Over the past few weeks, I have been talking to private investor Lee Roach (@thevalueroad on Substack and @leevalueroach on X) about The Stephan Company’s (SPCOQ) November 2025 bankruptcy filing. It’s a pretty fascinating case, so I just said, “What the heck? It would make for a great roundtable discussion.”

SPCOQ makes barbershop products, shaving creams, and grooming stuff. It’s a small business with about $10 million in revenue that is generally free cash flow positive and doesn’t carry much debt. The company has been executing a roll-up strategy.
So, on 4/2/2026, I recorded a roundtable with Lee; another private investor, Lukas Milosic (@pixelresearch on Substack, @Pixelresearch on X), and Geoinvesting analyst Diego La Torre (@Diego_La_Torre_), to talk about the bull and bear case for SPCOQ.