Think Big, Buy Small

Latest Episodes:

Should Searchers Look More Seriously at Franchises? Sep 21, 2026

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Michael Horowitz is a former searcher who acquired, scaled, and ultimately sold a portfolio of Wingstop franchise restaurants before becoming an investor in the ETA ecosystem. In this episode, he shares his unconventional journey to business ownership and offers an insider's perspective on what makes franchising a compelling but often misunderstood path for acquisition entrepreneurs. Together, they discuss the advantages of established brands, proven operating systems, benchmarking, and more predictable cash flows, as well as the tradeoffs associated with royalties, choosing the right franchisor, and managing multi-unit businesses. They also explore why franchise opportunities are often overlooked by searchers, how franchise portfolios are valued, why geographic density matters, and what role acquisitions and new unit development play in creating value over time. Whether you're considering a more traditional search or evaluating franchises as part of your acquisition strategy, this conversation offers practical insights on when and why franchising may be an attractive path to business ownership.

The Role of Culture in Scaling an ETA Business Sep 14, 2026

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After a self-funded search led to the acquisition of Ally Waste in 2020, James Crawley grew the company more than thirty-five-fold. What did it take to scale the business from a handful of employees to a nationwide operation, with hundreds of team members working independently across dozens of states? Many entrepreneurs focus on systems and processes when growing a business. James, however, argues that culture deserves equal attention. In this episode, he explains how a clearly defined mission and a set of core values – including an unusual "no jerks" policy – became the foundation for scaling Ally Waste. James also discusses why culture is more than a set of aspirational statements, how it shapes hiring and management decisions, why investing in people can become a lasting competitive advantage, and how leadership is ultimately about developing people who serve others. Whether you're acquiring a small business or leading a growing organization, tune in to learn how an intentional culture can become one of the most powerful tools for driving performance, building loyalty, and sustaining long-term growth.

The Rise of Long-Term Holding Companies in ETA Aug 31, 2026

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In Season Two, Kent Weaver, one of the most experienced operators and investors in the search ecosystem, joined Rick and Royce for a wide ranging conversation about entrepreneurship through acquisition. In this episode, they focus on the rise of long-term holding companies, vehicles designed to acquire and build multiple businesses over an extended time horizon. The conversation explores why some entrepreneurs are choosing to build companies over decades rather than pursue a single acquisition and exit, what makes a successful HoldCo CEO, and how disciplined acquisition strategies and operational playbooks can create long-term value. They also examine how long-term HoldCos differ from private equity and whether this emerging model represents a new chapter in the evolution of entrepreneurship through acquisition. Whether you're considering a traditional search or exploring newer models of acquisition entrepreneurship, this conversation offers valuable insights into an important development shaping the ETA landscape.

Season Three Questions and Answers with Rick and Royce Dec 01, 2025

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Hosted by producer Katie Zandbergen, Rick and Royce return for their end-of-season dive into listeners’ most pressing questions – those that many aspiring acquisition entrepreneurs wrestle with. They explore how age and personal finances may influence ETA risk tolerance; whether an MBA truly matters for success in a traditional search; how to handle the loneliness that often accompanies searching for and running a small business; where searchers commonly spin their wheels early on; how to evaluate red flags during diligence; the realities of buying a job versus a business; advantages and drawbacks of franchising; whether now is a good time to search; and much more. Packed with insights drawn from decades of ETA experience, along with stories and humor, this wide-ranging conversation is essential listening for anyone exploring entrepreneurship through acquisition.

Partnership, Purpose, and the ETA Path to Concierge Medicine Nov 24, 2025

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Partners in search, Nick Kerr and Shaquille Walker, join Rick and Royce to share their journey from risk-averse upbringings to acquiring HealthBridge, a concierge primary care clinic on Long Island. In this conversation, they discuss how their backgrounds, family considerations, and desire for autonomy led them to entrepreneurship through acquisition, while also reflecting on the emotional highs and lows of searching for, buying, and operating a small business. Furthermore, they describe what it’s like to partner with a founder who remains deeply involved in the practice, why concierge medicine offers an appealing model for both physicians and patients, and how they plan to build a differentiated, prevention-focused platform through thoughtful expansion. Along the way, the conversation explores physician burnout, the value of separating clinical care from business management, and the compelling alignment that strong operational leadership can create for doctors, patients, and investors alike.

Navigating Entrepreneurship Through Acquisition as a Family Nov 17, 2025

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In this special “Friends and Family Night” episode, Rick and Royce speak with Meghan Orzetti about the experience of entrepreneurship through acquisition from the perspective of a searcher’s spouse. Drawing on her personal experiences, Meghan shares candid reflections on supporting her husband, Season One’s Michael Orzetti – a Marine Corps veteran, turned searcher, turned CEO – through the uncertainty, sacrifice, and adventure of acquiring a business while raising a growing family. From deployments and cross-country moves to self-funding a search and closing on a deal, Meghan reflects on the practical realities of uncertainty, mobility, and financial planning, as well as the deeper importance of partnership, mutual support, and shared values. Her story highlights how clarity of purpose, open communication, and a commitment to family can transform the ETA journey into something deeply meaningful.

Reshaping One’s Career Through Acquisition Entrepreneurship Nov 10, 2025

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Ike Ukawuba was a self-funded searcher whose path to entrepreneurship began far from the boardroom. Raised in a single-parent household in Chicago, he began his career in engineering before discovering his true passion for business and problem-solving. After several years at Accenture, followed by experience at some startup ventures, Ike found his stride in entrepreneurship through acquisition – a model that allowed him to leverage his skills, take ownership, and build something enduring. In this episode, he reflects on his path from consulting to running a home healthcare company, the challenges of leading a large team, and the fulfillment that comes from making a difference in people’s lives. Ike’s journey is one of thoughtful risk-taking, resilience, and purpose-driven leadership, offering valuable insights for anyone interested in acquisition entrepreneurship.

Pioneering Search in Frontier Markets Nov 03, 2025

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In this episode, Rick and Royce sit down with Rob LeBlanc, Co-Founder at Ambit Partners, to explore the evolution of search fund investing beyond traditional markets. Rob traces his path from building an ETA platform in South Africa to backing searchers across frontier economies, offering an insider’s view on how entrepreneurship through acquisition is adapting globally. The conversation examines the unique dynamics of searching and operating in less developed capital markets – where relationships, local fluency, and cultural context often outweigh formal structures – and explores how factors such as currency risk, investor networks, and institutional maturity shape the search process. Through comparative insights between developed and emerging markets, this discussion highlights the expanding boundaries of the search model and the growing diversity of its global practitioners.

CEO Success in Operating Small Business Acquisitions Oct 27, 2025

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Michael Aubrey, having walked the path from searcher to successful operator and investor, draws on his wealth of experiences to offer a masterclass in small business growth. In this episode, he talks candidly about navigating early operational setbacks and hiring challenges, the strategies he employed to build a national salesforce, and why he believes a deep understanding of one’s customers is the foundation for real improvement and scale. You’ll hear reflections on employee compensation models, the critical role of company culture and accountability, and what it really takes to succeed as a CEO in the world of small business acquisitions. Packed with hard-earned lessons on management, grit, and the value of taking a hands-on approach to operations, Michael’s insights into leadership, hiring, and growth strategy are not to be missed.

Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius Oct 20, 2025

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In this bonus episode, hosted by Adam Outland, we're featuring a conversation from our friends at The Action Catalyst, a top-rated leadership and entrepreneurship podcast. While Think Big, Buy Small focuses on the unique entrepreneurial path of acquiring and operating a small business, The Action Catalyst shines light on all types of entrepreneurs and the distinct insights they offer. This episode welcomes Jim Sebenius, renowned negotiation expert, Harvard Business School professor, and host of Dealcraft: Insights From Great Negotiators. In a wide-ranging discussion, Jim shares strategies and lessons from both government and corporate settings; explains the powerful “3D” model of negotiation; reflects on why internal negotiations are often the most challenging; highlights the value of keeping a deal diary; and more. Whether you're deep in deal-making or simply looking to sharpen your negotiation skills, this episode delivers wisdom, wit, and practical insights for everyone at the table.

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