

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

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.

40 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.

63 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.

Aug 25, 2025 • 25min
Where Are They Now? A Conversation with Nick Wheeler
Nick Wheeler, President of Tra-Cal and a self-funded search success story, shares his journey from early learning curves to confident leadership. He discusses tackling hiring challenges and emphasizes critical skills such as financial acumen and adaptability for small business management. Nick also reflects on the multifaceted role of a CEO and the impact of strong management on business success. Join them as they delve into the complexities of navigating a business acquisition and the importance of a solid recurring revenue model.

54 snips
Apr 21, 2025 • 53min
Questions and Answers with Rick and Royce
Rick and Royce tackle intriguing questions from aspiring entrepreneurs on acquiring businesses. They discuss key traits of successful acquisition entrepreneurs and whether these can be taught. The conversation dives into the pros and cons of franchises versus standalone businesses, highlighting strategic considerations. They explore crucial financial modeling techniques and address common due diligence pitfalls. Additionally, the hosts share their thoughts on utilizing AI in business acquisition and offer a sneak peek into what's coming next season!

21 snips
Apr 14, 2025 • 56min
A Successful Model for Roll-Ups in Automotive and Beyond
Logan Leslie, CEO of Main Street Auto and a Harvard graduate, dives into the fascinating world of business roll-ups in the automotive sector. He explains why the auto repair industry is ripe for consolidation and shares his unique strategies for success. Logan emphasizes the critical role of cultural fit, team dynamics, and innovative financing methods like sale-leaseback transactions. His insights challenge traditional skepticism about roll-ups, showcasing a blueprint for growth that prioritizes both employee welfare and operational efficiency.

13 snips
Apr 7, 2025 • 53min
The Journey and Impact of a Mission-Driven Searcher
Adriana Garcia Ceja, a Harvard Business School graduate and CEO of ElderTree Care Management, shares her inspiring journey of acquiring an aging life care management business while navigating motherhood. She emphasizes the importance of mission-driven goals in business, particularly for women. Adriana also discusses the unique challenges and advantages of the ETA career path, her experience closing a deal while pregnant, and the evolving landscape of elder care. Her insights reflect the balance of purpose and profit in entrepreneurship.

27 snips
Mar 31, 2025 • 46min
Learnings From a Former Searcher, Current Investor, and Industry Wise Man
Kent Weaver, an experienced investor with a remarkable background in search funds, shares insights honed over years in the industry. He discusses what he looks for in prospective searchers, emphasizing the blend of hard and soft skills. Kent explores the dynamics of partnered versus solo searches, and how each path impacts success. He also touches on the evolving landscape of self-funded searches and how industry characteristics play a crucial role in diligence. His deep enthusiasm for collaboration with searchers shines through in this engaging conversation.

26 snips
Mar 24, 2025 • 54min
Acquiring Outdoor Recreation Programs as Co-CEOs and Spouses
Caroline Matthews and Connor McCarthy, co-CEOs of Canyonlands Camps, share their unique journey of acquiring summer camps and outdoor programs. They discuss the challenges of balancing family life and entrepreneurship, particularly during the pandemic. The couple reflects on their investor strategy and the importance of honoring family legacies in business. They highlight the intricacies of operating seasonal businesses, building customer loyalty, and the emotional nuances involved in valuing outdoor recreation properties—all while navigating their partnership as spouses.