Jared Johnson sits down with investor and operator Adam Markley to trace a winding path from nearly failing out of college to building and backing small businesses. Adam shares how a pivot into accounting and finance opened doors to hands-on work with small companies, a corporate run standing up deal-driven divisions, and ultimately his own acquisitions in the U.S. and U.K. He talks candidly about painful lessons (from paying loans out of pocket to a partner emptying accounts), why seller behavior is a leading indicator of post-close reality, and how his team now invests with a heavy emphasis on in-person site visits and back-office execution. Adam explains his four-pillar support model for new owners, common pitfalls in lender relationships, and where he thinks ETA is headed as underwriting tightens and off-market search professionalizes.

Main Takeaways:

• Curiosity and repetition win: reviewing dozens of deals monthly builds judgment you cannot shortcut
• Seller character and the buyer–seller relationship are core drivers of post-close success
• Site visits late in diligence provide a critical gut check before funding and close
• The first 6–12 months are won by focusing on four buckets: people, operations, sales, and processes
• Outsourcing or wrapping expert back-office support can save hundreds of hours during transition
• Investor fit matters: clear expectations on equity step-ups, preferred returns, and long-term horizons
• Off-market search is professionalizing; few individuals can excel at every part of the search lifecycle alone
• Expect tighter SBA underwriting (e.g., DSCR definitions, post-close liquidity) to favor better-capitalized buyers
• Personal financial discipline signals readiness to operate and builds lender and investor confidence
• Under-levering and adding real balance-sheet cash can improve outcomes and optionality post-close

Episode Highlights:

• Background reset: from almost failing out to finishing an accounting/finance degree early and working with small-business clients
• Early exposure: regional public accounting, seeing owners scale and realizing business + real estate wealth patterns
• Corporate chapter: building deal-led divisions (JVs, partial acquisitions), then buying and spinning out an education company on acquisitions
• Hard lessons: U.K. operating partner empties accounts; replacing a non-owner president post-close; paying loans personally
• Portfolio today: eight active businesses, four acquired with SBA loans; shifting from primary acquirer to minority investor
• Investment approach: won’t invest without a site visit; observe seller–buyer dynamics as a final diligence gate
• Back-office leverage: running or wrapping accounting/finance/admin to free operators for customers, people, ops, and sales
• The four-pillar support model: inner circle (family/peers), peer groups, strategic investor sounding board, and day-to-day back office
• Working with lenders: create a real feedback loop; understand how banks calculate DSCR and post-close liquidity
• Market outlook: more competition, more specialization in off-market sourcing, and likely stricter SBA expectations
• Motivation: be the resource he wished he had—review deals freely, build community (Denver meetup; Rocky Mountain ETA efforts)

Connect with Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

Connect with Adam: https://www.linkedin.com/in/adammarkley/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

entrepreneurship through acquisition, ETA, SBA loans, DSCR, deal sourcing, off-market search, seller diligence, site visits, back-office integration, first 100 days of ownership, small business operations, minority investing, equity step-ups, preferred return, post-close liquidity, investor alignment, buy-and-build, small business portfolio, lender relationships, transition planning

First-time buyers often worry about what they do not know, but success comes from focusing on fundamentals and building strong relationships.

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Sushant Bharadwaj, a former technology consultant who transitioned into entrepreneurship by acquiring two e-commerce businesses. Sushant shares how his consulting background in ERP systems and supply chain management shaped the way he evaluated deals, why he treated banks and sellers as partners, and how he built trust by answering questions with transparency.

He explains the criteria he used to filter opportunities, the leap of faith behind his first acquisition, and why clean financials, repeat customers, and seller credibility mattered more than industry knowledge. Sushant also breaks down his approach to due diligence in e-commerce, from spot-checking customer data and ad spend to verifying traffic patterns. Finally, he reflects on transition challenges, including moving inventory across the country and navigating the rough first 30 days after closing.

Main Takeaways:

• Banks and sellers can be valuable partners when approached with transparency and trust
• Clean books and reasonable add-backs create confidence in small business acquisitions
• E-commerce due diligence should focus on spot-checking key metrics, not perfect certainty
• Transition planning for the first 30 days is critical to smoothing operations post-close
• A strong network of advisors and peers helps overcome the steep learning curve of ownership

Episode Highlights:

[03:55] From technology consulting to exploring business ownership during COVID

[11:20] Searching hundreds of listings on BizBuySell and narrowing down opportunities

[16:40] Why seller trust and financial clarity shaped Sushant’s acquisition decisions

[23:05] Buying a women’s apparel brand without industry experience by focusing on fundamentals

[31:15] Negotiating a fair price and taking a leap of faith with his first LOI

[39:20] Due diligence in e-commerce: customer lists, ad spend, and traffic verification

[47:00] Treating banks and sellers as true partners, not just transaction counterparts

[54:25] Transition challenges: moving inventory, planning day one, and surviving the first 30 days

[01:02:10] Confidence gained from the first deal and the path to a second acquisition

Connect with Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

entrepreneurship through acquisition, ETA, buying an e-commerce business, SBA acquisition financing, seller trust, business valuation, due diligence process, clean financials, transition planning, moving inventory, first 30 days of ownership, consulting background, small business acquisition strategy, building networks, buyer-seller relationships

Closing on a business is only the beginning. Success depends on how you manage the first years of ownership, the capital you bring to the table, and the partners you choose.

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Jacob Hall, Founder and Managing Partner of Kando Capital, about the realities of Entrepreneurship Through Acquisition (ETA).

Jacob shares how his career as an engineer and operator shaped his approach to investing in self funded searchers and independent sponsors. He explains why search is a double edged sword, what makes alignment between investors and operators essential, and how his firm structures equity to support both short term liquidity and long term ownership.

The conversation covers SBA rule changes, the risk of ignoring the J curve, and why working capital is often underestimated in the first year of ownership. Jacob also discusses quarterly reporting, portfolio diversification, and why he now teaches ETA at the University of Texas to prepare the next generation of operators.

Main Takeaways:

• ETA is a promising path but requires commitment, maturity, and resilience
• Investor and operator alignment sets expectations and avoids future conflict
• The J curve is common in the first year and must be planned for
• Working capital is critical for payroll, vendor terms, and unexpected expenses
• Equity partners provide strategy, networks, and growth support beyond funding
• Mentorship and transparency build a stronger ETA community

Episode Highlights:

[02:10] Jacob’s career path from engineering and corporate operations to small business COO

[09:45] Discovering ETA in 2020 and shifting from searching to investing

[14:22] Building Kando Capital and raising from accredited investors and family offices

[20:35] Structuring equity, hold periods, and aligning with entrepreneurs

[29:10] Independent sponsor compared to self funded search and what sets them apart

[36:50] SBA rule changes and how they impact investors and operators

[47:28] Alignment as the foundation for long term operator and investor success

[55:40] Common post close mistakes including the J curve and underfunded working capital

[01:07:05] What Jacob looks for in operators before writing a check

[01:15:20] Why mentorship shaped Jacob’s career and why he now teaches ETA at UT Austin

[01:21:44] Motivation and why Jacob enjoys supporting entrepreneurs and building small business value

Connect with Jacob: https://www.linkedin.com/in/jacobhall01/

Website: Kando Capital

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

Connect with Jared on LinkedIn

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

This podcast is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any discussion of target returns or investment strategy is illustrative and subject to change. Investments are open only to verified accredited investors under SEC Rule 506(c). Listeners should consult their own legal, tax, and financial advisors before making any investment decisions.

Keywords:

entrepreneurship through acquisition, ETA investing, self funded search, independent sponsor, SBA rules, equity partners, working capital in acquisitions, J curve in small business, investor operator alignment, accredited investors, small business acquisition strategy, post close challenges, mentorship in ETA

At the heart of entrepreneurship is the responsibility to create value. Not just for yourself, but for employees, customers, and the community.

In this episode of Before You Buy or Sell a Business, Jared Johnson sits down with Munashe Makava, an NYU MBA graduate who began his career at Deloitte and Goldman Sachs before stepping into entrepreneurship through acquisition.

Born and raised in Zimbabwe, Munashe shares how his parents instilled an entrepreneurial mindset early on, why the birth of his first child was the push to finally buy a business, and what he learned transitioning from Wall Street to owning two concrete companies in the U.S.

Munashe breaks down how he evaluated opportunities, why geography mattered more than industry, and what he wishes he had done differently during negotiation. He also talks about team building, mentorship, and why the hardest part of being an entrepreneur is people—not the numbers.

Main Takeaways:

• Entrepreneurship isn’t only startups: ETA reduces some risk but still demands leadership
• Geography can guide your search just as much as industry
• Build your deal team early, including tax strategy support, to avoid missed opportunities
• Strong seller and broker relationships can unlock deal structures others overlook
• Employees who think like owners are the key to long-term success
• Mentorship and networks multiply opportunities and help overcome self-doubt
• 
  

Episode Highlights:

• [03:42] Growing up in Zimbabwe, working at Deloitte, and moving to the U.S. for an MBA
• [09:25] How becoming a father pushed Munashe to pursue entrepreneurship
• [15:17] Why entrepreneurship isn’t the “holy grail” for everyone and the difference between being an entrepreneur vs. entrepreneurial
• [22:04] Narrowing a search by geography and being industry-agnostic
• [28:40] Finding two concrete businesses on BizBuySell and spotting hidden value
• [36:55] Negotiating the deal structure, seller note, and lessons on tax allocation
• [43:28] Raising capital through classmates, friends, and crowdfunding platforms
• [51:02] Transition challenges: losing operators and rebuilding the team quickly
• [57:41] Discovering more value post-acquisition and surpassing year-one expectations
• [01:04:30] The importance of people, culture, and creating ownership mentality among employees
• [01:12:05] Why mentorship matters, building a pay-it-forward network, and revamping mentors as your stage evolves
• [01:19:15] Purpose as the ultimate motivator: enabling others through entrepreneurship

Connect with Munashe:

https://www.linkedin.com/in/munashe-makava-fcca-2728372a/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

entrepreneurship through acquisition, ETA, buying a construction business, concrete pumping business, asset sale vs stock sale, SBA acquisition financing, seller notes, raising capital for acquisitions, building an entrepreneurial team, immigrant entrepreneurship, mentorship networks, employee ownership mindset, small business transition, growth after acquisition, business acquisition strategy

What’s the difference between starting a business from scratch and buying an existing one?

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Sathya Ramanathan, a former tech founder who grew and exited a software company before acquiring a light construction equipment dealership in the Dallas-Fort Worth area.

Sathya shares what he learned from selling his first business, working alongside new management during a two-year transition, and then moving into acquisition entrepreneurship. He explains why buying an established company can be less risky than starting one, the due diligence steps he followed, and how he evaluates deals for fit, financial health, and growth potential.

Jared and Sathya cover how to build trust with employees after a takeover, why vendor and customer relationships matter during closing, and the operational improvements Sathya is making to grow his new business. Sathya also offers candid advice on who should (and shouldn’t) buy a business, and how to match your skills with the right opportunity.

Main Takeaways:

• Buying a business can reduce risk compared to starting from scratch, but still requires careful planning
• Fit matters: match your skills to the business’s needs to add immediate value
• Strong relationships with the seller, vendors, employees, and customers smooth the transition
• Key diligence items include working capital, customer concentration, and recurring revenue
• Avoid rushing into changes before understanding the existing operation
• Flexibility on location, deal structure, and operations increases acquisition options

Episode Highlights:

[02:14] Selling a tech startup and working through a two-year transition with new management

[07:42] Why buying an established business can be less risky than starting one

[10:15] Defining location, sector, and business characteristics before searching

[13:50] The importance of customer concentration and churn in deal evaluation

[17:26] Why Sathya prefers going through brokers rather than sourcing off-market

[19:18] Asset sale vs. stock sale: flexibility in LOI and tax considerations

[21:30] Setting and negotiating a working capital target in the LOI

[28:11] What made a light construction equipment dealership the right fit

[35:03] Managing vendor, customer, and employee relationships before and after closing

[42:50] The value of patience before making operational changes

[46:12] Growth plans: marketing, digital transformation, and potential expansion

[51:04] Who should and shouldn’t buy a business

Connect with Sathya: https://www.linkedin.com/in/sathyaramanathan/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

how to buy a small business, buying vs starting a business, working capital in acquisitions, asset sale vs stock sale, business due diligence, customer concentration risk, vendor relationships, small business transition, employee trust after acquisition, entrepreneurship through acquisition, ETA, light construction equipment business, small business growth strategy, operational improvements, acquisition search strategy

What kind of person should actually buy a business, and who should not?

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with David Barnett, former business broker, author, and small business advisor, about what buyers need to know before stepping into business ownership.

They cover who should and shouldn’t buy a small business, how the acquisition landscape has changed, and the mistakes new buyers make by relying on online content instead of real experience. David explains why he left the brokerage world, what many buyers get wrong about business financials, and how to approach deals with clarity, caution, and the right strategy.

David shares his background in finance and brokerage, how online hype has led to a wave of underprepared buyers, and the red flags they often miss, like ignoring balance sheets, underestimating CapEx, and failing to plan for operating capital. He breaks down the risks of over-leveraging, why not all boomer-owned businesses are good targets, and gives practical advice for new buyers: build capital, get experience, and avoid rushing into the wrong deal.

Main Takeaways:

• Buying or selling a business requires experience and due diligence
• Most first-time buyers underestimate risk and overestimate deal quality
• Financial understanding must go beyond the profit and loss statement
• Not all listings are good opportunities
• Mistakes can be avoided with the right guidance and preparation

Episode Highlights:

[03:13] The realities of working as a business broker

[12:10] Red flags in financials, including missing balance sheets and CapEx

[13:08] Why operating capital is often ignored during valuation

[15:46] The CapEx trap: why SDE and EBITDA don’t tell the whole story

[17:07] How to budget for equipment replacement

[22:24] What to watch for with deferred maintenance

[24:59] Why understanding what you're buying is more important than price

[27:37] Risk varies with the buyer; no one-size-fits-all deal

[32:21] Why there’s no such thing as a risk-free acquisition

[39:40] Who should actually buy a business

Connect with David:

https://www.businessbuyeradvantage.com/

https://www.linkedin.com/in/davidbarnettmoncton/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

how to buy a small business, buying a business with SBA loan, David Barnett, business buyer advice, entrepreneurship through acquisition, ETA, SDE vs EBITDA, CapEx planning, business due diligence, small business acquisition, buying vs starting a business, operating capital, over-leveraging risk, small business finance, business valuation, search fund, business acquisition strategy, red flags in buying a business

In this episode, Jared Johnson sits down with Nadav Ben-Chanoch, a former tech operator turned small business acquirer, to unpack why more founders are skipping startups and choosing to buy real businesses instead.

Nadav shares how his experience in Silicon Valley shaped his approach to deal-making, why he walked away from the traditional venture path, and what he’s learned transitioning from building software to operating a brick-and-mortar business. Whether you’re exploring search, planning your first acquisition, or just trying to understand where the market is headed—this conversation offers a grounded look at what it really takes to own and operate outside the startup bubble.

[00:06:15] — Why Nadav left tech to pursue small business ownership

[00:11:45] — What operators misunderstand about buying brick-and-mortar

[00:18:20] — How misalignment around working capital can derail deals

[00:25:10] — Why buying a business isn’t the shortcut people think it is

[00:32:00] — Advice for tech founders considering acquisition entrepreneurship

[00:37:40] — What Nadav looks for in deals—and what he avoids

[00:41:15] — The mindset shift from “builder” to “owner”

Follow Nadav on LinkedIn linkedin.com/in/nadavbc

Got a question for Jared or want to work together?

Visit: https://jaredwjohnson.com

linkedin.com/in/jaredwjohnson

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

In this episode, Jared Johnson sits down with Michael Seitz, CEO & Chairman of EarthWise Pet, for a wide-ranging conversation on entrepreneurship, franchising, M&A strategy, and what it really takes to build and scale a brand in a mission-driven industry.

Michael shares how growing up in a family business shaped his values, how almost becoming a dentist led him back to his entrepreneurial roots, and the hard-earned lessons behind buying 42 stores in a single day. Whether you’re a first-time buyer, seasoned operator, or just curious about franchising from the inside out—this one is packed with insight.

[00:07:30] — The power of asking better questions early in your career

[00:13:00] — Why unit-level economics are the heartbeat of franchising

[00:23:00] — Why buyers need to focus on trailing 12 months, not just historical EBITDA

[00:29:00] — What EarthWise looks for in new franchisees (hint: it’s not just the money)

[00:33:30] — Advice to 20-somethings considering their first acquisition

[00:36:00] — The #1 mistake most sellers make—and how to avoid it

[00:38:00] — What really keeps a founder going after decades in the game

• Learn more about EarthWise Pet: earthwisepetfranchise.com
• Find Michael on LinkedIn: Michael Seitz, CEO

If you have questions for Jared, visit: https://jaredwjohnson.com

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

In this episode of the Before You Buy or Sell a Business podcast, host Jared Johnson welcomes Mark Fleming, a specialist in business acquisitions and co-founder of Owner Actions.

Mark shares his journey from a background steeped in finance and trading to becoming an essential guide for investors at the critical 'search' stage of business acquisition. He emphasizes the challenging yet crucial initial phase of the acquisition process, a step often overlooked by many who are eager to jump straight to the deal-making stage.

The conversation delves into pivotal topics including the significance of selecting the right business based on industry experience, the unforeseen hurdles in business acquisition, and Mark's strategic use of reps and warranties insurance to mitigate risks.

They also explore the current economic climate, touching on the implications of tariffs and interest rates on small businesses. Mark underscores the importance of persevering through economic fluctuations and maintaining focus on core business values like customer service and cash management. The dialogue culminates in forward-looking insights on what buyers should anticipate in the evolving landscape of business acquisition.

HIGHLIGHTS

• The search stage in business acquisition is the most challenging yet vital, demanding more diligence than the deal-making phase.
• Specialized industry skills and management experience significantly determine success in business acquisition.
• Implementing strong accounts receivable practices and managing cash flow are crucial in the initial months post-acquisition.
• Reps and warranties insurance can safeguard against misrepresentations during business acquisitions.
• Tariffs and economic policies can impact interest rates and business dynamics but can be navigated with focused strategies.

You can get in touch with Mark at https://www.owneractions.com/

______________________________________________________________________

If you have questions for Jared, visit https://jaredwjohnson.com/

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

In this episode of the "Before You Buy or Sell a Business Podcast," host Jared Johnson welcomes Jason Boehning, an HVAC industry professional who has successfully acquired two businesses over a short period.

The discussion delves into the intricacies of acquiring businesses, highlighting Jason's strategic mindset and the unique competitive advantage he enjoys due to his engineering background. This episode offers listeners invaluable insights into the pragmatic approach Jason adopted, which not only involved leveraging his skills but also focusing on relationship-building and effective transition management.

Jason's journey started from a small Texas town and led him to Texas A&M University, where he studied mechanical engineering. His diverse career path in the HVAC industry served as a solid foundation when he made the decisive move to business ownership. Through engaging dialogue, this episode presents a comprehensive look at his process of acquiring and managing HVAC businesses.

Key themes explored include the importance of having a solid plan, the advantages of maintaining good relationships with employees during acquisitions, and the strategic insights driving successful business growth in a competitive market.

• Jason leveraged his HVAC design and engineering knowledge to strategically acquire two businesses, positioning himself effectively in a competitive market.
• Key factors in successful acquisitions include having a solid operational and financial plan and maintaining focus on long-term goals amidst a dynamic business environment.
• The importance of maintaining key employees during a business transition, as these employees often hold valuable customer relationships and operational knowledge.
• Acquiring existing customer bases through business purchases can be a more effective growth strategy than relying on extensive digital marketing efforts.
• Managing working capital efficiently is critical in the HVAC sector due to varying cash flow cycles, especially when dealing with commercial clients.

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If you have questions for Jared, visit https://jaredwjohnson.com/

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.