Think Big, Buy Small

Harvard Business School•hbr.org

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.

Last refreshed: March 24th, 2026 at 7:47 PM ⓘ

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Episodes

An Acquisition Entrepreneur’s First Months As CEO

In February of 2024, after a self-funded search, Nick Wheeler took the helm at NSCA & Tra-Cal, an enduringly profitable small business that’s been serving the electronics, manufacturing, and telecom industries since 1988. In this episode, he reflects on his entrepreneurship through acquisition journey to-date, with a particular focus on his experience of “drinking from the firehose” during his first months as CEO. Nick shares the pain of broken deals during the search process; what appealed ...

Aug 12, 2024•1 hr 1 min

Searching Where Few Have Searched Before

After years spent studying and working in the United States, Alexander Wallace recently returned to his native New Zealand to launch a self-funded search for an enduringly profitable small business to buy. In this episode, Alexander reflects on his decision to leave a conventional job in someone else's company in order to become a searcher; the reasons he decided to launch a geographically-focused search in New Zealand, where few have searched before; the type of company he hopes to acquire, alo...

Aug 05, 2024•52 min

The Fantastic Economics of SBA Loans

The Small Business Administration (SBA) loan program offers acquisition entrepreneurs an incredible opportunity to buy a company with little equity, and on very advantageous terms. Heather Endresen has decades of experience in SBA lending and is now Owner of Viso Business Capital, where she helps searchers in a variety of ways, including finding banks that are most appropriate for their SBA loans. In this episode, Heather explores the ins and outs of these "magical" loans, which differ in import...

Jul 29, 2024•47 min

Explaining The Success Of First-Time CEOs

How is it that so many searchers become successful CEOs, even when many have never run a company before and may not have the relevant industry experience? Personal characteristics count for a lot, but so too do company attributes. Sticky customers, for example, are hugely important, as this creates space for a new CEO to learn the ropes of the business. In this episode, we meet Michael Orzetti, an acquisition entrepreneur who, in August of 2020, became CEO of Eastern Communications, a company th...

Jul 22, 2024•57 min

Why A Long Island Swimming Pool Company Was An Ideal Acquisition Target

As an acquisition entrepreneur, Jackie Kopcho is now CEO of Tortorella Swimming Pools, where she leads a team that engineers, builds, and services pools on Long Island, in southeastern New York State. When searching for a company to acquire, Jackie wasn’t looking for this particular industry or location. Rather, she was on the lookout for those qualities that lead to an enduringly profitable business, such as recurring revenue and low customer concentration. This company stood out from the rest ...

Jul 15, 2024•50 min

Acquisition Versus Working For Someone Else

Ari Santos and Allan Newman, about to graduate from business school, reflect on the choice between buying their own business or working for someone else. Though there are parallels between their paths, including service in the US Army, these similarities make their differences all the more interesting. From considerations of leadership, risk, and career aspirations to thoughts on location, industry, and funding options, listeners gain insights into the decision of taking a job versus embarking o...

Jul 08, 2024•56 min

Acquisition Versus Startup: Weighing The Risks And Rewards

In this episode, Daniella Bertolotti and Steve Goulas discuss the more traditional startup route versus entrepreneurship through acquisition. Just weeks ahead of their graduation from business school, and thinking about what’s next, both are looking for control over their professional lives, want to be in a position where they make decisions that matter, and value rewards being closely tied to the work that they do. We learn that those who lean more towards founding their own company often have ...

Jul 01, 2024•57 min

The Self-Funded Journey From Searcher To Seller

Geoff Duckworth’s story is that of a self-funded search that transformed him from being an employee at a larger firm, to CEO of an enduringly profitable small business, to seller of the company that he had run for years. It was after reading Rick and Royce’s book, HBR Guide To Buying A Small Business, that he decided to pursue the path of entrepreneurship through acquisition. In this episode, Geoff shares reflections on his experiences as an acquisition entrepreneur, including why he decided to ...

Jun 24, 2024•51 min

Buying A Seasonal Gift Basket Business In Canada

Ten years ago, Robin Kovitz became President & CEO of Baskits, now one of Canada’s leading gift services companies, by purchasing the company from its two retiring founders. Baskits was an acquisition that had many of the qualities that lead to success for first-time CEOs, including recurring customers and a record showing years of profitable operations. It was also, however, a seasonal business, which is a potential red flag for Rick and Royce. In this episode, Robin shares insights on why ...

Jun 24, 2024•35 min

Introducing Think Big Buy Small

Jun 12, 2024•2 min

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