The SMB Investor

Tivan Amour shares his journey from being a serial entrepreneur to working with ETA (Entrepreneurship Through Acquisition) entrepreneurs. He discusses the importance of grit, patience, and the right mindset in entrepreneurship, as well as the transferable skills from startups to ETA. Tivan emphasizes the significance of sales strategies, experimentation, and building effective sales teams. He also provides insights for investors on assessing sales and growth potential in ETA entrepreneurs and the importance of systems in driving growth.

In this conversation, Lisa Piercey shares her journey from being a physician to becoming a successful business buyer in the healthcare sector. She emphasizes the importance of industry experience in making successful acquisitions and building trust with stakeholders. Lisa discusses her approach to evaluating potential investments, structuring deals, and mitigating risks. She also highlights the emotional aspects of business buying and offers insights from her book, 'Natural Born Entrepreneurs,' which serves as a guide for mid-career professionals considering entrepreneurship through acquisition.

In this in-depth conversation, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Jon Staenberg, Founder & CEO of Agate Hound Fund, to explore the evolution of search funds and the rise of microcap private equity.Jon shares firsthand perspective from the earliest days of search at Stanford Business School, how the traditional search fund model emerged, and why he views it as microcap private equity with a repeatable playbook. The discussion covers portfolio-style investing through a fund-of-funds approach, diversification and access for investors, and how demographic tailwinds are shaping the future of small business acquisitions.They also examine how the search ecosystem is evolving, differences between traditional MBA-led search and mid-career operators, and why technology and AI may meaningfully improve acquisition diligence, operating efficiency, and long-term outcomes in SMBs.This episode is essential viewing for investors, operators, and anyone interested in entrepreneurship through acquisition and long-term value creation in the SMB market.👉 Subscribe for more long-form interviews on SMB investing and acquisition strategies.💬 Share your thoughts or questions in the comments below.📩 Connect with the speakers:Jon Staenberg LinkedIn: https://www.linkedin.com/in/jonstaenberg/Jon Staenberg Email: [email protected] Hound Fund: https://www.aggathound.fundSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this interview, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Michael Huseby, founder of The Investment Lawyers, to break down the real-world legal dynamics behind LP agreements, fund structures, 506(c) fundraising, governance rights, waterfalls, fund expenses, and minority protections.Michael shares insights from his work across private equity, SMB acquisitions, real estate, private credit, venture capital, and SPV formation—explaining what LPs should look for, how GPs are negotiating deals today, and why trends are shifting toward cash-flow strategies.Topics covered include:Why Michael left Big Law to start his own firmHis new book Fundamentals and why he “shares the sauce”LP trends: cash-flowing strategies, anchor investors, and GP-stake asksThe rise of 506(c) and recent SEC guidance on accreditationGovernance: top protections LPs should check for in documentsFund expenses: what’s reasonable, what’s notWaterfall structures: simple to advanced, including GP catch-ups and dual waterfallsHow LPs should evaluate liquidity, continuations, and riskKey pitfalls LPs commonly miss in documentsWhy clear marketing disclosures protect GPs from securities issuesLooking for an specific minute?00:00 Introduction to Limited Partnerships and LP Agreements02:39 Transitioning from Big Law to Independent Practice05:33 Current Trends in Investment Strategies08:19 Understanding GP Stakes and Investor Influence10:59 The Shift to 506C and Public Fundraising13:25 Governance and Minority Protections in Investment Documents16:28 Key Considerations for Limited Partners19:09 Liquidity and Fund Structures21:35 Understanding Fund Expenses24:41 Waterfall Structures in Fund Distributions36:15 Conclusion and Resources for Further LearningIf you're an investor, operator, or GP raising capital, this episode delivers a practical, plain-English deep dive from one of the most active fund attorneys in the SMB and alternatives ecosystem.👉🏻 Subscribe for more interviews like this and share your thoughts in the comments.📩 Connect with the speakers:Michael Huseby – The Investment Lawyers: https://www.til.law/Michael Huseby LinkedIn: https://www.linkedin.com/in/michael-bjorn-huseby/Fundamentals Newsletter: https://www.til.law/#newsletterSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Ariez Dustoor of NB Group, an experienced independent sponsor with meaningful reps investing in both sponsors and searchers.Ariez shares a rare dual-sided view of the market—how he evaluates deals, how his sector focus evolved, how he builds pattern recognition, and what true discipline looks like in dealmaking. He breaks down the challenges of sourcing, negotiating, and closing transactions, the realities of post-close execution, and what he looks for in leadership teams.Key themes include:Sector specialization in healthcare and multi-location servicesMaintaining discipline through cycles without committed capitalCreative deal structuring and managing “near-death” transactionsPattern recognition and narrowing the investment strike zonePost-close leadership evaluation, strategic planning & professionalizationHow independent sponsors differ from committed fundsCapital raising process, working with placement agents, and LP alignment⚡️ If you’re a searcher, operator, LP, or independent sponsor, this conversation is packed with real-world lessons directly from the trenches.** Subscribe for more conversations like this, and leave your thoughts or questions in the comments.📩 Connect with the speakers:Ariez Dustoor LinkedIn: https://www.linkedin.com/in/ariezdustoor/NB Group Website: http://www.nbgroup.usSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this interview, Sean Smith, Managing Partner of Search Fund Ventures and Founder of the SMB Investor Network, sits down with Robert Graham, Co-Founder of SIG Partners and Co-Founder of Pillar Health Group.Robert shares his journey from HBS to building a healthcare group that grew from $6M in revenue to $130M+, powered by both organic growth and acquisitions.Together, Sean and Robert unpack:The evolution of self-funded search and the role of SBA financing.A new SBA policy that could permanently ban investors with prior 7A loan defaults — and its ripple effects on entrepreneurs, lenders, and small business owners.Investor diligence: debt service coverage, leverage, IRR vs. MOIC, and why “step-ups” can be misleading.Industry heuristics: how to think about recurring revenue, installation, and construction risk in trades and building services businesses.What investors should consider when evaluating cost of capital, revenue buckets, and risk-adjusted returns.This conversation highlights both the opportunities and challenges ahead for searchers, operators, and investors in the SMB ecosystem.👉 Subscribe for more interviews with leading investors and operators in SMBs.💬 Share your thoughts in the comments — how do you see SBA changes impacting the space?Connect with the speakers:Robert Graham (LinkedIn): https://www.linkedin.com/in/robertelliotgraham/SIG Partners: sigpartners.comPillar Health Group: https://www.pillarhealthgroup.com/Sean Smith (LinkedIn): https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this interview, Sean Smith (Managing Partner of Search Fund Ventures & Founder of SMB Investor Network) sits down with Jacob Hall, Founder of Kando Capital, to explore the fundamentals of investing in small businesses through self-funded search and independent sponsor deals.Jacob shares his unique path from Fortune 500 operator to fund manager, his “buy box” criteria, and the red/yellow flags that investors should watch for when evaluating opportunities. The conversation dives deep into:Why operational experience matters more than Wall Street backgroundsHow to define and evolve your investment “buy box”Revenue quality, customer concentration, and key-person riskCreative deal structures: forgivable seller notes, earn-outs, rollover equityHR diligence, culture, and compensation as overlooked risksAligning sellers, buyers, and investors for long-term successThis is a must-watch for anyone interested in search funds, small business acquisitions, or creative capital structuring in the lower middle market.👉 Subscribe for more interviews with SMB investors and operators.👉 Leave your thoughts or experiences in the comments below.Connect with the speakers:🔗 Connect with Jacob Hall: https://www.linkedin.com/in/jacobhall01/🌐 Kando Capital: www.KandoCapital.com🔗 Connect with Sean Smith: https://www.linkedin.com/in/sean-smith-47ab2a70/🌐 SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, Sean Smith (Managing Partner of Search Fund Ventures & Founder of SMB Investor Network) sits down with Pascal Wagner, founder of Grow Your Cash Flow and seasoned LP investor.Pascal shares his journey from working with the investment team at Techstars, one of the world’s top accelerators, to building a multi-asset-class cash flow strategy. From helping his family secure financial independence to reviewing 2,000+ deals and investing across real estate, private credit, self-storage, oil & gas, and retail development, Pascal lays out his playbook for LP investing.Key topics include:Why every LP needs a macro plan before reviewing deals.How to vet operators and spot red flags that others miss.The trade-offs between emerging managers and institutional funds.Tax strategies and incentives that boost returns.Why operator consistency beats flashy pro formas.If you’re exploring passive investing, LP strategies, or alternative assets, this conversation is a must-watch.👉 Subscribe for more interviews with leading voices in SMB and alternative investing.💬 Share your thoughts in the comments — how do you approach cash flow investing?Connect with the speakers:Pascal Wagner LinkedIn: https://www.linkedin.com/in/pascalwagner/Grow Your Cash Flow: http://growyourcashflow.ioPassive Investing Starter Kit: https://passiveinvestingstarterkit.comSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this in-depth conversation, Sean Smith (Managing Partner, Search Fund Ventures & Founder of SMB Investor Network) sits down with Mitch Petracca, CPA and Founder of Forward Firm, to unpack the art and science of Quality of Earnings (QoE) in small business acquisitions.Mitch shares his journey from PwC to founding Forward Firm, where he supports searchers, independent sponsors, and small private equity firms on deals from $1M–$50M EV. Together, Sean and Mitch explore:How technology and automation are transforming the diligence processThe balance between quantitative rigor and the “art” of working with sellersA practical framework for evaluating EBITDA adjustments (tiers of certainty vs. subjectivity)The critical role of working capital in ensuring post-close successReal-world stories from QoE engagements—what investors should look out for.Whether you’re an investor, operator, or service provider in the SMB ecosystem, this discussion offers actionable insights into deal-making, risk management, and value creation.👉 Subscribe for more interviews with leading voices in SMB investing.👉 Leave your thoughts in the comments—we’d love to hear your perspective.Connect with the speakers:Mitch Petracca (Forward Firm): https://forwardfirm.com/Mitch Petracca LinkedIn: https://www.linkedin.com/in/mitchpetracca/Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, Sean Smith, Managing Partner at Search Fund Ventures and founder of the SMB Investor Network, sits down with Roman Basi, Managing Partner of Basi & Basi, Attorneys & CPAs.Roman brings nearly three decades of experience advising on mergers, acquisitions, and tax structuring. Together, they break down the critical aspects of tax diligence in SMB transactions — from entity selection (C-Corp, S-Corp, LLC) to advanced structuring tools like QSBS (Section 1202), F Reorganizations, 338(h)(10) elections, and personal goodwill strategies.Key discussion points include:Why tax diligence is essential in SMB acquisitionsThe risks of bad S-Corps and how to avoid themHow to mitigate post-close tax liabilitiesStrategies to minimize double taxationStructuring to maximize value for buyers and sellersInsights on the new tax bill and its impact on investorsThis conversation is a must-watch for investors, operators, and advisors navigating the SMB acquisition ecosystem.👉 Subscribe for more interviews with SMB dealmakers and experts.👉 Share your thoughts in the comments below — what tax diligence questions do you want answered?Connect with Roman Basi & Sean Smith:The Center for Financial, Legal & Tax Planning, P.C.– https://www.taxplanning.com/Roman Basi LinkedIn - https://www.linkedin.com/in/roman-basi-/Sean Smith LinkedIn - https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network – https://www.smbinvestornetwork.com/

In this episode, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Beki Darlin, growth partner, fractional CMO/CRO, and founder of Our Way (Women’s Acquisition Entrepreneur Ecosystem).Beki shares her journey from an unexpected career pivot into sales and marketing, to becoming a growth partner in search and acquisition. She explains how women are shaping the SMB acquisition landscape, the unique strengths they bring to deal-making, and the importance of community in what is often a lonely process for searchers.The discussion covers:Beki’s transition from paralegal to entrepreneur and operator.Her experience building and exiting a marketing agency, then moving into consulting for equity.The creation of Our Way, a community supporting women in ETA (Entrepreneurship Through Acquisition).Key differences in how women approach risk, negotiation, and post-acquisition operations.Real stories of female searchers who accelerated their journey to closing deals through community support.Why resilience, creativity, and collaboration are superpowers for women in the search fund ecosystem.If you’re an investor, operator, or searcher exploring SMB acquisitions—or simply interested in the evolving role of women in this space—this conversation offers both practical insights and inspiring stories.👉 Subscribe for more interviews with leading voices in the SMB investing and search fund ecosystem.👉 Leave your thoughts in the comments—we’d love to hear your perspective.Beki Darlin LinkedIn: https://www.linkedin.com/in/bekidarlin/Our Waee (Women’s Acquisition Entrepreneur Ecosystem): https://ourwaee.com/Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode of the SMB Investor Podcast, Sean Smith (Managing Partner, Search Fund Ventures; Founder, SMB Investor Network) sits down with Christien Louviere, Co-Founder of BDE Capital, to explore the journey from venture capital and startup founding to becoming an independent sponsor in the lower middle market.Christien shares:- Why BDE Capital focuses 80% on healthcare and 20% on B2B services- How his team evaluates leadership, talent, and sales models before acquiring a business- The advantages of significant rolled equity in aligning seller and buyer incentives- Unique due diligence techniques using AI for scenario analysis on management teams- Lessons learned from both venture-backed exits and SMB acquisitions- Deal structure tips for independent sponsors, including equity roll, milestones, and avoiding overreliance on seller notesWhether you’re an investor, operator, or entrepreneur looking to buy and grow established businesses, this conversation is packed with actionable insights on sourcing, structuring, and scaling acquisitions.📌 Subscribe for more interviews with top SMB investors, operators, and dealmakers.💬 Leave a comment with your takeaways or questions about independent sponsor strategies.🔗 Christien Louviere on LinkedIn: https://www.linkedin.com/in/christienlouviere/🔗 BDE Capital: https://bdecap.com/🔗 Sean Smith on LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/🔗 SMB Investor Network: https://www.smbinvestornetwork.com/

In this interview, Sean Smith (Managing Partner at Search Fund Ventures) sits down with Brian Wolfe, founder of Funded Ventures, to unpack his transition from 17 years of big law to building and scaling SaaS businesses through M&A. Brian shares deep insights from his time advising major PE firms like Bain and Vista, his own SaaS roll-up exit to Alpine Investors, and his current role backing Midwest operators in ETA.They explore the realities of subscale M&A, conviction-building in first-time operators, how to navigate deal risk and ambiguity, and the evolution of the traditional search model. Whether you're an investor, operator, or aspiring searcher, Brian offers sharp perspective on what it takes to win in today's ETA environment.The conversation explores:07:58 The Role of Mentorship in ETA15:35 Building a Network and Professionalizing the Search23:16 Creating a Funded Operating Partner Relationship31:20 Insights on Subscale Deals and Market Dynamics📌 Subscribe for more interviews like this.💬 Leave your thoughts or questions in the comments — we read every one!🔗 Brian Wolfe LinkedIn: https://www.linkedin.com/in/brianwolfe/🌐 Funded Ventures Website: https://fundedventures.com/🔗 Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/🌐 SMB Investor Network Website: https://www.smbinvestornetwork.com/#SearchFunds #SaaSInvesting #ETAOperators #PrivateEquityInsights #SMBDeals #LowerMiddleMarket #RollupStrategy #FundedVentures

In this episode, Sean Smith (Managing Partner at Search Fund Ventures and CEO of SMB Investor Network) sits down with Caleb Basile, CPA and founder of QoE Prep, a firm specializing in fast-turnaround buy-side Quality of Earnings (QoE) reports for the lower-middle market.Caleb breaks down what investors and operators *really* need to understand about revenue quality, working capital, and cost structure when evaluating a small business acquisition. He shares frameworks for assessing recurring revenue, customer concentration, revenue recognition, and the risks of owner-driven sales. Caleb also highlights red flags in working capital manipulation and the most common missteps in gross margin diligence.Whether you’re an investor backing searchers or a buyer diving into diligence, this is a must-watch breakdown of how financial quality drives deal outcomes.👉 Subscribe for more interviews like this.💬 Leave your takeaways or questions in the comments.🛜 Connect with Caleb:- Caleb Basile LinkedIn: https://www.linkedin.com/in/qoeprep/- QoE Prep: https://qoeprep.com/quality-of-earnings- Contact Caleb: [email protected]🛜 Connect with SMB Investor Network:- Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/- SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, **Sean Smith**, Managing Partner at **Search Fund Ventures** and CEO of **SMB Investor Network**, sits down with **Christian Ruf**, founder of **Uncommon Elite**, to unpack how elite military operators are thriving in the world of small business acquisitions.Christian shares his journey from flying helicopters in special operations to placing SEALs, Green Berets, and Rangers into leadership roles at businesses across the U.S.—from $50M HVAC companies to high-growth home services rollups. The conversation explores:- The top attributes that matter more than experience- What makes special operations veterans uniquely suited to lead SMBs- Why emotional intelligence and “compassionate tenacity” win over rigid leadership- How to vet leadership teams with better questions- Examples of successful placements, including CEOs, COOs, and integratorsIf you're an **investor, searcher, or operator** in the SMB world, this episode is a must-watch for learning how to build winning teams with unmatched resilience and adaptability.🟦 Subscribe for more interviews like thisLeave your thoughts in the comments – what traits do YOU look for in a leader?🔗 Connect with Christian Ruf: https://www.linkedin.com/in/christian-ruf-221a6728a/🔗 Learn more about Uncommon Elite: https://www.uncommonelite.com/🔗 SMB Investor Network: https://www.smbinvestornetwork.com

In this episode, Sean Smith, Managing Partner at Search Fund Ventures, sits down with **Lisa Forrest**, Head of the Self-Funded Search team at **Live Oak Bank**, to dive deep into the mechanics of SBA financing in small business acquisitions.With over **38 years in banking**, Lisa shares:- How SBA 7(a) loans are structured and why they’re a powerful tool for self-funded searchers.- Key underwriting criteria, including cash flow coverage ratios and common deal-breakers.- The rise of investor-backed self-funded deals and what investors should know about the 20% personal guarantee rule.- Real-life stories of post-close challenges—and how smart deal structuring helped borrowers succeed.You’ll also learn how Lisa and her team evaluate hundreds of deals each year, mentor searchers pre-LOI, and run **weekly SBA office hours and deal vetting sessions**.We brake dawn this episode in: 00:00 Introduction to SBA Loans and Self-Funded Search02:31 The Evolution of Self-Funded Searchers04:52 Understanding SBA Loan Structures07:47 Capital Structures in Small Business Acquisitions10:38 Underwriting Process and Debt Service Coverage13:07 Key Considerations for Lenders16:07 Cultural Fit and Management Considerations25:22 Navigating Cultural Integration in Acquisitions27:43 Understanding Debt vs. Equity Perspectives30:16 The Landscape of Self-Funded Search Deals33:30 Lessons from Real-World Acquisition Stories40:27 Resources for Self-Funded SearchersWhether you’re a first-time searcher or an investor learning the space, this episode is packed with tactical insight and real-world guidance.📩 Want to contact Lisa?https://www.linkedin.com/in/forrestlisa/📩 Want to contact or join SMB Investor Network?https://www.smbinvestornetwork.com/👉 Subscribe if you enjoyed this episode and for more interviews like this.💬 Leave your thoughts or questions in the comments

In this episode, Sean Smith (Managing Partner at Search Fund Ventures and Co-Founder of SMB Investor Network) sits down with **Andy Allaway**, CEO of **Empire Flippers**, a leading marketplace for buying and selling online businesses.Andy shares the origin story of Empire Flippers, how the platform evolved from flipping small content sites to facilitating multi-million dollar online business acquisitions, and what makes their buyer/seller vetting process so robust—verifying liquidity, ID, and more.Throughout the conversation, Sean and Andy discuss:- How Empire Flippers ensures trustworthy transactions through buyer verification and redacted listings.- Common deal sizes and the most active buyer profiles (from first-time operators to family offices).- Use of SBA loans and bank financing in online acquisitions.- Key risks in internet business deals—like high owner involvement, IP ownership, or lack of transition planning.- Exciting success stories (including a $5M deal with a $78K YouTube referral payout!)- War stories from deals gone sideways and the importance of transparency in due diligence.- What traditional brick-and-mortar investors can learn from digital-first acquisitions.Whether you're an SMB investor, aspiring buyer, or just exploring the online M&A space, this interview offers deep insight into how digital deals are done—and how to avoid common pitfalls.🔔 Subscribe for more interviews like this and leave a comment if you’ve considered buying or selling an online business.🔗 Andy Allaway on LinkedIn: https://www.linkedin.com/in/andyallaway/🔗 Empire Flippers Website: https://www.empireflippers.com🔗 SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, Sean Smith (CEO of SMB Investor Network) interviews Mathias Smith, CEO and Founder of Pioneer Capital Advisory. Mathias shares a comprehensive breakdown of the SBA lending process for small business acquisitions, offering valuable insights for first-time buyers, experienced investors, and equity sponsors alike.They cover:The end-to-end SBA loan processKey components of a winning business planWhat lenders look for (and what they don’t)How recent SOP changes from the SBA will affect buyers and syndicatesThe impact of foreign ownership restrictionsWhat’s changing with down payments, seller notes, and licensing requirementsThis conversation is a must-watch for anyone looking to close SMB deals with SBA financing.🔔 Subscribe for more investor insights and founder interviews.💬 Drop your questions or feedback in the comments.#SBAloans #SmallBusinessAcquisition #SearchFunds #PrivateEquity #SMBinvesting #SBAfinancing #MathiasSmith #SeanSmith #InvestorEducation #CapitalAdvisory

Sean Smith, Managing Partner of Search Fund Ventures and Co-Founder of the SMB Investor Network, sits down with Dev Shah, a rising micro-acquisition entrepreneur and founder of Pocket Fund. At just 23 years old, Dev has already completed seven digital business acquisitions — starting with a $4,000 SaaS deal that delivered a 40x return.Together, they unpack:Dev’s first acquisition and early playbookHow Pocket Fund sources undervalued digital businessesValue creation via social media, AI, and team arbitrageUnique deal structures and investor collaborationThe rise of “zombie VC startups” and hidden gems in the downturnHow AI tools are transforming deal diligence and operations📌 Key Insight: Dev’s approach isn’t about finding perfect businesses — it’s about spotting broken-but-profitable digital assets, fixing them fast, and flipping or operating them for strong returns.This is a masterclass in practical SMB investing, especially for those interested in:Micro-SaaS acquisitionsAI-enabled operational improvementsCreative capital structures without heavy debt🔔 Subscribe for more conversations on small business investing, micro-acquisitions, and operator-led deals.

In this episode, Ian Reynolds, Managing Partner at Thesis Capital, joins Sean Smith to explore what makes an SMB acquisition truly sustainable. Ian shares how his firm evolved from a traditional search model into an operator-led sponsor platform, why capital structure can make or break a deal, and how to evaluate leadership teams for long-term success. They also dig into real lessons from past transactions — the good, the bad, and the recoverable — and highlight how to avoid the most common pitfalls in lower middle market investing. A must-listen for investors, searchers, and anyone thinking about buying a business.

Discover the top leadership traits every small business CEO needs to succeed! In this episode of SMB Investor, Sean Smith from Search Fund Ventures and Burton Francis of ECA Partners explore the essential qualities like scrappiness, coachability, and adaptability that drive success in small businesses. Learn how investors and entrepreneurs can identify and develop the right leadership talent, build strong teams, and create strategies to thrive in the unique ETA and independent sponsor ecosystems. Whether you're a small business owner, investor, or aspiring leader, this discussion is packed with actionable insights to help you navigate leadership challenges and achieve your goals. Don't miss out! Watch now to unlock the secrets of effective leadership in small businesses.

In this episode of The SMB Investor Podcast, Sean Smith talks with Ricky Bouchard — a former insurance professional turned disciplined SMB investor. Ricky walks through his transition from backing friends to building a strategic investment approach grounded in familiar industries, strong operator communication, and resilient capital structures.He also exposes hidden risks in insurance coverage, shares real-life diligence lessons, and explains how to recognize deals where he can truly add value as an investor.A candid and tactical conversation filled with insights for operators, LPs, and anyone navigating the world of small business acquisitions.

In this episode of The SMB Investor Podcast, Sean Smith sits down with Jeff Driskel — NFL quarterback and founder of The Four Pillars Group — to discuss his transition from professional sports to private equity, and his innovative, operator-led approach to acquisitions.Jeff explains how Four Pillars focuses on finding exceptional leaders first and shaping investment theses around them. Together, they explore what makes a great operator, why traditional search fund models aren't for everyone, and how to build companies that endure beyond the transaction.A must-listen for athletes, investors, and aspiring operators looking to master leadership, focus, and long-term value creation in SMB investing.

In this episode, Sean Smith interviews Zach Pavlovsky from Cerebro Capital, who has led over $850M in debt financing for lower middle market acquisitions. They discuss the landscape of SBA, bank, and SBIC financing, and what searchers and sponsors need to consider when negotiating loan terms.A must-listen for anyone navigating SMB acquisitions and looking to understand how lenders assess deals and structure capital.

What makes blue-collar businesses some of the most valuable and overlooked opportunities for private investors?In this episode, John Bartlett (Founder of Brentwood Growth) joins Sean Smith to share over three decades of experience in trade services M&A. From roofing and janitorial to fencing and pool service, John breaks down why these sectors are gaining institutional attention—and how operators and investors can unlock their full potential.He also introduces his “Seven Levels of Growth” framework and offers practical guidance for scaling, timing inorganic growth, and evaluating deals beyond the numbers.If you're an investor, entrepreneur, or search fund operator looking to grow in the service trades, this episode is full of actionable insights.

How can entrepreneurs use acquisitions to unlock growth and scale more effectively?In this episode, Bob Wang (Founder of T-Up Advisors) joins Sean Smith to explore how small business owners can leverage inorganic growth to overcome operational challenges, reduce customer concentration, and boost enterprise value ahead of a successful exit to private equity.From common pitfalls like overleveraging and "deal fever" to frameworks for building a scalable platform, Bob shares real-world strategies for making M&A work in the SMB space.If you're a search fund operator, investor, or entrepreneur looking to grow smarter and avoid costly mistakes, this episode is packed with insights you won’t want to miss.

How can investors avoid costly mistakes when buying a small business?In this episode, Elliott Holland (Founder of Guardian Due Diligence) joins Sean Smith to break down the importance of Quality of Earnings (QOE) in small and mid-sized business acquisitions. From identifying hidden risks to avoiding financial fraud, Elliott shares his expertise in helping buyers make informed decisions and minimize risks in high-stakes transactions.If you're exploring SMB acquisitions, this episode is a must-listen.

What helps small business owners thrive in such a challenging ecosystem?In this episode, Rand Larson (Founder of SMB Community) joins Sean Smith to share his experience in building support networks for entrepreneurs in the small business acquisition space. From the loneliness of business ownership to the importance of a smooth transition with sellers, we explore key challenges and the solutions that have helped hundreds of operators succeed.Learn how the right connections can make the difference between success and failure in the SMB ecosystem.

Why do some search funds fail while others thrive? In this episode, Jason Ehrlich (Managing Partner at Fruition Capital) joins Sean Smith to break down the key differences between self-funded searchers, independent sponsors, and traditional search funds. Learn what makes a successful SMB investor and how to avoid common pitfalls in small business acquisitions.

In this conversation, Sean Smith and Grant Hensel discuss the intricacies of small business investing, focusing on the value of small businesses, the importance of empathy in investing, and the key qualities to look for in searchers. They explore the challenges of investment decision-making, risk management, and the structuring of deals, including the differences between independent sponsors and self-funded searches.The discussion emphasizes the significance of trust, grit, and emotional management in achieving success in the small business investment landscape.