The SMB Deal Hunter Podcast

Mike Fagan is a former professional bowler who spent 13 seasons on the PBA tour before getting his MBA at UC Berkeley Haas and working in management consulting. In April 2025, he acquired Ten Pins and More, a bowling alley in Rio Rancho, New Mexico, for $2.05 million including real estate via SBA 7A financing. The bank classified the deal as a turnaround. Today, he owns two locations with a third on the way, operates remotely from Dallas 600 miles away, and is scaling toward $8-10 million in revenue across 3-5 locations.He explains:◼️ Why bowling alleys are undervalued, below replacement cost, and have almost no competing buyers◼️ How he got SBA financing on a deal the bank said wasn't cash flowing enough to cover the payments◼️ The zero-COGS economics behind bowling and why the business fills itself four days a week without marketing◼️ How he went from flying in every week for nine months to running the business fully remote from 600 miles away◼️ Why his pro bowling background gives him an acquisition advantage that no other buyer in the space can replicateSubscribe to the SMB Deal Hunter newsletter (200,000+ subscribers): Join for free here Want help buying a business? Learn about SMB Deal Hunter ProFollow Helen:Twitter: https://x.com/HelenGuo_LinkedIn: https://www.linkedin.com/in/helen-guo-06674523/

Sam Silverman raised $125 million in investor capital almost entirely through LinkedIn cold outreach solo, no team, no fund behind him. He deployed that capital into a paving company roll-up with four acquisitions in 18 months, an accounting firm he built from scratch, and a private credit fund. He started as an SDR making $37,000 a year.❌ No finance degree❌ No Wall Street background❌ No inherited deal flow — 95% of his capital came from LinkedInIn this episode, Sam breaks down exactly how he went from cold messaging strangers on LinkedIn to managing a portfolio of boring businesses backed by $125 million in investor capital.Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyzWork With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz/🔥 WHAT YOU'LL LEARN:✅ How he raised his first $20-30 million entirely through LinkedIn cold outreach by targeting people in his own industry, and the peer-to-peer approach that made strangers trust him with six-figure checks✅ The specific LinkedIn Sales Navigator tactic he uses to find investors at the exact moment they can deploy capital — people who switched jobs in the last 90 days and can roll their 401k into a self-directed IRA✅ Why he chose paving over HVAC, landscaping, or any other blue-collar roll-up — and how one concrete acquisition would add $2 million EBITDA to the bottom line on day one✅ How he structures deals so sellers stay on and actually enjoy working post-acquisition, and why every new LOI in his pipeline came as a referral from a previous seller✅ The 1.5-2x equity step-up structure he recommends for first-time buyers who want to acquire a business with little or no capital of their own✅ Why he says go bigger on your first deal — and the specific risk he sees in buying anything under $1 million in EBITDA✅ Where to find investors if you have no track record, no credibility, and no network — and why he says industry conferences are the worst place to look

Join me as I sit down with Fred McGill from Atlanta, Georgia–a former startup founder who made the leap into small business acquisition.Exactly one year ago, Fred acquired Bray Electrical Services, an electrical contracting business. In just 12 months, he’s grown the top line by $650,000, while still running his real estate brokerage on the side.If you’re thinking about buying a business in the trades or want a real look at what it takes to scale one, don’t miss this story._______________________________👉 Subscribe to the SMB Deal Hunter Newsletter — free weekly deals & insights: https://join.smbdealhunter.xyz🤝 Work with me and my team 1-on-1 to find, finance, and close your acquisition in 6–12 months: https://pro.smbdealhunter.xyz

Join me as I interview Dominic Wells, the CEO of Onfolio, a publicly traded portfolio of around 20 internet businesses ($ONFO).Dom went from making $1-$2K/month teaching English in Taiwan 10 years ago to acquiring about 40 online businesses over the past decade._______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Find, Finance, and Acquire a Business in 6-12 Months: https://pro.smbdealhunter.xyz

Join me as I interview successful acquisition entrepreneur Mitchell Sorkin.Mitchell left the startup world after bootstrapping his business Stack Influence to $1M. He then got into acquisition entrepreneurship by buying ATM routes. Mitchell first bought 3 ATMs in Oct. '21 and now owns 800+ ATMs. _______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

Here's a number that should make you uncomfortable.98% of the time, when a CPA digs into a business's financials, the real EBITDA comes back different from what the seller claimed.And we're not talking about rounding errors. The real EBITDA is a different number entirely.Sometimes it's 5% off. Sometimes it's 50% off. And in about a third of cases, the deal dies right there.That number comes from a CPA who's done over 200 quality of earnings reports, on both the buy side and the sell side.This week, I sat down with Mubarak Shah, a CPA, M&A advisor, and QoE specialist who also works with our members inside the Pro program.Mubarak started his career in audit, became VP of Finance at a startup that raised a $10M Series A, and cut his teeth doing QoEs at firms that served private equity clients. He's now completed over 200 of them.He's seen every trick in the book. And in this episode, he walks through exactly what sellers do to make their businesses look more profitable than they are.Here are some of the highlights from the deep dive:🔥 The seller accounting trick that sails right past SBA underwriting and can cost you millions (it's shockingly simple)🔥 Why your bank's underwriting isn't designed to protect you, and what it's actually designed to do instead🔥 The one M&A concept that nobody actually understands that led to a seven-figure lawsuit🔥 A breakdown of exactly what happens during a QoE, what it costs, how long it takes, and why the biggest bottleneck has nothing to do with the accountant_______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

You'd think a CPA with six years at a Big Four firm and four years in investment banking would catch every red flag in a small business acquisition, right? Wrong. Rushi missed three big ones on his first deal. He overpaid on the franchise.He didn’t realize 25% of the franchise’s global locations were packed into his backyard. And the business had to close for four months a year, which sounds great until your GM quits because they can’t afford to go all winter without a paycheck.That was just deal #1. He was crazy enough to go back for round 2…Here's what makes this episode worth watching...🔥 How his second deal ended up being a one-man business with 90% margins (and how he grew it 20% in the first year)🔥 How he brought his first acquisition to break even (after a disastrous start)🔥 Why he’s going all in on business acquisition (and his third acquisition target)_______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

Join me as I interview successful acquisition entrepreneur Steve Keller.We discuss how Steve went from being a cameraman with zero business background to buying and selling two crime scene cleanup businesses._______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

Join me as I interview serial acquisition entrepreneur Ujwal Velagapudi.Ujwal left his corporate career working in supply chain management to buy small businesses. His experience spans a variety of industries, from buying a local sports bar and gym (among others) to now focusing on amusement vending machines. _______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

Join me as I interview Gretchen Roberts, an entrepreneur who acquired Red Bike Advisors, a remote-first accounting, tax, and advisory firm based in Wilmington, NC.What makes Gretchen’s story unique? She’s not a CPA and doesn’t come from an accounting background. Before buying the firm, she worked in marketing at a major public tech company. Now, she owns and operates a professional services business — without ever having prepared a tax return._______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Find, Finance, and Acquire a Business in 6-12 Months: https://pro.smbdealhunter.xyz

This week, I sat down with Savannah Rush, Managing Partner at Funded Ventures.Savannah went from McKinsey consultant to owner-operator of Midway Electric in Columbia, Missouri. She and her partner Brian Wolf (who I interviewed previously) have closed two home services deals and are laser focused on building a long-term holding company.She's not aiming to flip or exit. Her goal is to build a compounding machine. Here are some of the highlights from the deep dive:🔥 How she went from "ETA skeptic" to running an electrical company in a market where she doesn't exactly look like the typical president🔥 The state of the business when they bought it (everything was on paper, hourly rates were 40% below market, and the owners were barely holding on)🔥 How they turned it around in months, including the pricing conversation with the team that actually got buy-in🔥 Why they're willing to go "super, super small" on acquisitions when everyone else says to go biggerHere's her must-watch breakdown...She also shared some things I don't hear enough people admit out loud:❓ Why she was nervous about stepping into the role ❓ The one thing her McKinsey background didn't prepare her for ❓ Why "being involved in the community" has become one of their biggest unlocks for finding proprietary deals

Michael and his partner, Ashish, only buy businesses that are $5M+ in EBITDA (way above the SBA limit).He aims to buy a new one every year. And the last two he bought, were completely off market. To that point, 90% of his sourcing is off-market.No BizBuySell. No broker bidding wars. Just relationships built over time at conferences, through colleagues, and by doing a lot of outreach. But we’ll get to that. First, a little bit of background…Michael is an Air Force veteran and former private equity analyst. He and his partner run Skyline Partnership, a holding company with two acquisitions: a cybersecurity software developer and an HVAC company doing $13-15M in revenue.They’re aiming to build a holding company that they can pass off to their children. One that’s built to last. And they’re just getting started. And in today’s interview, we dive into a few topics: 🔥 The off-market sourcing playbook that's landed both of their deals (no brokers involved)🔥 How many companies you actually have to reach to close one deal a year at their scale (the number might surprise you)🔥 Why they send direct mail to business owners in target geographies (and what actually gets through)🔥 The CRM habit that keeps cold leads alive until they're readyHere's his must-watch breakdown...He also shared some tactical advice I don't hear often:❓ Why he thinks most searchers are "too agreeable" with brokers (and how to push back)❓ What to do when a seller says "not interested" (hint: don't delete them)❓ The industries he's most bullish on right now (they’re not the ones you usually hear)And moments like this..."We bought an HVAC company from a private equity firm. The old GM showed up, gave us a tour, handed us the keys, and said 'good luck.' No transition. No documentation. Nothing. The first two weeks is the first time in my life I've actually lost hair."— Michael_______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

You've probably done this…You found a listing you liked. You sent the NDA. Maybe you even fired off a quick note about your background and the things you’d like to learn.Then... nothing.A week later, the deal’s under LOI. No call back, no response to your request. Here's what you didn't see:That listing probably got 65 inquiries in the first few days. Of those, 10 of them came in prepared.The rest never got a serious look. Not because they weren't qualified but because they didn’t understand how to cut through the noise and get the broker’s attention. This week I sat down with a broker who's going to show you exactly what happens on the other side of a business acquisition.Alejandra has been doing this for years. She started in Miami, sold her first business in 4 months, got recruited into Deloitte's M&A practice, and recently joined our team as an M&A advisor inside the Pro program.She's seen hundreds of deals and dealt with countless buyers. Most of them make the same mistakes.Here’s are some of the highlights from the deep dive: 🔥 Alejandra goes through what the first 48 hours look like from the broker’s perspective when a hot listing goes up🔥 She shares the three documents she needs before she'll present you to a seller. (Most buyers only send one)🔥 She shares loads of war stories on deals that went bad and what you can learn form them🔥 And she pulls back the curtain on why brokers often don’t return calls, why ‘cash offers only’ listings are usually not serious, and how you can stand out from the crowd when competing for a popular business._______________________________👉 Sign Up For Free to the SMB Deal Hunter Newsletter: https://join.smbdealhunter.xyz🤝 Work With Me to Help You Buy a Business: https://pro.smbdealhunter.xyz

This week's episode starts with a horror story.Joe and Colin from Circle City Capital Group bought their first business together in 2018. After meeting on Craigslist (yes, seriously)They bought an overnight delivery route business specializing in auto parts. They started with 5 routes and put in less than $100k to acquire the business.But on their first night as owners…two drivers didn't show up.So Joe and Colin got in the trucks themselves. And for the next few months, that became the routine. Driving 400 miles a night. Colin doing it while still working a full-time job.The business ran their lives.So why did they go on to buy 14 more?Because somewhere in that chaos, they figured out how to work on the business vs in it. Hiring an operator. Getting out of the day-to-day. And beginning to scale. Today they've done 15 acquisitions across consumer brands, e-commerce, and financial services. Every business in their current portfolio has a GM or CEO in place. And they're closing three more deals in Q1 of 2026.Here's are some highlights worth watching...🔥 The 11:30pm Denny's interviews that helped them find their first real operator🔥 How they flipped that nightmare first business to a PE firm in 18 months🔥 The "two filters" they now run every deal through before buying 🔥 A story involving train tracks that explains why they tell people to work in a small business before buying one