Think Big, Buy Small

Buying a small business involves much more than simply agreeing on a price. To explore the legal process of getting a deal across the finish line, Rick and Royce are joined in the studio by Jared Shwartz, a mergers and acquisitions attorney who specializes in smaller firms. Jared shares many lessons from his extensive experience representing both buyers and sellers, including how to choose an advisor with the right small business M&A background, what information belongs in a letter of intent, and why working capital can become one of the biggest sources of deal friction. They also discuss the importance of identifying potential obstacles early in the process, such as multiple owners, complicated corporate structures, third-party consents, and financing challenges; how to navigate negotiations without creating deal fatigue; and why maintaining a strong relationship with the seller can be critical even after a deal closes. Throughout the conversation, listeners will hear practical insights into managing risk, avoiding surprises, and using the legal process to increase the likelihood that a transaction gets done.

What happens when a searcher doesn’t find a company to buy? In this episode, Rick and Royce talk with Kristin Wihera, a Navy veteran and HBS graduate who spent nearly two years searching for a business to acquire before ultimately ending her search without a deal. Kristin reflects on the emotional highs and lows of searching, the challenges of cold outreach, and the tradeoffs of pursuing a funded search with investors who had particular expectations around company size, growth, and returns. She also discusses how her military background helped – and sometimes hindered – her efforts to establish credibility with sellers, why she ultimately expanded the search beyond her original industry focus, and which businesses she seriously considered as acquisition targets but ultimately did not close on. Her story, however, is not one of failure. After ending her search, Kristin found a role with a venture fund investing in early-stage, deep-tech companies in Utah, a job she believes she would not have qualified for without the skills, experience, and network she developed while searching. Also discussed are changes in the search landscape, including the growing importance of relationship-driven sourcing, the evolving role of brokers, and the increasing divergence between funded and unfunded search. Kristin’s experience offers a valuable reminder that a search can be transformative, positively impacting a career, even when it doesn’t end with an acquisition. 

Entrepreneurship through acquisition doesn't always begin with a formal search. In this episode, Rick and Royce talk with Aaron Wyatt, an entrepreneur who built his business organically after leaving a sales job to become an independent manufacturer's representative. Aaron shares how he grew his business by deepening relationships with customers and family-owned manufacturers, while deliberately adding complementary product lines. He also reflects on the risks of leaving W2 employment and why, for him, those risks felt manageable when viewed as simply taking the next step. Aaron has since taken another step in his journey, purchasing a garage door service company with a longtime friend. He discusses what attracted them to the business, how they approached the transition with employees, the small operational changes that helped improve performance, and why they chose a buy-and-hold strategy rather than pursuing a quick exit. Along the way, Rick and Royce explore what Aaron's journey reveals about the many paths into acquisition entrepreneurship, and why existing entrepreneurs may be an important, though often overlooked, group of business buyers. This episode serves as a reminder that, for some entrepreneurs, the path to owning a business isn't necessarily a formal search but simply recognizing the next opportunity and being willing to take it. 

Bruce Isaacson spent two years searching for a company to buy before acquiring a decades-old marketing research firm in 2005. Since that time, he has transformed the business, shifting its focus to litigation research and building a thriving professional services firm. In 2025, after years of growth, Bruce made the difficult decision to sell. In this episode, Bruce is joined by Rudy Scarito, the investment banker who advised him on the sale. Together with Rick and Royce, they discuss the patience and persistence required to turn around a business, the importance of finding a company that fits the entrepreneur, and why success sometimes takes longer than expected. Bruce and Rudy also share their candid reflections on the emotional complexity of selling a business, from choosing the right buyer and navigating “cold feet” to thinking about employees, succession, and life after ownership. The conversation offers a rare look at the other side of the ETA journey – and why, for some owners, selling a business is less about accumulating wealth or retiring than about building something meaningful and leaving it in good hands. 

Jeff Stevens, one of the earliest searchers and a longtime investor in the ETA ecosystem, joins Rick and Royce to discuss how search has evolved over the past thirty-five years. In this episode, he reflects on the early days of search, when the model was largely uncharted territory, and contrasts that experience with searching in today’s more developed – but still challenging – landscape. Jeff discusses why searchers should focus on building relationships and credibility with business owners, how technology has transformed the sourcing process, and the trade-offs between industry-focused, geographically focused, funded, and self-funded searches. He also shares his perspective on the growing overlap between search and private equity, the role of the entrepreneur-CEO in creating value, and why he believes the traditional search model’s emphasis on managing risk and buying strong businesses remains powerful. They also delve into why search success rates have declined as the ecosystem has grown, the changing role of investors, and the importance of distinguishing between simply buying a company and buying a great company. Tune in to this engaging conversation to hear how one of ETA’s original practitioners views the opportunities and challenges facing the next generation of searchers.

Michael Horowitz is a former searcher who acquired, scaled, and ultimately sold a portfolio of Wingstop franchise restaurants before becoming an investor in the ETA ecosystem. In this episode, he shares his unconventional journey to business ownership and offers an insider's perspective on what makes franchising a compelling but often misunderstood path for acquisition entrepreneurs. Together, they discuss the advantages of established brands, proven operating systems, benchmarking, and more predictable cash flows, as well as the tradeoffs associated with royalties, choosing the right franchisor, and managing multi-unit businesses. They also explore why franchise opportunities are often overlooked by searchers, how franchise portfolios are valued, why geographic density matters, and what role acquisitions and new unit development play in creating value over time. Whether you're considering a more traditional search or evaluating franchises as part of your acquisition strategy, this conversation offers practical insights on when and why franchising may be an attractive path to business ownership. 

After a self-funded search led to the acquisition of Ally Waste in 2020, James Crawley grew the company more than thirty-five-fold. What did it take to scale the business from a handful of employees to a nationwide operation, with hundreds of team members working independently across dozens of states? Many entrepreneurs focus on systems and processes when growing a business. James, however, argues that culture deserves equal attention. In this episode, he explains how a clearly defined mission and a set of core values – including an unusual "no jerks" policy – became the foundation for scaling Ally Waste. James also discusses why culture is more than a set of aspirational statements, how it shapes hiring and management decisions, why investing in people can become a lasting competitive advantage, and how leadership is ultimately about developing people who serve others. Whether you're acquiring a small business or leading a growing organization, tune in to learn how an intentional culture can become one of the most powerful tools for driving performance, building loyalty, and sustaining long-term growth.

In Season Two, Kent Weaver, one of the most experienced operators and investors in the search ecosystem, joined Rick and Royce for a wide ranging conversation about entrepreneurship through acquisition. In this episode, they focus on the rise of long-term holding companies, vehicles designed to acquire and build multiple businesses over an extended time horizon. The conversation explores why some entrepreneurs are choosing to build companies over decades rather than pursue a single acquisition and exit, what makes a successful HoldCo CEO, and how disciplined acquisition strategies and operational playbooks can create long-term value. They also examine how long-term HoldCos differ from private equity and whether this emerging model represents a new chapter in the evolution of entrepreneurship through acquisition. Whether you're considering a traditional search or exploring newer models of acquisition entrepreneurship, this conversation offers valuable insights into an important development shaping the ETA landscape.

Hosted by producer Katie Zandbergen, Rick and Royce return for their end-of-season dive into listeners’ most pressing questions – those that many aspiring acquisition entrepreneurs wrestle with. They explore how age and personal finances may influence ETA risk tolerance; whether an MBA truly matters for success in a traditional search; how to handle the loneliness that often accompanies searching for and running a small business; where searchers commonly spin their wheels early on; how to evaluate red flags during diligence; the realities of buying a job versus a business; advantages and drawbacks of franchising; whether now is a good time to search; and much more. Packed with insights drawn from decades of ETA experience, along with stories and humor, this wide-ranging conversation is essential listening for anyone exploring entrepreneurship through acquisition.

Partners in search, Nick Kerr and Shaquille Walker, join Rick and Royce to share their journey from risk-averse upbringings to acquiring HealthBridge, a concierge primary care clinic on Long Island. In this conversation, they discuss how their backgrounds, family considerations, and desire for autonomy led them to entrepreneurship through acquisition, while also reflecting on the emotional highs and lows of searching for, buying, and operating a small business. Furthermore, they describe what it’s like to partner with a founder who remains deeply involved in the practice, why concierge medicine offers an appealing model for both physicians and patients, and how they plan to build a differentiated, prevention-focused platform through thoughtful expansion. Along the way, the conversation explores physician burnout, the value of separating clinical care from business management, and the compelling alignment that strong operational leadership can create for doctors, patients, and investors alike.

In this special “Friends and Family Night” episode, Rick and Royce speak with Meghan Orzetti about the experience of entrepreneurship through acquisition from the perspective of a searcher’s spouse. Drawing on her personal experiences, Meghan shares candid reflections on supporting her husband, Season One’s Michael Orzetti – a Marine Corps veteran, turned searcher, turned CEO – through the uncertainty, sacrifice, and adventure of acquiring a business while raising a growing family. From deployments and cross-country moves to self-funding a search and closing on a deal, Meghan reflects on the practical realities of uncertainty, mobility, and financial planning, as well as the deeper importance of partnership, mutual support, and shared values. Her story highlights how clarity of purpose, open communication, and a commitment to family can transform the ETA journey into something deeply meaningful.

Ike Ukawuba was a self-funded searcher whose path to entrepreneurship began far from the boardroom. Raised in a single-parent household in Chicago, he began his career in engineering before discovering his true passion for business and problem-solving. After several years at Accenture, followed by experience at some startup ventures, Ike found his stride in entrepreneurship through acquisition – a model that allowed him to leverage his skills, take ownership, and build something enduring. In this episode, he reflects on his path from consulting to running a home healthcare company, the challenges of leading a large team, and the fulfillment that comes from making a difference in people’s lives. Ike’s journey is one of thoughtful risk-taking, resilience, and purpose-driven leadership, offering valuable insights for anyone interested in acquisition entrepreneurship.

In this episode, Rick and Royce sit down with Rob LeBlanc, Co-Founder at Ambit Partners, to explore the evolution of search fund investing beyond traditional markets. Rob traces his path from building an ETA platform in South Africa to backing searchers across frontier economies, offering an insider’s view on how entrepreneurship through acquisition is adapting globally. The conversation examines the unique dynamics of searching and operating in less developed capital markets – where relationships, local fluency, and cultural context often outweigh formal structures – and explores how factors such as currency risk, investor networks, and institutional maturity shape the search process. Through comparative insights between developed and emerging markets, this discussion highlights the expanding boundaries of the search model and the growing diversity of its global practitioners.

Michael Aubrey, having walked the path from searcher to successful operator and investor, draws on his wealth of experiences to offer a masterclass in small business growth. In this episode, he talks candidly about navigating early operational setbacks and hiring challenges, the strategies he employed to build a national salesforce, and why he believes a deep understanding of one’s customers is the foundation for real improvement and scale. You’ll hear reflections on employee compensation models, the critical role of company culture and accountability, and what it really takes to succeed as a CEO in the world of small business acquisitions. Packed with hard-earned lessons on management, grit, and the value of taking a hands-on approach to operations, Michael’s insights into leadership, hiring, and growth strategy are not to be missed.

In this bonus episode, hosted by Adam Outland, we're featuring a conversation from our friends at The Action Catalyst, a top-rated leadership and entrepreneurship podcast. While Think Big, Buy Small focuses on the unique entrepreneurial path of acquiring and operating a small business, The Action Catalyst shines light on all types of entrepreneurs and the distinct insights they offer. This episode welcomes Jim Sebenius, renowned negotiation expert, Harvard Business School professor, and host of Dealcraft: Insights From Great Negotiators. In a wide-ranging discussion, Jim shares strategies and lessons from both government and corporate settings; explains the powerful “3D” model of negotiation; reflects on why internal negotiations are often the most challenging; highlights the value of keeping a deal diary; and more. Whether you're deep in deal-making or simply looking to sharpen your negotiation skills, this episode delivers wisdom, wit, and practical insights for everyone at the table.

In this episode, Rick and Royce are joined by A.J. Wasserstein, Senior Lecturer at the Yale School of Management, for a deep dive into one of the most critical – and often misunderstood – aspects of buying a small business: revenue quality. Together, they unpack the full spectrum of revenue types, from transactional to contractually recurring, and explore how these distinctions impact everything from growth potential to customer retention, acquisition strategy, and valuation. With real-world insights and a clear framework for evaluating revenue during diligence, this conversation is essential listening for any aspiring acquisition entrepreneur looking to de-risk their investment and build lasting value.

Rick and Royce sit down with a former student of theirs, Paige Sopcic, an engineer turned entrepreneur, to discuss her inspiring entrepreneurship through acquisition journey. After leaving a promising career at GE and earning her MBA, Paige launched her search in partnership with an accelerator and acquired a specialty canning company called CanSource. In this episode, she shares how she found the business, scaled it rapidly through COVID-era tailwinds, and eventually sold it in a proprietary deal to a strategic buyer. Along the way, Paige reflects on the mindset shift from corporate employee to owner-operator, the value of structured support during a first-time search, and the challenges and opportunities that come with navigating growth amid operational pressure. This conversation offers a real-world look at risk, strategy, and leadership – and provides a great example of what it truly means to bet on yourself.

In this episode, we’re joined by Bruce Marks, a veteran SBA lender with decades of experience and well over 1,000 business acquisition deals under his belt. Bruce draws on his deep expertise in the acquisition lending space to reflect on the role of SBA financing in ETA, how lenders assess deals, the importance of debt service coverage, along with evaluations of risk, and factors that searchers should consider when evaluating SBA and conventional financing options. Rick and Royce lead a practical, insightful conversation covering deal structures, loan terms, and the importance of transparency with lenders, making this episode a must-listen for anyone exploring or navigating the acquisition process.

It's always fascinating to hear the journey of someone who doesn't have a conventional MBA background but still finds their way to ETA, identifies high-quality acquisition opportunities, and then successfully buys and operates a small business. In this episode, we meet Tom Allsworth, who was in the Merchant Marine Academy and the Marines Corps, followed by some work experience at home and abroad, before acquiring Pacific Opportunities, a company that helps adults who experience intellectual or developmental disabilities to find and maintain employment. In 2024, he closed on a second acquisition, Trellis, to further expand his service offerings. In this conversation, Tom reflects on the process of finding and acquiring Pacific Opportunities, including why he considered himself to be “the luckiest guy in the world”; the magic in the multiples, but also how the multiple can change depending on which factors are included in one’s calculations; stroke-of-pen risk in government funded services; leadership, company culture, and building organizations with meaningful community impact; and more. Tom’s story is both inspiring and instructive – a compelling reminder that there’s no single path into ETA, and that diverse experiences can be powerful assets on the road to becoming an acquisition entrepreneur.

Will Smith, Partner at Minds Capital, has been host of the Acquiring Minds podcast for over four years and, during that time, has had the opportunity to speak with hundreds of searchers-turned-entrepreneurs, affording him a true bird’s eye view of the ETA landscape. In this wide-ranging discussion, Will reflects on personal traits that set top-performing searchers apart; company characteristics that can stack the odds of success in a searcher’s favor, with a focus on quality of revenue; common pitfalls that can derail even the most dedicated of searchers; advice for new business owners, including the power of small gestures; and more. Whether you’re already running a search-acquired business, in the midst of a search, or still in the early days of exploring ETA, this episode distills years of hard-earned wisdom into one must-listen conversation.

Jeff Homer is the founder of Ensemble Performing Arts, an organization that provides back-of-house support to music schools, allowing teachers to focus on what’s most important to them, excellence in music education. Though there are now over seventy music schools under Ensemble’s umbrella, it all began with Jeff’s acquisition of a single school in Colorado, initially meant as a side hustle that would allow him to both work at his day job in a family office and to pursue his passion for music. What he discovered along the way, as he began to roll up more music schools around the country, is that many of these founders are immensely talented musicians but are far less interested in, and have not been trained to carry out, the administrative burden that goes hand-in-hand with music school operations. In this conversation, Rick and Royce ask Jeff for his thoughts on the value of lower market roll-ups and why he believes music schools to be high-quality businesses. They also discuss the perils of part-time search, and those rare instances when it just might work; why, in hiring, Jeff selects for senior leaders who have an affinity for music; his approach to financing the many acquisitions he's made; why Jeff decided against rebranding the schools that he acquired; his vision of the future for Ensemble; and more. Listeners will gain insights on not only creating value in a roll-up but also on finding creative niches in the marketplace to roll-up. It’s a fascinating conversation!

Last summer when, after a self-funded search, Nick Wheeler was only a few months into his new role as President at Tra-Cal, Rick and Royce had a chance to speak with him about his early experiences at the company’s helm. In that Season One episode, Nick confessed that he was “drinking from the fire hose”, but he also believed that Tra-Cal had been a high-quality acquisition and was optimistically looking ahead to the company’s future. In this conversation, Nick reflects on the journey he’s taken since last touching base with Rick and Royce fourteen months ago. Together they discuss the ongoing evolution of the company, encompassing Nick’s own transition from an early-days learning mode to a current focus on growth; hiring challenges and successes; advice to current searchers on the kinds of skills that are important for successfully running a small business; what Nick most appreciates about his current role; and more. Our hosts also look ahead to Think Big, Buy Small’s third season, launching on September 8th, in which they'll engage in many fascinating, forthcoming conversations. Tune in wherever you get your podcasts!

At the end of each episode, Rick and Royce ask listeners to reach out with any questions they may have related to entrepreneurship through acquisition. In response, we’ve heard from people at all stages of their entrepreneurship through acquisition journeys, along with other stakeholders in search. Now, in the final episode of Season Two, our hosts address many of the queries that were received. This wide-ranging discussion includes reflections on how undergraduates can begin to think about the ETA path; traits of successful acquisition entrepreneurs – and whether they’re innate or can be learned; insights on financial modeling and valuation; whether franchises are appealing acquisition targets; mistakes to be avoided in due diligence; trade-offs for investors considering traditional versus self-funded opportunities; artificial intelligence, and more. Rick and Royce also share their thoughts on whether there are ETA-related topics on which they disagree – and they look ahead to Season Three!

A few years ago, Logan Leslie began his search with the goal of rolling up smaller, same-industry enterprises under the umbrella of one company. Fast forward to today and Logan is CEO of Main Street Auto, which is the parent company to over ninety auto repair shops around the country. In this engaging conversation, Logan shares why he believes the auto industry is ideal for roll-ups, along with his strategy for doing so therein; his thoughts on the importance of a cultural fit in search; how and why he’s been so successful in building the team around him; the role of sale-leaseback transactions in supercharging growth; and his reflections on the advantages of scale, to name but a few examples. Listeners may recall that Rick is generally skeptical of roll-ups. In this episode, however, we learn about the “secret sauce” in Logan’s approach that has Rick reconsidering his long-held position.

In the last three years, Adriana Garcia Ceja graduated from Harvard Business School, became a mother and, after a funded search, acquired an aging life care management business called ElderTree. Many would-be CEOs set out on their searches primarily wanting to experience the joys of operating a small business, while being more agnostic about what the company does. This was not the case for Adriana, who from the outset wanted to acquire either an addiction recovery center or a company in the elder care space, searching for a business that she believed contributed to the greater good. In this discussion, she reflects on how the mission-driven aspect of her search was instrumental in fundraising conversations; the experience of closing on a business while being thirteen weeks pregnant; how and why the ETA career path can align so well for women; the merits and potential downsides of having an MBA while searching; her future plans for the company; and more. Tune in to learn about Adriana’s distinct journey and why she’s now so well positioned for both personal and professional success.

Kent Weaver was an early participant in the world of search, completing a self-funded search that led to his acquisition of a healthcare company in 2002 and then, four years later, putting on his investor hat to make his first investment in search. Today, he’s one of the most experienced and highly regarded funding partners in the space, having invested in over one hundred searches, both traditional and self-funded. In this wide-ranging conversation, they discuss the qualities that Kent looks for in prospective searchers and future CEOs, including reflections on the importance of both hard and soft skills; industry and company characteristics that he screens for during diligence; the pros and cons of solo versus partnered searches, along with funded versus self-funded searches; trends in the world of ETA; and so much more. Kent is truly energized by his collaborations with searchers, and listeners will gain valuable insights from this fascinating discussion with one who has seen so much in search.

Connor McCarthy and Caroline Matthews are not only a married couple and new parents, but they’re also funded searchers turned co-CEOs at Canyonlands Camps. The outdoor recreation industry is little explored in the world of search and their ETA journey is also distinct in that, through the acquisition of summer camps and travel programs, they’ve taken ownership of business-to-consumer businesses, which constitute only a minority of search targets. In this conversation, the pair reflect on the experiences of buying and then operating businesses with a spouse; how they approached investors with their unique thesis; the characteristics that they look for in acquisition opportunities; and the extra complexities involved in the buyer-seller relationship, particularly in cases where multiple generations of one family have been involved in camp operations. They also share steps they’re taking to upgrade facilities and professionalize their camps; how they’re thinking about repeat customers and the progression of programming; along with thoughts on the advantages that have now come with being preferred buyers in the space, ones with a reputation of honoring family legacies. This is an episode about human relationships in ETA, and listeners will learn a great deal from the journey that Connor and Caroline are on.

William Young became CEO of Aerowave Technologies in January of 2021. While he has no regrets about his pursuit of the ETA path, his journey to the company’s helm was a difficult one. His story is distinct in that he started out in a partnered, brokered search but ended up as a solo searcher, focusing on proprietary outreach in Dallas-Fort Worth and Boston. Once he closed on Aerowave, Will was met with a number of challenges, including a seller transition that ran over a year; COVID; supply chain issues; running a technical business with very little technical expertise of his own; early culture problems; and the ever-daunting task of hiring talented salespeople. In this conversation, Will also reflects on Aerowave’s many tailwinds, his decision to implement a new enterprise resource planning system, the benefits of speaking directly with his customers, and how he views being CEO through the lenses of fatherhood. Though Will has some scars to show from his search process and early days at the company, listeners will learn a great deal from his accomplishments and his ultimate success in adapting the business to the life he wants to lead.

Sam Rosati is a former searcher turned active equity investor in self-funded searches and, given his experiences, an important focus of this conversation is on the evolution of the self-funded market. It used to be the case that self-funded searchers had to create their investor base from scratch, out of pure networking. Now, however, a path is emerging where a searcher can reach out to a recurring investor in self-funded searches, like Sam, and that investor can then make further introductions, helping searchers who started their ETA journeys with few contacts to more easily find pools of equity to back their deals. Sam discusses how searchers find him, including through his SMBootcamp; his thoughts on when self-funded searchers should start reaching out to investors, along with strategies for building relationships with them; the qualities he looks for in searchers and in the businesses they’re looking to acquire; why he finds this to be such an attractive asset class, and more. Listen to learn about this next chapter in search and the many opportunities it brings for self-funded searchers.

Betsy Harbison, CEO at Softrip, successfully completed a funded search in 2021. Her story, however, is rather unique in that the business she acquired is a remote, vertical software company that was also a carve out, meaning that a crucial part of Betsy’s journey involved the daunting task of untangling Softrip from its parent company. In this episode, she considers the pros and cons of self-funded versus funded search; why she ended up buying a remote company when her search had initially focused on the Midwest; the thinking behind her decision, in purchasing the business, not to raise any debt; and the challenges she encountered in doing due diligence on a carve out, including the seller’s insistence that she not speak with employees or customers prior to close. She also shares reflections on her first years as CEO, comprising the excitement and the difficulties around not having the luxury to wait before making changes, the transition from too much product customization to a rebuilding of that core product,  and also her recent focus on an entirely new product offering. It’s a distinct story of acquisition entrepreneurship and a fascinating conversation.

In May of 2024, after a self-funded search, Brian Seeling became CEO of PGM Service, a Florida-based company that focuses on maintenance, service, and repair of commercial food equipment. His journey to become an acquisition entrepreneur is distinct in that he first worked as a software engineer, was then involved in startup life for a number of years, and only recently embarked on the ETA path. In this episode, Brian reflects on the decision to pursue ETA, including his experiences of entrepreneurship through startup versus through acquisition; how implementation of a preventative maintenance service is empowering him to turn an episodic revenue business into a recurring revenue business; his thoughts on Rick and Royce’s suggestion to focus on synergies and cross-selling opportunities via the acquisition of a cold-side business; and more! Brian bought a company in which there are “many ways to win”, an important attribute in assessing acquisition opportunities, and listeners will learn a great deal from Brian’s accomplishments in the ETA space.

Not only is Zach Duprey a highly experienced commercial lender to those seeking to acquire a small business but, in helping to create a national market for these loans, he has been instrumental in dramatically changing the landscape of small business lending, revolutionizing the market for search. In this episode, Zach describes the “three legs of the stool” that he and his team consider in evaluating transaction opportunities – the underlying business, the searcher / operator, and the investors. Also discussed are the differences and similarities between commercial bankers and equity investors, in terms of their risk assessments and expectations; the relevance of different company attributes, including churn and margins; distinctions between SBA and conventional loans, particularly important to consider when purchasing a growth-oriented company; and many more practical takeaways that will well serve both funded and self-funded searchers on their journeys towards acquisition entrepreneurship.

After a brokered search, Jenn Braus became CEO at Systems Design West, a company that provides customized ambulance billing, emergency medical services billing, and accounting services to fire and rescue organizations, and one that Rick and Royce believe is “the perfect recurring revenue business.” In this episode, we learn about the beauty of recurring revenue (and how it differs from repeating revenue), and also about the many other attributes of SDW that made the business an awesome acquisition, along with one red flag that gave Jenn pause in her journey towards becoming an acquisition entrepreneur. Furthermore, they discuss why Jenn disliked the search process but loves being CEO; her experience of a very short transition period; the benefits of medium customer switching costs; why SDW was a great fit for Jenn, both professionally and personally; and how walking the ETA path allowed Jenn to create for herself the world in which she wants to live.

In May of 2021, after a self-funded search, Nick Vandam became CEO of MCI, a telecommunications infrastructure company based in St. Paul, Minnesota. In this episode, he shares his distinct journey, including his days at West Point; competing in triathlons on the U.S. National Team; deployment in Afghanistan; work experience at a large financial services company and then at a doomed startup; followed by graduate school and employment at Raytheon, all the while inching closer and closer to entrepreneurship through acquisition. Once headed down the ETA path, a number of challenges and opportunities presented themselves to Nick, leading him to important realizations about buying and then running a small business. Tune in for insights on the accessibility of acquisition entrepreneurship, due diligence challenges, the beauty of cigar butt businesses, leadership, and so much more.

Starting in early February, we’ll begin releasing new episodes of Think Big, Buy Small, season two. Rick and Royce are looking forward to sharing some fantastic conversations with you! Ahead of these new releases, however, we've built a bridge, of sorts, between the two seasons by checking in with season one guest, Geoff Duckworth, who was featured in the episode, “The Self-Funded Journey From Searcher To Seller.”  Listeners may recall that Geoff had not only successfully taken the ETA journey and acquired a small business, but that he then went on to sell his company. That episode ended with Geoff at a crossroads, unsure of whether the path forward should involve embarking anew down the ETA path or pursuing other alternatives. Tune in to hear what Geoff has been up to since his earlier conversation with Rick and Royce, along with his reflections on the decisions he made.

Throughout the first season, Rick and Royce have asked listeners to reach out to them with any queries they may have related to entrepreneurship through acquisition. Now, in the final episode of Season One, our hosts address many of the questions that were received. This wide-ranging discussion includes reflections on common mistakes made by first-time searchers; the merits and challenges of self-funded versus traditional searches; how real estate considerations factor into acquisition entrepreneurship; ETA in emerging markets; whether searchers need an MBA to successfully search for and then run their own company; what Rick and Royce hope listeners will take away from the first season, and more!

Despite growing up in unstable and challenging circumstances, Jerod Pierce changed the trajectory of his life by embracing educational opportunities, which helped him to thrive in a series of good jobs. He then made the decision to control his own professional destiny through acquisition entrepreneurship, purchasing Mercurio's Heating & Air Conditioning and becoming its CEO. In learning about Jerod's journey from childhood misfortune to present day fortune, listeners will not only hear insights on becoming an entrepreneur through acquisition, including our hosts' reflections on the personal traits that have contributed to Jerod's success, but they will also be inspired by the journey that Jerod has traveled.

In discussions of the entrepreneurship through acquisition journey, our attention is often drawn to the experiences of the searchers, those looking to acquire an enduringly profitable small business. However, two other crucial perspectives to consider are those of the sellers and of the brokers who they have partnered with to help sell their companies. In this episode, we meet Greg Edwards, Founder & CEO of Onsight Healthcare, and Jim Cumbee, a deeply experienced M&A advisor to business owners and Managing Director of Tennessee Valley Group. Greg has retained Jim’s firm to advise him on selling Onsight Healthcare, potentially to a searcher. Hearing their respective positions, thought processes, and insights can help acquisition entrepreneurs to not only better frame their offers but to approach the ecosystem and their transactions within it in a more thoughtful way.

In February of 2024, after a self-funded search, Nick Wheeler took the helm at NSCA & Tra-Cal, an enduringly profitable small business that’s been serving the electronics, manufacturing, and telecom industries since 1988. In this episode, he reflects on his entrepreneurship through acquisition journey to-date, with a particular focus on his experience of “drinking from the firehose” during his first months as CEO. Nick shares the pain of broken deals during the search process; what appealed to him about NSCA & Tra-Cal, including those specific characteristics that made it a high-quality acquisition target; his approach to Day One on the job; his relationship with the seller during the transition period; the strategies he’s implemented; and his thoughts on both the challenges and the tremendous fulfillment that he’s experienced along the way.

After years spent studying and working in the United States, Alexander Wallace recently returned to his native New Zealand to launch a self-funded search for an enduringly profitable small business to buy. In this episode, Alexander reflects on his decision to leave a conventional job in someone else's company in order to become a searcher; the reasons he decided to launch a geographically-focused search in New Zealand, where few have searched before; the type of company he hopes to acquire, along with his strategy for doing so; his thoughts on a potential roll-up strategy; and more. Alexander is just beginning his search, which is a moment of both unbounded optimism and also a bit of apprehension about the unknowns that lie ahead. Listen to learn more about how he’s thinking through potential challenges and opportunities as he takes his first steps on the ETA journey!

The Small Business Administration (SBA) loan program offers acquisition entrepreneurs an incredible opportunity to buy a company with little equity, and on very advantageous terms. Heather Endresen has decades of experience in SBA lending and is now Owner of Viso Business Capital, where she helps searchers in a variety of ways, including finding banks that are most appropriate for their SBA loans. In this episode, Heather explores the ins and outs of these "magical" loans, which differ in important ways from conventional bank loans. She discusses the beauty of SBA loans for first-time buyers, their lack of covenants, the ten-year term, how borrowers might think about the personal guarantee, and more. This is a must-listen episode for anyone considering or in the midst of an entrepreneurship through acquisition journey!

How is it that so many searchers become successful CEOs, even when many have never run a company before and may not have the relevant industry experience? Personal characteristics count for a lot, but so too do company attributes. Sticky customers, for example, are hugely important, as this creates space for a new CEO to learn the ropes of the business. In this episode, we meet Michael Orzetti, an acquisition entrepreneur who, in August of 2020, became CEO of Eastern Communications, a company that sells, services, and maintains critical communications infrastructure and networks. He shares insights from his self-funded search through to present day management of the company, including details of how he and his wife considered the trade-offs between different paths, the attributes he looked for while searching, his relationship with the company founder, and the impressive growth of the business over the last four years.

As an acquisition entrepreneur, Jackie Kopcho is now CEO of Tortorella Swimming Pools, where she leads a team that engineers, builds, and services pools on Long Island, in southeastern New York State. When searching for a company to acquire, Jackie wasn’t looking for this particular industry or location. Rather, she was on the lookout for those qualities that lead to an enduringly profitable business, such as recurring revenue and low customer concentration. This company stood out from the rest as an ideal acquisition target. In this episode, Jackie discusses her overall process of discovery, the experience of coming into the role of CEO, managing challenges associated with a seasonal business, her deep focus on customer service, and more.

Ari Santos and Allan Newman, about to graduate from business school, reflect on the choice between buying their own business or working for someone else. Though there are parallels between their paths, including service in the US Army, these similarities make their differences all the more interesting. From considerations of leadership, risk, and career aspirations to thoughts on location, industry, and funding options, listeners gain insights into the decision of taking a job versus embarking on the journey to find and acquire a small business to run as CEO.

In this episode, Daniella Bertolotti and Steve Goulas discuss the more traditional startup route versus entrepreneurship through acquisition. Just weeks ahead of their graduation from business school, and thinking about what’s next, both are looking for control over their professional lives, want to be in a position where they make decisions that matter, and value rewards being closely tied to the work that they do.  We learn that those who lean more towards founding their own company often have a very specific passion for one industry and a commitment to one location, while people who decide to walk the path of an acquisition entrepreneur are often more focused on the nuts and bolts of managing a business. As you’ll hear, though entrepreneurship through acquisition isn’t for everyone, it is a path that every would-be entrepreneur should consider.

Geoff Duckworth’s story is that of a self-funded search that transformed him from being an employee at a larger firm, to CEO of an enduringly profitable small business, to seller of the company that he had run for years.  It was after reading Rick and Royce’s book, HBR Guide To Buying A Small Business, that he decided to pursue the path of entrepreneurship through acquisition. In this episode, Geoff shares reflections on his experiences as an acquisition entrepreneur, including why he decided to stop working for others and buy his own business; how he sourced companies that were for sale; the qualities he saw in the business he ultimately bought; how he financed the acquisition; and insights on his time spent at the company helm and beyond.  Geoff’s story is a classic example of a complete entrepreneurship through acquisition journey.

Ten years ago, Robin Kovitz became President & CEO of Baskits, now one of Canada’s leading gift services companies, by purchasing the company from its two retiring founders.  Baskits was an acquisition that had many of the qualities that lead to success for first-time CEOs, including recurring customers and a record showing years of profitable operations.  It was also, however, a seasonal business, which is a potential red flag for Rick and Royce.  In this episode, Robin shares insights on why she decided to become an acquisition entrepreneur, the impact of her “being passionate about the business” investment criteria on her geographically focused and self-funded search, her perceptions of risk, the effects of searching on family life, why she loves her role at Baskits, and more.

Are you looking for an alternative to a career path at a big firm? Does founding your own startup seem too risky? There's another compelling path open to you: acquiring a small business and running it as CEO. Co-hosted by Harvard Business School professors Richard Ruback and Royce Yudkoff, the show is an extension of their popular course, Entrepreneurship Through Acquisition, and their highly regarded book, HBR Guide To Buying A Small Business.  Think Big, Buy Small helps listeners to determine if entrepreneurship through acquisition is for them and, if it is, provides insights and guidance on the different milestones along the journey to acquiring an enduringly profitable small business.