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Think Big, Buy Small

Harvard Business School
Entrepreneurship Through Acquisition
Harvard Business School
Business Acquisition
Entrepreneurship
Self-Funded Search
Private Equity
Small Business Acquisition
Revenue Quality
Small Business Investment
Summer Camps
Covid-19
Small Business Administration Loan Program
Acquisition Loans
Outdoor Recreation
Search Funds
Personal Guarantee
Small Business Ownership
Search Fund Model
Commercial Lending
SBA Financing

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, whi... more

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Artwork for Think Big, Buy Small

Latest Episodes

Bruce Isaacson spent two years searching for a company to buy before acquiring a decades-old marketing research firm in 2005. Since that time, he has transformed the business, shifting its focus to litigation research and building a thriving professi... more

Jeff Stevens, one of the earliest searchers and a longtime investor in the ETA ecosystem, joins Rick and Royce to discuss how search has evolved over the past thirty-five years. In this episode, he reflects on the early days of search, when the model... more

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 ownershi... more

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 me... more

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Recent Guests

Bruce Isaacson
Buyer and former owner who acquired a traditional marketing research company
Self/Acquired company; later senior executive at IMS Legal Strategies
Episode: From Searcher to Seller: The Long Road to a Successful Exit
Jeff Stevens
Investor in search, founder of Anacapa Partners
Anacapa Partners
Episode: Reflections On the Evolution of ETA
Michael Horowitz
Former researcher who bought, operated, and sold a restaurant franchise portfolio; ETA community investor
Independent
Episode: Should Searchers Look More Seriously at Franchises?
James Crawley
Leader of Ally Waste, acquired company and steward of its culture
Ally Waste
Episode: The Role of Culture in Scaling an ETA Business
Nick Kerr
Entrepreneur engaged in acquisition strategies
HealthBridge
Episode: Partnership, Purpose, and the ETA Path to Concierge Medicine
Shaq Walker
Entrepreneur engaged in acquisition strategies
HealthBridge
Episode: Partnership, Purpose, and the ETA Path to Concierge Medicine
Ike Ukawuba
Searcher who has bought and operates a home health care company
Episode: Reshaping One’s Career Through Acquisition Entrepreneurship
Rob LeBlanc
An innovator in search investing focusing on frontier markets
Ambit Partners
Episode: Pioneering Search in Frontier Markets
Michael Aubrey
Former CEO of Stat Lab Medical Products and current leader at Shore Capital investing in search funds.
Shore Capital
Episode: CEO Success in Operating Small Business Acquisitions

Hosts

Royce Yudkoff
Co-host of Think Big, Buy Small
Rick Ruback
Co-host of Think Big, Buy Small

Reviews

4.8 out of 5 stars from 109 ratings
  • Amazing Insights from World-class Professors

    Profs Yudkoff and Ruback run some of the most popular courses at HBS, and in this podcast they bring the same lessons and concepts from their classroom to listeners in a format that is easy to digest and engaging. Any professional or student who is interested in entrepreneurship or small/medium businesses should listen!

    Apple Podcasts
    5
    Raul dlR
    United States2 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Balanced views on MBA versus non-MBA paths in ETA.
High-quality guests who bring real-world ETA experience.
Clear, professor-driven analysis with practical, actionable takeaways.
Thoughtful breakdowns of financing and risk in acquisitions.
Great for listeners seeking rigorous frameworks and case-based insights.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

From Searcher to Seller: The Long Road to a Successful Exit
Q: What were Bruce's key motivations for pursuing acquisition rather than continuing in conventional corporate roles?
Bruce highlights the desire for professional independence, control over the business direction, and the appeal of running a firm aligned with his interests and strengths, rather than simply preserving a job in a larger corporate structure.
Reflections On the Evolution of ETA
Q: What drives searchers to pursue ETA today, and has that changed over time?
Searchers today are motivated by a mix of independence, opportunity to own and run a business, and potential financial upside, with an increasing emphasis on professionalization and disciplined investment in growth. The energy and commitment of the entrepreneur remain crucial, but the market now also rewards credibility, sourcing capability, and a clear path to value creation.
Should Searchers Look More Seriously at Franchises?
Q: Michael, how did you evaluate franchise opportunities and decide to pursue Wingstop as your path into ETA?
Michael describes a process of iterative exploration, self-education about franchising, and willingness to relocate for opportunity, ultimately recognizing the brand strength, scalable geography, and data-driven benchmarking as key signals that franchising could fit his ETA goals.
The Role of Culture in Scaling an ETA Business
Q: What role does the 'no jerks' policy play in daily operations and hiring decisions?
It serves as a screening and removal mechanism to preserve a respectful, high-performing culture; jerk-like behavior is identified through concrete behavioral patterns, discussed with the individual, and addressed or terminated if necessary.
The Role of Culture in Scaling an ETA Business
Q: How do you explain the company's culture to a prospective new employee across a dispersed workforce?
The leader describes the why, then walks through the seven values, and uses interviews to assess alignment with those values, emphasizing belonging, accountability, and the expectation to live the values every day.

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Frequently Asked Questions About Think Big, Buy Small

What is Think Big, Buy Small about and what kind of topics does it cover?

A practical deep dive into entrepreneurship through acquisition (ETA), with a strong emphasis on evaluating small businesses, financing options, and strategic growth. Conversations commonly center on navigating partnerships, capital structures, and the emotional aspects of owning and operating acquired companies. Guests range from healthcare acquisitions to education and demand-driven manufacturing, all framed by data-driven, MBA-aligned perspectives. The show stands out for its rigorous, classroom-inspired approach from seasoned professors, offering actionable frameworks for listeners considering buying and running a small business, plus thoughtful debates on MBA versus non-MBA paths and the realities of fundraising.

Unique strengths incl... more

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Which podcasts are similar to Think Big, Buy Small?

These podcasts share a similar audience with Think Big, Buy Small:

1. Acquiring Minds
2. Acquisitions Anonymous - #1 for business buying, selling and operating
3. Invest Like the Best with Patrick O'Shaughnessy
4. Built to Sell Radio
5. The Memo by Howard Marks

How many episodes of Think Big, Buy Small are there?

Think Big, Buy Small launched 2 years ago and published 45 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Think Big, Buy Small?

Recent guests on Think Big, Buy Small include:

1. Bruce Isaacson
2. Jeff Stevens
3. Michael Horowitz
4. James Crawley
5. Nick Kerr
6. Shaq Walker
7. Ike Ukawuba
8. Rob LeBlanc

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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