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 th...
Feb 25, 2026•36 min
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,' ...
Feb 12, 2026•38 min
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 disc...
Dec 18, 2025•35 min
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—exp...
Dec 09, 2025•40 min
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 ...
Nov 19, 2025•42 min
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 pe...
Nov 03, 2025•47 min
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 int...
Sep 24, 2025•34 min
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-...
Sep 17, 2025•31 min
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 ...
Sep 10, 2025•30 min
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 Reorgan...
Sep 03, 2025•43 min
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 ...
Aug 27, 2025•33 min
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 adva...
Aug 13, 2025•27 min
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...
Aug 04, 2025•43 min
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 reve...
Jul 21, 2025•21 min
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...
Jul 11, 2025•30 min
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-back...
Jul 04, 2025•42 min
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 mo...
Jun 26, 2025•19 min
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 process Key components of a winning business plan What lenders look for (and what they don’t) How recent SOP changes from the SBA will...
Jun 03, 2025•36 min
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 playbook How Pocket Fund sources undervalued digital businesses Value creation via social media, AI,...
May 29, 2025•40 min
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 pitf...
May 20, 2025•39 min•Season 1Ep. 11
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...
May 15, 2025•25 min•Season 1Ep. 10
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...
May 05, 2025•35 min
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, an...
Apr 28, 2025•18 min•Season 1Ep. 8
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.
Apr 22, 2025•25 min•Season 1Ep. 7
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” ...
Apr 07, 2025•30 min•Season 1Ep. 6
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 ...
Apr 02, 2025•19 min•Season 1Ep. 5
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-l...
Mar 21, 2025•29 min•Season 1Ep. 4
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 differen...
Mar 19, 2025•15 min•Season 1Ep. 3
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.
Mar 03, 2025•40 min•Season 1Ep. 2
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 manage...
Mar 01, 2025•29 min•Season 1Ep. 1
