he business that today's guests bought was doing 8 figures in revenue with just 9 employees.

That is a lot of revenue per employee.

It was a decades-old business.

High-quality revenue.

And since 2019 when they bought it, partners Steve Reis and Danny Fields have grown it to over 20 people.

And, they acquired the assets of another business they expect to grow to 60 employees by the middle of this year.

Sounds like a smashing success, right?

Well this story is a perfect example of how you gotta look beyond the headline numbers when it comes to business stories.

While they are fired up for the next chapter, Steve & Danny were in fact frustrated slow growth after they bought the business.

And that second acquisition? Well, it was as much about survival as growth.

So this interview is catching two entrepreneurs right as they graduate — hopefully — from slog to sprint.

Danny Fields, Steve Reis, Craig Wathen celebrating the acquisition
Steve Reis, former owner Craig Wathen, Danny Fields

And they make a profound point about doing a traditional search fund, which is the path they chose.

Everyone wants growth in their business. That is universal.

But if you're going to do a traditional search fund, there is a growth mandate.

You will not come out with a big win unless you really grow the business you buy.

In SBA self-funded, by contrast, you don't need to grow the business you buy as much to see a great return.

Because you use so much leverage, after 10 years, as long as you haven't screwed it up, you can own 65, 80, maybe 100% of a business worth millions of dollars.

There's a profound difference there, one that Danny & Steve have felt.

OK, please enjoy this conversation with Danny Fields and Steve Reis, owners of Holland Supply Company.