Dave Lam is a seasoned investor, veteran, and strategic operator focused on unlocking value in microcap and lower-middle market companies. A former U.S. Air Force contracting officer, he offers deep expertise on execution, strategy, and operational excellence.

As a Principal at Phalanx Partners, he helps lead independent sponsorship and advisory efforts for growing companies across multiple sectors. He is also a Managing Principal at Oakwood Legacy Partners, a private holding company investing in alternative assets including real estate, cryptocurrency, and private debt.

With a decade of experience managing complex vendor portfolios and leading operational strategy, Dave's expertise spans procurement, underwriting, and portfolio management. His background includes work with the U.S. Air Force and Coast Guard, where he oversaw projects in medical services, construction, communications, and defense manufacturing.

Dave holds an MS in Finance from Boston College and an MBA from the University of Chicago Booth School of Business. Whether advising founders or evaluating new investments, he brings a rigorous, data-driven approach to growth, risk management, and long-term value creation.

In this episode of the SABM podcast, Scott chats with Dave about:

• From Military to Main Street: How Dave's background as an Air Force contracting officer led him to pursue small business acquisitions.
• The PHX Playbook: A value-driven model where founders sell majority ownership but stay on to scale with strategic support.
• Smart Acquisition Strategy: Why clean financials, low owner dependency, and operational upside are essential for a successful deal.
• Opportunity in the Lower Market: Dave targets $1–3M EBITDA businesses where hands-on improvements can drive major returns.
• The Power of Relationships: Trusted veteran and referral networks are key to finding deals and aligning the right people for growth.

Timestamps:

• 00:41 Dave's Background and Introduction
• 01:48 The Importance of Due Diligence
• 03:00 Introduction to Phalanx Partners
• 06:02 Opportunities in Business Acquisitions
• 14:19 Pitfalls in Business Acquisitions
• 18:27 Secrets to Finding Deal Flow
• 20:22 Building Your Professional Network
• 21:15 Strategic Referral Partners
• 23:20 Investment and Value Addition
• 27:28 Optimizing Small Businesses
• 33:15 Future Goals and Aspirations
• 38:00 Acquisitions and Exit Circle
• 39:50 Connecting and Contact Information

Connect with Dave:

• LinkedIn
• Email: [email protected]

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A special thank you to Dave for joining me this week. Until next time!

-Scott Mackes, USNA '01