In this episode of Retained Trust, host Karl Hughes chats with Will Smith, host of Acquiring Minds and partner at Minds Capital. Will shares how his frustration with startup ideas led him to entrepreneurship through acquisition (ETA), and how a niche podcast turned into a full-time business and investment platform. The conversation explores the realities of buying and running small businesses, including the balance of humility and hubris, the hidden risks of acquisition, and the power of simply “getting in the game.” Will offers grounded advice for agency owners considering their next move—whether that's growth, sale, or acquisition.

Key Points From This Episode:

[00:00:00] Introduction to guest Will Smith and overview of Acquiring Minds

[00:02:08] Will reflects on turning podcasting into a full-time career

[00:04:17] His origin story: discovering ETA while seeking an entrepreneurial path

[00:07:41] What is ETA? Exposure, education, and the appeal of buying businesses

[00:10:16] Similarities between Acquiring Minds and Indie Hackers podcasts

[00:14:35] How the podcast opened doors and led to launching Minds Capital

[00:19:01] Why ideas, timing, and product-market fit are harder than they seem

[00:22:11] Hubris vs. humility: the mental balance needed when acquiring businesses

[00:27:10] Rethinking risk in ETA—especially with personal guarantees and SBA loans

[00:32:37] Why failures in ETA often hurt more than in zero-to-one entrepreneurship

[00:35:56] Top failure reason: seller fraud, and how to protect against it

[00:39:44] How ETA skips the gradual leveling-up process and hits harder, faster

[00:42:11] Should you buy small or go big? Pros, cons, and real-world implications

[00:46:16] The value of getting in the game—even with a small business

[00:49:57] Real-world examples: how being an owner opens doors to new deals

[00:52:56] Book recs: Buy Back Your Time by Dan Martell and American Nations

[00:55:47] Closing thoughts and what’s next for Will

Links:

Will Smith on LinkedIn: https://www.linkedin.com/in/willsmithsf/
Acquiring Minds: https://acquiringminds.co/
Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

From Podcast to Portfolio: Will Smith’s ETA Journey