Bought The Biz

Episode 24 | Garth Fasano with guest, George Vallone What happens when you buy a tiny business in the middle of a global mess and turn it into a scalable growth engine? In this episode of Bought the Biz, Garth sits down with George Vallone, owner of Nuveldy's Apartment Turnover Services, to unpack the real story behind buying a small cleaning business in 2021 and transforming it into a specialized apartment turnover company operating across Nashville and Denver. George shares what it was actually like stepping into ownership with just one employee, the brutal cash flow lessons that hit after close, and why his biggest advice to searchers is simple: buy bigger. They also dig into how George found product market fit inside the business, why apartment turnovers became the winning niche, and how he is now using AI to scale without linearly adding headcount. This conversation is a candid look at the messy middle of ETA, from transition mistakes and key man risk to operational redesign and the opportunity AI creates for small business owners willing to move fast. In this episode, they cover: • Why George would buy bigger if he did it again • The reality of taking over a business with almost no infrastructure • Early cash flow mistakes that nearly buried the business • How he found a more scalable niche inside the company • What makes apartment turnover such a strong recurring revenue model • How AI can help service businesses grow without bloated overhead • Why now may be one of the best times to own a small business

Episode 23 | Christi Loucks with guest, Karl Hughes In this episode of Bought the Biz, Christi Loucks interviews Karl Hughes, founder of Draft.dev and owner of The Podcast Consultants. Karl explains why he prefers the "buy vs. build" strategy, choosing to acquire his podcasting company to skip years of startup grind and instantly gain 80 client relationships. He also shares why "asset-light" digital agencies can become powerful, scalable businesses when built on strong systems and processes. They also discuss the tough realities of ownership, including major client churn after an acquisition and the mindset shift required to handle hard decisions. The episode closes with a look at AI, as Karl argues that specialized agencies can use it to boost margins while helping large, risk-averse corporations innovate safely.

Episode 22 | Christi Loucks In this solo episode, Christi reflects on a season of life that's stretching her in every direction: five months pregnant, raising a toddler, and running two businesses. After reading Toxic Grit by Amanda Goetz, she finally found language for a feeling she couldn't shake: the pressure women feel to do it all, and the realization that most versions of ambition were never designed for moms or female operators. Christi shares what ownership actually looks like behind the scenes, why buying a business doesn't mean free time, and how she's redefining success through "intentional imbalance." This episode is for women buying businesses, running companies, or raising kids while trying to hold it all together. If you've been feeling behind, exhausted, or quietly questioning yourself, this one's for you. You're not failing. You're doing something hard.

Episode 21 | Garth Fasano & Christi Loucks Banks love pro formas. Operators pay for them. In this episode, Garth and Christi pull up the exact pro forma Garth used to get his SBA loan approved and explain where it worked, where it broke, and which assumptions were quietly wrong from day one. They talk through the numbers he nailed, the risks he underestimated, and the realities no spreadsheet captures once you own the business. If you're buying a company, raising SBA debt, or modeling your "safe" acquisition, this is a behind-the-scenes look at how deals actually perform versus how they're sold on paper—and what Garth would change if he were doing it again today.

Episode 20 | Garth Fasano & Christi Loucks with guest, Evan Stewart Buying the business is the easy part. Leading it is not. In this episode of Bought the Biz, Garth and Christi sit down with Evan Stewart, owner and CEO of Direct One, a 70+ employee commercial print and direct mail company. Evan shares what it really felt like stepping into a production-heavy business, realizing he was the least knowledgeable person in the building, and learning that authority isn't granted at close. It's earned. They unpack the realities searchers don't always see coming: fragile legacy systems, tribal knowledge that never shows up in diligence, the stress of working capital swings, and the uncomfortable leadership moments where being kind matters more than being liked.Evan also walks through how he approached cultural change, built credibility with long-tenured operators, and repositioned a legacy business for long-term growth in a changing industry. If you're considering entrepreneurship through acquisition, or already living the operator life, this episode is a grounded look at what it actually takes to earn trust and lead after the deal is done.

Episode 19 | Garth Fasano When I bought Top Dog, I thought I was buying a boring, predictable business. A classic ETA play. What I actually bought was responsibility—hundreds of thousands of dollars in payroll, outcome-based contracts, and no safety net. In this episode of Bought the Biz, I walk through the early days after acquisition, the mistakes I made as a first-time operator, and the moments that forced me to grow into real ownership. If you're in the middle of operating and it feels heavy, this episode is for you.

Episode 18 | Christi Loucks with guest, Raj Kankaria Getting laid off and served divorce papers in the same moment usually ends a chapter. For Raj Kankaria, it started one. In this episode of Bought the Biz, Raj shares how personal chaos forced clarity and ultimately pushed him into buying and scaling Lone Star Attorney Service. We unpack the real operator lessons that don't show up in glossy acquisition stories: hard people decisions, implementing EOS when emotions are high, and leading with gratitude instead of ego. This is a raw look at how adversity sharpens leadership and why the worst moments often create the best operators.

Episode 17 | Garth Fasano & Christi Loucks In this episode of Bought the Biz, Garth is in the hot seat. After acquiring a cash flowing call center business through a traditional ETA search, Garth made a decision that most operators never plan for and many would avoid. He transformed the business from a people heavy services company into an AI powered SaaS platform. Garth and Christi walk through the full journey. Why the original acquisition made sense. What made the business unique. How advisors and board members pushed the thinking forward. And why the rapid acceleration of AI forced a much bigger strategic decision than simple optimization. They dig into the realities of winding down a legacy business. Communicating with employees and customers. Letting go of a model that worked. Raising a seed round. Giving up ownership. And sitting with the personal and emotional weight of choosing a harder path. This is not a typical ETA story. It is a real look at what happens when an operator decides that standing still is riskier than rebuilding everything.If you are an operator, searcher, or small business owner wrestling with modernization, AI, or big irreversible decisions, this episode is for you.

Episode 16 | Garth Fasano & Christi Loucks So was an MBA actually worth it if your goal is to buy and run a business? In this episode of Bought the Biz, Garth and Christi unpack the real value of business school through the lens of entrepreneurship through acquisition. Drawing from very different MBA experiences, they talk candidly about what translated into ownership and what simply did not once they were responsible for payroll, people, and real consequences. They explore where accounting, leadership development, and structured thinking helped, and why grit, resilience, and figuring things out under pressure mattered far more than frameworks. The conversation also dives into the less obvious benefits of business school, including confidence building, long term relationships, and access to investors and peers who continue to show up long after graduation. This episode is for searchers, operators, and anyone debating whether an MBA is necessary, helpful, or overrated on the path to business ownership. Expect honest reflections, nuance, and practical perspective from people who have actually made the leap from classroom to operator seat. pasted

Episode 15 | Garth Fasano & Christi Loucks Cash flow is where the theory of small business ownership meets reality. In this episode of Bought the Biz, Garth and Christi dig into one of the most uncomfortable but unavoidable parts of owning a business: getting paid. They unpack working capital, late payments, collections, unpredictable revenue, and what it really feels like to manage payroll and personal income when you leave the W-2 world behind. Garth shares his unusual experience acquiring a business with negative days sales outstanding and what that taught him about working capital risk. Christi walks through the discipline of 13-week cash flow forecasting, dealing with bad debt, and the emotional toll of chasing payments as an owner. They also talk candidly about paying yourself, toggling salary and commissions, debt pressure, Stripe vs ACH, collections agencies, and why social media dramatically understates how long it takes to reach financial stability after acquisition. If you're a searcher, a first-time operator, or anyone thinking about ETA, this episode will reset expectations and give you practical frameworks for surviving the cash flow rollercoaster.

Episode 14 | Garth Fasano & Christi Loucks When you buy a small business, you don't just inherit customers and revenue. You inherit habits, unwritten rules, and some truly bizarre surprises. In this episode of Bought the Biz, Garth and Christi reflect on the strange, funny, and occasionally uncomfortable things they discovered after stepping into ownership. From nonexistent holiday policies and global teams disappearing for surprise days off, to informal "rules" about remote work, sick days, and even gaming on the job. They talk candidly about the tension between wanting to run a human, trust based company and the reality that bad behavior forces structure, policies, and guardrails. The conversation also dives into why new owners often feel compelled to go deep into the weeds, how that builds confidence, and when it becomes a liability as you scale. This episode is a must listen for searchers and new operators who assume small businesses are just "corporate, but smaller." The reality is messier, more human, and far more educational than you expect.

Episode 13 | Garth Fasano & Christi Loucks with guest, Marci LaRouech In this episode of Bought the Biz, Garth and Christi sit down with Marci LaRouech, the new owner and CEO of Seay HR, a sixty-year-old HR consulting firm. Marci opens up about the emotional shift that hits the morning after closing a deal—the moment when the weight of ownership settles back onto your shoulders. For Marci, that weight isn't a burden; it's what gives this work meaning. She shares why acquiring Seay HR has been the best decision of her life, even though she thinks about the business constantly. Marci explains how she led her team and long-tenured clients through the transition by always starting with why—why the business was evolving, why certain changes mattered, and why she believed so deeply in the next chapter. From waiting intentionally before making adjustments, to modernizing systems, to navigating long-overdue price increases with empathy and clarity, Marci shows what it looks like to carry the responsibility of ownership with purpose. If you're a searcher or new operator learning to balance legacy, leadership, and the pressure of getting it right, this conversation will help you see why the weight is worth it.

Episode 12 | Garth Fasano & Christi Loucks In this episode of Bought the Biz, Garth and Christi get uncomfortably honest about pricing. How do you know when it is time to raise prices, change your model, or simplify your packages. How do you do it in a small business where every client and every dollar feels personal. They compare complex outcome based and consumption models with simple retainers, talk through real changes they have made in their own companies, and share the messy parts of bringing legacy clients up to current rates. They also dig into how to frame new services, build confidence in the value you deliver, set clear guardrails for your team, and communicate price increases without feeling like a villain. If you are an ETA owner or small business operator who knows your pricing needs to change but keeps putting it off, this one is for you.

Episode 11 | Garth Fasano & Christi Loucks   In this episode of Bought the Biz, Garth and Christi break down what they wish they had known before signing their acquisition documents. From surprise lender pullouts and nineteen percent debt to due-diligence must haves and emotional landmines, they share the real pre close challenges that don't make it into the search fund playbooks. They walk through financing pitfalls, why your lender becomes an actual partner, how to build (and stick to) your no go list, and why you should never negotiate against yourself in the final weeks. If you're headed toward your first close, this is the episode to hear before you sign.

Episode 10 | Garth Fasano & Christi Loucks   New owners walk into a maze of legacy tools, habits, and hidden dependencies. Garth and Christi unpack how to triage urgent vs important, when to keep a "weird" CRM config, why email deliverability and payments can sink you, and how to pace org and process changes without breaking morale. Practical tactics include deep-slice audits, choosing platforms vs. custom builds, EOS and OKRs, and lessons from hiring workflows that looked smart but hurt outcomes.

Episode 9 | Garth Fasano & Christi Loucks with guests Joe Comer & Kurt Oleson What happens when one leader steps in from the outside and another grows from within—then they become co-owners? In this episode, the CEO and COO of Custom Channels share how they navigated that transition, set priorities, and made meaningful change without losing momentum. It's a story about collaboration, clarity, and what good leadership really looks like.

Episode 8 | Garth Fasano & Christi Loucks Garth and Christi get candid about blending parenthood with small business ownership. Christi shares the timing whiplash of buying a company, doing IVF, and having Wyatt one year to the day after close, plus what it means to add baby number two while her husband is running his own mountain operations business. Garth opens up about long hours, raising a seed round as Kit arrived, and why work-life balance turns into work-life integration. Together they cover the real tradeoffs, the spouse agreements that actually work, and the simple systems that keep both family and company moving. You will learn: 1. How to align with your partner on expectations, schedules, and sleep so both the baby and the business get what they need. 2. Why integration beats balance for first-time operators and how to set rules you can live with. 3. Practical tactics for the first year, including night shift rotations, communication rituals, and letting go of perfection when reality hits. Listen now!

Episode 7 | Garth Fasano & Christi Loucks with guest, Jason Trinka Garth and Christi sit down with Jason Trinka, the longtime operator and GM of Top Dog, before and after the acquisition. They unpack the messy middle of a surprise transition where Jason learned about the sale after close and chose to lean in rather than walk away. The conversation traces how trust was built through autonomy, authenticity, and shared vision work, from hiking with a 3-5-10 year planning worksheet to small family-first gestures that mattered more than emails and meetings. They revisit early org changes, the move from hidden SOPs to transparent systems, and the deliberate shift that pulled Jason out of the front lines so new leaders could grow. They get candid about comp complexity when profit sharing meets SBA debt, why culture change takes years, and the moments that almost broke things, including tough client calls and access changes that ultimately unlocked growth. The big lesson for ETA operators: meet key employees pre-close, go slower than you think, keep people whole when models change, and invest in real relationships so you do not lose your number two when it counts most. Listen now!

Episode 6 | Garth Fasano & Christi Loucks Everyone dreams of being the CEO — setting strategy, driving vision, and leading from the top. But for small business owners and ETA operators, the reality looks very different. In this episode, Garth and Christi pull back the curtain on what it really means to run a business day-to-day: rebuilding CRMs, managing payroll surprises, rewriting comp plans, and getting pulled deep into the weeds while still trying to think strategically. They share their unfiltered experiences on: • Why the first 90 days are almost all execution, not strategy • The unexpected grind of payroll, comp plans, and people management • How pricing and packaging can make or break your business • Why "operator" and "CEO" are two very different hats and you'll wear both Whether you're a searcher, operator, or just curious about life after acquisition, this episode is your honest playbook for surviving (and thriving) as a small business CEO.

Episode 5 | Garth Fasano with guest Quintin Graves What happens when your dream acquisition suddenly bleeds $50K a month? In this episode of Bought the Biz, Garth talks with Quintin Graves, owner of Scout Security in Denver, about the rollercoaster ride of buying and running a business. From hustling his way into an off-market deal to hiring (and losing) a GM, facing down terrifying negative cash flow, and clawing back to double the customer base, Quintin shares the unfiltered reality of ETA ownership. This is the story of resilience, hard lessons, and why sticking it out through the darkest moments can lead to the biggest wins. Listen now!

Episode 4 | Garth Fasano and Christi Loucks In this episode of Bought the Biz, Garth and Christi pull back the curtain on the emotional roller coaster of running a small business after acquisition. From the thrill of landing a marquee billion-dollar client to the gut-punch of losing customers in the same hour, they dive into the highs and lows that define entrepreneurship through acquisition. Christi shares moments of doubt—times she thought about shutting the doors—and what keeps her pushing forward despite the weight of family, investors, and an unforgiving market. Together, Garth and Christi unpack the real toll on personal lives, relationships, and identity, while also exploring the opportunities (and pivots) that technology and AI bring to operators today. This isn't the glossy "financial freedom in 12 months" version of ETA—it's the reality: messy, exhausting, and deeply rewarding.

Episode 3 | Garth Fasano and Christi Loucks Buying a business means you inherit more than revenue—you inherit people, culture, and relationships that didn't choose you. In this episode, Garth and Christi dive into the messy, rewarding process of building trust with an existing team after acquisition. From navigating cultural differences across continents to rethinking compensation, shifting company culture, and avoiding fear-based decisions, they share what worked, what didn't, and what every new operator should know when stepping into a business that's already in motion. Listen in!

Episode 2 | Garth Fasano and Christi Loucks You finally own it. Now the record scratches. Garth and Christi unpack the real first weeks after close. How to plan your internal comms, announce to a leadership team before the all hands, pace one on ones, coordinate with the seller, and choose the right timing for customer announcements. Virtual setup choices, culture signals, and why transparency beats the "nothing will change" script. 

Episode 1 | Garth Fasano and Christi Loucks In this episode, we set the stage for Bought the Biz by exploring the real leap from searcher to operator. Yes, there are the highs of meeting customers and shaping strategy — but there are also the surprises, like spending weeks just figuring out payroll and compliance across 20 states. This show is about those lessons. The goal is to help new owners anticipate what's coming, avoid the early stumbles that slow momentum, and build a peer group where no one has to figure it out alone. Because buying the business is only the beginning — the real work, and real growth, starts the day after close.