Episodes
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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 preserving institutional knowledge
Going from paper-based processes to a digitized, scalable business
The long-term vision for growth and product expansion
If you’re in the ETA, SME, or search fund ecosystem—or just curious how someone turns infrastructure failure into a growth business—this one’s for you.
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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 acquired SME or navigating leadership within a partnership model, this candid discussion is packed with insight for anyone in the buy-and-build or search fund world.
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For searchers looking to accelerate their acquisition journey, there are still a few seat left on the 17th June, in London. book your ticket here: https://www.buyandbuildaccelerator.com/
For those looking to learn more about EOS, Rob Liddiard, the implementor mentioned on this episode is offering the searcher community a free introductory session. Reach out to him on [email protected].uk
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Missing episodes?
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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 acquisitions, and current investments, discussing adjacent TAMs, recurring revenue models, roll-ups, and why execution matters more than spreadsheets.
Whether you're a searcher plotting your first acquisition or an investor scanning for red flags, this conversation is packed with candid insights and war stories on what it really takes to build enduring businesses.
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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 — including the possibility of an IPO. If you're interested in buy-and-build strategies, private equity partnerships, or scaling a business through acquisition, this is an episode you won’t want to miss.
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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/
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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 apprentices and outsourcing non-core functions to overhauling commercial performance and planning a new service division.
We dive into the realities of making an acquisition from a retiring owner, managing legacy teams, implementing tracking and bonus systems, and how he uses his tech background to drive efficiency.
This is a candid look at the transition from acquisition to active ownership, filled with insights for anyone stepping into a small business post-close. Enjoy!
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For anyone interested in EOS, Rob Liddiard is offering the buy and build community a free introductory session. As you know, Paul uses Rob to help implement EOS at Amber Home Improvements and it has been a game changer. You can reach out to him at [email protected].uk
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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 investors.
Tune in for an engaging discussion packed with actionable advice for searchers, operators, and anyone considering the buy-and-build path!
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The the next Buy and Build Acquisition Accelerator will be taking place in late spring and we have gone live with discounted tickets while we pick a date. Check out: https://www.buyandbuildaccelerator.com/ to learn more.
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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 for in scalable businesses, his founder-friendly investment approach, and why cash flow is king.
Whether you're an entrepreneur, investor, or just fascinated by the business of building companies, this episode is packed with raw insights and hard-earned wisdom.
Check out the Middleton Enterprises website: https://middletonenterprises.com/ for more on thier investment criteria.
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There are still seats available for the next Buy and Build Acquisition Accelerator in just over a week's time. Check out: https://www.buyandbuildaccelerator.com/ to learn more.
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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!
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We would recommend reaching out to Rob for a complimentary introductory session to learn how EOS can help you and your business goals. visit www.mission-group.co.uk or email Rob at [email protected].uk to learn more.
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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 decisions. The conversation highlights a standout success story about restructuring a key sales role, leading to record-breaking quarterly sales and revitalizing team morale.
Listeners gain a behind-the-scenes look at operational strategies, from using the Vision/Traction Organizer (VTO) to tackling real-world issues like market shifts, employee retention, and cultural alignment. The discussion is enriched with relatable anecdotes, practical EOS applications, and valuable lessons on maintaining accountability and fostering growth in a dynamic business landscape.
Whether you're an entrepreneur exploring EOS or a business operator looking for actionable insights, this episode offers an honest and inspiring perspective on running and scaling a small business.
We would recommend reaching out to Rob for a complimentary introductory session to learn how EOS can help you and your business goals. visit www.mission-group.co.uk or email Rob at [email protected].uk to learn more.
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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
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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/
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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 organic growth and acquisitions across diverse sectors. With his origins in community sports coaching, Craig expanded into PPA educational services and eventually entered the nursery market, applying a systematic, acquisition-driven strategy to broaden his portfolio.
The discussion dives into Craig’s approaches to deal flow, acquisition criteria, and the delicate balance of integration without micromanagement. He explains the critical role of delegating operational tasks to a trusted team, which allows him to focus on deal-making and high-level strategy. Craig also shares how he implemented the Entrepreneurial Operating System (EOS) to align his team around a unified vision, enhance accountability, and prepare his businesses for sustainable growth.
Listen in to gain insights into managing acquisitions at scale, navigating complex deal structures, and leveraging EOS to foster organizational resilience and growth. Enjoy!
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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 the right people, and how family support played a key role in his decision-making.
Tune in to hear valuable insights into Toby's criteria for selecting a business, his approach to growth, and future plans for Full Circle Capital. Whether you're beginning your acquisition journey or looking for strategies to accelerate your own, this episode offers a wealth of knowledge for entrepreneurs in the UK ETA space.
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For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/
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Sign up now for the early access discounted price for the next Buy and Build Accelerator. https://www.buyandbuildaccelerator.com/
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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 incredibly turned his life around. It was not an easy journey but through incredible resilience and a motivation to do good in the world, he has grown an incredible business and achieved some phenomenal athletic achievements along the way.
On the business side, Tobyn's insights into leadership, operational efficiency, and the future of the automotive industry make this a must-listen for entrepreneurs and business leaders alike.
We hope you enjoy this inspiring and moving episode.
https://www.linkedin.com/in/tobyn-brooks-7492642a/
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For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/
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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.
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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 acquisition criteria, and the importance of building trust with sellers. He also discusses balancing risks and opportunities, as well as the need to address inefficiencies before considering further expansion or roll-ups.
Tune in to hear thoughtful insights on building a lasting business while driving growth.
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For those interested in learning more about EOS, reach out to Rob Liddiard to book you free introductory session. https://www.mission-group.co.uk/
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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/
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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 thoughtful approach to long-term investing, fostering founder relationships, and growing businesses without the pressure of debt.
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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 to hear how Harry navigated them.
We also dive into why Harry started Lower Street Media in 2017, the evolving trends in podcasting, and his vision for the future as he integrates Pacific Content and continues to scale. It’s an episode packed with insights for anyone interested in podcasting, acquisitions, or entrepreneurial growth!
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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].uk
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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 they are both using [and benefiting] from the Entrepreneurial Operating System (EOS) within their small businesses.
There is a lot to takeaway from this free flowing conversation so we hope you enjoy it as much as we did.
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To reach out to Rob to book your free EOS intro session, learn more here: https://www.mission-group.co.uk/ or reach out to him on LinkedIn: https://www.linkedin.com/in/robertliddiard/
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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.
PEAL 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 pursue this investing niche, why they think the addressable market is underestimated, the team's 3 fund playbook, current acquisitions, and how they partners with operators/doctors to drive deal flow.
This is a fascinating episode that covers a trending yet very niche investing topic. We hope you enjoy it as much as we did!
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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/
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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 assessing both growth capital and buyout opportunities, investments and buyouts done so far, and future plans.
We hope you enjoy this awesome episode as much as we did!
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To reach out to Rob to book your free EOS intro session, learn more here: https://www.mission-group.co.uk/ https://www.linkedin.com/in/robertliddiard/
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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 with Novastone Capital, how he sourced targets including Forza Doors, why he likes the sector he acquired in, and the highlights and challenges of running a business. We hope you enjoy the episode!
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