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How Limestone Moving Scaled From College Flyers to Nearly $5M and Said No to a Deal

Matthew Mahoney explains how reinvested cash grew his Austin moving company, the unit economics of a move, and why he turned down Nathan's pod storage offers.

Matthew Mahoney · Limestone Moving

Published June 10, 2026
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What you’ll learn

Matthew Mahoney, owner of Limestone Moving in Austin, explains how he turned a college moving side hustle, funded by reinvested cash, into a company he says is pushing toward $5M this year. He covers moving margins, truck and insurance costs, and his plan to add pod storage. Nathan pitches several debt and equity structures, but Matthew wants debt only and passes.

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Flyers, liquor and rented trucks

“So my marketing was would rock up with like a bottle of Tito's and a stack of flyers and I would make a little pitch. People would call me. I would get a U Haul. I didn't have any trucks.”

How moving profit changes with scale

“Once you get to about 1,000,000, you'd start needing levels of management and people who aren't directly compensated by the work. So your profitability goes way down. But once you hit about 3,000,000, it starts to tick back up as you hit economies of scale.”

Revenue path from 2024 to now

“2024 we were above a million. 2025 we were between two and three and this year we'll be pushing five but probably in the four to five range.”

Where moving costs actually go

“About 30, 32% is labor for the movers. And then you also have insurance, which is really expensive for moving these trucks. Each one of these is 18,000 to 20,000 a year to insure.”

Why the lighting side business hurt

“We're trying to double every year the moving company. And so there's a cost to trying to take on another project. And I found that out in a big way when we did lighting.”

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About the speaker

Matthew Mahoney

Owner · Limestone Moving