reflect over the past year or so as an entrepreneur and share some of the lessons I have learned so far in this entrepreneurial journey. I hope this may inspire some to start their own business. There is nothing quite like it.

Implementing your vision is exhilarating. Be sure you have a vision first. I recommend the book Traction by Wickman.
Be convinced in your own mind that you have the best product/service. Prospects smell a lack of confidence.
Never settle. Always be thinking of ways to improve.
Estimate first year expenses to be 15-20% higher than initial projections. Unexpected expenses will come up.
Estimate admin time to be 25% more than you anticipate. Unexpected tasks will come up.
Keep your pipeline full. It helps keep your mind off of the fear as you wait on prospects to become clients.
Many people do not return phone calls or emails. People are busy with their lives and businesses. Don’t get frustrated when they don’t respond right away.
Listen. Listen some more. Know your own wheelhouse, and hire experts outside of your wheelhouse for their input.
Write a handwritten note. This is something my dad taught me, and this lost art may set you apart.
Be thankful. You can’t complain and be grateful at the same time.

I am so blessed and honored to have a supporting family and friends who have encouraged me along the way. I also am thankful for our team that has been brought together for one passion: to minimize financial stress to maximize lives.