Why A Long Island Swimming Pool Company Was An Ideal Acquisition Target

What happens when a searcher doesn’t find a company to buy? In this episode, Rick and Royce talk with Kristin Wihera, a Navy veteran and HBS graduate who spent nearly two years searching for a business to acquire before ultimately ending her search without a deal. Kristin reflects on the emotional highs and lows of searching, the challenges of cold outreach, and the tradeoffs of pursuing a funded search with investors who had particular expectations around company size, growth, and returns.

Entrepreneurship through acquisition doesn't always begin with a formal search. In this episode, Rick and Royce talk with Aaron Wyatt, an entrepreneur who built his business organically after leaving a sales job to become an independent manufacturer's representative. Aaron shares how he grew his business by deepening relationships with customers and family-owned manufacturers, while deliberately adding complementary product lines. He also reflects on the risks of leaving W2 employment and why, for him, those risks felt manageable when viewed as simply taking the next step. Aaron has since taken another step in his journey, purchasing a garage door service company with a longtime friend.

Bruce Isaacson spent two years searching for a company to buy before acquiring a decades-old marketing research firm in 2005. Since that time, he has transformed the business, shifting its focus to litigation research and building a thriving professional services firm. In 2025, after years of growth, Bruce made the difficult decision to sell. In this episode, Bruce is joined by Rudy Scarito, the investment banker who advised him on the sale. Together with Rick and Royce, they discuss the patience and persistence required to turn around a business, the importance of finding a company that fits the entrepreneur, and why success sometimes takes longer than expected. Bruce and Rudy also share their candid reflections on the emotional complexity of selling a business, from choosing the right buyer and navigating “cold feet” to thinking about employees, succession, and life after ownership. The conversation offers a rare look at the other side of the ETA journey – and why, for some owners, selling a business is less about accumulating wealth or retiring than about building something meaningful and leaving it in good hands.

Jeff Stevens, one of the earliest searchers and a longtime investor in the ETA ecosystem, joins Rick and Royce to discuss how search has evolved over the past thirty-five years. In this episode, he reflects on the early days of search, when the model was largely uncharted territory, and contrasts that experience with searching in today’s more developed – but still challenging – landscape. Jeff discusses why searchers should focus on building relationships and credibility with business owners, how technology has transformed the sourcing process, and the trade-offs between industry-focused, geographically focused, funded, and self-funded searches. He also shares his perspective on the growing overlap between search and private equity, the role of the entrepreneur-CEO in creating value, and why he believes the traditional search model’s emphasis on managing risk and buying strong businesses remains powerful. They also delve into why search success rates have declined as the ecosystem has grown, the changing role of investors, and the importance of distinguishing between simply buying a company and buying a great company. Tune in to this engaging conversation to hear how one of ETA’s original practitioners views the opportunities and challenges facing the next generation of searchers.

Michael Horowitz is a former searcher who acquired, scaled, and ultimately sold a portfolio of Wingstop franchise restaurants before becoming an investor in the ETA ecosystem. In this episode, he shares his unconventional journey to business ownership and offers an insider's perspective on what makes franchising a compelling but often misunderstood path for acquisition entrepreneurs. Together, they discuss the advantages of established brands, proven operating systems, benchmarking, and more predictable cash flows, as well as the tradeoffs associated with royalties, choosing the right franchisor, and managing multi-unit businesses. They also explore why franchise opportunities are often overlooked by searchers, how franchise portfolios are valued, why geographic density matters, and what role acquisitions and new unit development play in creating value over time. Whether you're considering a more traditional search or evaluating franchises as part of your acquisition strategy, this conversation offers practical insights on when and why franchising may be an attractive path to business ownership.