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What if the key to building real wealth wasn’t in startups or VC, but in buying simple, cash-flowing businesses?
In this episode, we dive deep into the minds of Royce Yudkoff and Rick Ruback — the Harvard professors who quietly shaped the world of search funds and acquisition entrepreneurship. Their ETA class at HBS has launched hundreds of successful HoldCos and operators.
We explore the two paths of search (funded vs. self-funded), why the multiple matters more than growth, what red flags kill deals, and how great operators build empires by holding longer.
If you’ve ever thought about buying a business — this is the playbook.
Timestamps:
00:00:00 - Intro: The Hidden Giants Behind ETA
00:01:01 - The Bifurcation of Search: Funded vs. Self-Funded
00:05:23 - Sponsor: Scalepath
00:06:16 - The Magic Is in the Multiples, Not Growth
00:09:51 - What to Look For: 5 Filters for Great Acquisitions
00:13:58 - Sponsor: Spacebar Studios
00:14:54 - Red Flags That Quietly Kill Deals
00:19:01 - Where Real Growth Actually Comes From
00:21:58 - Why Great Operators Still Sell Too Early
00:25:51 - The Real Search Process (And Why It Works)
00:29:45 - More Money Than Time: The Real Reason to Buy a Business
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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724
Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
