The SMB Investor

Tivan Amour shares his journey from being a serial entrepreneur to working with ETA (Entrepreneurship Through Acquisition) entrepreneurs. He discusses the importance of grit, patience, and the right mindset in entrepreneurship, as well as the transferable skills from startups to ETA. Tivan emphasizes the significance of sales strategies, experimentation, and building effective sales teams. He also provides insights for investors on assessing sales and growth potential in ETA entrepreneurs and the importance of systems in driving growth.

In this conversation, Lisa Piercey shares her journey from being a physician to becoming a successful business buyer in the healthcare sector. She emphasizes the importance of industry experience in making successful acquisitions and building trust with stakeholders. Lisa discusses her approach to evaluating potential investments, structuring deals, and mitigating risks. She also highlights the emotional aspects of business buying and offers insights from her book, 'Natural Born Entrepreneurs,' which serves as a guide for mid-career professionals considering entrepreneurship through acquisition.

In this in-depth conversation, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Jon Staenberg, Founder & CEO of Agate Hound Fund, to explore the evolution of search funds and the rise of microcap private equity.
Jon shares firsthand perspective from the earliest days of search at Stanford Business School, how the traditional search fund model emerged, and why he views it as microcap private equity with a repeatable playbook. The discussion covers portfolio-style investing through a fund-of-funds approach, diversification and access for investors, and how demographic tailwinds are shaping the future of small business acquisitions.
They also examine how the search ecosystem is evolving, differences between traditional MBA-led search and mid-career operators, and why technology and AI may meaningfully improve acquisition diligence, operating efficiency, and long-term outcomes in SMBs.
This episode is essential viewing for investors, operators, and anyone interested in entrepreneurship through acquisition and long-term value creation in the SMB market.
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📩 Connect with the speakers:
Jon Staenberg LinkedIn: https://www.linkedin.com/in/jonstaenberg/
Jon Staenberg Email: [email protected]
Agate Hound Fund: https://www.aggathound.fund
Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/
SMB Investor Network: https://www.smbinvestornetwork.com/

In this interview, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Michael Huseby, founder of The Investment Lawyers, to break down the real-world legal dynamics behind LP agreements, fund structures, 506(c) fundraising, governance rights, waterfalls, fund expenses, and minority protections.
Michael shares insights from his work across private equity, SMB acquisitions, real estate, private credit, venture capital, and SPV formation—explaining what LPs should look for, how GPs are negotiating deals today, and why trends are shifting toward cash-flow strategies.
Topics covered include:
Why Michael left Big Law to start his own firm
His new book Fundamentals and why he “shares the sauce”
LP trends: cash-flowing strategies, anchor investors, and GP-stake asks
The rise of 506(c) and recent SEC guidance on accreditation
Governance: top protections LPs should check for in documents
Fund expenses: what’s reasonable, what’s not
Waterfall structures: simple to advanced, including GP catch-ups and dual waterfalls
How LPs should evaluate liquidity, continuations, and risk
Key pitfalls LPs commonly miss in documents
Why clear marketing disclosures protect GPs from securities issues

Looking for an specific minute?
00:00 Introduction to Limited Partnerships and LP Agreements02:39 Transitioning from Big Law to Independent Practice05:33 Current Trends in Investment Strategies08:19 Understanding GP Stakes and Investor Influence10:59 The Shift to 506C and Public Fundraising13:25 Governance and Minority Protections in Investment Documents16:28 Key Considerations for Limited Partners19:09 Liquidity and Fund Structures21:35 Understanding Fund Expenses24:41 Waterfall Structures in Fund Distributions36:15 Conclusion and Resources for Further Learning
If you're an investor, operator, or GP raising capital, this episode delivers a practical, plain-English deep dive from one of the most active fund attorneys in the SMB and alternatives ecosystem.
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📩 Connect with the speakers:
Michael Huseby – The Investment Lawyers: https://www.til.law/
Michael Huseby LinkedIn: https://www.linkedin.com/in/michael-bjorn-huseby/
Fundamentals Newsletter: https://www.til.law/#newsletter
Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/
SMB Investor Network: https://www.smbinvestornetwork.com/

In this episode, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Ariez Dustoor of NB Group, an experienced independent sponsor with meaningful reps investing in both sponsors and searchers.
Ariez shares a rare dual-sided view of the market—how he evaluates deals, how his sector focus evolved, how he builds pattern recognition, and what true discipline looks like in dealmaking. He breaks down the challenges of sourcing, negotiating, and closing transactions, the realities of post-close execution, and what he looks for in leadership teams.
Key themes include:
Sector specialization in healthcare and multi-location services
Maintaining discipline through cycles without committed capital
Creative deal structuring and managing “near-death” transactions
Pattern recognition and narrowing the investment strike zone
Post-close leadership evaluation, strategic planning & professionalization
How independent sponsors differ from committed funds
Capital raising process, working with placement agents, and LP alignment

⚡️ If you’re a searcher, operator, LP, or independent sponsor, this conversation is packed with real-world lessons directly from the trenches.
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📩 Connect with the speakers:
Ariez Dustoor LinkedIn: https://www.linkedin.com/in/ariezdustoor/
NB Group Website: http://www.nbgroup.us
Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/
SMB Investor Network: https://www.smbinvestornetwork.com/