First-time buyers often worry about what they do not know, but success comes from focusing on fundamentals and building strong relationships.

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Sushant Bharadwaj, a former technology consultant who transitioned into entrepreneurship by acquiring two e-commerce businesses. Sushant shares how his consulting background in ERP systems and supply chain management shaped the way he evaluated deals, why he treated banks and sellers as partners, and how he built trust by answering questions with transparency.

He explains the criteria he used to filter opportunities, the leap of faith behind his first acquisition, and why clean financials, repeat customers, and seller credibility mattered more than industry knowledge. Sushant also breaks down his approach to due diligence in e-commerce, from spot-checking customer data and ad spend to verifying traffic patterns. Finally, he reflects on transition challenges, including moving inventory across the country and navigating the rough first 30 days after closing.

Main Takeaways:

• Banks and sellers can be valuable partners when approached with transparency and trust
• Clean books and reasonable add-backs create confidence in small business acquisitions
• E-commerce due diligence should focus on spot-checking key metrics, not perfect certainty
• Transition planning for the first 30 days is critical to smoothing operations post-close
• A strong network of advisors and peers helps overcome the steep learning curve of ownership

Episode Highlights:

[03:55] From technology consulting to exploring business ownership during COVID

[11:20] Searching hundreds of listings on BizBuySell and narrowing down opportunities

[16:40] Why seller trust and financial clarity shaped Sushant’s acquisition decisions

[23:05] Buying a women’s apparel brand without industry experience by focusing on fundamentals

[31:15] Negotiating a fair price and taking a leap of faith with his first LOI

[39:20] Due diligence in e-commerce: customer lists, ad spend, and traffic verification

[47:00] Treating banks and sellers as true partners, not just transaction counterparts

[54:25] Transition challenges: moving inventory, planning day one, and surviving the first 30 days

[01:02:10] Confidence gained from the first deal and the path to a second acquisition

Connect with 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 an e-commerce business, SBA acquisition financing, seller trust, business valuation, due diligence process, clean financials, transition planning, moving inventory, first 30 days of ownership, consulting background, small business acquisition strategy, building networks, buyer-seller relationships

Closing on a business is only the beginning. Success depends on how you manage the first years of ownership, the capital you bring to the table, and the partners you choose.

In this episode of Before You Buy or Sell a Business, Jared Johnson talks with Jacob Hall, Founder and Managing Partner of Kando Capital, about the realities of Entrepreneurship Through Acquisition (ETA).

Jacob shares how his career as an engineer and operator shaped his approach to investing in self funded searchers and independent sponsors. He explains why search is a double edged sword, what makes alignment between investors and operators essential, and how his firm structures equity to support both short term liquidity and long term ownership.

The conversation covers SBA rule changes, the risk of ignoring the J curve, and why working capital is often underestimated in the first year of ownership. Jacob also discusses quarterly reporting, portfolio diversification, and why he now teaches ETA at the University of Texas to prepare the next generation of operators.

Main Takeaways:

• ETA is a promising path but requires commitment, maturity, and resilience
• Investor and operator alignment sets expectations and avoids future conflict
• The J curve is common in the first year and must be planned for
• Working capital is critical for payroll, vendor terms, and unexpected expenses
• Equity partners provide strategy, networks, and growth support beyond funding
• Mentorship and transparency build a stronger ETA community

Episode Highlights:

[02:10] Jacob’s career path from engineering and corporate operations to small business COO

[09:45] Discovering ETA in 2020 and shifting from searching to investing

[14:22] Building Kando Capital and raising from accredited investors and family offices

[20:35] Structuring equity, hold periods, and aligning with entrepreneurs

[29:10] Independent sponsor compared to self funded search and what sets them apart

[36:50] SBA rule changes and how they impact investors and operators

[47:28] Alignment as the foundation for long term operator and investor success

[55:40] Common post close mistakes including the J curve and underfunded working capital

[01:07:05] What Jacob looks for in operators before writing a check

[01:15:20] Why mentorship shaped Jacob’s career and why he now teaches ETA at UT Austin

[01:21:44] Motivation and why Jacob enjoys supporting entrepreneurs and building small business value

Connect with Jacob: https://www.linkedin.com/in/jacobhall01/

Website: Kando Capital

More from Jared:

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

Connect with Jared on LinkedIn

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.

This podcast is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any discussion of target returns or investment strategy is illustrative and subject to change. Investments are open only to verified accredited investors under SEC Rule 506(c). Listeners should consult their own legal, tax, and financial advisors before making any investment decisions.

Keywords:

entrepreneurship through acquisition, ETA investing, self funded search, independent sponsor, SBA rules, equity partners, working capital in acquisitions, J curve in...

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
• 
  

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