Think Big, Buy Small

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.