Masters in Small Business M&A

Today’s guest is James Bohannon of Belzberg & Co., a family office with a significant history of backing lower middle market independent sponsors and leading direct investments. James joins Peter to discuss the emerging “F2E” (Finance to Entrepreneurship) category, where pedigreed investment professionals are leaving “partner-track” roles in private equity or investment banking to acquire and operate lower middle market businesses. James shares how this category differs from traditional ETA or independent sponsor models, why more top-caliber finance professionals are pursuing this path, and how family offices evaluate and partner with these emergent operator investors. The discussion also covers James’ perspective on capital formation, the role of anchor investors, and the key characteristics he sees in the most promising “F2Es”. Discussion Points: The emergence of the “F2E” (Finance to Entrepreneur) investor in small business acquisitions How “F2E” differs from ETA, search funds, and traditional independent sponsors Why mid-career finance professionals are leaving partner-track roles to buy businesses The risks and personal stakes F2E operators bring when investing their own capital How capital formation works between F2Es and family offices The role of anchor family offices in supporting these new sponsors How reputation and relationships drive deal flow and partnerships in the ecosystem Gaps in skill sets when transitioning from large PE firms to smaller, scrappier deals Why fundraising and sales become core responsibilities for first-time sponsors How family offices source and evaluate emerging sponsors The importance of alignment and trust between investors and F2E sponsors Why the individual operator (“the jockey”) often matters more than the specific deal The potential for F2E to become a meaningful pipeline of talent into the lower middle market over the next decade Masters in Small Business M&A is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional acquirers. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, our Industry Top 50 reports, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you learn more and get started for free at Axial.com. Resources James Bohannon LinkedIn Peter Lehrman LinkedIn

Today’s guest is Eliot Kerlin, Founder and Managing Partner of Broadwing Capital. With 25 years of experience in the lower middle market, Eliot reflects on how the ecosystem has evolved—from fund sizes and leverage trends to seller sophistication and the rise of independent sponsors and family offices. He shares how underwriting, equity contributions, and operational involvement have changed, and why operational alignment from the start is a prerequisite to growth. The conversation closes with Broadwing’s investment philosophy, its approach to founder alignment post-transaction, and a look into their recent acquisition of CloudScale 365. Discussion Points: Fund size expansion and the shifting definition of “middle market” Rising purchase multiples, increasing equity contributions, and their implications  The growth of “operational private equity” and specialization How sell-side advisory channels have expanded and digitized The rise of independent sponsors and new buyer pathways Family offices as capital partners in private equity Broadwing’s investment strategy and focus on skilled trades, manufacturing, and services Organic growth versus acquisition-led growth Evaluating management teams and cultural fit Stakeholder impact planning and employee investment initiatives Founder alignment and setting post-transaction expectations The acquisition thesis behind CloudScale 365 AI as both an operational tool and a client advisory opportunity Balancing playbooks with the uniqueness of each company Masters in Small Business M&A is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Today’s guests are Thomas Ince and Logan Lowery, Managing Partners of LP First Capital, a top-rated independent sponsor that has closed 70 deals in just six years. Ince and Lowery share the origin of the firm’s name and dive into how LP First approaches investor alignment, capital structuring, and platform building. They discuss the nuances of working with a diverse mix of LPs, co-GP partnerships with private equity firms, and the firm’s emphasis on speed, sourcing discipline, and founder alignment. The conversation closes with reflections on hold vs. exit decisions, the firm's evolution, and what lies ahead. Discussion Points: The story behind the name “LP First” and its layered meaning Structuring investor alignment through incentive design Evolving LP mix and the importance of thoughtful capital composition Why LP First often starts transactions all-equity and leverages up later Getting comfortable with private equity funds as LPs Co-GP partnerships with private equity firms and how LP First approaches governance Criteria for selecting GP partners and building trust LP First’s value prop: speed, responsiveness, and sourcing systems Building and executing within a focused buy box Prioritizing founder energy and cultural fit in platform investments Thoughts on hold duration, liquidity timing, and compounding value Scaling thoughtfully while building long-term firm credibility Masters in Small Business M&A (sign up for podcast drops here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources Thomas Ince’s LinkedIn Logan Lowery’s LinkedIn Peter Lehrman’s LinkedIn Thomas Ince’s X Peter Lehrman’s X LP First Capital Website Axial’s 2025 Independent Sponsor Report

Today’s guest is Bo Stump, a partner at Stump & Company, a family-owned third-generation M&A advisory firm based in Charlotte, North Carolina.  The folks at Stump & Company are among the most trusted and respected thinkers and advisors on exit strategy and M&A across the entire furniture supply chain, from wholesale materials and manufacturing, all the way to branded goods and their evolving distribution channels.  In this episode, Peter and Bo discuss how the furniture industry’s supply chain has evolved — from domestic manufacturing to global sourcing and now e-commerce — and how these shifts impact profit pools, relative valuations, and buyer appetite.  The conversation also reveals how Stump & Company thinks about sell-side exit process dynamics, how they do the calculus on what kind of process to run, what kinds of buyers to invite, and how they handle the often competing interests of certainty of close, speed to close, and optimal price and terms. Discussion Points: History and evolution of Stump & Company The firm’s niche focus in the furniture and home goods sectors Shifts in manufacturing: domestic, offshore, and hybrid models Rise of e-commerce and omnichannel distribution The growing influence of interior designers on furniture purchasing Attributes that drive premium valuations in furniture businesses How Bo’s team runs different types of M&A processes A case study on optimizing buyer fit over the highest bid Private equity’s cycles of engagement in the furniture space Bo’s take on how to prepare for an exit and “timing” the market Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we delve into the dynamic world of small business M&A, interviewing a diverse mix of seasoned and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league table rankings, the SMB M&A pipeline report

Today’s guest is Nick Huber, founder and owner of Bolt Storage and current CEO of Somewhere.com, a worldwide staffing business acquired in 2024.  Nick joins Peter to discuss the formative acquisitions across his entrepreneurial journey – from growing a distressed storage portfolio into 60+ properties, to the $52M acquisition of worldwide remote staffing firm, Somewhere.com. They cover his transition from operator to acquirer and back to CEO, capital structuring tactics, and why he bet so big on Somewhere.com.  On top of it all, Nick found time to publish his book, The Sweaty Startup, and offers key insights from the book and why he wrote it. Discussion Points: Nick’s first storage buildout in 2015 and the pivot to acquisitions A turning point deal: buying a mismanaged Erie, PA portfolio at public auction Transitioning from scrappy operations to managing a global team Building out a PE-backed acquisition engine for Bolt Storage Underwriting and managing 62 storage acquisitions with global remote staff Why Nick slowed down storage deals after the 2022 interest rate spike The story behind acquiring Somewhere.com for $52M Breaking down the deal structure and equity incentives Rebuilding operations post-acquisition: new hires, new brand, new funnel Why South Africa became central to Somewhere.com  Transforming sales and recruiting teams using global talent Which industries are adopting global hiring (law, construction, SaaS, architecture) Why AI is not replacing Somewhere.com’s business model anytime soon Lessons from raising outside capital and the pressure that comes with it The overlap between operating and authoring The Sweaty Startup Masters in Small Business M&A (sign up for podcast drops here) is produced by its host, Peter Lehrman, and the team at Axial (

On today’s episode, Kyle Tucker, founder of Tucker’s Farm Corporation, joins Peter Lehrman to share his journey from big league private equity and hedge fund land to creating a unique investment platform focused on roll-ups in the lower middle market.  Kyle shares how early inspiration from Warren Buffett and experiences in private equity shaped his approach to long-duration, high-compounding investments. They discuss Tucker’s Farm's focus on aggregation strategies, the importance of friction in deal sourcing and in deal execution, and why Kyle prioritizes operational scale over traditional private equity paths. Discussion Points: Kyle Tucker’s early inspiration and career path through Apollo and Viking The appeal of value investing and structured private equity strategies Discovering the potential of roll-ups and aggregation strategies Founding Tucker’s Farm and its focus on high-compounding investments Structuring deals for flexibility and identifying true compounders Lessons from launching a med spa roll-up and handling early setbacks The role of friction in sourcing and why opacity creates opportunity How Tucker’s Farm balances operational scale with investment judgment The evolving private equity landscape and navigating market saturation Kyle’s perspective on staying in the lower middle market while scaling horizontally Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for qualified business owners to confidentially explore growth capital and exit transactions with the lower middle market’s top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Today’s guest is Lance Fenton, a Partner at Serent Capital, a private equity fund investing in bootstrapped vertical market software businesses. In this episode, Lance breaks down Serent’s software investment thesis, how it evolved over time, and how they think about sourcing, returns, hold period, and the future prospects of these niche businesses. Lance shares how Serent approaches value creation, the importance of high gross retention, the role of pricing optimization, and how they are responding to AI’s arrival as a threat and opportunity across their portfolio. Lance shares an unusually transparent and candid look at Serent’s direct sourcing model, why they prioritize long-term relationships with founders, and what makes an investment business truly great over decades of success. Discussion Points: Serent Capital’s transition from B2B services to vertical market software Why high recurring revenue and high ROIC drive investment decisions The adoption curve of Vertical Market SaaS: from on-premise to cloud and beyond How shifting to SaaS from on-premise improves net revenue retention The role of payments in vertical software and its impact on valuations How Serent thinks about downturns and risk in underwriting deals The key attributes Serent looks for in vertical software investments Why pricing strategy is a critical lever for growth The role of AI in the evolution of software businesses Why Serent prioritizes direct sourcing over intermediated deal flow The challenges and advantages of a long-term sourcing approach How PE firms evolve and sustain long-term success Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources:

This episode features guests Royce Yudkoff and Richard (Rick) Ruback, co-authors of the Harvard Business Review Guide to Buying a Small Business, and professors at Harvard Business School (HBS). Royce and Rick have spent more than 15 years teaching Entrepreneurship Through Acquisition (EtA) and have witnessed the category evolve from a niche MBA pursuit into a mainstream career path for mid-career professionals and beyond.  The conversation covers how EtA has expanded beyond elite MBA programs, the shifting dynamics of self-funded vs. funded search, the evolution of financing options, and the role of small business acquisition as an alternative to traditional career paths. Royce and Rick share insights on how self-funded search has become a dominant trend, the growing diversity in the EtA space, and what the future holds for small business ownership. Discussion Points: Introduction to HBS professors Royce Yudkoff & Richard Ruback The rise of interest in the EtA category, both in and outside MBA programs Success stories helping legitimize EtA as a mainstream career path How the financing landscape for EtA has evolved over the past decade Advantages of SBA loans and the common misconceptions of personal guarantees Balancing family considerations and relocation decisions when executing a search The impact of institutional capital entering the EtA market and its effect on returns The rise of self-funded search as the preferred model among Harvard MBAs Commercial acumen, EQ, and sales skills - key traits in small business success How mid-career professionals can transition into EtA (without leaving their jobs) The importance of embedding yourself in the business community before you buy Predictions for the future of EtA and how the category will continue evolving Masters in Small Business M&A (sign up for the podcast here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market

Do you love your home “IT and AV guy”? We didn’t think so.   In this episode, Peter Lehrman sits down with Hagan Kappler, co-founder of Daisy, an emerging national player leader in home technology installation, integration, and servicing. Daisy has acquired eight companies in roughly 12 months, and is beginning to integrate franchise opportunities into the buy-and-build M&A playbook.   The conversation is all about Hagan, her team, her authentic history of operating and transacting in related categories, and Daisy’s unique approach to combining M&A and franchising.  Hagan details how her team is drawing lessons from other home services markets, how they’re experimenting with new recurring revenue business models, and how they’re tackling other challenges that plague the residential A/V and smart home categories.  Discussion Points: The Daisy origin story and the idea of a national smart home services model The market opportunity: A $30 billion industry with no national brand Hagan’s transition from home services to smart technology Differentiating through service with the recurring "Daisy Care" model Building a brand and operational infrastructure: CRM, training, and call centers Balancing M&A and franchising strategies for scale Strategic geographic expansion and post-acquisition value-add initiatives The unfair advantage of an experienced M&A team in home services The importance of optionality in financing and operational models Franchising as a growth engine: improving owner quality of life and increasing business valuation Recurring service offerings as a key differentiator Aligning the business for 2025: Scaling recurring services and brand identity Masters in Small Business M&A (sign up for the podcast here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league table rankings

In this episode, Peter Lehrman sits down with Adam Breslawsky, founding partner and managing director of lower middle market investment bank Oberon Securities. Adam shares Oberon's origin story, detailing its humble beginnings, initial challenges, early clients and eventual growth into what is now a firm of 80 bankers across the U.S.  The conversation dives into the intricacies of recruiting and retaining top investment bankers, the evolving art and science of investment banking, the transformation in the buyer landscape and its implications for competitive deal dynamics, and how Oberon endeavors to be exceptional. Adam also weighs in with his advice on what business owners must focus on when preparing for an exit and how they should evaluate and hire an M&A banker. Discussion Points: The founding story of Oberon Securities and its early challenges The success-based compensation model, recruiting, and fostering banker retention Attributes that distinguish the average banker from the excellent banker The old-school approach to generating leads by building quality relationships The evolving buyer landscape and how Adam assesses buyer suitability for his clients Advice for business owners planning an exit: timing, preparation, and banker selection Putting together the right pitch to win a business owner engagement Oberon's commitment to staying focused on its core mission Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources Adam Breslawsky LinkedIn Oberon Securities Website Peter Lehrman LinkedIn Peter Lehrman X Axial Website

In this episode, Peter Lehrman sits down with Sam Rosati, founder of Pursuant Capital and the original sponsor of Perimeter Solutions Group (PSG), to explore his approach to scaling a single commercial fencing business in the Tampa, FL region and scaling growth across the sunbelt stages through five acquisitions and meaningful organic growth. Sam gets into the unique dynamics of the commercial fencing industry, the importance of aligning with strong operational teams, and Sam’s orientation to back management teams rather than retiring owners. Sam also reflects on his experience partnering with Chris Kliefoth, his co-founder and operating partner, and the role of thoughtful deal sourcing in shaping PSG’s success. The conversation dives into add-on acquisitions, the challenges of scaling a service-based business, and the value of getting face-to-face with sellers ASAP in the deal-sourcing funnel.  The conversation finishes up with Sam talking about his search for a new lower middle market acquisition in 2025 and how he is thinking about this next big chapter.  Discussion Points: Sam Rosati’s background and his transition from big law to small business M&A The inception of Perimeter Solutions Group (PSG) and the decision to focus on commercial fencing Key advantages of commercial fencing, including its project lifecycle and customer relationships Sourcing the deal in Tampa, and how it came into focus Building a successful partnership between an operating partner and a dealmaker The importance of a strong team in scaling operations and managing growth Strategic acquisitions to expand geographic reach and service capabilities Maintaining a balance between growth and operational excellence The impact of a recapitalization on PSG’s future growth plans Evolving strategies for deal sourcing, including inbound, outbound, and relationship-building The potential for younger management teams to drive success in blue-collar services The future of independent sponsors and the opportunities for young operators in the lower middle market The significance of long-term partnerships with family offices and flexible capital providers Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and...

In this episode, Peter Lehrman sits down with Michael Arrieta, founder of Garden City, to discuss his unique journey from a successful career in tech with companies like DocuSign to founding a people-first holding company focused on service-based businesses. Michael shares insights into his decision to leave tech, the principles guiding Garden City, and the impact of a values-driven approach to business acquisition and management. The conversation also examines Garden City's investment thesis, focusing on B2B nationwide services, and how Michael's team is bringing mission-aligned shareholders into the fold. This episode is packed with actionable insights for anyone interested in small business acquisitions and the human side of M&A. Discussion Points: Michael Arrieta’s transition from tech to small business acquisitions. The inspiration behind founding Garden City and its core mission. Garden City’s focus on service-based businesses with B2B nationwide services. The importance of mission-aligned shareholders and building trust-based relationships. Challenges faced in the lower middle market and the importance of simplicity in business models. The development of the 3F program (Faith, Family, and Finances) for enriching employees' lives. The role of community and shareholder engagement in Garden City’s success. Insights into the process of deal flow management and strategic acquisition. Lessons learned from five years of running Garden City, including the importance of focus and team structure. Masters in Small Business M&A (sign up for podcast drops here) is produced by its host, Peter Lehrman, and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors, strategic acquirers, and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources:  Michael Arrieta LinkedIn Michael Arrieta X Peter Lehrman LinkedIn

Today’s conversation is with Ryan Sullivan, Managing Director and Co-Founder at North Park Group (https://northparkgroup.com/), a Chicago-based private investment firm focused on acquiring and operating US-based manufacturing and distribution businesses for the very long-term.  Ryan was a multi-chapter manufacturing operator and CEO and North Park Group reflects this operator DNA.  He shares his experience and investment perspectives on the resilience and adaptability of US-based manufacturing, how he and his team get comfortable taking an extremely long-term view of U.S. manufacturing, his unconventional approach to personal guarantees and leverage, LP liquidity, and the importance of taking care of every employee.  The key topics we cover in this 60-minute conversation include:  Manufacturing in America in 2040 — A 15+ Year View  What Separates Winners and Losers in the U.S. Manufacturing Space  The North Park Model: De-Risking Transactions and Taking the Conservative Approach  The Labor Spectrum and Why Every Employee Counts   The Emotional Impact of M&A: Why an Anti-Climatic Transition is the Best Transition  Providing LP Liquidity with Indefinite Hold Periods  Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.  If you’d like to go deeper, head to Axial.com, where we make available Axial’s member directories, downloadable tools for dealmakers, the Axial lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.  Subscribe to Masters in Small Business M&A  Resources:  Peter Lehrman on LinkedIn  Follow Peter Lehrman on X  Ryan Sullivan LinkedIn  North Park Group  Axial Website   

Today’s conversation is with Tom Barber, Co-Founder and Managing Partner at SBJ Capital (https://www.sbjcap.com), a California-based private equity firm investing into the consumer and business services verticals.  In this episode, Tom dives into how he and his team continue to build SBJ Capital, paying special attention to some of the firm’s most unconventional beliefs and organizational design decisions. Tom is remarkably and refreshingly an “open book” about how he and SBJ have gone about building and differentiating their firm. In this 50-minute conversation, we cover the following topics:  What it Took to “Win” in the 2000s vs. What it Takes Today The Evolution of Teams & Talent in Private Equity How to Avoid Unintended Consequences with the Operating Partner Model SBJ Capital’s “Sourcing Partner” Program  Investing in the “Boring” Supply Chain That Power Consumer Brands And then we go into two case studies and some advice for young professionals The Perfect Purée: A Case Study in Substantial Growth via GTM and Sales Channels  Troy Lee Designs: Tripling EBITDA in a Hyper-Niche Consumer Market How the Perfect Private Equity Resume is Changing for Young Professionals Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Subscribe to Masters in Small Business M&A   Resources: Peter Lehrman on LinkedIn Follow Peter Lehrman on X Tom Barber LinkedIn SBJ Capital Axial Website

Today’s guest is Marshall Lockton. Marshall spent 15 years in sales, sales strategy and sales training roles within his family’s storied private insurance brokerage business (Lockton) before leaving to acquire his first business. In October 2023, he acquired Knight Agency, a specialized consultancy that helps organizations unlock performance by uniquely connecting a company’s purpose, story, values, people and products.  Marshall’s journey as an acquirer is just beginning, but his prior career building sales and sales training programs inside one of the most successful private insurance brokerage companies gives him a mid-career operator’s advantage over many newly minted MBAs pursuing EtA.  Marshall discusses his experiences in the family business, the personal considerations he had to weigh by joining the business, the value of establishing purpose before investing, and the lessons learned at Lockton around culture, autonomy, and nailing sales incentives. The conversation concludes with Marshall getting into the details of the Knight Agency acquisition, highlighting the strategic importance of long-term vision, building relationships, and shared focus on people and purpose-driven work. Discussion Points: Marshall’s decision to join the family-owned insurance brokerage Family business dynamics, honest feedback, growth, and community Establishing your personal core and opus ~ identity, values, principles, and vision Marshall's purpose-driven approach in starting Meraki Investments How Private Equity misses the opportunity to unlock purpose after the acquisition Impact of connecting culture, purpose and employees to create business success Masters in Small Business M&A (sign up for podcast drops here) is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.   Resources: Marshall Lockton LinkedIn (

Today’s guest is Rafael "Rafa" Quinn, co-founder and President of Alternative Holdings, a diversified holding company with subsidiaries in food services, retail, industrial sales, and business process outsourcing.  Rafa’s origin story has already been covered in other podcasts, so we instead begin in 2011 with his first deal, an industrial sales distribution company in Panama. Rafa shares how that first deal helped shape his long-term philosophy on evaluating companies, including the two recent water business acquisitions. We then proceed to cover topics such as the horizontal Holdco model, advantages of vertical integration, and playing to your strengths as an investor. We close out the conversation with Rafa emphasizing how his strong partnership with his business partner has been critical in both overcoming obstacles and sustaining his ongoing passion and dedication to a career as an investor.   Discussion points: Rafael’s first deal and establishing HQ in Panama  Adapting to market changes in energy sources Inventory consignment vs distribution model Horizontal holding companies vs. vertical integration Warren Buffett’s approach to post-acquisition incentive alignment  The practical application of zero-cost budgeting Adding value without being needed in the day-to-day Rafael’s philosophy on long-term growth strategies and investment  Intangible qualities of good business brokers Benefits of finding the right business partner Masters in Small Business M&A (Subscribe to Masters in Small Business M&A)  is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Subscribe to Masters in Small Business M&A Resources:

Today’s guest is Matt Plooster, founder and CEO of Bridgepoint, a boutique investment bank based in Omaha, Nebraska. We start the conversation with a background on private credit and its origins. From there we proceed to cover its growth, its arrival in the lower middle market, and how business owners can think about its features, risks, utility and applicability. We close out the conversation by getting into specific lower middle market transactions where private credit has been central to the outcome.  Discussion points:  The rise of private credit in the private market  How non-bank financing has evolved post-2008 crisis  Mezzanine vs. unitranche debt  Comparing private credit to traditional bank lending  Non-control transaction success with private capital  Case study demonstrating the effectiveness of buyout transactions  Long-term engagement benefits  The appeal of fewer covenants and no personal guarantees  Crucial role of pre-market quality of earnings  Private credit's future potential for market inefficiencies  Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research, and connect with top-ranked M&A advisors and capital partners. Masters in Small Business M&A explores the vast world of small business acquisitions, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.  If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.  Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. And if you have an interesting guest in mind, feel free to drop us a line.   Subscribe to Masters in Small Business M&A  Resources:  Matt Plooster LinkedIn  Bridgepoint Investment Banking  Peter Lehrman LinkedIn  Axial Website  

In this episode, we interview Bob Falahee, the recently exited founder of SunPro Motorized Awnings & Screens.   Bob’s entrepreneurial origin story starts in Michigan, where he was a sales leader for a semi-truck trailer manufacturer. Bob and his family left behind the cold winters of Michigan for Florida, where he founded SunPro with $36,000 in seed capital. He went on to expand SunPro from a local retractable awning business to a wholesale manufacturing leader in the category.  The conversation reviews SunPro's founding story, its strategic growth and his daughters' pivotal involvement on the finance and retail sides of the business. We also dive into the mind of the founder on the exit process.  When did Bob start thinking about exiting?  What drove his timing and thinking?  How did he start learning about what goes into a successful exit? Bob recounts the impact of cultural fit in selecting an investment banker and walk through how he thought about strategic succession planning and M&A preparation.  Discussion points:  Bob’s first exit from a successful Michigan semi-trailer business  Family relocation to Florida and the search for a small business  Turning a partnership with a local awning business into a new company  Growing the business with dealer-centric service  Streamlining production via software and improved delivery  SunPro's strategic growth and family-driven retail expansion  The importance of five-star reviews for business growth  Preparing for an exit  Cultural and expertise alignment in investment bank selection  The structure of the sale to Hunter Douglas  Post-exit personal transformation and venturing into new businesses  Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and capital partners. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.  If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.  Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published.    Subscribe to Masters in Small Business M&A  Resources:  Bob Falahee LinkedIn  SunPro Manufacturing  Peter Lehrman LinkedIn  Axial Website    <...

In this episode, Glenn Oken, Managing Director at Mangrove Equity Partners, sits down with host Peter Lehrman to discuss the evolution of Small Business M&A, from the late ‘80s to present day.  The conversation starts with Glenn’s entry into the M&A scene, and the challenges and opportunities of closing transactions before the internet. Glenn shares his insights on the major changes in deal sourcing methods over his career, valuation drift, and the growth of sell-side M&A advisory in the lower middle market. The conversation wraps up with a deep dive into the operating partner model, how early Mangrove was in institutionalizing this model, and how significantly it has influenced the firm’s culture and way of partnering with business owners.  Additional Discussion Points: The birth of Florida Capital Partners Closing deals in the 90s Evolution of private equity investing The impact of internal operating partners The power of add-on acquisitions Integration strategies and dual branding Leveraging reputation in competitive transactions Sourcing strategies Complexities and opportunities in deals Advice for young professionals exploring private equity This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform.  In every episode, we seek to explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Glenn Oken LinkedIn Peter Lehrman LinkedIn Axial X Axial Website 

Today’s guest is Clint Fiore, a small business operator turned M&A broker and the President of Bison Business, a Texas-based business brokerage transacting in both Main Street deals and the lower middle market.  Clint lays out his four different archetypes of business brokers, what makes them tick, and how private equity investors and SMB acquirers can best modify their approaches to successfully close deals with any of them. Discussion points: Why Clint decided to starting his own business brokerage The 80/20 rule of brokers LOI language tweaks that will resonate with owners and business brokers Building relationships to get an angle on a broker’s deals How to handle real estate brokers moonlighting as M&A brokers The future of M&A brokerage Ensuring trust, reliability, and cost-effectiveness in deals This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources:  Clint Fiore LinkedIn Clint Fiore X Peter Lehrman LinkedIn Peter Lehrman X Axial Website