エピソード

  • Pioneering Search in Frontier Markets

    Pioneering Search in Frontier Markets
    2025/11/03
    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.
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    53 分
  • CEO Success in Operating Small Business Acquisitions

    CEO Success in Operating Small Business Acquisitions
    2025/10/27
    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.
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    44 分
  • Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius

    Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius
    2025/10/20
    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.
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    29 分
  • Climbing the Revenue Ladder: Understanding Quality in Business Acquisitions

    Climbing the Revenue Ladder: Understanding Quality in Business Acquisitions
    2025/10/13
    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.
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    47 分
  • The Journey From Engineer, To Entrepreneur, To Exit

    The Journey From Engineer, To Entrepreneur, To Exit
    2025/10/06
    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.
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    58 分
  • An Experienced Lender’s Perspective on Acquisition Financing

    An Experienced Lender’s Perspective on Acquisition Financing
    2025/09/29
    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.
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    53 分
  • You Don't Need an MBA to Pursue ETA

    You Don't Need an MBA to Pursue ETA
    2025/09/22
    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.
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    46 分
  • A Bird’s Eye View of ETA

    A Bird’s Eye View of ETA
    2025/09/15
    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.
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    50 分