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PODCAST

Think Big, Buy Small

Harvard Business School

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

business entrepreneurship

All Episodes

54:10

Questions and Answers with Rick and Royce

Think Big, Buy Small ·

2025/04/21

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

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56:32

A Successful Model for Roll-Ups in Automotive and Beyond

Think Big, Buy Small ·

2025/04/14

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

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54:28

The Journey and Impact of a Mission-Driven Searcher

Think Big, Buy Small ·

2025/04/07

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 addictionrecovery center or a company in the elder

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46:51

Learnings From a Former Searcher, Current Investor,...

Think Big, Buy Small ·

2025/03/31

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

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54:52

Acquiring Outdoor Recreation Programs as Co-CEOs and...

Think Big, Buy Small ·

2025/03/24

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

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59:02

The Acquisition, Transition, and Operation of a...

Think Big, Buy Small ·

2025/03/17

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

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61:36

Insights From a Recurring Investor in Self-Funded...

Think Big, Buy Small ·

2025/03/10

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,

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53:17

The Purchase, Carve Out, and Transformation of a...

Think Big, Buy Small ·

2025/03/03

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

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49:31

From W-2 Job, To Startup Life, To Acquisition...

Think Big, Buy Small ·

2025/02/24

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 foodequipment. 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

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57:50

Practical Takeaways From A Seasoned Lender To Smaller...

Think Big, Buy Small ·

2025/02/17

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

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56:47

The Acquisition of a Remarkable Recurring Revenue...

Think Big, Buy Small ·

2025/02/10

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,

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54:06

Finding One's Way To ETA

Think Big, Buy Small ·

2025/02/03

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

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16:22

Where Are They Now? A Conversation with Geoff Duckworth

Think Big, Buy Small ·

2025/01/21

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

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59:13

Listeners’ Questions, Rick and Royce's Answers

Think Big, Buy Small ·

2024/09/09

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

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59:42

From Misfortune To Great Fortune

Think Big, Buy Small ·

2024/08/26

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

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61:40

A Seller and Business Broker’s Perspectives

Think Big, Buy Small ·

2024/08/19

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

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62:18

An Acquisition Entrepreneur’s First Months As CEO

Think Big, Buy Small ·

2024/08/12

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

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52:36

Searching Where Few Have Searched Before

Think Big, Buy Small ·

2024/08/05

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

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47:46

The Fantastic Economics of SBA Loans

Think Big, Buy Small ·

2024/07/29

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

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57:52

Explaining The Success Of First-Time CEOs

Think Big, Buy Small ·

2024/07/22

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

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46 results

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