In this in-depth conversation, Sean Smith (Managing Partner, Search Fund Ventures & Founder of SMB Investor Network) sits down with Mitch Petracca, CPA and Founder of Forward Firm, to unpack the art and science of Quality of Earnings (QoE) in small business acquisitions.

Mitch shares his journey from PwC to founding Forward Firm, where he supports searchers, independent sponsors, and small private equity firms on deals from $1M–$50M EV. Together, Sean and Mitch explore:

• How technology and automation are transforming the diligence process
• The balance between quantitative rigor and the “art” of working with sellers
• A practical framework for evaluating EBITDA adjustments (tiers of certainty vs. subjectivity)
• The critical role of working capital in ensuring post-close success
• Real-world stories from QoE engagements—what investors should look out for.

Whether you’re an investor, operator, or service provider in the SMB ecosystem, this discussion offers actionable insights into deal-making, risk management, and value creation.

👉 Subscribe for more interviews with leading voices in SMB investing.

👉 Leave your thoughts in the comments—we’d love to hear your perspective.

Connect with the speakers:

• Mitch Petracca (Forward Firm): https://forwardfirm.com/
• Mitch Petracca LinkedIn: https://www.linkedin.com/in/mitchpetracca/
• Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/
• SMB Investor Network: https://www.smbinvestornetwork.com/