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:
This is a must-watch for anyone interested in search funds, small business acquisitions, or creative capital structuring in the lower middle market.
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👉 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:
If you’re exploring passive investing, LP strategies, or alternative assets, this conversation is a must-watch.
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💬 Share your thoughts in the comments — how do you approach cash flow investing?
Connect with the speakers:
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:
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:
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:
This conversation is a must-watch for investors, operators, and advisors navigating the SMB acquisition ecosystem.
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👉 Share your thoughts in the comments below — what tax diligence questions do you want answered?
Connect with Roman Basi & Sean Smith:
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:
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.
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
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💬 Leave your thoughts or questions in the comments — we read every one!
#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: caleb@qoeprep.com🛜 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 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 affect buyers and syndicates
The impact of foreign ownership restrictions
What’s changing with down payments, seller notes, and licensing requirements
This 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 playbook
How Pocket Fund sources undervalued digital businesses
Value creation via social media, AI, and team arbitrage
Unique deal structures and investor collaboration
The rise of “zombie VC startups” and hidden gems in the downturn
How 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 acquisitions
AI-enabled operational improvements
Creative 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.
