Podcast
Think Big, Buy Small
Hosted by Harvard Business School · EN
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.
20episodes
Episodes
Newest firstAll episodes
Season Three Questions and Answers with Rick and Royce
Dec 100:47:02Tap to summarizeHosted 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.
Transcribe →Partnership, Purpose, and the ETA Path to Concierge Medicine
Nov 2400:52:34Tap to summarizePartners 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.
Transcribe →Navigating Entrepreneurship Through Acquisition as a Family
Nov 1700:38:26Tap to summarizeIn 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.
Transcribe →Reshaping One’s Career Through Acquisition Entrepreneurship
Nov 1000:41:55Tap to summarizeIke 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.
Transcribe →Pioneering Search in Frontier Markets
Nov 300:52:36Tap to summarizeIn 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.
Transcribe →CEO Success in Operating Small Business Acquisitions
Oct 2700:44:22Tap to summarizeMichael 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.
Transcribe →Bonus Episode: The Art and Strategy of Negotiation, with Jim Sebenius
Oct 2000:28:52Tap to summarizeIn 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.
Transcribe →Climbing the Revenue Ladder: Understanding Quality in Business Acquisitions
Oct 1300:47:09Tap to summarizeIn this episode, Rick and Royce are joined by A.J. Wasserstein, Senior Lecturer at the Yale School of Management, for a deep dive into one of the most critical – and often misunderstood – aspects of buying a small business: revenue quality. Together, they unpack the full spectrum of revenue types, from transactional to contractually recurring, and explore how these distinctions impact everything from growth potential to customer retention, acquisition strategy, and valuation. With real-world insights and a clear framework for evaluating revenue during diligence, this conversation is essential listening for any aspiring acquisition entrepreneur looking to de-risk their investment and build lasting value.
Transcribe →The Journey From Engineer, To Entrepreneur, To Exit
Oct 600:58:19Tap to summarizeRick and Royce sit down with a former student of theirs, Paige Sopcic, an engineer turned entrepreneur, to discuss her inspiring entrepreneurship through acquisition journey. After leaving a promising career at GE and earning her MBA, Paige launched her search in partnership with an accelerator and acquired a specialty canning company called CanSource. In this episode, she shares how she found the business, scaled it rapidly through COVID-era tailwinds, and eventually sold it in a proprietary deal to a strategic buyer. Along the way, Paige reflects on the mindset shift from corporate employee to owner-operator, the value of structured support during a first-time search, and the challenges and opportunities that come with navigating growth amid operational pressure. This conversation offers a real-world look at risk, strategy, and leadership – and provides a great example of what it truly means to bet on yourself.
Transcribe →An Experienced Lender’s Perspective on Acquisition Financing
Sep 2900:52:50Tap to summarizeIn this episode, we’re joined by Bruce Marks, a veteran SBA lender with decades of experience and well over 1,000 business acquisition deals under his belt. Bruce draws on his deep expertise in the acquisition lending space to reflect on the role of SBA financing in ETA, how lenders assess deals, the importance of debt service coverage, along with evaluations of risk, and factors that searchers should consider when evaluating SBA and conventional financing options. Rick and Royce lead a practical, insightful conversation covering deal structures, loan terms, and the importance of transparency with lenders, making this episode a must-listen for anyone exploring or navigating the acquisition process.
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