Buy and Build

• Ep 101: Why This Ex-Soldier Bet His Savings on a Set Storage Company (Billy Morley, MD of Set-A-Side Storage)

  Billy Morley joins Paul on this episode of the Buy and Build podcast to share his inspiring transition from army officer to Oxford MBA, and ultimately to entrepreneur through a self-funded ETA. Billy acquired Set-A-Side Storage, a business supporting the UK’s booming TV and film industry with storage and logistics for sets and props. He explains why he chose to go self-funded and self-acquired, how he got comfortable investing personal savings into the deal, and why owning the autonomy was non-negotiable. Billy also dives into the reality of raising debt, working with a broker, and stepping into operations with a strong existing team. A compelling episode for anyone considering ETA—especially those eyeing non-glamorous sectors with serious upside.

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• Ep 100: How a Texas Blizzard Sparked Conviction in a Niche UK Water Logistics Deal (Adam Johnson, CEO of Water Direct)

  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.

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• Ep 99: The CEO Roundtable with Will Hunnam (Forza Doors) and Carl Lundberg (Gerald Edelman)

  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 [email protected] 

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• Ep: 98 - Navigating Total Addressable Market (TAM) with £100M Operator and Investor Matthias Knaur

  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.

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• EP 97: The Private Equity-Backed Journey to €200M: Brian Honan’s Fortus Playbook

  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.

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