The SMB Investor

Nick Bryant
  • 5.0 (1)
  • Investing

Forget startups. Forget climbing the corporate ladder. The real path to wealth? Owning profitable small businesses. Hosted by Sean Smith and Nick Bryant, The SMB Investor dives into how investors, operators, and dealmakers are building wealth through small business acquisitions, syndicates, and holding companies. We talk to the pros—fund managers, investors, searchers, and service providers—who are making SMB investing the next big asset class. Whether you want to invest, operate, or build your own holding company, this podcast is your playbook.

  1. Jul 14

    Ep.33 Reinventing Small Business M&A | Dylan Gans & the Future of SMB Acquisitions

    In this episode, Sean Smith sits down with Dylan Gans, founder of Baton, to discuss how technology is transforming the way small businesses are bought and sold. Drawing from his entrepreneurial background and experience selling a startup to Aramark, Dylan shares why he believes millions of small businesses need better succession solutions and how Baton is modernizing the traditionally fragmented business brokerage industry. The conversation explores why relationships matter more than ever in acquisitions, how buyers can improve their chances of closing deals, why many owners have unrealistic expectations about valuation, and how Baton combines technology with experienced M&A advisors to simplify the entire transaction process. Sean and Dylan also discuss: Why millions of small businesses will change hands over the next decadeThe "Silver Tsunami" creating unprecedented acquisition opportunitiesCommon mistakes first-time buyers makeWhy passive ownership is often an unrealistic expectationBuilding trust between buyers and sellersOff-market opportunities and Baton's valuation-first approachHow AI is changing white-collar work—and why entrepreneurship may become even more importantLessons learned from hundreds of small business transactions 00:00 Introduction to Innovative Brokerage Solutions01:13 Dylan Gans' Entrepreneurial Journey04:22 Bridging Technology with Traditional Brokerage10:03 Understanding the Value of Business Valuation15:14 Enhancing Buyer-Seller Relationships19:44 Exploring Off-Market Deal Dynamics22:40 Understanding Seller Expectations27:20 Building Trust in Buyer-Seller Relationships29:52 Common Buyer Pitfalls37:12 Real-Life Examples of Thoughtful Engagement41:44 The Call to Action for Future Buyers Whether you're an entrepreneur, search fund operator, acquisition entrepreneur, investor, or simply interested in buying your first business, this conversation offers valuable insights into today's SMB acquisition landscape. If you enjoyed this interview, be sure to subscribe for more conversations with entrepreneurs, investors, and operators shaping the future of small business acquisitions. 📩 Connect with the speakers: Dylan Gans: https://www.linkedin.com/in/dylan-gans/Baton: https://www. baton.comSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/Leave your thoughts or questions in the comments—we'd love to hear your perspective.

  2. Jul 7

    Ep. 32 - Building a Tech-Enabled Healthcare Roll-Up * Home Care Acquisitions & M&A Strategy

    How do you go from running a family-owned home healthcare agency to building a technology-enabled acquisition platform? In this episode, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Karl Pierre, Founder of Aidbook Holdings, to discuss his unique journey from helping grow his family's healthcare business to over $10 million in annual revenue to launching a roll-up strategy focused on acquiring home healthcare agencies. Karl shares how conversations with private equity buyers completely changed the way he viewed business growth and valuation. Instead of selling, he decided to build his own acquisition platform—leveraging industry expertise, proprietary software, and strategic acquisitions to create long-term value. In this conversation, you'll learn: 00:00 The Journey Begins: From Family Business to Tech-Enabled Growth05:13 Acquisition Strategy: Growing Through Consolidation10:39 Tech Enablement: Building Solutions for the Future16:11 Deal-Making Insights: Cash is King21:26 Navigating Challenges: Lessons from Failed Deals26:37 The Future of Home Care: Opportunities Ahead Whether you're an SMB investor, searcher, healthcare entrepreneur, or acquisition entrepreneur, this episode offers practical insights into building value through acquisitions and technology. If you enjoyed this conversation, subscribe for more interviews with experienced operators, investors, and acquisition entrepreneurs. Leave your thoughts or questions in the comments—we'd love to hear your perspective. 📩 Connect with the speakers: Karl Pierre LinkedIn: https://www.linkedin.com/in/karl-pierre-63028052/Aaidebook: https://www.aaidebook.com/Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

  3. May 19

    Ep. 31- Business Operating Systems for ETA and Small Businesses

    Anthony Macleod shares his journey from entrepreneur to Pinnacle Business Guide, emphasizing the transformative power of business operating systems like EOS and Pinnacle. Discover how implementing these systems can drive focus, improve team alignment, and significantly increase enterprise value.

  4. Feb 25

    Ep. 30- Sales and Growth Strategy for Small Business Buyers

    Tivan Amour shares his journey from being a serial entrepreneur to working with ETA (Entrepreneurship Through Acquisition) entrepreneurs. He discusses the importance of grit, patience, and the right mindset in entrepreneurship, as well as the transferable skills from startups to ETA. Tivan emphasizes the significance of sales strategies, experimentation, and building effective sales teams. He also provides insights for investors on assessing sales and growth potential in ETA entrepreneurs and the importance of systems in driving growth.

  5. Feb 12

    Ep. 29 - The Value of Industry Experience in ETA

    In this conversation, Lisa Piercey shares her journey from being a physician to becoming a successful business buyer in the healthcare sector. She emphasizes the importance of industry experience in making successful acquisitions and building trust with stakeholders. Lisa discusses her approach to evaluating potential investments, structuring deals, and mitigating risks. She also highlights the emotional aspects of business buying and offers insights from her book, 'Natural Born Entrepreneurs,' which serves as a guide for mid-career professionals considering entrepreneurship through acquisition.

  6. 12/18/2025

    Ep. 28- Inside the Search Fund Playbook

    In this in-depth conversation, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Jon Staenberg, Founder & CEO of Agate Hound Fund, to explore the evolution of search funds and the rise of microcap private equity. Jon shares firsthand perspective from the earliest days of search at Stanford Business School, how the traditional search fund model emerged, and why he views it as microcap private equity with a repeatable playbook. The discussion covers portfolio-style investing through a fund-of-funds approach, diversification and access for investors, and how demographic tailwinds are shaping the future of small business acquisitions. They also examine how the search ecosystem is evolving, differences between traditional MBA-led search and mid-career operators, and why technology and AI may meaningfully improve acquisition diligence, operating efficiency, and long-term outcomes in SMBs. This episode is essential viewing for investors, operators, and anyone interested in entrepreneurship through acquisition and long-term value creation in the SMB market. 👉 Subscribe for more long-form interviews on SMB investing and acquisition strategies.💬 Share your thoughts or questions in the comments below. 📩 Connect with the speakers: Jon Staenberg LinkedIn: https://www.linkedin.com/in/jonstaenberg/Jon Staenberg Email: jon@aggathound.fundAgate Hound Fund: https://www.aggathound.fundSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

  7. 12/09/2025

    Ep. 27- Understanding LP Agreements, GP Stakes & Fund Governance

    In this interview, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Michael Huseby, founder of The Investment Lawyers, to break down the real-world legal dynamics behind LP agreements, fund structures, 506(c) fundraising, governance rights, waterfalls, fund expenses, and minority protections. Michael shares insights from his work across private equity, SMB acquisitions, real estate, private credit, venture capital, and SPV formation—explaining what LPs should look for, how GPs are negotiating deals today, and why trends are shifting toward cash-flow strategies. Topics covered include: Why Michael left Big Law to start his own firmHis new book Fundamentals and why he “shares the sauce”LP trends: cash-flowing strategies, anchor investors, and GP-stake asksThe rise of 506(c) and recent SEC guidance on accreditationGovernance: top protections LPs should check for in documentsFund expenses: what’s reasonable, what’s notWaterfall structures: simple to advanced, including GP catch-ups and dual waterfallsHow LPs should evaluate liquidity, continuations, and riskKey pitfalls LPs commonly miss in documentsWhy clear marketing disclosures protect GPs from securities issues Looking for an specific minute? 00:00 Introduction to Limited Partnerships and LP Agreements02:39 Transitioning from Big Law to Independent Practice05:33 Current Trends in Investment Strategies08:19 Understanding GP Stakes and Investor Influence10:59 The Shift to 506C and Public Fundraising13:25 Governance and Minority Protections in Investment Documents16:28 Key Considerations for Limited Partners19:09 Liquidity and Fund Structures21:35 Understanding Fund Expenses24:41 Waterfall Structures in Fund Distributions36:15 Conclusion and Resources for Further Learning If you're an investor, operator, or GP raising capital, this episode delivers a practical, plain-English deep dive from one of the most active fund attorneys in the SMB and alternatives ecosystem. 👉🏻 Subscribe for more interviews like this and share your thoughts in the comments. 📩 Connect with the speakers: Michael Huseby – The Investment Lawyers: https://www.til.law/Michael Huseby LinkedIn: https://www.linkedin.com/in/michael-bjorn-huseby/Fundamentals Newsletter: https://www.til.law/#newsletterSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

  8. 11/19/2025

    Ep. 26- Independent Sponsor Playbook: How Great Deals Really Get Done

    In this episode, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Ariez Dustoor of NB Group, an experienced independent sponsor with meaningful reps investing in both sponsors and searchers. Ariez shares a rare dual-sided view of the market—how he evaluates deals, how his sector focus evolved, how he builds pattern recognition, and what true discipline looks like in dealmaking. He breaks down the challenges of sourcing, negotiating, and closing transactions, the realities of post-close execution, and what he looks for in leadership teams. Key themes include: Sector specialization in healthcare and multi-location servicesMaintaining discipline through cycles without committed capitalCreative deal structuring and managing “near-death” transactionsPattern recognition and narrowing the investment strike zonePost-close leadership evaluation, strategic planning & professionalizationHow independent sponsors differ from committed fundsCapital raising process, working with placement agents, and LP alignment ⚡️ If you’re a searcher, operator, LP, or independent sponsor, this conversation is packed with real-world lessons directly from the trenches. ** Subscribe for more conversations like this, and leave your thoughts or questions in the comments. 📩 Connect with the speakers: Ariez Dustoor LinkedIn: https://www.linkedin.com/in/ariezdustoor/NB Group Website: http://www.nbgroup.usSean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/

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About

Forget startups. Forget climbing the corporate ladder. The real path to wealth? Owning profitable small businesses. Hosted by Sean Smith and Nick Bryant, The SMB Investor dives into how investors, operators, and dealmakers are building wealth through small business acquisitions, syndicates, and holding companies. We talk to the pros—fund managers, investors, searchers, and service providers—who are making SMB investing the next big asset class. Whether you want to invest, operate, or build your own holding company, this podcast is your playbook.

Information

  • Creator
    Nick Bryant
  • Years Active
    2025 - 2026
  • Episodes
    33
  • Rating
    Clean
  • Copyright
    © Nick Bryant
  • Show Website
    The SMB Investor