Read
A.J. Wasserstein’s latest research paper is a Call to Philanthropy in the Search Fund Ecosystem, using Warren Buffett and Bill Gates’s Giving Pledge as an example.
Listen
Auren Hoffman hosted Sheila Heen, Deputy Director of the Harvard Negotiation Project, for a conversation on having hard conversations. Fun fact: I ran a negotiation workshop in college for a business club I was a member of.
This Week in SMB Twitter
Every piece of business finance I could come up with after 10 years as a CFO:
— Kurtis Hanni (@KurtisHanni) August 20, 2022
1. Bringing in more revenue always trumps cutting expenses
Answers to the most common questions I got in DMs and emails about this thread
— Justin Vogt (@J_M_Vogt) August 20, 2022
Time to get tactical https://t.co/Oz6a35RY1V
Next week I'm recording with a SMBTwit legend @tsludwig.
— Chris Powers (@fortworthchris) August 16, 2022
We'll be talking about small businesses and search funds. What would you like to know?
Surprising source of competitive advantage for small companies:
— Moses Kagan (@moseskagan) August 17, 2022
Just not being a jerk to the people who work for you.
(Shocking & sad that this is true, but it undeniably is.)
Personal trainers, cooks, nutritionists, house cleaners, lawn care, etc.
— SMBAcquisitionAttorney (@SMB_Attorney) August 20, 2022
If you had to pick only one, which personal service provider has the highest ROI?
Any others worth mentioning?
if your job uses gmail your job isn’t real and/or your equity grant is likely going to zero
— Soulless Analyst (@SoullessAnalyst) August 20, 2022
Asurion
— Justin Vogt (@J_M_Vogt) August 17, 2022
Acquired via a search fund in 1996 with $7M of revenue and $4M of equity…
Will do ~$2Bn in EBITDA this year
This Week on Think Like an Owner

My guest on this episode is Andy Cagnetta. Andy is the CEO of Transworld Business Advisors, one of the largest business brokers in the country. The typical guest on Think Like an Owner is an owner operator often running a business they acquired, although not always. And therefore, the buyer’s side of a transaction is where we have spent the most time as a podcast.
I wanted to hear the other side and learn more about a broker’s perspective in the small business and search world. What do they care about? What do buyers do that is counterproductive, and how could they more effectively build relationships? We go over questions like this, along with what a good business broker looks like, why some listings never sell, how to impress sellers and brokers as a buyer, the perception of search funds, and how Andy himself is an acquisition entrepreneur who acquired Transworld and became CEO.
Think Like an Owner is sponsored by:
Live Oak Bank – Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle market companies. If you are in the process of acquiring a company or thinking about starting a search, contact Lisa Forrest or Heather Endresen directly to start a conversation or go to www.liveoakbank.com/think.
Hood & Strong, LLP – Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected].
Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].