How $10M - $100M Online Business Acquisitions Are Done with Emmet Kilduff

About this episode

In this episode, Jaryd Krause interviews Emmet Kilduff about the intricacies of acquiring online businesses in the $10M to $100M range.

Buying a $10M–$100M online business isn’t just about having capital. It’s about relationships, structure, leverage, and knowing how the game is really played behind closed doors. In this episode, Jaryd Krause sits down with Emmet Kilduff, founder of The Fortia Group and former investment banker at Morgan Stanley, to unpack how serious online acquisitions actually get done in the $10M to $100M range. After 25 years in M&A, Emmet pulls back the curtain on what separates institutional buyers from everyday acquirers, and why trying to “figure it out yourself” is one of the most expensive mistakes you can make. You’ll learn: The 3-stage “Flirt, Date, Marry” framework elite dealmakers use to build acquisition relationships years before a deal closes Why the best buyers pitch sellers, and how to create a buyer deck that makes founders want you The real funding structures used by strategics, private equity, aggregators, and search funds What’s changed since the 2021 acquisition boom, and why 100% upfront deals are basically extinct The truth about earn-outs (and why most are designed for buyers, not sellers) Why recurring revenue…

People in this episode

Host: Jaryd Krause

Guest: Emmet Kilduff

Topics covered

• online business acquisitions
• M&A strategies
• capital allocation
• deal structuring
• relationship building
• valuation

Keywords

• online business
• acquisition
• M&A
• funding structures
• earn-outs
• recurring revenue
• valuation arbitrage

Mentioned in this episode

Organizations: The Fortia Group, Morgan Stanley

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