Retained Trust

Karl Hughes
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  • ENTREPRENEURSHIP
  • UPDATED WEEKLY

Want to know what it takes to build, scale, and sell your agency? Retained Trust is a weekly podcast where host Karl Hughes goes deep with digital service business owners to uncover the habits, tactics, and strategies they’ve learned to grow successful companies. Along the way, you’ll hear about Karl’s journey running and acquiring niche digital agencies as he learns from guests with a variety of backgrounds and experience levels.

  1. Building Barrel Holdings: Peter Kang on Scaling and Exiting Agencies

    17M AGO

    Building Barrel Holdings: Peter Kang on Scaling and Exiting Agencies

    In this episode of Retained Trust, host Karl Hughes speaks with Peter Kang, co-founder of Barrel and Barrel Holdings. Peter shares his 18-year journey in building a digital agency from the ground up, navigating the shift from generalist to e-commerce specialist, and eventually stepping away from daily operations. The conversation explores strategies behind launching new agencies, acquiring others, and managing leadership transitions. Peter offers grounded insights on financial structure, long-term sales planning, and why he believes in both holding and exiting businesses. Tune in for a tactical and honest discussion on what it takes to scale service businesses in a fast-evolving landscape. Key Points From This Episode: [00:00:00] Karl introduces Peter Kang [00:00:45] Peter shares how Barrel began and evolved into a portfolio of agencies. [00:03:54] How a niche "chose" them and why they pivoted toward e-commerce and Shopify. [00:07:20] The importance of choosing scalable niches and avoiding red oceans. [00:08:50] Lessons learned from W2-heavy hiring models and adopting a flexible team structure. [00:13:40] How different acquisition strategies influence cultural and staffing decisions. [00:15:27] Mistakes from the early Barrel years and how those lessons shaped BX Studio. [00:18:04] Why agency founders underinvest in sales and marketing—and how to fix it. [00:21:52] Peter’s transition out of Barrel and grooming internal leadership to succeed him. [00:26:11] Why downturns can be healthy tests for new leadership. [00:27:23] Experiences with hiring CEOs from outside the organization. [00:31:07] How Peter and his co-founder formed Barrel Holdings and adapted their strategy. [00:38:11] Platform risk, shifting tech trends, and how that shapes agency acquisition timelines. [00:39:37] What makes a small agency attractive to a buyer like Barrel Holdings. [00:43:33] Approaching seller expectations and early-stage valuation talks. [00:47:04] Peter’s structured system for staying in touch and networking consistently. [00:51:40] The book that helped Peter reshape his time horizon: 10x Is Easier Than 2x. [00:53:05] Final thoughts on intentionality, long-term planning, and Peter’s latest content. Links: Peter Kang on LinkedIn: https://www.linkedin.com/in/peterkang34/Barrel: https://www.barrelny.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    55 min
  2. From Podcast to Portfolio: Will Smith’s ETA Journey

    JAN 27

    From Podcast to Portfolio: Will Smith’s ETA Journey

    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

    57 min
  3. Buying Distressed Agencies: Mushfiq Sarker on Smart Acquisitions

    JAN 13

    Buying Distressed Agencies: Mushfiq Sarker on Smart Acquisitions

    In this episode of Retained Trust, host Karl Hughes talks with Mushfiq Sarker, an experienced entrepreneur and founder of webacquisition.com. Mushfiq shares how he transitioned from flipping content websites to acquiring agencies and other online businesses. He reflects on lessons learned from managing over 200 acquisitions, the operational differences between flipping and holding, and how he identifies distressed agency assets with untapped potential. The conversation covers his approach to deal structuring, outsourcing, team management, and why high revenue but low margin businesses catch his attention. Mushfiq also dives into his preference for niche agencies, the importance of diversified revenue, and how to build resilient operations without over-hiring.    Key Points From This Episode:  [00:00:00] Mushfiq’s background in digital acquisitions since 2008  [00:03:06] Why he pursued a PhD despite already earning online  [00:05:24] Problems with too much VC funding and startup waste  [00:08:39] Importance of repetitions in small business acquisitions  [00:10:50] Managing multiple businesses with 80% efficiency and operators  [00:13:32] Building a portfolio around his strength: lead generation  [00:15:01] How Mushfiq handles personnel risk and team redundancy  [00:19:17] Slack-based escalation rules for client service issues  [00:20:58] Why he avoids structured operating systems like EOS  [00:22:01] Buying agencies: “core” vs. distressed “tack-on” models  [00:23:53] Structuring rev share and fixed-payment deals for dead agencies  [00:28:37] Buying high-revenue, low-margin agencies for profit optimization  [00:31:39] How Mushfiq restructures teams and P&Ls quickly  [00:34:21] What makes an agency attractive to a buyer like Mushfiq  [00:38:49] Only acquiring retainer-based, not one-off, service agencies  [00:40:14] Learning through early failures and SEO experience  [00:43:02] Why first-time buyers should start small or build something first  [00:45:32] Mushfiq’s media diet: podcasts, YouTube, and Twitter    Links:  WebAcquisition: https://webacquisition.com Mushfiq Sarker on LinkedIn: https://www.linkedin.com/in/mushfiqsarker/ Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    47 min
  4. Hard Decisions, Real Growth: The SearchLab Story with Mark Bealin

    12/16/2025

    Hard Decisions, Real Growth: The SearchLab Story with Mark Bealin

    In this episode of Retained Trust, host Karl Hughes talks with Mark Bealin, founder of SearchLab, a Chicago-based digital marketing agency specializing in local SEO and PPC. Mark recounts his journey from side-hustle entrepreneur to leading a 50-person agency and dives into the pivotal decisions that shaped his company’s growth. He shares lessons learned from early failures, the power of niche specialization, the value of hiring for fit, and how becoming a father sparked a deeper entrepreneurial drive. The conversation wraps with Mark’s personal transformation, tackling health challenges through endurance training and building resilience.  Key Points From This Episode:  [00:00:00] Mark introduces SearchLab and its tight focus on local SEO and PPC.  [00:02:00] From side hustle to full-time: the agency's unofficial start in 2017.  [00:04:45] Leveraging legacy print media sales reps to scale early growth.  [00:07:40] Breaking through business plateaus and embracing high-stakes risks.  [00:13:24] How becoming a father reshaped Mark's drive and business focus.  [00:19:15] Lessons from a failed business partnership and realignment.  [00:23:02] From generalist to specialist: how focus led to faster growth.  [00:28:15] Improving profitability by cutting loss-leader services.  [00:32:48] Hiring industry-recognized leaders and building a strong leadership team.  [00:35:56] Navigating team culture shifts and turnover during the “Great Resignation.”  [00:38:24] Using assessments like Culture Index to scale hiring intentionally.  [00:41:40] Why customer-centered innovation drives SearchLab’s strategy.  [00:45:30] Understanding the “jobs to be done” theory in agency services.  [00:49:18] Facing market changes like AI and GEO with curiosity and customer insight.  [00:52:12] Mark's health wake-up call and transformation through endurance training.    Links:  SearchLab: https://searchlabdigital.com/ Mark Bealin on LinkedIn: https://www.linkedin.com/in/markbealin/ Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    54 min
  5. The Four-Hour Life and the Realities of Passive Income with Dan Andrews

    12/02/2025

    The Four-Hour Life and the Realities of Passive Income with Dan Andrews

    In this episode of Retained Trust, host Karl Hughes speaks with Dan Andrews—entrepreneur, podcaster, and co-creator of the Tropical MBA and Dynamite Circle. Dan recounts his entrepreneurial journey from corporate frustration to building and selling a successful business, and shares candid thoughts on passive income, business exits, and sustaining long-term value as a founder. They also explore the true leverage behind podcasting, building community, and why selling a business might not always bring fulfillment. From lifestyle design to strategic business thinking, Dan delivers a grounded and practical conversation for anyone running a company. Key Points From This Episode: [00:00:00] Dan Andrews introduces his podcast roots and the core idea behind Tropical MBA. [00:01:32] Why corporate life felt more risky than entrepreneurship for Dan. [00:03:27] The "corner office test" and how it sparked a change for Karl. [00:04:18] Realizing the limits of a traditional job—even with raises. [00:06:26] The four-hour life and time bankruptcy as motivation to build equity. [00:07:47] Dan's perspective on passive income and why it's real—but not simple. [00:09:36] Business defensibility, asset quality, and models for lasting income. [00:11:52] Passive income vs. low-barrier, high-effort businesses. [00:13:24] Why controlling your leverage points matters more than platform dependency. [00:14:26] Origins of the Dynamite Circle and how community became essential. [00:16:01] Why communities are rare and the power of in-person filters. [00:17:57] Building community through podcasting and top-funnel relationships. [00:21:37] Why most companies fail at podcasting—and the opportunity it leaves. [00:23:42] The "influence equation": exposure, positioning, and time. [00:24:12] Redefining podcast success through budget and business goals. [00:26:30] How to justify podcast investment with brand influence. [00:30:29] The opportunity of partnering with talent instead of DIY shows. [00:31:24] Regret, reflection, and the truth about selling a business. [00:34:40] Why most business exits underdeliver—and how to assess your number. [00:37:31] De-risking wealth by partially exiting or landing the plane. [00:39:25] Dan's current focus: simpler business, family, and better margins. [00:44:25] Exploring alien disclosure and first-principles curiosity. [00:46:46] The joy of intellectual curiosity in entrepreneurship. [00:48:09] Why system-building is the ultimate founder superpower. Links: Dynamite Circle: https://dynamitecircle.com/ Tropical MBA: https://tropicalmba.com/ Dan Andrews on LinkedIn: https://www.linkedin.com/in/dan-andrews-8735b266 Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    49 min
  6. Inside the Lab: Trials and Takeaways from a Challenging Quarter with Manuel Weiss

    11/18/2025

    Inside the Lab: Trials and Takeaways from a Challenging Quarter with Manuel Weiss

    In this episode of Retained Trust, host Karl Hughes sits down with his co-founder Manuel Weiss for their quarterly update. They open up about recent challenges and wins across their portfolio, especially the contrasting trajectories of The Podcast Consultant and Draft.dev. From stepping back into the trenches of sales to refining product-market fit and repositioning offerings, Karl and Manuel dissect what’s working, what’s not, and how they’re adapting. They also share their personal reflections on identity, control, and emotional resilience in entrepreneurship—all while balancing travel, family, and a few good books. This episode offers a raw, behind-the-scenes look at the reality of building and sustaining digital service businesses.    Key Points From This Episode:    [00:00:00] The Podcast Consultant continues to run smoothly with minimal founder involvement.  [00:03:20] A look at acquisition goals and the importance of freeing up time.  [00:04:54] Outbound sales challenges and shifting focus back to events and inbound.  [00:06:39] Event-based marketing yields stronger results compared to cold outreach.  [00:07:31] Karl’s personal milestone: completing a half marathon after years off.  [00:08:01] Transitioning into the lowlights: Draft.dev’s performance and early market signals.  [00:09:02] Experimenting with repositioning Draft.dev around AI-driven changes in content.  [00:11:55] The limitations of traditional salespeople in early-stage repositioning.  [00:13:14] Shifting product strategy to match a more fear-driven market.  [00:14:00] Combining fast content delivery with deep, strategic pieces.  [00:16:08] Designing new offerings based on real client conversations and needs.  [00:18:49] Split responsibilities between strategy and operations in repositioning.  [00:20:23] Rediscovering the value of customer interviews and product-market fit.  [00:22:23] Wrestling with opportunity cost: should time go to other ventures?  [00:23:34] Draft.dev isn’t starting from zero—past brand equity still has value.  [00:26:21] Emotional detachment: separating self-worth from business performance.  [00:28:50] The internal struggle of tying personal value to business outcomes.  [00:30:21] Finding clarity through mental distance and non-work activities.  [00:32:48] The importance of outside perspectives, including coaches.  [00:35:17] Control and trust dynamics when considering mergers or letting go.  [00:37:33] Learning from a previous successful founder exit.  [00:38:44] Decision-making under uncertainty vs. analysis paralysis.  [00:40:01] What the co-founders are looking forward to in the next quarter.  [00:41:59] Reading roundup: Charlie Munger, Warren Buffett, and more.  [00:44:07] Reflections on AI speculation, WWI history, and long-term market shifts.  [00:44:50] Final thoughts and gratitude to the listeners.    Links:  The Podcast Consultant: https://thepodcastconsultant.com/ Manuel Weiss on LinkedIn: https://www.linkedin.com/in/manuelweiss1986/?originalSubdomain=at Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant:...

    45 min
  7. Scaling Smart: Inside adbm.agency’s First 1.4 Years

    11/04/2025

    Scaling Smart: Inside adbm.agency’s First 1.4 Years

    In this episode of Retained Trust, host Karl Hughes reconnects with Kurt Schnakenberg, founder of adbm.agency, to reflect on the agency’s growth, challenges, and pivotal lessons from its first 1.4 years. Kurt discusses the reality behind setting ambitious goals, reaching 300% growth, and shifting from founder-led sales to building a structured sales team. They explore the evolving product strategy, team dynamics, and the delicate balance of expansion and focus. Kurt also shares why reducing churn became a top priority—and how the sales flywheel reshaped his thinking. Tune in for a candid look at what it takes to grow an early-stage agency without losing momentum.    Key Points From This Episode:  [00:00:04] Karl welcomes Kurt Schnakenberg back to the show.  [00:00:48] Kurt shares that adbm.agency is tracking toward 300% growth this year.  [00:01:15] They discuss the mindset behind ambitious goal setting and growth.  [00:02:13] adbm.agency's current placement numbers and where they stand against targets.  [00:02:46] Why Kurt still supports audacious goal setting despite falling short.  [00:04:24] Transitioning away from founder-led sales and the lessons learned.  [00:05:33] Kurt explains the importance of consistency and momentum in sales.  [00:08:26] How autonomy and team ownership are shaping adbm.agency’s sales structure.  [00:09:15] The reality of building teams with varying strengths and ambitions.  [00:09:58] Kurt discusses expanding beyond the building industry and offshore staff.  [00:12:22] Piloting domestic recruiting as a potential service line.  [00:13:38] Karl reflects on how new service lines complicate operations.  [00:14:51] What worked: pausing growth to reduce churn and invest in quality.  [00:16:03] Why businesses can’t fix everything at once—and shouldn’t try to.  [00:16:55] Kurt explains shifting toward higher ROI expectations for investments.  [00:19:00] How a simple income statement reframed internal decision-making.  [00:19:38] Kurt recommends reading on the sales flywheel from Harvard Business Review.  [00:51:13] Final thoughts on resilience, persistence, and taking action to grow your agency.     Links:  adbm.agency: https://adbm.agency/ Kurt Schnakenberg: https://www.linkedin.com/in/kurtschnakenberg/ Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    21 min
  8. Financial Precision: Chris Gwinn on Year One of Midwest CFO

    10/21/2025

    Financial Precision: Chris Gwinn on Year One of Midwest CFO

    In this episode of Retained Trust, host Karl Hughes reconnects with Chris Gwinn, founder of Midwest CFO, to explore what he's learned in the first year of building his fractional CFO firm. Chris shares how refining driver-based forecasting models and digging into operational KPIs have helped his clients make smarter strategic decisions. The conversation covers the evolution of his sales approach, challenges in bookkeeping, and the critical importance of accurate gross margins. Chris also outlines how he's scaling the business and reflects on personal growth through parenting and reading. Key Points From This Episode [00:01:16] Chris reflects on key learnings from his first year in business. [00:03:56] The power of using operational KPIs to drive more accurate forecasts. [00:06:15] How conversations with prospects have shifted to focus on metrics and drivers. [00:07:54] Refining service delivery based on better understanding client needs. [00:08:52] Chris defines his updated target client profile. [00:09:26] Early steps toward hiring and scaling Midwest CFO’s team structure. [00:10:43] Common shortcomings in bookkeeping and chart of accounts setup. [00:13:02] Why breaking out revenue and costs improves financial decision-making. [00:16:46] Gross margin as a key metric for growth and acquisition readiness. [00:17:29] Current acquisition channels and early marketing efforts. [00:18:24] Chris’s roadmap for scaling, including hiring and sales engine development. [00:19:57] The value of 90-day planning and long-term clarity. [00:20:36] Chris shares a favorite recent book: Software as a Science. [00:22:00] Karl recommends Ego is the Enemy and reflects on personal challenges with ego. [00:23:18] Closing thoughts and gratitude for the conversation. Links:Chris Gwinn on LinkedIn: https://www.linkedin.com/in/chris-gwinn-cfa-96383b26/Midwest CFO: https://midwestcfo.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    23 min
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About

Want to know what it takes to build, scale, and sell your agency? Retained Trust is a weekly podcast where host Karl Hughes goes deep with digital service business owners to uncover the habits, tactics, and strategies they’ve learned to grow successful companies. Along the way, you’ll hear about Karl’s journey running and acquiring niche digital agencies as he learns from guests with a variety of backgrounds and experience levels.

Information

  • Creator
    Karl Hughes
  • Years Active
    2024 - 2026
  • Episodes
    56
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Karl Hughes
  • Show Website
    Retained Trust