

In The Trenches
Steve Divitkos
The only podcast dedicated exclusively to Entrepreneurs and CEOs running Small to Medium Sized Businesses (SMB).
Nobody knows what it’s like to be an Entrepreneur or CEO unless you’ve been one. Though many understand the rewards of company leadership, very few understand the arduous journey that’s required to get (and stay) there.
I share my own lessons as an Entrepreneur and CEO, and interview experts spanning Sales, Leadership, Mental Health, M&A, and Operations (among others) all with a single goal: To improve the personal and professional lives of Entrepreneurs and CEOs running SMBs.
Nobody knows what it’s like to be an Entrepreneur or CEO unless you’ve been one. Though many understand the rewards of company leadership, very few understand the arduous journey that’s required to get (and stay) there.
I share my own lessons as an Entrepreneur and CEO, and interview experts spanning Sales, Leadership, Mental Health, M&A, and Operations (among others) all with a single goal: To improve the personal and professional lives of Entrepreneurs and CEOs running SMBs.
Episodes
Mentioned books

Oct 2, 2025 • 1h 20min
Rob Markey: Creator of the Net Promoter Score and Founder of Bain's Global Customer Strategy Practice
This episode is brought to you by Oberle Risk Strategies: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses *This episode is brought to you by Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years*Rob Markey is the creator of the Net Promoter Score ("NPS"), which has grown to become the de facto metric for measuring the health, loyalty and satisfaction of a customer base. He is also a longtime Partner at Bain & Company, where he founded and leads their Global Customer Strategy practice.Rob is the co-author of The Ultimate Question 2.0: How Net Promoter Companies Thrive in a Customer-Driven World, a New York Times and Wall Street Journal bestseller. Rob also teaches at Harvard Business School, and serves on several nonprofit and corporate boards, where he helps leaders build customer‑centric businesses.

13 snips
Sep 18, 2025 • 1h 11min
Building Better CEOs: Lessons From a Veteran Executive Coach
Sherman Black, a seasoned CEO coach with extensive leadership experience, shares valuable insights on the world of coaching for small and mid-sized enterprises. He debunks misconceptions about what coaches really do and explains when to hire one. The conversation dives into evaluating the ROI of coaching and the importance of a coach's relevant experience. Sherman also offers practical tips for managing relationships with boards and assessing team dynamics, along with advice on operating systems that can streamline business processes.

16 snips
Aug 28, 2025 • 32min
The Acquisition Entrepreneur and Mental Health
Explore the deep connection between entrepreneurship and mental health, highlighting the struggles of CEOs navigating isolation and pressure. Personal stories reveal the emotional weight of leadership, while discussions on self-care stress its necessity for sustainable success. The impact of imposter syndrome and burnout on young entrepreneurs is addressed, encouraging vulnerability and open conversations. Aligning actions with core values is also emphasized to foster a healthier mindset in leadership.

12 snips
Aug 14, 2025 • 1h 16min
Evaluating Customer Retention in Recurring Revenue Businesses: With Craig Zingerline
Craig Zingerline, a seasoned entrepreneur and mentor in growth marketing and product strategy, shares insights into customer retention in recurring revenue businesses. He dives into the most telling customer retention metrics and the surprising implications of high retention scores. Zingerline discusses the importance of different churn types and the value of upselling strategies. He also compares transactional versus per-user revenue models, highlighting what founders should focus on for long-term business sustainability. A must-listen for anyone in the startup world!

6 snips
Jul 31, 2025 • 11min
Rethinking Asset Intensity in Search Fund Acquisitions
Dive into the fascinating world of asset intensity in acquisitions. Discover why the mere presence of capital expenditures shouldn’t automatically disqualify a business from consideration. Learn how to assess companies with heavier capital needs and why traditional EBITDA metrics might fall short. Explore alternative valuation metrics that can paint a clearer picture of a company's true worth. This discussion promises to challenge conventional thinking and offer fresh insights for savvy investors.

Jul 17, 2025 • 1h 7min
Should Search Funds Buy Healthcare Practices? A Deep Dive with Scott Becker
This episode is brought to you by Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years*This episode is brought to you by Oberle Risk Strategies: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses * Today’s episode explores the intersection of healthcare and private investing, and specifically explores the merits and risks of acquiring the actual healthcare providers themselves.To help me explore this thesis, I could think of no better guest than Scott Becker. Scott is a Partner in the healthcare groupat McGuireWoods, a full-service U.S. law firm that serves clients ranging from startups to Fortune 500 companies. He previously served on the Board of Partners of the firm and chaired the Healthcare group for nearly 13 years. He provides counsel to hospitals, Ambulatory Surgery Centers, surgical hospitals, pharmaceutical companies, single- and multi-specialty medical practices, and a variety of healthcare industry entrepreneurs. Please enjoy!

6 snips
Jul 3, 2025 • 1h 18min
A Finance Survival Guide for SMB CEOs: Liquidity, Hiring, Budgeting, Capital Allocation & More
Nicholas Andrews, Founder of Aspen Consulting Group, specializes in finance and operations consulting for small and medium-sized businesses. He delves into essential cash management strategies during economic uncertainty, emphasizing the impact of financial literacy among employees. Nicholas discusses the importance of transparency and how it enhances engagement, while also offering guidance on hiring finance leaders effectively. He encourages focusing on accomplishments rather than duties on resumes, ensuring that new hires can drive financial success in their organizations.

12 snips
Jun 19, 2025 • 1h 20min
Is Home Services Still a Good Bet? A Veteran Operator’s Take on a Saturated Market
Collin Hathaway, Founder of Skylight Capital and a veteran of the home services industry, reflects on his entrepreneurial journey from acquiring a plumbing company during the 2008 financial crisis to navigating today's competitive market. He discusses the shift towards organic versus inorganic growth and the challenges of investor communication. Hathaway also shares personal stories about overcoming a heart attack and his insights on accountability, business valuation risks, and the importance of maintaining strong company culture amid financial pressures.

7 snips
Jun 5, 2025 • 18min
How to Price, Structure, and Diligence Around Customer Concentration
Discover the critical role of customer concentration in business acquisitions and how it shapes pricing strategies. The discussion emphasizes the need for diligent risk assessment when dealing with major clients. Learn about real-life case studies that reveal the complexities of valuation in companies with similar concentration levels. Explore strategies to mitigate risks associated with customer dependence and the importance of thorough due diligence. The insights shared highlight the necessity of robust planning as businesses grow and refine their outsourcing tactics.

May 22, 2025 • 1h 27min
A Playbook for Growing People-Intensive Service Companies
In this enlightening conversation, lifelong entrepreneur John Ratliff shares his journey of scaling Apple Tree Answers through 24 successful acquisitions. He discusses innovative strategies that reduced employee turnover from 115% to 18%, emphasizing the importance of workplace culture and the 'Dream On' initiative. Ratliff also reveals insights on navigating M&A challenges, effectively transitioning CEO roles, and trusting instincts during acquisitions. His practical advice on fostering open communication and strategic delegation makes this discussion a treasure trove for service-oriented business leaders.