The SMB Investor

Ep. 31- Business Operating Systems for ETA and Small Businesses

Anthony Macleod shares his journey from entrepreneur to Pinnacle Business Guide, emphasizing the transformative power of business operating systems like EOS and Pinnacle. Discover how implementing these systems can drive focus, improve team alignment, and significantly increase enterprise value.

Ep. 30- Sales and Growth Strategy for Small Business Buyers

Tivan Amour shares his journey from being a serial entrepreneur to working with ETA (Entrepreneurship Through Acquisition) entrepreneurs. He discusses the importance of grit, patience, and the right mindset in entrepreneurship, as well as the transferable skills from startups to ETA. Tivan emphasizes the significance of sales strategies, experimentation, and building effective sales teams. He also provides insights for investors on assessing sales and growth potential in ETA entrepreneurs and the importance of systems in driving growth.

Ep. 29 - The Value of Industry Experience in ETA

In this conversation, Lisa Piercey shares her journey from being a physician to becoming a successful business buyer in the healthcare sector. She emphasizes the importance of industry experience in making successful acquisitions and building trust with stakeholders. Lisa discusses her approach to evaluating potential investments, structuring deals, and mitigating risks. She also highlights the emotional aspects of business buying and offers insights from her book, 'Natural Born Entrepreneurs,' which serves as a guide for mid-career professionals considering entrepreneurship through acquisition.

Ep. 28- Inside the Search Fund Playbook

In this in-depth conversation, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Jon Staenberg, Founder & CEO of Agate Hound Fund, to explore the evolution of search funds and the rise of microcap private equity. Jon shares firsthand perspective from the earliest days of search at Stanford Business School, how the traditional search fund model emerged, and why he views it as microcap private equity with a repeatable playbook. The discussion covers portfolio-style investing through a fund-of-funds approach, diversification and access for investors, and how demographic tailwinds are shaping the future of small business acquisitions. They also examine how the search ecosystem is evolving, differences between traditional MBA-led search and mid-career operators, and why technology and AI may meaningfully improve acquisition diligence, operating efficiency, and long-term outcomes in SMBs. This episode is essential viewing for investors, operators, and anyone interested in entrepreneurship through acquisition and long-term value creation in the SMB market. 👉 Subscribe for more long-form interviews on SMB investing and acquisition strategies.💬 Share your thoughts or questions in the comments below. 📩 Connect with the speakers: * Jon Staenberg LinkedIn: https://www.linkedin.com/in/jonstaenberg/ [https://www.linkedin.com/in/jonstaenberg/] * Jon Staenberg Email: jon@aggathound.fund * Agate Hound Fund: https://www.aggathound.fund [https://www.aggathound.fund] * Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/ [https://www.linkedin.com/in/sean-smith-47ab2a70/] * SMB Investor Network: https://www.smbinvestornetwork.com/ [https://www.smbinvestornetwork.com/]

Ep. 27- Understanding LP Agreements, GP Stakes & Fund Governance

In this interview, Sean Smith, Managing Partner at Search Fund Ventures and Founder of SMB Investor Network, sits down with Michael Huseby, founder of The Investment Lawyers, to break down the real-world legal dynamics behind LP agreements, fund structures, 506(c) fundraising, governance rights, waterfalls, fund expenses, and minority protections. Michael shares insights from his work across private equity, SMB acquisitions, real estate, private credit, venture capital, and SPV formation—explaining what LPs should look for, how GPs are negotiating deals today, and why trends are shifting toward cash-flow strategies. Topics covered include: * Why Michael left Big Law to start his own firm * His new book Fundamentals and why he “shares the sauce” * LP trends: cash-flowing strategies, anchor investors, and GP-stake asks * The rise of 506(c) and recent SEC guidance on accreditation * Governance: top protections LPs should check for in documents * Fund expenses: what’s reasonable, what’s not * Waterfall structures: simple to advanced, including GP catch-ups and dual waterfalls * How LPs should evaluate liquidity, continuations, and risk * Key pitfalls LPs commonly miss in documents * Why clear marketing disclosures protect GPs from securities issues Looking for an specific minute? 00:00 Introduction to Limited Partnerships and LP Agreements02:39 Transitioning from Big Law to Independent Practice05:33 Current Trends in Investment Strategies08:19 Understanding GP Stakes and Investor Influence10:59 The Shift to 506C and Public Fundraising13:25 Governance and Minority Protections in Investment Documents16:28 Key Considerations for Limited Partners19:09 Liquidity and Fund Structures21:35 Understanding Fund Expenses24:41 Waterfall Structures in Fund Distributions36:15 Conclusion and Resources for Further Learning If you're an investor, operator, or GP raising capital, this episode delivers a practical, plain-English deep dive from one of the most active fund attorneys in the SMB and alternatives ecosystem. 👉🏻 Subscribe for more interviews like this and share your thoughts in the comments. 📩 Connect with the speakers: * Michael Huseby – The Investment Lawyers: https://www.til.law/ [https://www.til.law/] * Michael Huseby LinkedIn: https://www.linkedin.com/in/michael-bjorn-huseby/ [https://www.linkedin.com/in/michael-bjorn-huseby/] * Fundamentals Newsletter: https://www.til.law/#newsletter [https://www.til.law/#newsletter] * Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/ [https://www.linkedin.com/in/sean-smith-47ab2a70/] * SMB Investor Network: https://www.smbinvestornetwork.com/ [https://www.smbinvestornetwork.com/]