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 Small Business, which has sold more than 65,000 copies. In this series, Rick and Royce guide listeners through the different milestones of the journey to acquiring an enduringly profitable small business, sharing insights on how to evaluate prospects, raise capital, and ultimately determine if this path is right for you.
Episodes
Mentioned books
12 snips
Nov 10, 2025 • 42min
Reshaping One’s Career Through Acquisition Entrepreneurship
Ike Ukawuba, a former engineer and consultant turned self-funded searcher, shares his inspiring journey into acquisition entrepreneurship. He discusses the pivotal moment COVID led him to launch his self-funded search, where he quickly acquired a home healthcare company serving individuals with disabilities. Ike dives into the challenges of managing a 300-employee operation and the emotional labor involved in leadership. He also reveals his future ambitions as a search investor, emphasizing the importance of operational strengths in sourcing deals.
18 snips
Nov 3, 2025 • 53min
Pioneering Search in Frontier Markets
Rob LeBlanc, Co-founder of Ambit Partners, shares his insights on search fund investing in frontier markets. With a background in building an ETA platform in South Africa, he discusses adapting the search model globally. Key topics include the importance of local networks, cultural fluency, and the unique challenges of operating in less developed markets. Rob also explains how globalizing search offers new opportunities despite added complexities like currency risk and legal challenges. His fresh perspective on growth versus value strategies in emerging markets is particularly eye-opening.
60 snips
Oct 27, 2025 • 44min
CEO Success in Operating Small Business Acquisitions
Michael Aubrey, an adept operator and investor, shares his journey from a searcher to a successful leader in small business acquisitions. He reveals the importance of direct customer engagement and how it shapes strategic change. Aubrey discusses the hurdles of building a national salesforce and the necessity of hiring the right talent. His insights on compensation models and company culture highlight how CEOs can foster growth and accountability. Packed with valuable lessons, his hands-on approach to operations offers a refreshing perspective on leadership.
8 snips
Oct 20, 2025 • 29min
Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius
Jim Sebenius, a Harvard Business School professor and negotiation expert, dives into the art of negotiation with wit and wisdom. He shares his unique '3D' model, highlighting the importance of people, deal design, and setup. Jim reflects on early nerve-wracking negotiations and common pitfalls such as currency confusion. He emphasizes the challenges of internal negotiations, often more complex than external ones. With anecdotes from high-stakes scenarios, he inspires listeners to keep a deal diary and develop their negotiation skills.
59 snips
Oct 13, 2025 • 47min
Climbing the Revenue Ladder: Understanding Quality in Business Acquisitions
A.J. Wasserstein, a Senior Lecturer at Yale School of Management, dives into the pivotal role of revenue quality in small business acquisitions. He discusses the five revenue buckets, highlighting the gold standard of contractually recurring revenue. Learn how to differentiate between repeat and recurring revenue, and the importance of customer stickiness. A.J. shares insights on retention metrics and the challenges in evaluating revenue quality post-acquisition, making this discussion essential for aspiring entrepreneurs seeking to mitigate risks.
36 snips
Oct 6, 2025 • 58min
The Journey From Engineer, To Entrepreneur, To Exit
In this engaging discussion, Paige Sopcic, an engineer-turned-entrepreneur, shares her remarkable journey from GE to acquiring CanSource, a specialty canning company. She highlights how she leveraged an accelerator for support, scaling the business amid COVID-19 challenges. Paige delves into the challenges of supply chain management, the dynamics of customer loyalty, and how COVID shifted her demand. Now thriving after selling to Tricor Braun, she reflects on the responsibilities and growth that come with being a CEO, contrasting it with her corporate life.
Sep 29, 2025 • 53min
An Experienced Lender’s Perspective on Acquisition Financing
Bruce Marks, an experienced lender and founder of a search fund lending practice, shares insights on SBA-guaranteed acquisition financing. He reveals his strategies for assessing deal structures and emphasizes the importance of cash flow for debt service. Bruce explains the advantages of combining SBA loans with conventional financing and discusses the significance of understanding sellers' motivations. He also highlights crucial underwriting filters and the role of personal guarantees in keeping entrepreneurs engaged, making this a must-listen for aspiring searchers.
57 snips
Sep 22, 2025 • 46min
You Don't Need an MBA to Pursue ETA
In this engaging discussion, Tom Allsworth, an acquisition entrepreneur and veteran, shares his unconventional journey from the Merchant Marine Academy and the Marine Corps to leading Pacific Opportunities, a company that supports adults with intellectual disabilities. He dives into the intricacies of sourcing acquisition deals and the significance of understanding the financial multiples involved. Tom also emphasizes the emotional rewards of entrepreneurship, the challenges of company culture, and the risks connected to government-funded services. His story is a powerful reminder of the diverse paths to success.
67 snips
Sep 15, 2025 • 50min
A Bird’s Eye View of ETA
Will Smith, Partner at Minds Capital and host of the Acquiring Minds podcast, brings a wealth of insight from his extensive interviews with searchers-turned-entrepreneurs. He discusses key traits that distinguish successful searchers, including adaptability and grit. The conversation delves into evaluating business acquisitions, emphasizing the importance of quality revenue. Will also highlights the challenges in small firm transactions, including buyer-seller relationship complexities and common pitfalls that can derail ventures, offering invaluable advice for aspiring business owners.
39 snips
Sep 8, 2025 • 53min
The Value of Roll-Ups As Seen Through the Lens of Music Schools
Jeff Homer, founder of Ensemble Performing Arts, shares his journey from acquiring a single music school in Colorado to overseeing over seventy. He discusses the challenges and strategies of consolidating music schools while preserving their unique identities. Jeff highlights the importance of passion over administrative skills in the music education sector and reveals his approach to hiring and financing acquisitions. The conversation also touches on the evolution of a CEO's responsibilities and the unique attributes of the music school business, including customer retention and technology's role in growth.
