Bought The Biz

Episode 24 | Garth Fasano with guest, George Vallone

What happens when you buy a tiny business in the middle of a global mess and turn it into a scalable growth engine?

In this episode of Bought the Biz, Garth sits down with George Vallone, owner of Nuveldy's Apartment Turnover Services, to unpack the real story behind buying a small cleaning business in 2021 and transforming it into a specialized apartment turnover company operating across Nashville and Denver.

George shares what it was actually like stepping into ownership with just one employee, the brutal cash flow lessons that hit after close, and why his biggest advice to searchers is simple: buy bigger. They also dig into how George found product market fit inside the business, why apartment turnovers became the winning niche, and how he is now using AI to scale without linearly adding headcount.

This conversation is a candid look at the messy middle of ETA, from transition mistakes and key man risk to operational redesign and the opportunity AI creates for small business owners willing to move fast.

In this episode, they cover:

• Why George would buy bigger if he did it again

• The reality of taking over a business with almost no infrastructure

• Early cash flow mistakes that nearly buried the business

• How he found a more scalable niche inside the company

• What makes apartment turnover such a strong recurring revenue model

• How AI can help service businesses grow without bloated overhead

• Why now may be one of the best times to own a small business

Episode 23 | Christi Loucks with guest, Karl Hughes

In this episode of Bought the Biz, Christi Loucks interviews Karl Hughes, founder of Draft.dev and owner of The Podcast Consultants. Karl explains why he prefers the "buy vs. build" strategy, choosing to acquire his podcasting company to skip years of startup grind and instantly gain 80 client relationships. He also shares why "asset-light" digital agencies can become powerful, scalable businesses when built on strong systems and processes.

They also discuss the tough realities of ownership, including major client churn after an acquisition and the mindset shift required to handle hard decisions. The episode closes with a look at AI, as Karl argues that specialized agencies can use it to boost margins while helping large, risk-averse corporations innovate safely.

Episode 22 | Christi Loucks In this solo episode, Christi reflects on a season of life that's stretching her in every direction: five months pregnant, raising a toddler, and running two businesses. After reading Toxic Grit by Amanda Goetz, she finally found language for a feeling she couldn't shake: the pressure women feel to do it all, and the realization that most versions of ambition were never designed for moms or female operators. Christi shares what ownership actually looks like behind the scenes, why buying a business doesn't mean free time, and how she's redefining success through "intentional imbalance." This episode is for women buying businesses, running companies, or raising kids while trying to hold it all together. If you've been feeling behind, exhausted, or quietly questioning yourself, this one's for you. You're not failing. You're doing something hard.

Episode 21 | Garth Fasano & Christi Loucks

Banks love pro formas. Operators pay for them.

In this episode, Garth and Christi pull up the exact pro forma Garth used to get his SBA loan approved and explain where it worked, where it broke, and which assumptions were quietly wrong from day one. They talk through the numbers he nailed, the risks he underestimated, and the realities no spreadsheet captures once you own the business.

If you're buying a company, raising SBA debt, or modeling your "safe" acquisition, this is a behind-the-scenes look at how deals actually perform versus how they're sold on paper—and what Garth would change if he were doing it again today.

Episode 20 | Garth Fasano & Christi Loucks with guest, Evan Stewart Buying the business is the easy part. Leading it is not. In this episode of Bought the Biz, Garth and Christi sit down with Evan Stewart, owner and CEO of Direct One, a 70+ employee commercial print and direct mail company. Evan shares what it really felt like stepping into a production-heavy business, realizing he was the least knowledgeable person in the building, and learning that authority isn't granted at close. It's earned. They unpack the realities searchers don't always see coming: fragile legacy systems, tribal knowledge that never shows up in diligence, the stress of working capital swings, and the uncomfortable leadership moments where being kind matters more than being liked.Evan also walks through how he approached cultural change, built credibility with long-tenured operators, and repositioned a legacy business for long-term growth in a changing industry. If you're considering entrepreneurship through acquisition, or already living the operator life, this episode is a grounded look at what it actually takes to earn trust and lead after the deal is done.

Episode 19 | Garth Fasano When I bought Top Dog, I thought I was buying a boring, predictable business. A classic ETA play. What I actually bought was responsibility—hundreds of thousands of dollars in payroll, outcome-based contracts, and no safety net. In this episode of Bought the Biz, I walk through the early days after acquisition, the mistakes I made as a first-time operator, and the moments that forced me to grow into real ownership. If you're in the middle of operating and it feels heavy, this episode is for you.

Episode 18 | Christi Loucks with guest, Raj Kankaria Getting laid off and served divorce papers in the same moment usually ends a chapter. For Raj Kankaria, it started one. In this episode of Bought the Biz, Raj shares how personal chaos forced clarity and ultimately pushed him into buying and scaling Lone Star Attorney Service.

We unpack the real operator lessons that don't show up in glossy acquisition stories: hard people decisions, implementing EOS when emotions are high, and leading with gratitude instead of ego. This is a raw look at how adversity sharpens leadership and why the worst moments often create the best operators.

Episode 17 | Garth Fasano & Christi Loucks

In this episode of Bought the Biz, Garth is in the hot seat.

After acquiring a cash flowing call center business through a traditional ETA search, Garth made a decision that most operators never plan for and many would avoid. He transformed the business from a people heavy services company into an AI powered SaaS platform.

Garth and Christi walk through the full journey. Why the original acquisition made sense. What made the business unique. How advisors and board members pushed the thinking forward. And why the rapid acceleration of AI forced a much bigger strategic decision than simple optimization.

They dig into the realities of winding down a legacy business. Communicating with employees and customers. Letting go of a model that worked. Raising a seed round. Giving up ownership. And sitting with the personal and emotional weight of choosing a harder path.

This is not a typical ETA story. It is a real look at what happens when an operator decides that standing still is riskier than rebuilding everything.If you are an operator, searcher, or small business owner wrestling with modernization, AI, or big irreversible decisions, this episode is for you.

Episode 16 | Garth Fasano & Christi Loucks So was an MBA actually worth it if your goal is to buy and run a business? In this episode of Bought the Biz, Garth and Christi unpack the real value of business school through the lens of entrepreneurship through acquisition. Drawing from very different MBA experiences, they talk candidly about what translated into ownership and what simply did not once they were responsible for payroll, people, and real consequences. They explore where accounting, leadership development, and structured thinking helped, and why grit, resilience, and figuring things out under pressure mattered far more than frameworks. The conversation also dives into the less obvious benefits of business school, including confidence building, long term relationships, and access to investors and peers who continue to show up long after graduation. This episode is for searchers, operators, and anyone debating whether an MBA is necessary, helpful, or overrated on the path to business ownership. Expect honest reflections, nuance, and practical perspective from people who have actually made the leap from classroom to operator seat. pasted

Episode 15 | Garth Fasano & Christi Loucks Cash flow is where the theory of small business ownership meets reality. In this episode of Bought the Biz, Garth and Christi dig into one of the most uncomfortable but unavoidable parts of owning a business: getting paid. They unpack working capital, late payments, collections, unpredictable revenue, and what it really feels like to manage payroll and personal income when you leave the W-2 world behind. Garth shares his unusual experience acquiring a business with negative days sales outstanding and what that taught him about working capital risk. Christi walks through the discipline of 13-week cash flow forecasting, dealing with bad debt, and the emotional toll of chasing payments as an owner. They also talk candidly about paying yourself, toggling salary and commissions, debt pressure, Stripe vs ACH, collections agencies, and why social media dramatically understates how long it takes to reach financial stability after acquisition. If you're a searcher, a first-time operator, or anyone thinking about ETA, this episode will reset expectations and give you practical frameworks for surviving the cash flow rollercoaster.