Buy and Build

In this insightful and candid conversation, Paul is joined by Rob Liddiard—former CEO turned EOS implementer—to explore the harsh realities of post-acquisition leadership. Drawing on his extensive experience helping searcher CEOs implement EOS, Rob shares sharp observations about the pitfalls many new owner-operators fall into.

Based on his viral LinkedIn post, "The Seven Sins of Post-Deal Leadership," the duo unpack the most common and damaging mistakes made in the early days of ownership.

They discuss:

• Why searchers often swing between abdication and micromanagement

• The hidden cost of fuzzy expectations

• Building a talent bench before you need one

• Managing your internal team vs. managing up to investors

• Real stories and actionable advice for avoiding costly operational missteps

Whether you're preparing for your first acquisition or navigating year one in the operator seat, this episode delivers a brutally honest yet encouraging roadmap for sustainable, effective leadership.

Read Rob's excellent LinkedIn post on the same topic here.

Also, for anyone new to the podcast, Rob helps Paul implement EOS in his acquired business as well as several other ETA CEO's. He offers a free introductory session to all listeners, just reach out to him on LinkedIn or [email protected]

Finally, if you are a UK searcher looking to accelerate your acquisition journey. We are running our next acquisition accelerator cohort in Feb/March and early bird tickets are now live and selling fast. Get yours here

In this episode, we're joined by Alex Packham—founder of ContentCal, which he scaled from agency roots into a SaaS platform used by thousands globally, culminating in an acquisition by Adobe.

Alex shares his journey from selling SIM cards in the schoolyard to running social media at ODEON and NOW TV, to building and exiting a tech company during COVID. We dive into the scrappy early days, lessons from blitzscaling, the stress of due diligence, and what it really takes to build a world-class team.

Now back in the CEO seat at mental health startup JAAQ, Alex reflects on founder identity, investing in 60 startups, and why he's applying a Silicon Valley mindset to UK tech.

This episode is packed with actionable insights on hiring, leadership, scale-up pains, and the emotional rollercoaster of building and selling a business.

Billy Morley joins Paul on this episode of the Buy and Build podcast to share his inspiring transition from army officer to Oxford MBA, and ultimately to entrepreneur through a self-funded ETA. Billy acquired Set-A-Side Storage, a business supporting the UK's booming TV and film industry with storage and logistics for sets and props.

He explains why he chose to go self-funded and self-acquired, how he got comfortable investing personal savings into the deal, and why owning the autonomy was non-negotiable. Billy also dives into the reality of raising debt, working with a broker, and stepping into operations with a strong existing team.

A compelling episode for anyone considering ETA—especially those eyeing non-glamorous sectors with serious upside.

In this landmark 100th episode, we're joined by Adam Johnson, an American acquisition entrepreneur who transitioned from the startup scene in California to acquiring and operating Water Direct in the UK. Adam takes us through his unique journey into the search fund world, how a Texas blizzard sparked conviction in a niche UK water logistics business, and the realities of running a highly operational, regulation-heavy company.

We dive into:

• The challenges of a COVID-era search process

• Navigating investor skepticism for a volatile but essential service

• Building a new leadership team while preserving institutional knowledge

• Going from paper-based processes to a digitized, scalable business

• The long-term vision for growth and product expansion

If you're in the ETA, SME, or search fund ecosystem—or just curious how someone turns infrastructure failure into a growth business—this one's for you.

What does it take to step into the CEO seat—whether by acquisition or promotion? In this special episode, Will Hunnam (Forza Doors) and Carl Lundberg (Gerald Edelman) return to share their personal leadership journeys, challenges of managing legacy teams, and how implementing the Entrepreneurial Operating System (EOS) transformed their approach to strategy and culture.

We explore:

• The reality of becoming a first-time CEO

• Lessons from inheriting vs. building company culture

• How EOS creates clarity and drives accountability

• The hard conversations leaders must face

Whether you're scaling an acquired SME or navigating leadership within a partnership model, this candid discussion is packed with insight for anyone in the buy-and-build or search fund world.

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For searchers looking to accelerate their acquisition journey, there are still a few seat left on the 17th June, in London. book your ticket here: https://www.buyandbuildaccelerator.com/

For those looking to learn more about EOS, Rob Liddiard, the implementor mentioned on this episode is offering the searcher community a free introductory session. Reach out to him on [email protected]

In this episode, we sit down with Matthias Knaur—operator, investor, and seasoned voice in the European search fund and ETA community—to explore the real levers behind scaling small companies. From a billion-dollar transformation at listed company Solera, to hands-on leadership in niche B2B services.

Matthias Knaur—who's led his own acquisitions to over £100M in revenue and invested across Europe's search fund landscape—shares his deep experience on identifying, expanding, and leveraging total addressable markets. We dive into lessons from his billion-dollar corporate roles, personal acquisitions, and current investments, discussing adjacent TAMs, recurring revenue models, roll-ups, and why execution matters more than spreadsheets.

Whether you're a searcher plotting your first acquisition or an investor scanning for red flags, this conversation is packed with candid insights and war stories on what it really takes to build enduring businesses.

In today's episode of Buy and Build, we dive deep into the incredible entrepreneurial journey of Brian Honan, founder and CEO of Fortus. Brian walks us through how he went from an "accidental entrepreneur" to leading a €200M turnover security distribution business across Europe. We explore his early days in business, executing a debt-funded MBO, partnering with private equity, building a recurring revenue engine, and navigating the challenges of integrating acquisitions. Brian also shares lessons learned on managing growth, staying passionate, and planning the next phase of Fortus' journey — including the possibility of an IPO. If you're interested in buy-and-build strategies, private equity partnerships, or scaling a business through acquisition, this is an episode you won't want to miss.

The next acquisition accelerator is going to be in London in June (date TBC). Book your spot now for a discounted rate. If you cannot make that date, you can roll your spot into the next cohort. Join here: https://www.buyandbuildaccelerator.com/

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In this episode, we reconnect with Fouzan, seven months into owning and operating the 32-year-old building energy management systems business he acquired. After initially stepping into the role with humility and patience, Fouzan shares how he's approached leadership, structured his team, and gradually introduced change—from hiring apprentices and outsourcing non-core functions to overhauling commercial performance and planning a new service division.

We dive into the realities of making an acquisition from a retiring owner, managing legacy teams, implementing tracking and bonus systems, and how he uses his tech background to drive efficiency.

This is a candid look at the transition from acquisition to active ownership, filled with insights for anyone stepping into a small business post-close. Enjoy!

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For anyone interested in EOS, Rob Liddiard is offering the buy and build community a free introductory session. As you know, Paul uses Rob to help implement EOS at Amber Home Improvements and it has been a game changer. You can reach out to him at [email protected]

In this episode, we speak with Allie Stuckless, a great friend and former JPMorgan colleague, about her transition from banking to launching a UK-based search fund. Allie has a fascinating background and has taken a unique path into the search/ETA world.

During the episode, we discuss the challenges of fundraising, her passion for lifecycle services (including the funeral industry), and the lessons she's learned along the way.

Allie shares insights on navigating the UK search fund ecosystem, the key differences between US and European search models, and the importance of finding the right investors.

Tune in for an engaging discussion packed with actionable advice for searchers, operators, and anyone considering the buy-and-build path!

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The the next Buy and Build Acquisition Accelerator will be taking place in late spring and we have gone live with discounted tickets while we pick a date. Check out: https://www.buyandbuildaccelerator.com/ to learn more.

In this episode of Buy & Build, we sit down with Jeremy Middleton, co-founder of HomeServe, who later exited and is now CEO of Middleton Enterprises, his family investment office. We dive into his journey from corporate life at Procter & Gamble to building a FTSE 100 business and leading it to a £5 billion exit.

Jeremy shares the pivotal moments that shaped his career, including the hard lessons of early entrepreneurship, how he and his co-founder pivoted a failing business into a national success, and his contrarian take on acquisitions. Now, as an investor, he reveals what he looks for in scalable businesses, his founder-friendly investment approach, and why cash flow is king.

Whether you're an entrepreneur, investor, or just fascinated by the business of building companies, this episode is packed with raw insights and hard-earned wisdom.

Check out the Middleton Enterprises website: https://middletonenterprises.com/ for more on thier investment criteria.

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There are still seats available for the next Buy and Build Acquisition Accelerator in just over a week's time. Check out: https://www.buyandbuildaccelerator.com/ to learn more.