Ep.22- The Art & Science of Quality of Earnings: Mitch Petracca on SMB Deals, Tech, and Diligence
In this in-depth conversation, Sean Smith (Managing Partner, Search Fund Ventures & Founder of SMB Investor Network) sits down with Mitch Petracca, CPA and Founder of Forward Firm, to unpack the art and science of Quality of Earnings (QoE) in small business acquisitions.Mitch shares his journey from PwC to founding Forward Firm, where he supports searchers, independent sponsors, and small private equity firms on deals from $1M–$50M EV. Together, Sean and Mitch explore:How technology and automation are transforming the diligence processThe balance between quantitative rigor and the “art” of working with sellersA practical framework for evaluating EBITDA adjustments (tiers of certainty vs. subjectivity)The critical role of working capital in ensuring post-close successReal-world stories from QoE engagements—what investors should look out for.Whether you’re an investor, operator, or service provider in the SMB ecosystem, this discussion offers actionable insights into deal-making, risk management, and value creation.👉 Subscribe for more interviews with leading voices in SMB investing.👉 Leave your thoughts in the comments—we’d love to hear your perspective.Connect with the speakers:Mitch Petracca (Forward Firm): https://forwardfirm.com/Mitch Petracca LinkedIn: https://www.linkedin.com/in/mitchpetracca/Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/
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Ep. 21- Tax Structuring & Diligence in SMB M&A | Sean Smith & Roman Basi
In this episode, Sean Smith, Managing Partner at Search Fund Ventures and founder of the SMB Investor Network, sits down with Roman Basi, Managing Partner of Basi & Basi, Attorneys & CPAs.Roman brings nearly three decades of experience advising on mergers, acquisitions, and tax structuring. Together, they break down the critical aspects of tax diligence in SMB transactions — from entity selection (C-Corp, S-Corp, LLC) to advanced structuring tools like QSBS (Section 1202), F Reorganizations, 338(h)(10) elections, and personal goodwill strategies.Key discussion points include:Why tax diligence is essential in SMB acquisitionsThe risks of bad S-Corps and how to avoid themHow to mitigate post-close tax liabilitiesStrategies to minimize double taxationStructuring to maximize value for buyers and sellersInsights on the new tax bill and its impact on investorsThis conversation is a must-watch for investors, operators, and advisors navigating the SMB acquisition ecosystem.👉 Subscribe for more interviews with SMB dealmakers and experts.👉 Share your thoughts in the comments below — what tax diligence questions do you want answered?Connect with Roman Basi & Sean Smith:The Center for Financial, Legal & Tax Planning, P.C.– https://www.taxplanning.com/Roman Basi LinkedIn - https://www.linkedin.com/in/roman-basi-/Sean Smith LinkedIn - https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network – https://www.smbinvestornetwork.com/
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Ep. 20- Women Driving the Search World: Beki Darlin’s Dealmaker Playbook
In this episode, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Beki Darlin, growth partner, fractional CMO/CRO, and founder of Our Way (Women’s Acquisition Entrepreneur Ecosystem).Beki shares her journey from an unexpected career pivot into sales and marketing, to becoming a growth partner in search and acquisition. She explains how women are shaping the SMB acquisition landscape, the unique strengths they bring to deal-making, and the importance of community in what is often a lonely process for searchers.The discussion covers:Beki’s transition from paralegal to entrepreneur and operator.Her experience building and exiting a marketing agency, then moving into consulting for equity.The creation of Our Way, a community supporting women in ETA (Entrepreneurship Through Acquisition).Key differences in how women approach risk, negotiation, and post-acquisition operations.Real stories of female searchers who accelerated their journey to closing deals through community support.Why resilience, creativity, and collaboration are superpowers for women in the search fund ecosystem.If you’re an investor, operator, or searcher exploring SMB acquisitions—or simply interested in the evolving role of women in this space—this conversation offers both practical insights and inspiring stories.👉 Subscribe for more interviews with leading voices in the SMB investing and search fund ecosystem.👉 Leave your thoughts in the comments—we’d love to hear your perspective.Beki Darlin LinkedIn: https://www.linkedin.com/in/bekidarlin/Our Waee (Women’s Acquisition Entrepreneur Ecosystem): https://ourwaee.com/Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/SMB Investor Network: https://www.smbinvestornetwork.com/
In this episode of the SMB Investor Podcast, Sean Smith (Managing Partner, Search Fund Ventures; Founder, SMB Investor Network) sits down with Christien Louviere, Co-Founder of BDE Capital, to explore the journey from venture capital and startup founding to becoming an independent sponsor in the lower middle market.Christien shares:- Why BDE Capital focuses 80% on healthcare and 20% on B2B services- How his team evaluates leadership, talent, and sales models before acquiring a business- The advantages of significant rolled equity in aligning seller and buyer incentives- Unique due diligence techniques using AI for scenario analysis on management teams- Lessons learned from both venture-backed exits and SMB acquisitions- Deal structure tips for independent sponsors, including equity roll, milestones, and avoiding overreliance on seller notesWhether you’re an investor, operator, or entrepreneur looking to buy and grow established businesses, this conversation is packed with actionable insights on sourcing, structuring, and scaling acquisitions.📌 Subscribe for more interviews with top SMB investors, operators, and dealmakers.💬 Leave a comment with your takeaways or questions about independent sponsor strategies.🔗 Christien Louviere on LinkedIn: https://www.linkedin.com/in/christienlouviere/🔗 BDE Capital: https://bdecap.com/🔗 Sean Smith on LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/🔗 SMB Investor Network: https://www.smbinvestornetwork.com/
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Ep. 18- SaaS Roll-Ups & ETA Playbooks: Brian Wolfe’s Path to Building Funded Ventures
In this interview, Sean Smith (Managing Partner at Search Fund Ventures) sits down with Brian Wolfe, founder of Funded Ventures, to unpack his transition from 17 years of big law to building and scaling SaaS businesses through M&A. Brian shares deep insights from his time advising major PE firms like Bain and Vista, his own SaaS roll-up exit to Alpine Investors, and his current role backing Midwest operators in ETA.They explore the realities of subscale M&A, conviction-building in first-time operators, how to navigate deal risk and ambiguity, and the evolution of the traditional search model. Whether you're an investor, operator, or aspiring searcher, Brian offers sharp perspective on what it takes to win in today's ETA environment.The conversation explores:07:58 The Role of Mentorship in ETA15:35 Building a Network and Professionalizing the Search23:16 Creating a Funded Operating Partner Relationship31:20 Insights on Subscale Deals and Market Dynamics📌 Subscribe for more interviews like this.💬 Leave your thoughts or questions in the comments — we read every one!🔗 Brian Wolfe LinkedIn: https://www.linkedin.com/in/brianwolfe/🌐 Funded Ventures Website: https://fundedventures.com/🔗 Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/🌐 SMB Investor Network Website: https://www.smbinvestornetwork.com/#SearchFunds #SaaSInvesting #ETAOperators #PrivateEquityInsights #SMBDeals #LowerMiddleMarket #RollupStrategy #FundedVentures
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.
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