In this episode of Retained Trust, host Karl Hughes speaks with Grant Hensel, founder of Nonprofit Megaphone and managing partner at Entrepreneur Capital. Grant shares how he built a highly specialized agency serving nonprofits through the Google Ad Grant program, why niche focus and EOS transformed the business, and how he transitioned into acquiring and investing in small, enduring companies. They examine entrepreneurship through acquisition, common mistakes buyers make, and what agency owners often overlook when scaling or preparing for a sale.

Key Points From This Episode:

[00:00:00] Grant’s entrepreneurial journey and building Nonprofit Megaphone into a 60+ person niche agency.

[00:03:00] Why specialization and claiming “best in the world” positioning changed everything.

[00:03:34] Implementing EOS and shifting from working in the business to improving the machine.

[00:04:28] Hiring sales leadership early due to constraints and building process from the start.

[00:06:13] The simple survey that validated the Google Ad Grant market opportunity.

[00:09:51] Market size realities, customer lifetime value, and expanding services strategically.

[00:13:13] Founder strengths, hiring great people, and not getting in their way.

[00:17:43] Transitioning from agency operator to buyer and investor in small businesses.

[00:20:43] Traditional vs. self-funded search funds explained.

[00:23:40] Launching Entrepreneur Capital and forming a fund to invest in acquisitions.

[00:26:30] Why investing in operators beat acquiring everything personally.

[00:30:04] Types of businesses they invest in, from tombstone engraving to industrial distribution.

[00:33:31] Working capital mistakes and why cash at close is critical.

[00:34:34] Risk factors in acquisitions: family involvement, customer concentration, and capital expenditures.

[00:37:25] The realities of adjusted EBITDA and questionable add-backs.

[00:42:28] Entrepreneurship, work habits, and setting boundaries with a weekly Sabbath.

[00:44:45] Book recommendations: The Goal and other works on Theory of Constraints.

Links:

Grant Hensel on LinkedIn: https://www.linkedin.com/in/granthensel

Nonprofit Megaphone: https://nonprofitmegaphone.com/

Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes speaks with Peter Kang, co-founder of Barrel and Barrel Holdings. Peter shares his 18-year journey in building a digital agency from the ground up, navigating the shift from generalist to e-commerce specialist, and eventually stepping away from daily operations. The conversation explores strategies behind launching new agencies, acquiring others, and managing leadership transitions. Peter offers grounded insights on financial structure, long-term sales planning, and why he believes in both holding and exiting businesses. Tune in for a tactical and honest discussion on what it takes to scale service businesses in a fast-evolving landscape.

Key Points From This Episode:

[00:00:00] Karl introduces Peter Kang

[00:00:45] Peter shares how Barrel began and evolved into a portfolio of agencies.

[00:03:54] How a niche "chose" them and why they pivoted toward e-commerce and Shopify.

[00:07:20] The importance of choosing scalable niches and avoiding red oceans.

[00:08:50] Lessons learned from W2-heavy hiring models and adopting a flexible team structure.

[00:13:40] How different acquisition strategies influence cultural and staffing decisions.

[00:15:27] Mistakes from the early Barrel years and how those lessons shaped BX Studio.

[00:18:04] Why agency founders underinvest in sales and marketing—and how to fix it.

[00:21:52] Peter’s transition out of Barrel and grooming internal leadership to succeed him.

[00:26:11] Why downturns can be healthy tests for new leadership.

[00:27:23] Experiences with hiring CEOs from outside the organization.

[00:31:07] How Peter and his co-founder formed Barrel Holdings and adapted their strategy.

[00:38:11] Platform risk, shifting tech trends, and how that shapes agency acquisition timelines.

[00:39:37] What makes a small agency attractive to a buyer like Barrel Holdings.

[00:43:33] Approaching seller expectations and early-stage valuation talks.

[00:47:04] Peter’s structured system for staying in touch and networking consistently.

[00:51:40] The book that helped Peter reshape his time horizon: 10x Is Easier Than 2x.

[00:53:05] Final thoughts on intentionality, long-term planning, and Peter’s latest content.

Links:

1. Peter Kang on LinkedIn: https://www.linkedin.com/in/peterkang34/
2. Barrel: https://www.barrelny.com/
3. Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
4. Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes chats with Will Smith, host of Acquiring Minds and partner at Minds Capital. Will shares how his frustration with startup ideas led him to entrepreneurship through acquisition (ETA), and how a niche podcast turned into a full-time business and investment platform. The conversation explores the realities of buying and running small businesses, including the balance of humility and hubris, the hidden risks of acquisition, and the power of simply “getting in the game.” Will offers grounded advice for agency owners considering their next move—whether that's growth, sale, or acquisition.

Key Points From This Episode:

[00:00:00] Introduction to guest Will Smith and overview of Acquiring Minds

[00:02:08] Will reflects on turning podcasting into a full-time career

[00:04:17] His origin story: discovering ETA while seeking an entrepreneurial path

[00:07:41] What is ETA? Exposure, education, and the appeal of buying businesses

[00:10:16] Similarities between Acquiring Minds and Indie Hackers podcasts

[00:14:35] How the podcast opened doors and led to launching Minds Capital

[00:19:01] Why ideas, timing, and product-market fit are harder than they seem

[00:22:11] Hubris vs. humility: the mental balance needed when acquiring businesses

[00:27:10] Rethinking risk in ETA—especially with personal guarantees and SBA loans

[00:32:37] Why failures in ETA often hurt more than in zero-to-one entrepreneurship

[00:35:56] Top failure reason: seller fraud, and how to protect against it

[00:39:44] How ETA skips the gradual leveling-up process and hits harder, faster

[00:42:11] Should you buy small or go big? Pros, cons, and real-world implications

[00:46:16] The value of getting in the game—even with a small business

[00:49:57] Real-world examples: how being an owner opens doors to new deals

[00:52:56] Book recs: Buy Back Your Time by Dan Martell and American Nations

[00:55:47] Closing thoughts and what’s next for Will

Links:

• Will Smith on LinkedIn: https://www.linkedin.com/in/willsmithsf/
• Acquiring Minds: https://acquiringminds.co/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com