Masters in Small Business M&A – Détails, épisodes et analyse

On today’s episode, Kyle Tucker, founder of Tucker’s Farm Corporation, joins Peter Lehrman to share his journey from big league private equity and hedge fund land to creating a unique investment platform focused on roll-ups in the lower middle market. 

Kyle shares how early inspiration from Warren Buffett and experiences in private equity shaped his approach to long-duration, high-compounding investments. They discuss Tucker’s Farm's focus on aggregation strategies, the importance of friction in deal sourcing and in deal execution, and why Kyle prioritizes operational scale over traditional private equity paths.

Discussion Points:

• Kyle Tucker’s early inspiration and career path through Apollo and Viking
• The appeal of value investing and structured private equity strategies
• Discovering the potential of roll-ups and aggregation strategies
• Founding Tucker’s Farm and its focus on high-compounding investments
• Structuring deals for flexibility and identifying true compounders
• Lessons from launching a med spa roll-up and handling early setbacks
• The role of friction in sourcing and why opacity creates opportunity
• How Tucker’s Farm balances operational scale with investment judgment
• The evolving private equity landscape and navigating market saturation
• Kyle’s perspective on staying in the lower middle market while scaling horizontally

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for qualified business owners to confidentially explore growth capital and exit transactions with the lower middle market’s top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Today’s guest is Lance Fenton, a Partner at Serent Capital, a private equity fund investing in bootstrapped vertical market software businesses. In this episode, Lance breaks down Serent’s software investment thesis, how it evolved over time, and how they think about sourcing, returns, hold period, and the future prospects of these niche businesses.

Lance shares how Serent approaches value creation, the importance of high gross retention, the role of pricing optimization, and how they are responding to AI’s arrival as a threat and opportunity across their portfolio. Lance shares an unusually transparent and candid look at Serent’s direct sourcing model, why they prioritize long-term relationships with founders, and what makes an investment business truly great over decades of success.

Discussion Points:

• Serent Capital’s transition from B2B services to vertical market software
• Why high recurring revenue and high ROIC drive investment decisions
• The adoption curve of Vertical Market SaaS: from on-premise to cloud and beyond
• How shifting to SaaS from on-premise improves net revenue retention
• The role of payments in vertical software and its impact on valuations
• How Serent thinks about downturns and risk in underwriting deals
• The key attributes Serent looks for in vertical software investments
• Why pricing strategy is a critical lever for growth
• The role of AI in the evolution of software businesses
• Why Serent prioritizes direct sourcing over intermediated deal flow
• The challenges and advantages of a long-term sourcing approach
• How PE firms evolve and sustain long-term success

Masters in Small Business M&A (sign up for podcast drops here) is produced by its host Peter Lehrman and the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially explore growth capital and exit transactions with top-ranked lower middle market M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Today’s guest is Rafael "Rafa" Quinn, co-founder and President of Alternative Holdings, a diversified holding company with subsidiaries in food services, retail, industrial sales, and business process outsourcing. 

Rafa’s origin story has already been covered in other podcasts, so we instead begin in 2011 with his first deal, an industrial sales distribution company in Panama. Rafa shares how that first deal helped shape his long-term philosophy on evaluating companies, including the two recent water business acquisitions.

We then proceed to cover topics such as the horizontal Holdco model, advantages of vertical integration, and playing to your strengths as an investor. We close out the conversation with Rafa emphasizing how his strong partnership with his business partner has been critical in both overcoming obstacles and sustaining his ongoing passion and dedication to a career as an investor.

Discussion points:

• Rafael’s first deal and establishing HQ in Panama 
• Adapting to market changes in energy sources
• Inventory consignment vs distribution model
• Horizontal holding companies vs. vertical integration
• Warren Buffett’s approach to post-acquisition incentive alignment 
• The practical application of zero-cost budgeting
• Adding value without being needed in the day-to-day
• Rafael’s philosophy on long-term growth strategies and investment 
• Intangible qualities of good business brokers
• Benefits of finding the right business partner

Masters in Small Business M&A (Subscribe to Masters in Small Business M&A)  is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and professional capital partners. In every episode, we explore the dynamic world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test.

If you’d like to go deeper, head to Axial.com, where we make available the Axial member directories, downloadable tools for dealmakers, the Axial quarterly lower middle market investment banking league-table rankings, the SMB M&A pipeline report, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Subscribe to Masters in Small Business M&A

Resources:

Today’s guest is Matt Plooster, founder and CEO of Bridgepoint, a boutique investment bank based in Omaha, Nebraska. We start the conversation with a background on private credit and its origins. From there we proceed to cover its growth, its arrival in the lower middle market, and how business owners can think about its features, risks, utility and applicability. We close out the conversation by getting into specific lower middle market transactions where private credit has been central to the outcome. 

Discussion points: 

• The rise of private credit in the private market 
• How non-bank financing has evolved post-2008 crisis 
• Mezzanine vs. unitranche debt 
• Comparing private credit to traditional bank lending 
• Non-control transaction success with private capital 
• Case study demonstrating the effectiveness of buyout transactions 
• Long-term engagement benefits 
• The appeal of fewer covenants and no personal guarantees 
• Crucial role of pre-market quality of earnings 
• Private credit's future potential for market inefficiencies 

Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research, and connect with top-ranked M&A advisors and capital partners. Masters in Small Business M&A explores the vast world of small business acquisitions, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. 

If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. 

Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. And if you have an interesting guest in mind, feel free to drop us a line.  

Subscribe to Masters in Small Business M&A 

Resources: 

Matt Plooster LinkedIn 

Bridgepoint Investment Banking 

Peter Lehrman LinkedIn 

Axial Website  

In this episode, we interview Bob Falahee, the recently exited founder of SunPro Motorized Awnings & Screens.  

Bob’s entrepreneurial origin story starts in Michigan, where he was a sales leader for a semi-truck trailer manufacturer. Bob and his family left behind the cold winters of Michigan for Florida, where he founded SunPro with $36,000 in seed capital. He went on to expand SunPro from a local retractable awning business to a wholesale manufacturing leader in the category. 

The conversation reviews SunPro's founding story, its strategic growth and his daughters' pivotal involvement on the finance and retail sides of the business. We also dive into the mind of the founder on the exit process.  When did Bob start thinking about exiting?  What drove his timing and thinking?  How did he start learning about what goes into a successful exit? Bob recounts the impact of cultural fit in selecting an investment banker and walk through how he thought about strategic succession planning and M&A preparation. 

Discussion points: 

• Bob’s first exit from a successful Michigan semi-trailer business 
• Family relocation to Florida and the search for a small business 
• Turning a partnership with a local awning business into a new company 
• Growing the business with dealer-centric service 
• Streamlining production via software and improved delivery 
• SunPro's strategic growth and family-driven retail expansion 
• The importance of five-star reviews for business growth 
• Preparing for an exit 
• Cultural and expertise alignment in investment bank selection 
• The structure of the sale to Hunter Douglas 

• Post-exit personal transformation and venturing into new businesses 

Masters in Small Business M&A is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially discover, research and connect with top-ranked M&A advisors and capital partners. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, acquirers, and M&A advisors whose strategies and methods are being put to the test. 

If you enjoy the podcast, we’d love a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. 

Click the link below to join the podcast newsletter list. We’ll notify you when a new episode is published. 

Subscribe to Masters in Small Business M&A 

Resources: 

Bob Falahee LinkedIn 

SunPro Manufacturing 

Peter Lehrman LinkedIn 

Axial Website  

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In this episode, Glenn Oken, Managing Director at Mangrove Equity Partners, sits down with host Peter Lehrman to discuss the evolution of Small Business M&A, from the late ‘80s to present day. 

The conversation starts with Glenn’s entry into the M&A scene, and the challenges and opportunities of closing transactions before the internet. Glenn shares his insights on the major changes in deal sourcing methods over his career, valuation drift, and the growth of sell-side M&A advisory in the lower middle market. The conversation wraps up with a deep dive into the operating partner model, how early Mangrove was in institutionalizing this model, and how significantly it has influenced the firm’s culture and way of partnering with business owners. 

Additional Discussion Points:

• The birth of Florida Capital Partners
• Closing deals in the 90s
• Evolution of private equity investing
• The impact of internal operating partners
• The power of add-on acquisitions
• Integration strategies and dual branding
• Leveraging reputation in competitive transactions
• Sourcing strategies
• Complexities and opportunities in deals
• Advice for young professionals exploring private equity

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform.  In every episode, we seek to explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Glenn Oken LinkedIn

Peter Lehrman LinkedIn

Axial X

Axial Website 

Today’s guest is Clint Fiore, a small business operator turned M&A broker and the President of Bison Business, a Texas-based business brokerage transacting in both Main Street deals and the lower middle market. 

Clint lays out his four different archetypes of business brokers, what makes them tick, and how private equity investors and SMB acquirers can best modify their approaches to successfully close deals with any of them.

Discussion points:

• Why Clint decided to starting his own business brokerage
• The 80/20 rule of brokers
• LOI language tweaks that will resonate with owners and business brokers
• Building relationships to get an angle on a broker’s deals
• How to handle real estate brokers moonlighting as M&A brokers
• The future of M&A brokerage
• Ensuring trust, reliability, and cost-effectiveness in deals

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources: 

Clint Fiore LinkedIn

Clint Fiore X

Peter Lehrman LinkedIn

Peter Lehrman X

Axial Website

In this episode, Mike Botkin, founder and CEO of OneOutdoor Holdings sits down with Peter Lehrman. The conversation starts with the OneOutdoor Holdings origin story (hint: Mike was in bed at the time). Mike goes into how and where he sourced his first deal, how he structured the deal, and OneOutdoor’s strategic shift from residential to commercial landscaping businesses. 

From there, Mike reveals how he kept his acquisitions on track with a simple “main thing” due diligence playbook, focusing on contracts, talent, equipment, and high quality candid conversations with sellers. The episode concludes with a deep dive on leadership talent and, more specifically, the intangible and nuanced considerations that are associated with retaining every owner post-closing.

Discussion points:

• Trade business career progression and property management
• Impulsive purchase of landscaping business
• Thoughts on an employee quitting for self-employment
• Differences and value in commercial landscaping
• Seller profiling in business acquisition
• Building strong relationships in business
• Relationship and expansion in the landscaping market
• Next steps and expansion plans
• The pursuit beyond money

This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test.

If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources: 

Michael Botkin LinkedIn 

Peter Lehrman LinkedIn 

Axial Website  

Today Peter Lehrman speaks with Emily Holdman, the Managing Director at Permanent Equity, about the intricacies of due diligence. The conversation delves into the importance of creating a powerful diligence team when preparing to sell a business, highlighting the roles of an M&A attorney and an M&A advisor. Emily also discusses the concept of internal diligence and the importance of forging strong relationships in buyer-seller dynamics. She emphasizes the significance of trust-building and ethical behavior for successful deals. The discussion also touches upon the importance of understanding the source of funding and anticipating changes in financial projections during the diligence period.

Permanent Equity invests in private companies deliberately built for long-term success. The company commits for the long haul with 30-year funds, no intention of selling, and rarely uses debt.

Discussion points:

• The recent exhaustive document on due diligence by Permanent Equity
• Roles and strategies for creating a powerful diligence team
• Importance of an M&A attorney and advisor in the process
• Internal diligence in business selling
• Trust-building and ethical behavior in deal success
• Understanding funding sources and anticipating financial changes
• Assembling a business selling team
• Advantages of hiring a professional M&A advisor and attorney
• The process of assembling a diligence team for business selling
• Building trust in buyer-seller relationships and understanding the source of funding
• Ethical behavior during the diligence process
• Strategic art of business sale preparation
• Contact us with your podcast topic ideas!

We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there a...

In today’s episode, Peter Lehrman sits down with Chris Gallagher, CEO of Gallagher Fluid Seals, a family-owned distributor and manufacturer of fluid sealing products. Chris worked in the family business on the factory floor in his teens and returned to the business after a significant chapter in strategy consulting. In January 2017, the company executed the next phase of its succession plan, with Chris’ uncle retiring and Chris becoming Gallagher’s next CEO.    

In a wide-ranging and highly authentic conversation, Chris discusses: 

• The stop and start acquisition history of Gallagher and why that’s changing
• Lessons learned from the first acquisition Chris led
• How Chris navigates family-owned shareholder dynamics 
• Techniques for winning deals and building relationships in M&A
• Re-investing in Gallagher versus distributing dividends
• Strategies for effectively sourcing and integrating acquisitions
• The impact of outside board members on Chris’ development as a CEO

We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test.

If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, M&A advisor rankings, and lots of other useful information for owners exploring exits and acquisitions. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com.

Resources:

Chris Gallagher LinkedIn

Gallagher Fluid Seals

Peter Lehrman LinkedIn

Axial Website