Buy and Build is a weekly podcast that explores the nuances of buying and building small businesses, with a focus on the UK and Europe. If you are interested in small business acquisition or investing, then this show is for you! We will dissect the strategies and insights of small business owners, i
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…
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,…
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…
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…
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…
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…
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…
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/ ------------- 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…
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…
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…
In this episode, we're joined by Daniel Ewart, one of the youngest guests to date, who shares his unexpected entry into the search fund world. From his hands-on experience as an intern supporting proprietary outreach to launching an "interns as a service" business, Daniel offers a fresh perspective on deal sourcing and scaling support for searchers. Learn about the challenges of cold calling, the intricacies of sifting through data, and the unique approach Daniel is taking to help others in the search fund space. A must-listen for aspiring entrepreneurs and searchers alike! ----- We would…
In this episode of the Buy and Build podcast, Paul and Rob Liddiard (Paul's EOS implementer), have a fascinating discussion on the Entrepreneurial Operating System (EOS) and its implementation within Paul's business Amber Home Improvements. Host Paul and Rob explore the practicalities of scaling a business while remaining true to its core values, operational challenges, and long-term vision. Paul shares candid insights from his quarterly check-ins, touching on the impact of aligning teams with core values, navigating leadership challenges, and the benefits of right-person-right-seat…
To register for the practical IDS session with Rob Liddiard (Paul's EOS implementer), follow this link: https://us06web.zoom.us/meeting/register/tZ0rd-CprDkuH9YwmWrSyBm4-D7mDrybyfky --- Also, we still have 3 seats available for the early access, discounted price, for the next Buy and Build Accelerator. Grab your ticket now at: https://www.buyandbuildaccelerator.com/ - In this engaging episode of Buy and Build , Paul welcomes back Craig Brennan, a seasoned expert in buying and building multi-business groups. Craig shares insights from his extensive journey, growing his companies through both…
Still 3 seats available for the early access, discounted price, for the next Buy and Build Accelerator. https://www.buyandbuildaccelerator.com/ ---------------------------- In this episode of Buy and Build , we chat with Toby Henry, founder of Full Circle Capital, who shares his rapid journey from starting his search to closing his first acquisition in just six months. Toby dives into how he balanced a full-time job while navigating the self-funded search process, leading to the acquisition of Accelerator Solutions. We explore his creative deal structuring, the importance of partnering with…
Sign up now for the early access discounted price for the next Buy and Build Accelerator. https://www.buyandbuildaccelerator.com/ ------------------------ In this inspiring episode, Tobyn Brooks shares his incredible journey from overcoming personal challenges to building a thriving business with The Figaro Shop and now rolling up vehicle service centers. At the age of 13, Tobyn dropped out of school and fell victim to addiction, and shortly thereafter became a drug mule. After having spent 15-20 years on the streets, undergoing multiple surgeries to repair the damage done to his body, Tobyn…
Early bird access is live for the next B+B Search Accelerator, at a reduced fee for the first 5 sign-ups. https://www.buyandbuildaccelerator.com/ The date is still TBD but any conflicts can be refunded or rolled to the next event. Enjoy the podcast. ----- In this episode, we sit down with Fouzan Ali, an operator-turned-investor who recently closed his first acquisition, a 32-year-old business with strong foundations and growth potential. He shares his unique approach to scaling while focusing on operational efficiency and long-term value creation. We dive into his search process, key…
Only 1 week to go to until the Buy and Build Search Accelerator. If you want to acquire a great business, quicker, come and learn from these experts. https://www.buyandbuildaccelerator.com/ -------------------------------------- In this episode of The Buy and Build Podcast , host Paul chats with Mark Wharrier, co-founder of Scientific Partners, about his transition from UK equity fund management to acquiring niche industrial businesses. Mark shares insights into his acquisition strategy, focusing on founder-led, high-margin companies with untapped growth potential. Tune in to hear Mark's…
This week on Buy and Build , we sit down with Harry Morton, founder of Lower Street Media, a full-service podcast agency that recently made headlines by acquiring Pacific Content, the leading name in branded podcasting. In this episode, Harry shares the fascinating backstory behind the acquisition. When Rogers Communications decided to offload Pacific Content as a non-core asset, Harry saw an exciting opportunity. Leveraging his strong relationship with Pacific Content's senior team, he moved quickly to seal the deal. Of course, the road to acquisition wasn't without its challenges—tune in…
This week Paul gives a quick update on his first 2 years operating Amber Home Improvements, the future of the podcast, and past and future investing activities with Citium Capital. --> If you are a searcher looking to acquire the right business quicker while avoiding costly mistakes. Check out the Buy and Build Accelerator and sign up before seats get sold out. https://www.buyandbuildaccelerator.com/ For those interested in learning more about EOS, reach out to Rob Liddiard who is offering a free introductory session to those in the community. [email protected]
This week we speak with Steve Lawrence, CEO of Uncomplicated Group. Uncomplicated Group is looking to buy injection moulding businesses from exiting or retiring owners. As hands-on operators, they have completed their first acquisition and are actively seeking more. During the episode we get into how Steve heard about ownership via acquisition while working within the sector he eventually acquired in, we discuss his investment thesis for the group, and we dive into the challenges of operating a smaller, more resource constrained injection moulding business. Paul and Steve also get into how…
This week, our guest is Tara Mandal, Partner and COO of PEAL Capital Partners. Before joining PEAL, Tara had an illustrious career at J.P. Morgan, where she crossed paths with Paul in Geneva. We're also joined by Allison Stuckless as co-host. Allison, also a former J.P. Morgan alumna, is now a UK- based traditional search fund entrepreneur. PE AL Capital Partners is a female-founded, European based, lower mid-market private equity firm specializing in control investments within the rapidly growing sector of Longevity and Hormones. During the episode we cover why the PEAL team decided to…
If you are a UK-based searcher looking to accelerate your search, we are running another full-day Search Accelerator on the 26th of September. Learn more here: https://www.buyandbuildaccelerator.com/ ------- This week we speak with Tom Billings, Managing Partner of Beach Equity. Beach Equity invests £2-10m in SME buyout and growth investment opportunities. During the episode we discuss Tom's fascinating background starting with studying in the US, then leading a PE-backed company in China, to starting Beach Equity. We also discuss what makes Beach equity unique, what they look for when…
To accelerate your search and acquisition journey, join the next Buy and Build Accelerator, in September. https://www.buyandbuildaccelerator.com/ This week we speak with Will Hunnam, the former searcher-turned-CEO of Forza Doors. Will has a fascinating background which lead him to decide to take the ETA path. Early in his ETA journey, Will was considering acquiring a £1-2m revenue self-funded deal but ended up acquiring a £30m revenue business with the help of a group of investors, using the more traditional search fund path. During the episode we discuss Will's ETA journey, his partnership…
To accelerate your search and acquisition journey, join the next Buy and Build Accelerator, in September. https://www.buyandbuildaccelerator.com/ This week we speak with Jack Minns, Corporate Transactions partner at Larking Gowen. Jack has a wealth of corporate finance experience, generally representing sellers looking to exit the business. During the episode, we discuss the definitions and components of working capital, the common issues and contested areas, and the adjustment mechanisms post-close, namely a working capital peg or the locked-box method. We hope you enjoy this conversation…
In this episode, we speak with Jim Ward about his inspiring acquisition journey to acquire a successful family-led business in the chemicals industry. Jim is an experienced chemical engineer and MBA graduate who had considered the ETA path for some time before taking the leap. In this episode, Jim shares his thoughtful insights to searching in the UK. Jim took what would be considered an unconventional approach to searching, sector selection, deal origination, and fundraising; but that wasn't going to stop him. It is clear that all Jim's decisions were very well researched and supplemented…
In this episode, we explore the dynamic UK debt landscape with a new searcher, Scott McGregor. Scott brings extensive experience in finance and private equity, and as a new searcher, he recently undertook the task of examining the broader UK SME cash flow lender landscape. He then shared his findings on Searchfunder, generating considerable engagement. We thought it would be beneficial to bring his insights to a wider audience through this podcast. Scott does a fantastic job communicating his findings with clarity of thought and a deep understanding of the topics. You are going to love this…
In this episode, I had the pleasure of reconnecting with Sam Turner, a friend and return guest to the podcast. Sam was a guest on episode 20, about 2 years ago. At that point, he had completed his first acquisition and he laid out a very ambitious growth plan. Since then, Sam has completed a further 3 acquisitions and although his sector strategy has broadened, it is fair to say his goals are even more ambitious than 2 years ago. We love to see that! During the episode we recap Sam's journey thus far, the challenges and strategies he used to find the right debt partner, his experience…
In this episode, I had the pleasure of discussing the intricacies of acquiring and operating a franchise operation with Ruth Brown, COO of Home Instead, and Mahdi Kaz, a multi-unit franchise owner within the Home Instead network. We cover a lot of ground in the episode including: Common misconceptions of the franchise model, The resale and acquisition opportunities, The benefits franchising offers, especially in sectors like healthcare and social care, The importance of partnership between franchisor and franchisee within the Home Instead model, and finally Mahdi shares his personal journey…
Today we speak again with Jordan Hammond, who returns to speak about his experience implementing EOS in his business. As a reminder, Jordan owns Genuine Comfort, which he grew from scratch to $5m in turnover before turning to strategic acquisitions to nearly triple his top line while simultaneously doubling the profit margins. To learn more about his acquisition journey, jump back a couple of episodes to learn more! According to Jordan, a big part of successfully integrating those acquisitions and the subsequent growth was due to the Entrepreneurial Operating System. During the episode, we…
In this episode, I had the pleasure of sitting down with Rob Liddiard, a professional Entrepreneurial Operating System (EOS) implementer, to reflect on an insightful morning where he introduced the EOS principles to my team at Amber Home Improvements. Before becoming an EOS implementer, Rob was the founder and CEO of Yapster, a workplace messenger app for frontline organisations. Rob self-implemented EOS in his startup and the impact on his business was profound. Since exiting Yapster, Rob has been focusing on helping others implement EOS in their business. During the episode, Rob and I work…
About Buy and Build
Buy and Build is a weekly podcast that explores the nuances of buying and building small businesses, with a focus on the UK and Europe. If you are interested in small business acquisition or investing, then this show is for you! We will dissect the strategies and insights of small business owners, i
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