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
21 snips
Mar 17, 2025 • 58min
The Acquisition, Transition, and Operation of a Technology Solutions Company in Texas
William Young, CEO of Aerowave Technologies, shares his journey from private equity to leading a technology solutions company. He discusses the intricate dynamics of ownership transition, especially during the challenges posed by COVID and supply chain issues. Young highlights the importance of direct customer conversations and the difficulties of hiring skilled salespeople in a technical field where he admits to having little expertise. His reflections on adapting business operations while balancing family life provide valuable insights for aspiring entrepreneurs.
27 snips
Mar 10, 2025 • 1h 1min
Insights From a Recurring Investor in Self-Funded Searches
Sam Rosati, a former searcher now thriving as a recurring investor in self-funded searches, shares his unique journey and insights into the evolving market. He discusses strategies for building investor relationships and emphasizes the importance of early communication. Sam also reveals the key traits he seeks in effective entrepreneurs, evaluates business stability, and explores the complexities of investor relations. Tune in for an engaging discussion on navigating the opportunities and challenges in the world of self-funded acquisitions!
45 snips
Mar 3, 2025 • 52min
The Purchase, Carve Out, and Transformation of a Remote Software Company
Betsy Harbison, CEO of Softrip, shares her unique journey in acquiring a remote vertical software company focused on multi-day tour operators. She discusses the challenges of untangling the business from its parent company and her strategic choice to avoid debt in the acquisition. Betsy reflects on the complexities of managing customer expectations while shifting from product customization to a more scalable model. Her insights on navigating investment partnerships and the evolution of female representation in the searcher community add further depth to this fascinating entrepreneurial story.
10 snips
Feb 24, 2025 • 49min
From W-2 Job, To Startup Life, To Acquisition Entrepreneurship
Brian Seeling, CEO of PGM Service, shares his unique journey from software engineer to acquisition entrepreneur. He discusses the contrasting paths of startups versus acquisitions, emphasizing how to evaluate business opportunities. Brian highlights the advantages of a preventative maintenance model, transforming revenues from episodic to recurring. He also delves into the challenges of leadership transitions and the importance of operational systems in driving growth and profitability. Listening to his experiences offers valuable insights for aspiring entrepreneurs in acquisition entrepreneurship.
32 snips
Feb 17, 2025 • 57min
Practical Takeaways From A Seasoned Lender To Smaller Firms
Zach Dupree, a veteran commercial lender with expertise in small business acquisitions, shares invaluable insights on navigating the lending landscape. He discusses the 'three legs of the stool'—the business, the operator, and the investors—essential for evaluating acquisition opportunities. Zach highlights the contrast between commercial bankers and equity investors and the importance of trust in negotiations. He provides practical advice for first-time acquirers, emphasizing the nuances of SBA versus conventional loans and the evolution of search funds in recent years.
32 snips
Feb 10, 2025 • 56min
The Acquisition of a Remarkable Recurring Revenue Business
In this discussion, Jenn Braus, CEO of Systems Design West, shares her inspiring journey from process engineer to business owner. She highlights the benefits of recurring revenue in her new venture. Jenn reflects on the challenges of the acquisition process and the emotional aspects of entrepreneurship, especially as a woman in the field. The conversation also delves into customer retention strategies, adaptable service during the pandemic, and the importance of aligning personal values with business acquisitions for true job satisfaction.
Feb 3, 2025 • 55min
Finding One's Way To ETA
In this engaging discussion, Nick Vandam, CEO of MCI and former U.S. National Team triathlete, shares his unique journey from military service to leading a telecommunications company. He dives into the complexities of acquisition entrepreneurship, revealing challenges in due diligence and the importance of strategic leadership. Nick introduces the intriguing concept of 'cigar butt businesses'—companies that appear unappealing but have hidden value. He also reflects on navigating workforce dynamics and maintaining company culture post-acquisition, providing valuable insights for aspiring entrepreneurs.
7 snips
Jan 21, 2025 • 17min
Where Are They Now? A Conversation with Geoff Duckworth
Geoff Duckworth, a successful entrepreneur known for acquiring and selling a small business, returns to share his latest ventures. He discusses the allure of traditional jobs versus entrepreneurship, offering insights from his journey. Duckworth reflects on his growth as a second-time searcher and the evolving competitive market. He highlights the unique challenges of navigating business in Vermont's small economy and emphasizes the importance of networking. Finally, he reveals a new business opportunity that has him excited about the future.
37 snips
Sep 9, 2024 • 58min
Listeners’ Questions, Rick and Royce's Answers
Rick and Royce tackle listener questions about transitioning from academia to acquiring businesses. They delve into the pros and cons of self-funded versus traditional searches, sharing common pitfalls to avoid. The conversation shifts to the complexities of valuing small businesses and the importance of real estate in acquisitions. They also explore entrepreneurial opportunities in emerging markets, underscoring the need for local knowledge and flexibility. Finally, they reflect on key lessons learned, including debunking myths around the risks of buying established companies.
19 snips
Aug 26, 2024 • 59min
From Misfortune To Great Fortune
Jerod Pierce, a CEO who rose from challenging circumstances, shares his inspiring journey through acquisition entrepreneurship. He discusses how educational opportunities transformed his life and led him to purchase Mercurio's Heating & Air Conditioning. Listeners gain insights into the mindset needed for entrepreneurial success, the strategic decisions behind his acquisition, and the impact of effective marketing. Jerod's story emphasizes resilience and the transformative power of American capitalism, offering motivation for aspiring entrepreneurs.
