Buy and Build

• 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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• Ep 96: In the Trenches- 7 Months Into Operating a £1M+ EBITDA SME (Fouzan Ali, MD of Combined Services)

  The next acquisition accelerator is going to be in London in June (date TBC). Book your spot now for a discounted rate. If you cannot make that date, you can roll your spot into the next cohort. Join here: https://www.buyandbuildaccelerator.com/  ------------- In this episode, we reconnect with Fouzan, seven months into owning and operating the 32-year-old building energy management systems business he acquired. After initially stepping into the role with humility and patience, Fouzan shares how he’s approached leadership, structured his team, and gradually introduced change—from hiring apprentices and outsourcing non-core functions to overhauling commercial performance and planning a new service division. We dive into the realities of making an acquisition from a retiring owner, managing legacy teams, implementing tracking and bonus systems, and how he uses his tech background to drive efficiency. This is a candid look at the transition from acquisition to active ownership, filled with insights for anyone stepping into a small business post-close. Enjoy! -------- For anyone interested in EOS, Rob Liddiard is offering the buy and build community a free introductory session. As you know, Paul uses Rob to help implement EOS at Amber Home Improvements and it has been a game changer. You can reach out to him at [email protected] 

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• Ep 95: American Searcher (and Stand-up Comic) Embarks on a Traditional UK Search Fund – Allison Stuckless, Vericor Capital

  In this episode, we speak with Allie Stuckless, a great friend and former JPMorgan colleague, about her transition from banking to launching a UK-based search fund. Allie has a fascinating background and has taken a unique path into the search/ETA world.  During the episode, we discuss the challenges of fundraising, her passion for lifecycle services (including the funeral industry), and the lessons she's learned along the way. Allie shares insights on navigating the UK search fund ecosystem, the key differences between US and European search models, and the importance of finding the right investors. Tune in for an engaging discussion packed with actionable advice for searchers, operators, and anyone considering the buy-and-build path! ------ The the next Buy and Build Acquisition Accelerator will be taking place in late spring and we have gone live with discounted tickets while we pick a date. Check out:  https://www.buyandbuildaccelerator.com/ to learn more.

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• Ep 94: From Startup Struggles to £5 Billion Exit: Jeremy Middleton’s Entrepreneurial Journey

  In this episode of Buy & Build, we sit down with Jeremy Middleton, co-founder of HomeServe, who later exited and is now CEO of Middleton Enterprises, his family investment office. We dive into his journey from corporate life at Procter & Gamble to building a FTSE 100 business and leading it to a £5 billion exit. Jeremy shares the pivotal moments that shaped his career, including the hard lessons of early entrepreneurship, how he and his co-founder pivoted a failing business into a national success, and his contrarian take on acquisitions. Now, as an investor, he reveals what he looks for in scalable businesses, his founder-friendly investment approach, and why cash flow is king. Whether you're an entrepreneur, investor, or just fascinated by the business of building companies, this episode is packed with raw insights and hard-earned wisdom. Check out the Middleton Enterprises website: https://middletonenterprises.com/ for more on thier investment criteria.  -- There are still seats available for the next Buy and Build Acquisition Accelerator in just over a week's time. Check out: https://www.buyandbuildaccelerator.com/ to learn more.

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