In this episode of Retained Trust, host Karl Hughes talks with Mushfiq Sarker, an experienced entrepreneur and founder of webacquisition.com. Mushfiq shares how he transitioned from flipping content websites to acquiring agencies and other online businesses. He reflects on lessons learned from managing over 200 acquisitions, the operational differences between flipping and holding, and how he identifies distressed agency assets with untapped potential. The conversation covers his approach to deal structuring, outsourcing, team management, and why high revenue but low margin businesses catch his attention. Mushfiq also dives into his preference for niche agencies, the importance of diversified revenue, and how to build resilient operations without over-hiring. 

Key Points From This Episode: 

[00:00:00] Mushfiq’s background in digital acquisitions since 2008 

[00:03:06] Why he pursued a PhD despite already earning online 

[00:05:24] Problems with too much VC funding and startup waste 

[00:08:39] Importance of repetitions in small business acquisitions 

[00:10:50] Managing multiple businesses with 80% efficiency and operators 

[00:13:32] Building a portfolio around his strength: lead generation 

[00:15:01] How Mushfiq handles personnel risk and team redundancy 

[00:19:17] Slack-based escalation rules for client service issues 

[00:20:58] Why he avoids structured operating systems like EOS 

[00:22:01] Buying agencies: “core” vs. distressed “tack-on” models 

[00:23:53] Structuring rev share and fixed-payment deals for dead agencies 

[00:28:37] Buying high-revenue, low-margin agencies for profit optimization 

[00:31:39] How Mushfiq restructures teams and P&Ls quickly 

[00:34:21] What makes an agency attractive to a buyer like Mushfiq 

[00:38:49] Only acquiring retainer-based, not one-off, service agencies 

[00:40:14] Learning through early failures and SEO experience 

[00:43:02] Why first-time buyers should start small or build something first 

[00:45:32] Mushfiq’s media diet: podcasts, YouTube, and Twitter 

Links: 

• WebAcquisition: https://webacquisition.com 
• Mushfiq Sarker on LinkedIn: https://www.linkedin.com/in/mushfiqsarker/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes talks with Mark Bealin, founder of SearchLab, a Chicago-based digital marketing agency specializing in local SEO and PPC. Mark recounts his journey from side-hustle entrepreneur to leading a 50-person agency and dives into the pivotal decisions that shaped his company’s growth. He shares lessons learned from early failures, the power of niche specialization, the value of hiring for fit, and how becoming a father sparked a deeper entrepreneurial drive. The conversation wraps with Mark’s personal transformation, tackling health challenges through endurance training and building resilience. 

Key Points From This Episode: 

[00:00:00] Mark introduces SearchLab and its tight focus on local SEO and PPC. 

[00:02:00] From side hustle to full-time: the agency's unofficial start in 2017. 

[00:04:45] Leveraging legacy print media sales reps to scale early growth. 

[00:07:40] Breaking through business plateaus and embracing high-stakes risks. 

[00:13:24] How becoming a father reshaped Mark's drive and business focus. 

[00:19:15] Lessons from a failed business partnership and realignment. 

[00:23:02] From generalist to specialist: how focus led to faster growth. 

[00:28:15] Improving profitability by cutting loss-leader services. 

[00:32:48] Hiring industry-recognized leaders and building a strong leadership team. 

[00:35:56] Navigating team culture shifts and turnover during the “Great Resignation.” 

[00:38:24] Using assessments like Culture Index to scale hiring intentionally. 

[00:41:40] Why customer-centered innovation drives SearchLab’s strategy. 

[00:45:30] Understanding the “jobs to be done” theory in agency services. 

[00:49:18] Facing market changes like AI and GEO with curiosity and customer insight. 

[00:52:12] Mark's health wake-up call and transformation through endurance training. 

Links: 

• SearchLab: https://searchlabdigital.com/ 
• Mark Bealin on LinkedIn: https://www.linkedin.com/in/markbealin/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes speaks with Dan Andrews—entrepreneur, podcaster, and co-creator of the Tropical MBA and Dynamite Circle. Dan recounts his entrepreneurial journey from corporate frustration to building and selling a successful business, and shares candid thoughts on passive income, business exits, and sustaining long-term value as a founder. They also explore the true leverage behind podcasting, building community, and why selling a business might not always bring fulfillment. From lifestyle design to strategic business thinking, Dan delivers a grounded and practical conversation for anyone running a company.

Key Points From This Episode:

[00:00:00] Dan Andrews introduces his podcast roots and the core idea behind Tropical MBA.

[00:01:32] Why corporate life felt more risky than entrepreneurship for Dan.

[00:03:27] The "corner office test" and how it sparked a change for Karl.

[00:04:18] Realizing the limits of a traditional job—even with raises.

[00:06:26] The four-hour life and time bankruptcy as motivation to build equity.

[00:07:47] Dan's perspective on passive income and why it's real—but not simple.

[00:09:36] Business defensibility, asset quality, and models for lasting income.

[00:11:52] Passive income vs. low-barrier, high-effort businesses.

[00:13:24] Why controlling your leverage points matters more than platform dependency.

[00:14:26] Origins of the Dynamite Circle and how community became essential.

[00:16:01] Why communities are rare and the power of in-person filters.

[00:17:57] Building community through podcasting and top-funnel relationships.

[00:21:37] Why most companies fail at podcasting—and the opportunity it leaves.

[00:23:42] The "influence equation": exposure, positioning, and time.

[00:24:12] Redefining podcast success through budget and business goals.

[00:26:30] How to justify podcast investment with brand influence.

[00:30:29] The opportunity of partnering with talent instead of DIY shows.

[00:31:24] Regret, reflection, and the truth about selling a business.

[00:34:40] Why most business exits underdeliver—and how to assess your number.

[00:37:31] De-risking wealth by partially exiting or landing the plane.

[00:39:25] Dan's current focus: simpler business, family, and better margins.

[00:44:25] Exploring alien disclosure and first-principles curiosity.

[00:46:46] The joy of intellectual curiosity in entrepreneurship.

[00:48:09] Why system-building is the ultimate founder superpower.

Links:

Dynamite Circle: https://dynamitecircle.com/

Tropical MBA: https://tropicalmba.com/

Dan Andrews on LinkedIn: https://www.linkedin.com/in/dan-andrews-8735b266

Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes sits down with his co-founder Manuel Weiss for their quarterly update. They open up about recent challenges and wins across their portfolio, especially the contrasting trajectories of The Podcast Consultant and Draft.dev. From stepping back into the trenches of sales to refining product-market fit and repositioning offerings, Karl and Manuel dissect what’s working, what’s not, and how they’re adapting. They also share their personal reflections on identity, control, and emotional resilience in entrepreneurship—all while balancing travel, family, and a few good books. This episode offers a raw, behind-the-scenes look at the reality of building and sustaining digital service businesses. 

Key Points From This Episode: 

[00:00:00] The Podcast Consultant continues to run smoothly with minimal founder involvement. 

[00:03:20] A look at acquisition goals and the importance of freeing up time. 

[00:04:54] Outbound sales challenges and shifting focus back to events and inbound. 

[00:06:39] Event-based marketing yields stronger results compared to cold outreach. 

[00:07:31] Karl’s personal milestone: completing a half marathon after years off. 

[00:08:01] Transitioning into the lowlights: Draft.dev’s performance and early market signals. 

[00:09:02] Experimenting with repositioning Draft.dev around AI-driven changes in content. 

[00:11:55] The limitations of traditional salespeople in early-stage repositioning. 

[00:13:14] Shifting product strategy to match a more fear-driven market. 

[00:14:00] Combining fast content delivery with deep, strategic pieces. 

[00:16:08] Designing new offerings based on real client conversations and needs. 

[00:18:49] Split responsibilities between strategy and operations in repositioning. 

[00:20:23] Rediscovering the value of customer interviews and product-market fit. 

[00:22:23] Wrestling with opportunity cost: should time go to other ventures? 

[00:23:34] Draft.dev isn’t starting from zero—past brand equity still has value. 

[00:26:21] Emotional detachment: separating self-worth from business performance. 

[00:28:50] The internal struggle of tying personal value to business outcomes. 

[00:30:21] Finding clarity through mental distance and non-work activities. 

[00:32:48] The importance of outside perspectives, including coaches. 

[00:35:17] Control and trust dynamics when considering mergers or letting go. 

[00:37:33] Learning from a previous successful founder exit. 

[00:38:44] Decision-making under uncertainty vs. analysis paralysis. 

[00:40:01] What the co-founders are looking forward to in the next quarter. 

[00:41:59] Reading roundup: Charlie Munger, Warren Buffett, and more. 

[00:44:07] Reflections on AI speculation, WWI history, and long-term market shifts. 

[00:44:50] Final thoughts and gratitude to the listeners. 

Links: 

• The Podcast Consultant: https://thepodcastconsultant.com/ 
• Manuel Weiss on LinkedIn: https://www.linkedin.com/in/manuelweiss1986/?originalSubdomain=at 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes reconnects with Kurt Schnakenberg, founder of adbm.agency, to reflect on the agency’s growth, challenges, and pivotal lessons from its first 1.4 years. Kurt discusses the reality behind setting ambitious goals, reaching 300% growth, and shifting from founder-led sales to building a structured sales team. They explore the evolving product strategy, team dynamics, and the delicate balance of expansion and focus. Kurt also shares why reducing churn became a top priority—and how the sales flywheel reshaped his thinking. Tune in for a candid look at what it takes to grow an early-stage agency without losing momentum. 

Key Points From This Episode: 

[00:00:04] Karl welcomes Kurt Schnakenberg back to the show. 

[00:00:48] Kurt shares that adbm.agency is tracking toward 300% growth this year. 

[00:01:15] They discuss the mindset behind ambitious goal setting and growth. 

[00:02:13] adbm.agency's current placement numbers and where they stand against targets. 

[00:02:46] Why Kurt still supports audacious goal setting despite falling short. 

[00:04:24] Transitioning away from founder-led sales and the lessons learned. 

[00:05:33] Kurt explains the importance of consistency and momentum in sales. 

[00:08:26] How autonomy and team ownership are shaping adbm.agency’s sales structure. 

[00:09:15] The reality of building teams with varying strengths and ambitions. 

[00:09:58] Kurt discusses expanding beyond the building industry and offshore staff. 

[00:12:22] Piloting domestic recruiting as a potential service line. 

[00:13:38] Karl reflects on how new service lines complicate operations. 

[00:14:51] What worked: pausing growth to reduce churn and invest in quality. 

[00:16:03] Why businesses can’t fix everything at once—and shouldn’t try to. 

[00:16:55] Kurt explains shifting toward higher ROI expectations for investments. 

[00:19:00] How a simple income statement reframed internal decision-making. 

[00:19:38] Kurt recommends reading on the sales flywheel from Harvard Business Review. 

[00:51:13] Final thoughts on resilience, persistence, and taking action to grow your agency. 

Links: 

• adbm.agency: https://adbm.agency/ 
• Kurt Schnakenberg: https://www.linkedin.com/in/kurtschnakenberg/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes reconnects with Chris Gwinn, founder of Midwest CFO, to explore what he's learned in the first year of building his fractional CFO firm. Chris shares how refining driver-based forecasting models and digging into operational KPIs have helped his clients make smarter strategic decisions. The conversation covers the evolution of his sales approach, challenges in bookkeeping, and the critical importance of accurate gross margins. Chris also outlines how he's scaling the business and reflects on personal growth through parenting and reading.

Key Points From This Episode

[00:01:16] Chris reflects on key learnings from his first year in business.

[00:03:56] The power of using operational KPIs to drive more accurate forecasts.

[00:06:15] How conversations with prospects have shifted to focus on metrics and drivers.

[00:07:54] Refining service delivery based on better understanding client needs.

[00:08:52] Chris defines his updated target client profile.

[00:09:26] Early steps toward hiring and scaling Midwest CFO’s team structure.

[00:10:43] Common shortcomings in bookkeeping and chart of accounts setup.

[00:13:02] Why breaking out revenue and costs improves financial decision-making.

[00:16:46] Gross margin as a key metric for growth and acquisition readiness.

[00:17:29] Current acquisition channels and early marketing efforts.

[00:18:24] Chris’s roadmap for scaling, including hiring and sales engine development.

[00:19:57] The value of 90-day planning and long-term clarity.

[00:20:36] Chris shares a favorite recent book: Software as a Science.

[00:22:00] Karl recommends Ego is the Enemy and reflects on personal challenges with ego.

[00:23:18] Closing thoughts and gratitude for the conversation.

• Links:
• Chris Gwinn on LinkedIn: https://www.linkedin.com/in/chris-gwinn-cfa-96383b26/
• Midwest CFO: https://midwestcfo.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes speaks with Jon Schroeder, founder and CEO of Joy Fluent. Jon shares the journey behind BrewJoy, a new plant-based product designed to prevent coffee-related teeth stains, and digs into his broader mission of improving wellness through everyday habits. He reflects on lessons from past ventures in data privacy and elder care, his MBA experience at Kellogg, and the mental demands of entrepreneurship. The conversation probes the contrast between corporate and entrepreneurial leadership, managing decision fatigue, and the power of focus. Tune in for a candid, grounded look at what it really takes to build and lead a startup.

Key Points From This Episode

[00:00:42] Jon Schroeder introduces Joy Fluent and its first product, BrewJoy.

[00:02:33] Background on Jon’s prior startup Datum and challenges with data monetization.

[00:06:10] Tackling senior loneliness through transportation access solutions.

[00:10:25] Lessons from failed ventures and entrepreneurial timing.

[00:12:44] Jon’s decision to pursue an MBA and how it supported his entrepreneurship.

[00:16:38] The value of elite networks, especially for underrepresented founders.

[00:18:56] Differentiating leadership from management in corporate vs startup contexts.

[00:23:41] The importance of adaptability in entrepreneurial management.

[00:27:05] The concept of magnetism in entrepreneurial leadership.

[00:31:11] Jon reflects on building emotional intelligence and influence.

[00:34:22] Corporate vs startup hiring: micromanagement vs trust.

[00:38:04] Cultural control and hiring involvement in different business types.

[00:42:01] Mental and emotional stakes in entrepreneurship vs corporate roles.

[00:46:10] Reducing decision fatigue through systems and habits.

[00:48:59] Focus as a superpower: narrowing 2025 goals to two priorities.

[00:51:48] Long-term vision for Joy Fluent beyond oral care.

Links:

• Jon Schroeder on LinkedIn: https://www.linkedin.com/in/j-schroeder/
• Joy Fluent: https://drinkjoy.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com 

In this episode of Retained Trust, host Karl Hughes speaks with Jake Ward, founder and CEO of Data Protocol, a platform supporting developer education and experience. Jake shares his path from public affairs to tech entrepreneurship, including lessons from founding a trade association and working with major players like Google, Meta, and Intel. The conversation explores the complexities of developer engagement, sales in enterprise environments, and how empathy-driven design can deliver 30x industry engagement. Jake also introduces "experience operations"—a strategic framework to reduce friction and increase value across user interactions.

[00:00:00] Jake introduces himself and his dual role as CEO and utility player at Data Protocol.

[00:02:10] Jake’s early insights into developer support while running the Application Developers Alliance.

[00:05:57] Explanation of Data Protocol’s platform, design, and high engagement rates.

[00:08:00] The initial platform vision and disconnect between developer needs and company support.

[00:10:57] Transition to “experience operations” and reducing friction in user interactions.

[00:12:37] Why Data Protocol builds its own content and the weaknesses of other developer video platforms.

[00:15:06] Challenges with white-labeling and maintaining high-quality engagement.

[00:17:26] Enterprise teams misaligned under marketing vs. product and its impact on DevRel.

[00:19:00] Jake’s background and how past roles helped him close early big-name clients.

[00:23:35] Learning enterprise sales without a traditional sales background.

[00:28:14] Rethinking the offer to support a broader customer base and scale sales.

[00:32:08] Misalignment between platform fit and developer ecosystem maturity.

[00:34:19] How Jake builds long-term enterprise relationships through strategic conversations.

[00:38:23] Maturing as a founder and shifting from short-term wins to long-term partnerships.

[00:40:41] Jake’s leap into entrepreneurship and the emotional and mental toll of building a company.

[00:47:01] Caring deeply about everything as a founder—and why it never gets easier.

[00:50:13] Avoiding false accountability and democratizing decision-making inside the team.

[00:53:54] Books that shaped Jake's thinking, including The Messy Middle and Isaacson’s Steve Jobs.

[00:57:14] Why you shouldn’t start a company unless you feel compelled to make it real.

Links:

• Jake Ward on LinkedIn: https://www.linkedin.com/in/jacobmward/ 
• Data Protocol: https://dataprotocol.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes speaks with Derek Delost, who shares his path from digital marketing burnout to agency ownership through the acquisition of DotYeti. Derek explains why starting from scratch wasn’t the right fit for him, how he navigated the risks of buying a business, and the realities of leading a team after a transition. He dives into the emotional and strategic challenges of the process—from deal structure to team restructuring—and how he’s positioning DotYeti to thrive in an evolving creative market. A must-listen for agency operators and aspiring business buyers alike.

Key Points From This Episode:

[00:00:50] Derek introduces DotYeti and its flat-rate graphic design model.

[00:02:02] Derek’s early career in digital marketing and creative collaboration.

[00:04:06] Burnout, tech transitions, and reevaluating life goals post-2020.

[00:05:07] How two books reshaped Derek’s view on entrepreneurship.

[00:07:53] Struggles with freelancing and why zero-to-one wasn’t appealing.

[00:10:14] The emotional cost of starting from scratch vs. buying a business.

[00:13:46] Why Derek originally didn’t want an agency—and what changed.

[00:15:18] Exploring “eternally profitable” service businesses.

[00:17:31] Why industry alignment and passion matter more than spreadsheets.

[00:19:24] Reframing the agency model as timeless, not obsolete.

[00:21:08] Building broker relationships that surfaced DotYeti early.

[00:23:03] LOIs, NDAs, and the initial deal structure.

[00:25:33] De-risking: financing, legal teams, and reputable intermediaries.

[00:28:06] The challenge of bank financing as a Canadian buyer.

[00:33:22] The importance of alignment with the selling founders.

[00:36:02] The risk of treating the transaction as purely transactional.

[00:37:39] “Burning the boats”: The emotional cliff of closing the deal.

[00:40:11] Breaking the news to a 40-person remote team.

[00:44:08] The CEO seat: urgency, decision fatigue, and communication.

[00:47:23] Navigating transparency and emotional weight in leadership.

[00:48:09] Strategic changes: moving away from “unlimited” design model.

[00:50:06] Restructuring the team to support higher-quality offerings.

[00:52:09] Finding DotYeti’s position in a saturated, AI-impacted market.

[00:54:10] Why service businesses can’t be truly passive income.

[00:55:06] AI isn’t a threat—it’s a tool in skilled hands.

[00:58:19] Book recommendation: How Brands Grow by Byron Sharp.

Links:

• Derek Delost on LinkedIn: https://www.linkedin.com/in/derekdelost
• DotYeti: https://www.dotyeti.com/book-demo
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com 

In this episode of Retained Trust, host Karl Hughes speaks with Christian Banach, a growth consultant for marketing agencies with a background that spans concert promotions, celebrity events, and enterprise sales. Christian shares how he started an events agency in high school and grew it into a 15-year business working with artists like Lady Gaga and Pitbull. He explains how those early lessons in relationship-building now inform his agency consulting work. The two explore how founders can build predictable deal flow, what it means to niche intentionally, and why long-term business development strategies outperform quick wins. Tune in for tactical advice on becoming the go-to partner in your niche.

Key Points From This Episode:

[00:00:0] Christian Banach shares how he started an events business in high school that grew into a celebrity-focused agency.

[00:03:31] A marketing agency engagement sparks Christian’s pivot into experiential and event marketing.

[00:04:47] Transition from concert promoter to business development expert in marketing agencies.

[00:06:21] Relationship-building as a growth lever — and how Christian got access to A-list celebrities.

[00:09:54] Why deal flow has slowed for many agencies and how to proactively address it.

[00:11:46] The danger of relying too heavily on referrals to drive new business.

[00:13:07] Importance of narrowing your agency’s focus to specific problems and audiences.

[00:15:29] Overcoming the fear of specialization while still leaving room for flexibility.

[00:17:39] Building a target account list and identifying ideal client profiles.

[00:20:18] Creating thought leadership content with original research to drive brand awareness.

[00:23:15] Tactical breakdown of how to conduct industry surveys and leverage them for outreach.

[00:25:02] Why long-term marketing is essential—and why short-term hacks don’t scale.

[00:28:16] The challenge of connecting with the right decision-makers in large organizations.

[00:30:17] Using multi-touch engagement and content to reach both influencers and buyers.

[00:31:08] How roundtables and virtual events can act as powerful lead-generation tools.

[00:33:05] Understanding what your prospects want beyond just your service offering.

[00:34:36] The reality of founder-led sales in early-stage agencies.

[00:36:04] Splitting the roles of lead generation and deal closing for better efficiency.

[00:37:53] Recommended budget for agency sales and marketing spend (8–12% of revenue).

[00:40:59] Risks and strategies around ownership of client relationships as you scale.

[00:43:22] How agencies can grow existing accounts through proactive ideation and internal marketing.

[00:47:12] The value of rediscovery calls and virtual face time with clients.

[00:48:32] Christian’s book recommendation: Winning Ugly by Brad Gilbert, and how it shaped his mindset.

[00:51:13] Final thoughts on resilience, persistence, and taking action to grow your agency.

Links:

• Christian Banach on LinkedIn: https://www.linkedin.com/in/christianbanach
• Christian Banach: https://christianbanach.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com