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

In this episode, Jared Johnson sits down with Nadav Ben-Chanoch, a former tech operator turned small business acquirer, to unpack why more founders are skipping startups and choosing to buy real businesses instead.

Nadav shares how his experience in Silicon Valley shaped his approach to deal-making, why he walked away from the traditional venture path, and what he’s learned transitioning from building software to operating a brick-and-mortar business. Whether you’re exploring search, planning your first acquisition, or just trying to understand where the market is headed—this conversation offers a grounded look at what it really takes to own and operate outside the startup bubble.

[00:06:15] — Why Nadav left tech to pursue small business ownership

[00:11:45] — What operators misunderstand about buying brick-and-mortar

[00:18:20] — How misalignment around working capital can derail deals

[00:25:10] — Why buying a business isn’t the shortcut people think it is

[00:32:00] — Advice for tech founders considering acquisition entrepreneurship

[00:37:40] — What Nadav looks for in deals—and what he avoids

[00:41:15] — The mindset shift from “builder” to “owner”

Follow Nadav on LinkedIn linkedin.com/in/nadavbc

Got a question for Jared or want to work together?

Visit: https://jaredwjohnson.com

linkedin.com/in/jaredwjohnson

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

In this episode, Jared Johnson sits down with Michael Seitz, CEO & Chairman of EarthWise Pet, for a wide-ranging conversation on entrepreneurship, franchising, M&A strategy, and what it really takes to build and scale a brand in a mission-driven industry.

Michael shares how growing up in a family business shaped his values, how almost becoming a dentist led him back to his entrepreneurial roots, and the hard-earned lessons behind buying 42 stores in a single day. Whether you’re a first-time buyer, seasoned operator, or just curious about franchising from the inside out—this one is packed with insight.

[00:07:30] — The power of asking better questions early in your career

[00:13:00] — Why unit-level economics are the heartbeat of franchising

[00:23:00] — Why buyers need to focus on trailing 12 months, not just historical EBITDA

[00:29:00] — What EarthWise looks for in new franchisees (hint: it’s not just the money)

[00:33:30] — Advice to 20-somethings considering their first acquisition

[00:36:00] — The #1 mistake most sellers make—and how to avoid it

[00:38:00] — What really keeps a founder going after decades in the game

• Learn more about EarthWise Pet: earthwisepetfranchise.com
• Find Michael on LinkedIn: Michael Seitz, CEO

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

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

In this episode of the Before You Buy or Sell a Business podcast, host Jared Johnson welcomes Mark Fleming, a specialist in business acquisitions and co-founder of Owner Actions.

Mark shares his journey from a background steeped in finance and trading to becoming an essential guide for investors at the critical 'search' stage of business acquisition. He emphasizes the challenging yet crucial initial phase of the acquisition process, a step often overlooked by many who are eager to jump straight to the deal-making stage.

The conversation delves into pivotal topics including the significance of selecting the right business based on industry experience, the unforeseen hurdles in business acquisition, and Mark's strategic use of reps and warranties insurance to mitigate risks.

They also explore the current economic climate, touching on the implications of tariffs and interest rates on small businesses. Mark underscores the importance of persevering through economic fluctuations and maintaining focus on core business values like customer service and cash management. The dialogue culminates in forward-looking insights on what buyers should anticipate in the evolving landscape of business acquisition.

HIGHLIGHTS

• The search stage in business acquisition is the most challenging yet vital, demanding more diligence than the deal-making phase.
• Specialized industry skills and management experience significantly determine success in business acquisition.
• Implementing strong accounts receivable practices and managing cash flow are crucial in the initial months post-acquisition.
• Reps and warranties insurance can safeguard against misrepresentations during business acquisitions.
• Tariffs and economic policies can impact interest rates and business dynamics but can be navigated with focused strategies.

You can get in touch with Mark at https://www.owneractions.com/

______________________________________________________________________

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

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

In this episode of the "Before You Buy or Sell a Business Podcast," host Jared Johnson welcomes Jason Boehning, an HVAC industry professional who has successfully acquired two businesses over a short period.

The discussion delves into the intricacies of acquiring businesses, highlighting Jason's strategic mindset and the unique competitive advantage he enjoys due to his engineering background. This episode offers listeners invaluable insights into the pragmatic approach Jason adopted, which not only involved leveraging his skills but also focusing on relationship-building and effective transition management.

Jason's journey started from a small Texas town and led him to Texas A&M University, where he studied mechanical engineering. His diverse career path in the HVAC industry served as a solid foundation when he made the decisive move to business ownership. Through engaging dialogue, this episode presents a comprehensive look at his process of acquiring and managing HVAC businesses.

Key themes explored include the importance of having a solid plan, the advantages of maintaining good relationships with employees during acquisitions, and the strategic insights driving successful business growth in a competitive market.

• Jason leveraged his HVAC design and engineering knowledge to strategically acquire two businesses, positioning himself effectively in a competitive market.
• Key factors in successful acquisitions include having a solid operational and financial plan and maintaining focus on long-term goals amidst a dynamic business environment.
• The importance of maintaining key employees during a business transition, as these employees often hold valuable customer relationships and operational knowledge.
• Acquiring existing customer bases through business purchases can be a more effective growth strategy than relying on extensive digital marketing efforts.
• Managing working capital efficiently is critical in the HVAC sector due to varying cash flow cycles, especially when dealing with commercial clients.

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

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

Navigating the intricate world of buying and selling businesses can be challenging. Understanding due diligence, valuations, and the right mindset is crucial.

In this episode of the "Before You Buy or Sell a Business" podcast, host Jared Johnson engages Rosco Graves from Polaxis in a deep dive into the nuances of buying and selling businesses.

They discuss the pertinent steps necessary for a successful business acquisition or sale, including crucial due diligence phases. With Jared’s experience as a lender and Rosco’s corporate and entrepreneurial background, the episode exposes valuable strategies to enhance transaction success rates.

Rosco shares his journey from the high echelons of corporate finance to his role in supporting small and medium-sized business owners. This transition equipped him with practical insights into the diligence, financial modeling, and strategic planning required for business transactions.

Rosco and Jared then explore the importance of conducting a quality of earnings report in determining the true value of a business. They outline how even seemingly small improvements in a business's operation or financial status can significantly affect its sale price and buyer interest.

• Conducting thorough due diligence can prevent costly errors in business transactions.
• A quality of earnings report is crucial for accurately assessing a business’s financial health.
• Sellers should proactively prepare their businesses to attract quality buyers and higher valuations.
• Understanding your personal capabilities in business operations can guide a more successful acquisition.
• Building a reliable team of advisors is essential for navigating the complexities of business transactions.

For more information about Rosco, visit: https://polaxis.co/

This episode of the "Before You Buy or Sell a Business" podcast delivers a wealth of information for prospective buyers and sellers aiming to navigate the market efficiently and effectively. For more in-depth insights and practical advice, don't miss listening to the full episode, and subscribe to our series for more valuable content.

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

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