The Acquirers Podcast SMB acquirer Colin King on Entrepreneurship-through-Acquisition and Search Funds | S07 E36
Oct 16, 2025
Colin King, founder of Circle City Capital Group and seasoned SMB acquirer, dives into his entrepreneurial journey from CPA to private equity. He shares how his first acquisition—a trucking business—taught him invaluable operational lessons. Colin discusses the shift to e-commerce and the importance of finding smaller, less complex businesses for acquisition. He emphasizes leveraging AI for efficiency and explores the current private market dynamics while providing sage advice for aspiring entrepreneurs in the search fund space.
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Craigslist Meets Midnight Deliveries
- Colin met his business partner via Craigslist and bought a midnight trucking company as their first acquisition.
- They learned quickly it had strong cash flow but terrible personal life impact, so they sold it after ~1.5 years.
Return On Headache Matters
- Colin uses “return on headache” to evaluate businesses, not just returns.
- He sold the trucking business despite cash flow because the personal cost outweighed value.
Use SBA Leverage Wisely
- Early deals often rely on heavy SBA leverage like 10% down, 90% borrowed; plan for long amortization.
- As you scale, prefer more equity or lower leverage and larger teams to manage operations.
