At the heart of entrepreneurship is the responsibility to create value. Not just for yourself, but for employees, customers, and the community.

In this episode of Before You Buy or Sell a Business, Jared Johnson sits down with Munashe Makava, an NYU MBA graduate who began his career at Deloitte and Goldman Sachs before stepping into entrepreneurship through acquisition.

Born and raised in Zimbabwe, Munashe shares how his parents instilled an entrepreneurial mindset early on, why the birth of his first child was the push to finally buy a business, and what he learned transitioning from Wall Street to owning two concrete companies in the U.S.

Munashe breaks down how he evaluated opportunities, why geography mattered more than industry, and what he wishes he had done differently during negotiation. He also talks about team building, mentorship, and why the hardest part of being an entrepreneur is people—not the numbers.

Main Takeaways:

• Entrepreneurship isn’t only startups: ETA reduces some risk but still demands leadership
• Geography can guide your search just as much as industry
• Build your deal team early, including tax strategy support, to avoid missed opportunities
• Strong seller and broker relationships can unlock deal structures others overlook
• Employees who think like owners are the key to long-term success
• Mentorship and networks multiply opportunities and help overcome self-doubt
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Episode Highlights:

• [03:42] Growing up in Zimbabwe, working at Deloitte, and moving to the U.S. for an MBA
• [09:25] How becoming a father pushed Munashe to pursue entrepreneurship
• [15:17] Why entrepreneurship isn’t the “holy grail” for everyone and the difference between being an entrepreneur vs. entrepreneurial
• [22:04] Narrowing a search by geography and being industry-agnostic
• [28:40] Finding two concrete businesses on BizBuySell and spotting hidden value
• [36:55] Negotiating the deal structure, seller note, and lessons on tax allocation
• [43:28] Raising capital through classmates, friends, and crowdfunding platforms
• [51:02] Transition challenges: losing operators and rebuilding the team quickly
• [57:41] Discovering more value post-acquisition and surpassing year-one expectations
• [01:04:30] The importance of people, culture, and creating ownership mentality among employees
• [01:12:05] Why mentorship matters, building a pay-it-forward network, and revamping mentors as your stage evolves
• [01:19:15] Purpose as the ultimate motivator: enabling others through entrepreneurship

Connect with Munashe:

https://www.linkedin.com/in/munashe-makava-fcca-2728372a/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

entrepreneurship through acquisition, ETA, buying a construction business, concrete pumping business, asset sale vs stock sale, SBA acquisition financing, seller notes, raising capital for acquisitions, building an entrepreneurial team, immigrant entrepreneurship, mentorship networks, employee ownership mindset, small business transition, growth after acquisition, business acquisition strategy

What’s the difference between starting a business from scratch and buying an existing one?

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Sathya Ramanathan, a former tech founder who grew and exited a software company before acquiring a light construction equipment dealership in the Dallas-Fort Worth area.

Sathya shares what he learned from selling his first business, working alongside new management during a two-year transition, and then moving into acquisition entrepreneurship. He explains why buying an established company can be less risky than starting one, the due diligence steps he followed, and how he evaluates deals for fit, financial health, and growth potential.

Jared and Sathya cover how to build trust with employees after a takeover, why vendor and customer relationships matter during closing, and the operational improvements Sathya is making to grow his new business. Sathya also offers candid advice on who should (and shouldn’t) buy a business, and how to match your skills with the right opportunity.

Main Takeaways:

• Buying a business can reduce risk compared to starting from scratch, but still requires careful planning
• Fit matters: match your skills to the business’s needs to add immediate value
• Strong relationships with the seller, vendors, employees, and customers smooth the transition
• Key diligence items include working capital, customer concentration, and recurring revenue
• Avoid rushing into changes before understanding the existing operation
• Flexibility on location, deal structure, and operations increases acquisition options

Episode Highlights:

[02:14] Selling a tech startup and working through a two-year transition with new management

[07:42] Why buying an established business can be less risky than starting one

[10:15] Defining location, sector, and business characteristics before searching

[13:50] The importance of customer concentration and churn in deal evaluation

[17:26] Why Sathya prefers going through brokers rather than sourcing off-market

[19:18] Asset sale vs. stock sale: flexibility in LOI and tax considerations

[21:30] Setting and negotiating a working capital target in the LOI

[28:11] What made a light construction equipment dealership the right fit

[35:03] Managing vendor, customer, and employee relationships before and after closing

[42:50] The value of patience before making operational changes

[46:12] Growth plans: marketing, digital transformation, and potential expansion

[51:04] Who should and shouldn’t buy a business

Connect with Sathya: https://www.linkedin.com/in/sathyaramanathan/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

how to buy a small business, buying vs starting a business, working capital in acquisitions, asset sale vs stock sale, business due diligence, customer concentration risk, vendor relationships, small business transition, employee trust after acquisition, entrepreneurship through acquisition, ETA, light construction equipment business, small business growth strategy, operational improvements, acquisition search strategy

What kind of person should actually buy a business, and who should not?

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with David Barnett, former business broker, author, and small business advisor, about what buyers need to know before stepping into business ownership.

They cover who should and shouldn’t buy a small business, how the acquisition landscape has changed, and the mistakes new buyers make by relying on online content instead of real experience. David explains why he left the brokerage world, what many buyers get wrong about business financials, and how to approach deals with clarity, caution, and the right strategy.

David shares his background in finance and brokerage, how online hype has led to a wave of underprepared buyers, and the red flags they often miss, like ignoring balance sheets, underestimating CapEx, and failing to plan for operating capital. He breaks down the risks of over-leveraging, why not all boomer-owned businesses are good targets, and gives practical advice for new buyers: build capital, get experience, and avoid rushing into the wrong deal.

Main Takeaways:

• Buying or selling a business requires experience and due diligence
• Most first-time buyers underestimate risk and overestimate deal quality
• Financial understanding must go beyond the profit and loss statement
• Not all listings are good opportunities
• Mistakes can be avoided with the right guidance and preparation

Episode Highlights:

[03:13] The realities of working as a business broker

[12:10] Red flags in financials, including missing balance sheets and CapEx

[13:08] Why operating capital is often ignored during valuation

[15:46] The CapEx trap: why SDE and EBITDA don’t tell the whole story

[17:07] How to budget for equipment replacement

[22:24] What to watch for with deferred maintenance

[24:59] Why understanding what you're buying is more important than price

[27:37] Risk varies with the buyer; no one-size-fits-all deal

[32:21] Why there’s no such thing as a risk-free acquisition

[39:40] Who should actually buy a business

Connect with David:

https://www.businessbuyeradvantage.com/

https://www.linkedin.com/in/davidbarnettmoncton/

More from Jared:

If you have questions for Jared, visit: https://jaredwjohnson.com

https://www.linkedin.com/in/jaredwjohnson/

DISCLAIMER:

The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.

Keywords:

how to buy a small business, buying a business with SBA loan, David Barnett, business buyer advice, entrepreneurship through acquisition, ETA, SDE vs EBITDA, CapEx planning, business due diligence, small business acquisition, buying vs starting a business, operating capital, over-leveraging risk, small business finance, business valuation, search fund, business acquisition strategy, red flags in buying a business