Buy and Build

In this landmark 100th episode, we're joined by Adam Johnson, an American acquisition entrepreneur who transitioned from the startup scene in California to acquiring and operating Water Direct in the UK. Adam takes us through his unique journey into the search fund world, how a Texas blizzard sparked conviction in a niche UK water logistics business, and the realities of running a highly operational, regulation-heavy company. We dive into: The challenges of a COVID-era search process Navigating investor skepticism for a volatile but essential service Building a new leadership team while preserving institutional knowledge Going from paper-based processes to a digitized, scalable business The long-term vision for growth and product expansion If you're in the ETA, SME, or search fund ecosystem—or just curious how someone turns infrastructure failure into a growth business—this one's for you.

What does it take to step into the CEO seat—whether by acquisition or promotion? In this special episode, Will Hunnam (Forza Doors) and Carl Lundberg (Gerald Edelman) return to share their personal leadership journeys, challenges of managing legacy teams, and how implementing the Entrepreneurial Operating System (EOS) transformed their approach to strategy and culture. We explore: The reality of becoming a first-time CEO Lessons from inheriting vs. building company culture How EOS creates clarity and drives accountability The hard conversations leaders must face Whether you're scaling an acquired SME or navigating leadership within a partnership model, this candid discussion is packed with insight for anyone in the buy-and-build or search fund world. ------ For searchers looking to accelerate their acquisition journey, there are still a few seat left on the 17th June, in London. book your ticket here: https://www.buyandbuildaccelerator.com/  For those looking to learn more about EOS, Rob Liddiard, the implementor mentioned on this episode is offering the searcher community a free introductory session. Reach out to him on rob@mission-group.co.uk 

In this episode, we sit down with Matthias Knaur—operator, investor, and seasoned voice in the European search fund and ETA community—to explore the real levers behind scaling small companies. From a billion-dollar transformation at listed company Solera, to hands-on leadership in niche B2B services.  Matthias Knaur—who's led his own acquisitions to over £100M in revenue and invested across Europe's search fund landscape—shares his deep experience on identifying, expanding, and leveraging total addressable markets. We dive into lessons from his billion-dollar corporate roles, personal acquisitions, and current investments, discussing adjacent TAMs, recurring revenue models, roll-ups, and why execution matters more than spreadsheets. Whether you're a searcher plotting your first acquisition or an investor scanning for red flags, this conversation is packed with candid insights and war stories on what it really takes to build enduring businesses.

In today's episode of Buy and Build, we dive deep into the incredible entrepreneurial journey of Brian Honan, founder and CEO of Fortus. Brian walks us through how he went from an "accidental entrepreneur" to leading a €200M turnover security distribution business across Europe. We explore his early days in business, executing a debt-funded MBO, partnering with private equity, building a recurring revenue engine, and navigating the challenges of integrating acquisitions. Brian also shares lessons learned on managing growth, staying passionate, and planning the next phase of Fortus' journey — including the possibility of an IPO. If you're interested in buy-and-build strategies, private equity partnerships, or scaling a business through acquisition, this is an episode you won't want to miss.

The next acquisition accelerator is going to be in London in June (date TBC). Book your spot now for a discounted rate. If you cannot make that date, you can roll your spot into the next cohort. Join here: https://www.buyandbuildaccelerator.com/  ------------- In this episode, we reconnect with Fouzan, seven months into owning and operating the 32-year-old building energy management systems business he acquired. After initially stepping into the role with humility and patience, Fouzan shares how he's approached leadership, structured his team, and gradually introduced change—from hiring apprentices and outsourcing non-core functions to overhauling commercial performance and planning a new service division. We dive into the realities of making an acquisition from a retiring owner, managing legacy teams, implementing tracking and bonus systems, and how he uses his tech background to drive efficiency. This is a candid look at the transition from acquisition to active ownership, filled with insights for anyone stepping into a small business post-close. Enjoy! -------- For anyone interested in EOS, Rob Liddiard is offering the buy and build community a free introductory session. As you know, Paul uses Rob to help implement EOS at Amber Home Improvements and it has been a game changer. You can reach out to him at rob@mission-group.co.uk 

In this episode, we speak with Allie Stuckless, a great friend and former JPMorgan colleague, about her transition from banking to launching a UK-based search fund. Allie has a fascinating background and has taken a unique path into the search/ETA world.  During the episode, we discuss the challenges of fundraising, her passion for lifecycle services (including the funeral industry), and the lessons she's learned along the way. Allie shares insights on navigating the UK search fund ecosystem, the key differences between US and European search models, and the importance of finding the right investors. Tune in for an engaging discussion packed with actionable advice for searchers, operators, and anyone considering the buy-and-build path! ------ The the next Buy and Build Acquisition Accelerator will be taking place in late spring and we have gone live with discounted tickets while we pick a date. Check out:  https://www.buyandbuildaccelerator.com/ to learn more.

In this episode of Buy & Build, we sit down with Jeremy Middleton, co-founder of HomeServe, who later exited and is now CEO of Middleton Enterprises, his family investment office. We dive into his journey from corporate life at Procter & Gamble to building a FTSE 100 business and leading it to a £5 billion exit. Jeremy shares the pivotal moments that shaped his career, including the hard lessons of early entrepreneurship, how he and his co-founder pivoted a failing business into a national success, and his contrarian take on acquisitions. Now, as an investor, he reveals what he looks for in scalable businesses, his founder-friendly investment approach, and why cash flow is king. Whether you're an entrepreneur, investor, or just fascinated by the business of building companies, this episode is packed with raw insights and hard-earned wisdom. Check out the Middleton Enterprises website: https://middletonenterprises.com/ for more on thier investment criteria.  -- There are still seats available for the next Buy and Build Acquisition Accelerator in just over a week's time. Check out: https://www.buyandbuildaccelerator.com/ to learn more.

In this episode, we're joined by Daniel Ewart, one of the youngest guests to date, who shares his unexpected entry into the search fund world. From his hands-on experience as an intern supporting proprietary outreach to launching an "interns as a service" business, Daniel offers a fresh perspective on deal sourcing and scaling support for searchers. Learn about the challenges of cold calling, the intricacies of sifting through data, and the unique approach Daniel is taking to help others in the search fund space. A must-listen for aspiring entrepreneurs and searchers alike! ----- We would recommend reaching out to Rob for a complimentary introductory session to learn how EOS can help you and your business goals. visit www.mission-group.co.uk or email Rob at rob@mission-group.co.uk to learn more.  

In this episode of the Buy and Build podcast, Paul and Rob Liddiard (Paul's EOS implementer), have a fascinating discussion on the Entrepreneurial Operating System (EOS) and its implementation within Paul's business Amber Home Improvements. Host Paul and Rob explore the practicalities of scaling a business while remaining true to its core values, operational challenges, and long-term vision. Paul shares candid insights from his quarterly check-ins, touching on the impact of aligning teams with core values, navigating leadership challenges, and the benefits of right-person-right-seat decisions. The conversation highlights a standout success story about restructuring a key sales role, leading to record-breaking quarterly sales and revitalizing team morale. Listeners gain a behind-the-scenes look at operational strategies, from using the Vision/Traction Organizer (VTO) to tackling real-world issues like market shifts, employee retention, and cultural alignment. The discussion is enriched with relatable anecdotes, practical EOS applications, and valuable lessons on maintaining accountability and fostering growth in a dynamic business landscape. Whether you're an entrepreneur exploring EOS or a business operator looking for actionable insights, this episode offers an honest and inspiring perspective on running and scaling a small business. We would recommend reaching out to Rob for a complimentary introductory session to learn how EOS can help you and your business goals. visit www.mission-group.co.uk or email Rob at rob@mission-group.co.uk to learn more. 

To register for the practical IDS session with Rob Liddiard (Paul's EOS implementer), follow this link:  https://us06web.zoom.us/meeting/register/tZ0rd-CprDkuH9YwmWrSyBm4-D7mDrybyfky  --- Also, we still have 3 seats available for the early access, discounted price, for the next Buy and Build Accelerator. Grab your ticket now at: https://www.buyandbuildaccelerator.com/  - In this engaging episode of Buy and Build, Paul welcomes back Craig Brennan, a seasoned expert in buying and building multi-business groups. Craig shares insights from his extensive journey, growing his companies through both organic growth and acquisitions across diverse sectors. With his origins in community sports coaching, Craig expanded into PPA educational services and eventually entered the nursery market, applying a systematic, acquisition-driven strategy to broaden his portfolio. The discussion dives into Craig's approaches to deal flow, acquisition criteria, and the delicate balance of integration without micromanagement. He explains the critical role of delegating operational tasks to a trusted team, which allows him to focus on deal-making and high-level strategy. Craig also shares how he implemented the Entrepreneurial Operating System (EOS) to align his team around a unified vision, enhance accountability, and prepare his businesses for sustainable growth. Listen in to gain insights into managing acquisitions at scale, navigating complex deal structures, and leveraging EOS to foster organizational resilience and growth. Enjoy!

Still 3 seats available for the early access, discounted price, for the next Buy and Build Accelerator.  https://www.buyandbuildaccelerator.com/ ----------------------------   In this episode of Buy and Build, we chat with Toby Henry, founder of Full Circle Capital, who shares his rapid journey from starting his search to closing his first acquisition in just six months. Toby dives into how he balanced a full-time job while navigating the self-funded search process, leading to the acquisition of Accelerator Solutions. We explore his creative deal structuring, the importance of partnering with the right people, and how family support played a key role in his decision-making. Tune in to hear valuable insights into Toby's criteria for selecting a business, his approach to growth, and future plans for Full Circle Capital. Whether you're beginning your acquisition journey or looking for strategies to accelerate your own, this episode offers a wealth of knowledge for entrepreneurs in the UK ETA space. ---------------------------- For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/ 

Sign up now for the early access discounted price for the next Buy and Build Accelerator. https://www.buyandbuildaccelerator.com/ ------------------------ In this inspiring episode, Tobyn Brooks shares his incredible journey from overcoming personal challenges to building a thriving business with The Figaro Shop and now rolling up vehicle service centers.  At the age of 13, Tobyn dropped out of school and fell victim to addiction, and shortly thereafter became a drug mule. After having spent 15-20 years on the streets, undergoing multiple surgeries to repair the damage done to his body, Tobyn incredibly turned his life around. It was not an easy journey but through incredible resilience and a motivation to do good in the world, he has grown an incredible business and achieved some phenomenal athletic achievements along the way.  On the business side, Tobyn's insights into leadership, operational efficiency, and the future of the automotive industry make this a must-listen for entrepreneurs and business leaders alike. We hope you enjoy this inspiring and moving episode.  https://www.linkedin.com/in/tobyn-brooks-7492642a/  -------- For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/ 

Early bird access is live for the next B+B Search Accelerator, at a reduced fee for the first 5 sign-ups.  https://www.buyandbuildaccelerator.com/  The date is still TBD but any conflicts can be refunded or rolled to the next event.  Enjoy the podcast.  ----- In this episode, we sit down with Fouzan Ali, an operator-turned-investor who recently closed his first acquisition, a 32-year-old business with strong foundations and growth potential.  He shares his unique approach to scaling while focusing on operational efficiency and long-term value creation. We dive into his search process, key acquisition criteria, and the importance of building trust with sellers. He also discusses balancing risks and opportunities, as well as the need to address inefficiencies before considering further expansion or roll-ups. Tune in to hear thoughtful insights on building a lasting business while driving growth. ------ For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/ 

Only 1 week to go to until the Buy and Build Search Accelerator. If you want to acquire a great business, quicker, come and learn from these experts. https://www.buyandbuildaccelerator.com/  -------------------------------------- In this episode of The Buy and Build Podcast, host Paul chats with Mark Wharrier, co-founder of Scientific Partners, about his transition from UK equity fund management to acquiring niche industrial businesses. Mark shares insights into his acquisition strategy, focusing on founder-led, high-margin companies with untapped growth potential. Tune in to hear Mark's thoughtful approach to long-term investing, fostering founder relationships, and growing businesses without the pressure of debt.

This week on Buy and Build, we sit down with Harry Morton, founder of Lower Street Media, a full-service podcast agency that recently made headlines by acquiring Pacific Content, the leading name in branded podcasting. In this episode, Harry shares the fascinating backstory behind the acquisition. When Rogers Communications decided to offload Pacific Content as a non-core asset, Harry saw an exciting opportunity. Leveraging his strong relationship with Pacific Content's senior team, he moved quickly to seal the deal. Of course, the road to acquisition wasn't without its challenges—tune in to hear how Harry navigated them. We also dive into why Harry started Lower Street Media in 2017, the evolving trends in podcasting, and his vision for the future as he integrates Pacific Content and continues to scale. It's an episode packed with insights for anyone interested in podcasting, acquisitions, or entrepreneurial growth!

This week Paul gives a quick update on his first 2 years operating Amber Home Improvements, the future of the podcast, and past and future investing activities with Citium Capital.  --> If you are a searcher looking to acquire the right business quicker while avoiding costly mistakes. Check out the Buy and Build Accelerator and sign up before seats get sold out. https://www.buyandbuildaccelerator.com/  For those interested in learning more about EOS, reach out to Rob Liddiard who is offering a free introductory session to those in the community. rob@mission-group.co.uk 

This week we speak with Steve Lawrence, CEO of Uncomplicated Group. Uncomplicated Group is looking to buy injection moulding businesses from exiting or retiring owners.  As hands-on operators, they have completed their first acquisition and are actively seeking more.  During the episode we get into how Steve heard about ownership via acquisition while working within the sector he eventually acquired in, we discuss his investment thesis for the group, and we dive into the challenges of operating a smaller, more resource constrained injection moulding business. Paul and Steve also get into how they are both using [and benefiting] from the Entrepreneurial Operating System (EOS) within their small businesses.  There is a lot to takeaway from this free flowing conversation so we hope you enjoy it as much as we did. --------- To reach out to Rob to book your free EOS intro session, learn more here:  https://www.mission-group.co.uk/ or reach out to him on LinkedIn: https://www.linkedin.com/in/robertliddiard/ 

This week, our guest is Tara Mandal, Partner and COO of PEAL Capital Partners. Before joining PEAL, Tara had an illustrious career at J.P. Morgan, where she crossed paths with Paul in Geneva. We're also joined by Allison Stuckless as co-host. Allison, also a former J.P. Morgan alumna, is now a UK- based traditional search fund entrepreneur.  PEAL Capital Partners is a female-founded, European based, lower mid-market private equity firm specializing in control investments within the rapidly growing sector of Longevity and Hormones.  During the episode we cover why the PEAL team decided to pursue this investing niche, why they think the addressable market is underestimated, the team's 3 fund playbook, current acquisitions, and how they partners with operators/doctors to drive deal flow.  This is a fascinating episode that covers a trending yet very niche investing topic. We hope you enjoy it as much as we did!

If you are a UK-based searcher looking to accelerate your search, we are running another full-day Search Accelerator on the 26th of September. Learn more here:  https://www.buyandbuildaccelerator.com/  ------- This week we speak with Tom Billings, Managing Partner of Beach Equity. Beach Equity invests £2-10m in SME buyout and growth investment opportunities. During the episode we discuss Tom's fascinating background starting with studying in the US, then leading a PE-backed company in China, to starting Beach Equity. We also discuss what makes Beach equity unique, what they look for when assessing both growth capital and buyout opportunities, investments and buyouts done so far, and future plans.  We hope you enjoy this awesome episode as much as we did! --------- To reach out to Rob to book your free EOS intro session, learn more here:  https://www.mission-group.co.uk/  https://www.linkedin.com/in/robertliddiard/

To accelerate your search and acquisition journey, join the next Buy and Build Accelerator, in September.   https://www.buyandbuildaccelerator.com/  This week we speak with Will Hunnam, the former searcher-turned-CEO of Forza Doors. Will has a fascinating background which lead him to decide to take the ETA path.  Early in his ETA journey, Will was considering acquiring a £1-2m revenue self-funded deal but ended up acquiring a £30m revenue business with the help of a group of investors, using the more traditional search fund path.  During the episode we discuss Will's ETA journey, his partnership with Novastone Capital, how he sourced targets including Forza Doors, why he likes the sector he acquired in, and the highlights and challenges of running a business. We hope you enjoy the episode!

To accelerate your search and acquisition journey, join the next Buy and Build Accelerator, in September.  https://www.buyandbuildaccelerator.com/ This week we speak with Jack Minns, Corporate Transactions partner at Larking Gowen. Jack has a wealth of corporate finance experience, generally representing sellers looking to exit the business.  During the episode, we discuss the definitions and components of working capital, the common issues and contested areas, and the adjustment mechanisms post-close, namely a working capital peg or the locked-box method.  We hope you enjoy this conversation with Jack as much as we did.  If you want to find out more about EOS, reach out to Rob Liddiard at https://www.mission-group.co.uk/. Rob is very open in sharing his experience with EOS in his startup and his new passion for helping other owners implement the system in their businesses. 

In this episode, we speak with Jim Ward about his inspiring acquisition journey to acquire a successful family-led business in the chemicals industry. Jim is an experienced chemical engineer and MBA graduate who had considered the ETA path for some time before taking the leap.  In this episode, Jim shares his thoughtful insights to searching in the UK. Jim took what would be considered an unconventional approach to searching, sector selection, deal origination, and fundraising; but that wasn't going to stop him. It is clear that all Jim's decisions were very well researched and supplemented by the wisdom of the influential people he met during his search journey.  There is a lot of unique perspectives to take away from this episode so we hope you enjoy the conversation as much as we did! ----- If you are a new searcher, the second Buy and Build Accelerator has been announced and is scheduled for the 7th of June 2024.  So, If you're struggling with deal flow, structuring deals, or raising funds, this one is for you.  Check out the Buy and Build Accelerator to learn more.  

In this episode, we explore the dynamic UK debt landscape with a new searcher, Scott McGregor. Scott brings extensive experience in finance and private equity, and as a new searcher, he recently undertook the task of examining the broader UK SME cash flow lender landscape. He then shared his findings on Searchfunder, generating considerable engagement. We thought it would be beneficial to bring his insights to a wider audience through this podcast. Scott does a fantastic job communicating his findings with clarity of thought and a deep understanding of the topics.  You are going to love this episode! ----- If you are a new searcher, the second Buy and Build Accelerator has been announced and is scheduled for the 7th of June 2024.  So, If you're struggling with deal flow, structuring deals, or raising funds, this one is for you.  Check out the Buy and Build Accelerator to learn more.  

In this episode, I had the pleasure of reconnecting with Sam Turner, a friend and return guest to the podcast. Sam was a guest on episode 20, about 2 years ago. At that point, he had completed his first acquisition and he laid out a very ambitious growth plan.  Since then, Sam has completed a further 3 acquisitions and although his sector strategy has broadened, it is fair to say his goals are even more ambitious than 2 years ago. We love to see that! During the episode we recap Sam's journey thus far, the challenges and strategies he used to find the right debt partner, his experience bringing in key hires, and his goals going forward. We hope you enjoy this fantastic conversation with Sam! ----- Finally, the second Buy and Build Accelerator has been announced and is scheduled for the 7th of June 2024.  So, If you're struggling with deal flow, structuring deals, or raising funds, this one is for you.  Check out the Buy and Build Accelerator to learn more.  

In this episode, I had the pleasure of discussing the intricacies of acquiring and operating a franchise operation with Ruth Brown, COO of Home Instead, and Mahdi Kaz, a multi-unit franchise owner within the Home Instead network.  We cover a lot of ground in the episode including: Common misconceptions of the franchise model, The resale and acquisition opportunities, The benefits franchising offers, especially in sectors like healthcare and social care, The importance of partnership between franchisor and franchisee within the Home Instead model, and finally Mahdi shares his personal journey of transitioning from a career in engineering to becoming a multi-unit franchise owner with Home Instead.  We hope you enjoy this informative area exploring another area in the acquisition space. ----- Finally, the second Buy and Build Accelerator has been announced and is scheduled for the 7th of June 2024.  So, If you're struggling with deal flow, structuring deals, or raising funds, this one is for you.  Check out the Buy and Build Accelerator to learn more.  

Today we speak again with Jordan Hammond, who returns to speak about his experience implementing EOS in his business. As a reminder, Jordan owns Genuine Comfort, which he grew from scratch to $5m in turnover before turning to strategic acquisitions to nearly triple his top line while simultaneously doubling the profit margins. To learn more about his acquisition journey, jump back a couple of episodes to learn more! According to Jordan, a big part of successfully integrating those acquisitions and the subsequent growth was due to the Entrepreneurial Operating System. During the episode, we explore the role of EOS implementers, the evolution of organizational structures, and the challenges and strategies for hiring the right people. Jordan shares insights into overcoming resistance to change and maximizing EOS for sustainable business growth. Throughout the conversation, we emphasize the importance of aligning core values, defining clear roles, and fostering a culture of continuous improvement to drive operational excellence and success. Enjoy this fantastic conversation! ---------- If you are a UK searcher looking to acquire a great business, check out the Buy and Build Accelerator- a program designed to help you acquire the right business, quicker. Paul founded the boot camp but the curriculum is developed and presented by former guests of the podcast. The next cohort of peers is incredible, you should consider joining them: https://www.buyandbuildaccelerator.com/  ------ Follow Jordan on LinkedIn: https://www.linkedin.com/in/jordan-hammond-9a79562a/   

In this episode, I had the pleasure of sitting down with Rob Liddiard, a professional Entrepreneurial Operating System (EOS) implementer, to reflect on an insightful morning where he introduced the EOS principles to my team at Amber Home Improvements.  Before becoming an EOS implementer, Rob was the founder and CEO of Yapster, a workplace messenger app for frontline organisations. Rob self-implemented EOS in his startup and the impact on his business was profound. Since exiting Yapster, Rob has been focusing on helping others implement EOS in their business.  During the episode, Rob and I work our way through the different components of EOS, getting my initial takes, while Rob enriches the discussion with his deeper understanding and personal experience with EOS.  We hope you enjoy the conversation as much as we did recording it.  Be sure to follow Rob on LinkedIn: https://www.linkedin.com/in/robertliddiard  and check out his EOS site for more information: https://www.eosworldwide.com/rob-liddiard  ------- If you are a UK searcher looking to buy a great business, check out the Buy and Build Accelerator. The curriculum is highly practical and developed and presented by former guests of the podcast: https://www.buyandbuildaccelerator.com/ 

In this episode, we are joined by Matthew Bradley. Matthew is the founder of Tikto Capital, a private investment firm investing in and acquiring UK SMEs and tech businesses. Before Tikto, Matthew was the CIO and CFO of Forward Partners, a publicly-listed venture capital firm.  During the episode, Matthew shares valuable insights into his investment and deal origination strategy, how he pivoted to minority investments throughout last year (2023), and the importance of engaging with businesses that are genuinely open to selling. We also spent time discussing some interesting sectors Matthew has gone deep on and what his findings were.  It is always a great time chatting with Matthew and we hope you enjoy the conversation too! ------- If you are a searcher looking to acquire a great business, check out the Buy and Build Accelerator. The bootcamp curriculum is highly practical and developed and presented by former guests of the podcast: https://www.buyandbuildaccelerator.com/  Enjoy!

In this episode, we are thrilled to have a returning guest, Rob LeBlanc— Co-Founder & Managing Partner of Ambit Partners. Rob brings a wealth of experience in traditional search fund investing, particularly in emerging markets, investing in 80 search funds across 30 countries.  During the episode, Rob delves into the intricacies of Ambit Partners' searcher selection process, the importance of a strong local cap table, and the most interesting markets they have invested in Fund I. We also get into the plans for Fund II. Exciting times! ------- If you are a searcher looking to acquire a great business, check out the Buy and Build Accelerator. The bootcamp curriculum is highly practical and developed and presented by former guests of the podcast: https://www.buyandbuildaccelerator.com/  Enjoy!

Today we speak with Jordan Hammond, owner of Genuine Comfort. Jordan grew his business from scratch to $5m in turnover before turning to strategic acquisitions to nearly triple his top line while simultaneously doubling the profit margins.  During the episode, Jordan shares his unique approach to reaching out to competitors, building relationships, and ultimately executing successful acquisitions. He walks through the crucial role transparency plays in fostering trust during these intricate negotiations. We also discuss the difficulty in integrating those acquisitions effectively and even the importance of a business operating system like EOS. If you are looking to acquire a great business, check out the Buy and Build Accelerator- a program designed to help you acquire the right business, quicker. Bootcamp was founded by Paul but the curriculum is developed and presented by former guests of the podcast: https://www.buyandbuildaccelerator.com/  Enjoy!

This week, we wanted to publish an episode that was released a while back but feels very relevant given the current debt financing market. The listenership has grown significantly since this was released so you may not have heard this.  Royalty financing is an interesting alternative financing offering for buyouts or equity releases. It mixes certain elements of debt and equity in an attempt to better align with owners. In the episode, we get into the details of royalty financing and the types of businesses best suited for it. If you are looking to acquire a great business, check out the Buy and Build Accelerator: https://www.buyandbuildaccelerator.com/  Enjoy!

This week we speak with Alexi Jones, a former investment banker- turned startup founder and now acquisition entrepreneur.   Alexi now heads up Viso Logistics, a business acquisitions group building a next-generation UK logistics network. During the episode, we discuss Alexi's first acquisition of Jag Express, his deal sourcing and acquisition strategy, why he decided on this sector and his future plans This week we also announced the Buy and Build Accelerator. If you are a searcher, check it out to learn more:  https://www.buyandbuildaccelerator.com/  Enjoy!

This week we speak with co-host Graeme Wallis to discuss the successful raising of his search fund, Hargrave Succession.  We discussed his fundraising process, how he built an investor network, and the importance of having a complimentary cap table. We also dive into the types of companies Graeme is searching for and his internship program.  Graeme then turns the tables and gets an update from Paul. Enjoy!

This week we speak with Sandy Farmer and Jo Cockburn from Ethos Partners - entrepreneurial providers of supportive capital for cash-generative, fast-growing, ambitious UK and European companies. In this episode, we dive into the fascinating journeys of Sandy and Jo, the story behind the founding of Ethos, and its mission to bridge the gap between retiring business owners and aspiring investors.  We then dive into the search fund/ ETA ecosystem. We discuss why the asset class fits their investment strategy, how they feel they can add unique value as investors, their investment criteria, and past deals.  Enjoy!

This week we speak with Ritz Steytler, CEO of Abacus Partners and a senior advisor at Vonzeo Capital. Ritz is also the co-founder and CEO of Axora, an innovative B2B marketplace driving digital transformation for industrial companies. In this episode we dive into Ritz's journey as a searcher and operator of PXP Solutions, including his role in the acquisition of omnichannel payment processor PXP solutions by Abacus Partners, a payments business that underwent a transformation, leading to a significant exit. We delve into the challenges he faced, his experiences in various industries, and his current role at Abacus Partners, guiding growth businesses. Tune in now!

This week we speak with Dr Ewan Lloyd-Baker, an accomplished entrepreneur with an extensive background in turnarounds, corporate finance, and M&A.  In this episode, Ewan shares his experience acquiring and growing a 200-year-old manufacturing company. We discuss the benefits of acquisitions and reverse mergers and the pros/cons of running a publicly listed entity. We also delve into the key insights from the eventual exit in 2018.  Ewan is a natural leader with a wealth of knowledge. We hope you enjoy this fantastic conversation!

This week we replay an episode where Paul was a guest on the Build and Exit podcast hosted by Julie Wilkinson. Julie does a great job at chronicling Paul's search journey and they cover a lot of topics that the listeners often ask about. So I hope this is helpful! Check out Julie's podcast: Build and Exit

Bent Flyvbjerg is the first BT Professor and inaugural Chair of Major Programme Management at Oxford University's Saïd Business School and the Villum Kann Rasmussen Professor and Chair in Major Program Management at the IT University of Copenhagen. He recently published a new book titled How Big Things Get Done, which breaks down the key elements of successful project management.  In this episode, Professor Flyvbjerg discusses how he became interested in the execution and management of mega projects and how this has become a global phenomenon. He emphasizes that successful project management is not limited to big projects but applies equally to small projects such as house renovation or wedding planning. He also shares some of the most memorable and technically interesting projects he has studied, highlighting the importance of framing problems, leading complex projects, and building teams. Enjoy!

This week we speak with Ayo Disu, Co-founder at Octillion Capital Partners (OCP). OCP is an eCommerce acquisition company that acquires, operates, and builds culture-defining, socially conscious consumer brands. In this episode, we discuss OCT's first acquisition of Lean Caffeine, a health-conscious coffee company that also sells superfoods like bone broth and MCT oil. Ayo talks about the synergies between the missions of Lean Caffeine and Octillion Capital Partners, and how the acquisition has been a great addition to their portfolio. Ayo also shares their future plans for growth and the company's evolving thesis. Tune in to hear the inside scoop on growing an eCommerce company. Enjoy!

This week we speak with Bruno Lea on the latest episode in the ETA mini-series. Bruno launched the first traditional search fund in France in 2018, Lea transmission SAS. Since acquiring, Bruno is the current president of Haas Automation in France and Spain. He also completed his MBA at IESE  Business School and worked as an associate director of MBA admissions there. During the episode, Bruno shares how he discovered the model during his MBA and how he initially thought it was a model that could only work in the US. Bruno also talks about the challenges of finding investors in France who were not familiar with the model but managed to secure US investors who were keen on investing in the French market. Bruno also talks about deal sourcing, capital markets and operational dynamics in the French market. This is truly a fantastic conversation and a great primer for anyone considering searching or investing in France. Enjoy!

This week we speak with João Diogo Stoffel, founder of the first traditional search fund in Portugal in 2017. After the successful completion of his search in 2019, João now runs Project To Be, an organization focused on the early education sector with the aim of operating a group of Portuguese and Spanish family-oriented schools. During the episode, Joao shares his journey into the world of ETA from his time at IESE Business School. We also discuss the importance of understanding a market like Portugal (this includes culture and being able to connect with owners), how he pursued an evergreen strategy in the early education sectors after learning of the success in other markets, and the strategies he has executed on whilst running the business, which includes the first 2 years during covid.  We hope you enjoy this very insightful episode!  

This week we speak with Gautam Basu, the managing partner at True North Search. Gautam has 30 years of experience executing M&A transactions and is a Professor of Practice, a board member, and an entrepreneur in the acquisition space. In this episode, we explore ETA in the Nordics. Gautum shares his experience educating both investors and searchers on this new and exciting market. Gautam also discusses the different aspects that make the Nordics an attractive ETA region, including the demographics, the capital markets, and the industrial base. With two successful deals under his belt, he provides a unique insight. Enjoy!

This week we speak with Tobias Raeber, a former searcher and now seasoned investor and advisor. In 2013, Tobias raised the first partnered search fund in Europe, focusing on Switzerland and Germany. In this episode, we discuss the Swiss and German markets and how they compare to other ETA markets in Europe. Tobias also shares his insights and experiences fundraising in a new market without the typical MBA experience, and we also discuss his successful (partial) exit from the business he acquired in 2015. Enjoy!  

In today's episode, we welcome back Jan Simon, a well-known figure in the ETA community. Jan is the Managing Partner of Vonzeo Capital Partners and is also a lecturer and professor at various business schools. In this episode, we continue our regional mini-series by discussing the ETA/search fund market in Spain, the second-largest market for search funds outside of the US.  We start off by discussing the history of search funds in Spain. We get into other ETA models and Jan explains how market maturation leads to other ETA models developing. Jan also goes into detail as to why Spain is an attractive market for ETA. We hope you enjoy!

In this episode, Paul and Graeme are joined by Simon Webster, who raised the first search fund in the UK in the 1990s. That acquisition was an incredible success but not without its challenges. Since then, he has exited a few turnarounds and invested in over 50 search funds. He is also very involved in several key business schools across Europe as an advisor and lecturer for all things ETA. Simon shares his story of how he first learned about search funds and his thoughts on the UK market in the 90s. He also discusses the challenges and opportunities of being an entrepreneur and offers advice for those interested in the ETA journey today. Enjoy!

This week we speak with Luis Reyes, managing partner of Iberian Ventures. Luis discusses why his second acquisition, which was in the fire protection sector, has caused his fund to focus almost exclusively on consolidating the industry. Luis explains why the sector is attractive, why rolling-up smaller operations make sense, and how to acquire below the levels of the PE. Paul and Luis also discuss the similarities between the sectors across the UK And Spain. Enjoy!  

This week we speak with Craig Brennan, founder and CEO of The Little Sports Group. Craig is building a group of companies in the sports, education and childcare sectors. After growing his first company to £1M in revenue organically, Craig acquired a competitor and doubled the size of his business overnight. Since then he has completed 7 acquisitions in the last 18 months.  In this episode, we discuss what makes the sports, education, and childcare sectors so compelling. We also discuss how Craig sources and structures deals, his insights on hiring key management, and his future plans. Enjoy the episode!

This week we speak with Graeme Wallis who is embarking on his ETA journey by pursuing a traditional search fund. Graeme is passionate about ETA and the UK ecosystem, and he will be joining us on future episodes.  In the episode, Graeme shares how he leant about search funds, and why the traditional route appealed most to him, and then Paul and Graeme discuss the differences between traditional and self-funded search funds and the UK- specific nuances. Enjoy!  

This week we speak with Mike Hindi, Chairman of Green Logistics Groningen. Mike searched for his company as part of the Novastone searcher cohort and acquired his company in The Netherlands, will living in Switzerland.  In the episode, Mike discusses the importance of people and building relationships for both the operational stage and for a smooth acquisition process. Mike also discusses why he was so attracted to the business he acquired, the complexities of a cross-border transaction, and the thrills of the search. We hope you enjoy the episode as much as we did. 

This week, we speak with Julie Wilkinson -  a Chartered Accountant, Virtual CFO, and M&A specialist helping ambitious business owners buy and grow SMEs. In this episode, we cover deal valuation and structuring, financial and operation due diligence, building a group and the nuances of group reporting and cash flow. If you are looking to buy multiple businesses- this is a great episode to listen to. 

This week, we speak with Nick Bradley. Nick is an experienced entrepreneur, CEO, and investor in SMEs. Nick now partners with business owners to scale and eventually exit their businesses. Nick helped grow Getty Images via acquisition in the early 2000s and more recently scaled Ascend Learning, as CEO, to an eventual sale to Blackstone PE.  Nick also hosts  Scale Up With Nick Bradley, which is one of the top-ranking business podcasts in the UK. In this episode, Nick shares some fascinating stories on how he scaled and exited some fantastic businesses [including a couple of $Bn exits to PE], how he would partner with PE as an operational turnaround expert,  his thoughts on SME acquisitions in both the UK and the US, and how he partners with businesses of different sizes to scale and exit. Enjoy this excellent episode!