Think Big, Buy Small
Business & Finance
About
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 courses on small firms, including Entrepreneurship Through Acquisition, which has been taken by thousands of MBA students, and their highly-regarded book, HBR Guide To Buying A Small Business, which has sold more than 65,000 copies. In this series, Rick and Royce guide listeners through the...
Episodes
- Season Three Questions and Answers with Rick and Royce
Rick and Royce address listener questions on entrepreneurship through acquisition, discussing topics like risk tolerance, MBA value, searcher challenges, due diligence, franchising, and market timing.
- Partnership, Purpose, and the ETA Path to Concierge Medicine
Nick Kerr and Shaquille Walker share their experience acquiring HealthBridge, a concierge primary care clinic. They discuss their entrepreneurial journey, the appeal of concierge medicine, and plans for expansion while addressing physician…
- Navigating Entrepreneurship Through Acquisition as a Family
Meghan Orzetti discusses the spouse's perspective on entrepreneurship through acquisition, detailing the challenges and rewards of supporting a business owner while raising a family.
- Reshaping One’s Career Through Acquisition Entrepreneurship
Ike Ukawuba shares his transition from engineering and consulting to acquisition entrepreneurship, detailing his experience running a home healthcare company, the challenges of managing a large team, and the satisfaction of making a positi…
- Pioneering Search in Frontier Markets
Rob LeBlanc discusses the evolution of search fund investing beyond traditional markets, detailing the unique dynamics of searching and operating in less developed capital markets and how factors like currency risk and institutional maturi…
- CEO Success in Operating Small Business Acquisitions
Michael Aubrey discusses his journey in small business acquisitions, covering operational challenges, hiring strategies, building a salesforce, customer focus, employee compensation, company culture, and the essential elements for CEO succ…
- Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius
This episode features Jim Sebenius, a negotiation expert and Harvard Business School professor, discussing negotiation strategies. He covers the "3D" model, the challenges of internal negotiations, and the importance of a deal diary, drawi…
- Climbing the Revenue Ladder: Understanding Quality in Business Acquisitions
This episode features A.J. Wasserstein discussing revenue quality in business acquisitions. Rick and Royce explore different revenue types and their effects on growth, customer retention, and valuation.
- The Journey From Engineer, To Entrepreneur, To Exit
Paige Sopcic, an engineer turned entrepreneur, shares her experience acquiring and scaling a specialty canning company, CanSource, and her eventual sale of the business. She reflects on the mindset shift, the support systems, and the chall…
- An Experienced Lender’s Perspective on Acquisition Financing
Bruce Marks, an experienced SBA lender, shares insights on acquisition financing in ETA, covering lender assessments, debt service coverage, risk evaluation, and financing options for business acquisition seekers.
- You Don't Need an MBA to Pursue ETA
Tom Allsworth shares his journey into acquisition entrepreneurship without a traditional MBA, detailing his successful acquisition of Pacific Opportunities and Trellis. His story emphasizes that diverse experiences are valuable assets for…
- A Bird’s Eye View of ETA
Will Smith, host of Acquiring Minds, offers a comprehensive overview of the ETA landscape based on his experience. He discusses traits of successful searchers, factors influencing business success, common mistakes, and advice for entrepren…
- The Value of Roll-Ups As Seen Through the Lens of Music Schools
Jeff Homer shares insights on the value of music school roll-ups, explaining how his organization provides support to allow teachers to focus on education. He discusses the administrative challenges faced by music school founders and his a…
- Where Are They Now? A Conversation with Nick Wheeler
In this episode, Nick Wheeler, President of Tra-Cal, rejoins hosts Rick and Royce to discuss his 14-month journey since taking the helm. They cover the company's evolution, hiring successes and challenges, and Nick shares advice for aspiri…
- Questions and Answers with Rick and Royce
In the final episode of Season Two, hosts Rick and Royce address listener questions about entrepreneurship through acquisition. The discussion includes starting paths for undergraduates, traits of successful entrepreneurs, financial modeli…
- A Successful Model for Roll-Ups in Automotive and Beyond
Logan Leslie, CEO of Main Street Auto, shares his strategy for rolling up smaller businesses, focusing on the auto industry. He explains his approach to team building, growth through sale-leaseback transactions, and the advantages of scale…
- The Journey and Impact of a Mission-Driven Searcher
Adriana Garcia Ceja shares her experience acquiring ElderTree, an elder care business, after graduating from Harvard Business School and becoming a mother. She discusses the importance of a mission-driven search, fundraising, closing the d…
- Learnings From a Former Searcher, Current Investor, and Industry Wise Man
Kent Weaver shares his experiences as an early search participant and investor, discussing the qualities he seeks in searchers and CEOs, company diligence factors, and trends in the Entrepreneurship Through Acquisition (ETA) space.
- Acquiring Outdoor Recreation Programs as Co-CEOs and Spouses
Connor McCarthy and Caroline Matthews, co-CEOs of Canyonlands Camps, share their experiences in acquiring and operating outdoor recreation businesses as a married couple. They discuss their investor approach, acquisition criteria, and the…
- The Acquisition, Transition, and Operation of a Technology Solutions Company in Texas
William Young shares his experience becoming CEO of Aerowave Technologies, detailing the difficulties of the acquisition, a year-long seller transition, and managing the business through challenges like COVID and supply chain issues. He di…
- Insights From a Recurring Investor in Self-Funded Searches
Sam Rosati, a self-funded search investor, shares insights on the changing self-funded search market, including how searchers connect with investors and the qualities he seeks in them and their potential acquisitions.
- The Purchase, Carve Out, and Transformation of a Remote Software Company
Betsy Harbison details her acquisition of Softrip, a remote software company carve-out, covering the decision to buy remotely, forego debt, and navigate due diligence challenges. She also reflects on her early years as CEO, product evoluti…
- From W-2 Job, To Startup Life, To Acquisition Entrepreneurship
Brian Seeling, CEO of PGM Service, shares his path from software engineering and startup life to becoming an acquisition entrepreneur. The episode covers his decision-making process, experiences with startup vs. acquisition entrepreneurshi…
- Practical Takeaways From A Seasoned Lender To Smaller Firms
In this episode, commercial lender Zach Duprey discusses key factors for evaluating small business acquisition opportunities, including the business, the operator, and investors. He also covers differences between bankers and equity invest…
- The Acquisition of a Remarkable Recurring Revenue Business
Jenn Braus acquired Systems Design West, a company providing specialized billing services for emergency medical services, after a brokered search. The episode explores the benefits of recurring revenue and the factors that contributed to a…
- Finding One's Way To ETA
Nick Vandam recounts his path to CEO of MCI, covering his diverse background and the lessons learned in acquisition entrepreneurship, including due diligence and leadership.
- Where Are They Now? A Conversation with Geoff Duckworth
In this episode, Rick and Royce catch up with season one guest Geoff Duckworth. They discuss his experiences since selling his business and his reflections on the decisions he has made regarding his future path.
- Listeners’ Questions, Rick and Royce's Answers
In the final episode of Season One, hosts Rick and Royce answer listener questions about entrepreneurship through acquisition. The discussion covers common mistakes, funding options, real estate factors, emerging markets, and the necessity…
- From Misfortune To Great Fortune
Jerod Pierce transformed his life despite a difficult childhood by pursuing education and becoming an acquisition entrepreneur, eventually purchasing Mercurio's Heating & Air Conditioning and becoming its CEO.
- A Seller and Business Broker’s Perspectives
This episode features Greg Edwards, Founder & CEO of Onsight Healthcare, and M&A advisor Jim Cumbee, discussing the seller's and broker's perspectives in the entrepreneurship through acquisition process. Their insights can help acquisition…
- An Acquisition Entrepreneur’s First Months As CEO
Nick Wheeler shares his experience acquiring and leading NSCA & Tra-Cal since February 2024, detailing the challenges of the search, the appeal of the business, his approach as CEO, and the fulfillment derived from the role.
- Searching Where Few Have Searched Before
Alexander Wallace shares his experience leaving a conventional job to search for a profitable small business in New Zealand. He details his strategy, the reasons for his geographically focused search, and his thoughts on potential challeng…
- The Fantastic Economics of SBA Loans
This episode of Think Big, Buy Small features Heather Endresen discussing the economics of SBA loans. She explains how these loans provide entrepreneurs an opportunity to buy companies with minimal equity and on favorable terms, highlighti…
- Explaining The Success Of First-Time CEOs
This episode of Think Big, Buy Small features Michael Orzetti, who became CEO of Eastern Communications in August 2020. He discusses the success factors for first-time CEOs, including personal traits and company attributes like sticky cust…
- Why A Long Island Swimming Pool Company Was An Ideal Acquisition Target
Jackie Kopcho, CEO of Tortorella Swimming Pools, acquired the Long Island company after searching for businesses with recurring revenue and low customer concentration. She discusses the acquisition process, CEO transition, managing a seaso…
- Acquisition Versus Working For Someone Else
Ari Santos and Allan Newman, soon-to-be business school graduates, weigh the options of acquiring a business versus working for others. They explore leadership, risk, career goals, location, industry, and funding.
- Acquisition Versus Startup: Weighing The Risks And Rewards
Daniella Bertolotti and Steve Goulas compare the traditional startup route with entrepreneurship through acquisition. They discuss the motivations and focus of founders versus acquisition entrepreneurs, highlighting acquisition as a viable…
- The Self-Funded Journey From Searcher To Seller
Geoff Duckworth details his entrepreneurial journey of acquiring and running a self-funded business, transitioning from employee to CEO and eventually selling the company.
- Buying A Seasonal Gift Basket Business In Canada
Robin Kovitz discusses her acquisition of Baskits, a leading Canadian gift services company, detailing her investment criteria, risk perceptions, and the impact on her family life.
- Introducing Think Big Buy Small
Think Big, Buy Small, co-hosted by HBS professors Richard Ruback and Royce Yudkoff, explores entrepreneurship through acquisition as a viable alternative to traditional career paths or starting a new venture. The show guides listeners on a…