Beyond Buy Then Build: My Fractional Path to Financial Freedom

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What if I told you that you don’t have to buy another business to build more wealth?

I’ve bought ten companies outright – eight of them over the first decade. And I’ve made good money doing it – life-changing money.

But here’s the thing most people don’t realize: There’s a point where buying another business actually adds more stress than wealth.

And if you’re like me, you didn’t buy your first business to become a full-time operator of a portfolio of chaotic entities.

You bought it to build wealth. 

So after years of capitalizing, growing, and exiting companies, I started asking a different question:

What if I could keep playing the game, but without having to run the whole show?

That’s where fractional acquisitions come in.

 

Pizza by the Slice: Why I Stopped Buying the Whole Pie

I know I’m the Buy then Build guy, but the honest truth is with the last few deals I’ve done, I didn’t buy the whole company.

Instead, I took a minority stake. I call it “pizza by the slice.”

 

 

I discovered you don’t have to buy the entire pizza to get fed. You just need a slice. And in private markets, those slices can compound wealth in a way most people don’t realize.

Fractional acquisitions – minority investments in private companies – allow me to stay in the game, generate meaningful returns, and diversify, without taking on another full-time operational burden.

But this strategy only works because I spent 10+ years building the foundation first.

 

First, You Need the Foundation: Operate a Business You Own

Let me be clear: this model does not work without owning your own business first.

When people ask me how to start building wealth through fractional acquisitions, I always tell them, “This doesn’t exist without first owning a business for me.”

Operating my own businesses gave me the capital, confidence, and credibility to do these deals

My businesses generate $250K to $300K per month in cash flow. Some months are higher, some lower. But that’s what fuels the rest of the strategy.

So if you’re just starting out, buy a good business. Operate it. Build that base layer first. Everything else builds from there.

 

What Comes Next: The Wealth Stack vs. the Risk Stack

Most people assume that the next move is to buy another business. Maybe even two or three. But here’s what I’ve learned:

Buying more and more businesses leads to what I call the “Risk Stack.”

You start stacking businesses. Each one adds operational complexity.

Now, you’re suddenly a manager of managers, a fire-putter-outer, and the person getting the call when the supply chain breaks.

 

Source: REVA Global

 

And what’s the upside? More equity? Sure. But also more chaos, more risk, and less time.

Fractional acquisitions let me flip that model. I call it the “Wealth Stack.”

Instead of stacking companies I own and operate, I stack:

  • Cash-flowing minority investments
  • Recurring private income streams
  • Growth equity positions with asymmetric upside

These are slices. And when you stack enough slices, you don’t just build income – you build wealth.

 

Mapping Private Deals to the Capital Stack

To structure these investments, I started borrowing from private equity’s favorite model: the capital stack.

 

 

Here’s how I think about it:

  • Senior DebtPrivate credit funds. Low risk, high income. Great downside protection.
  • Mezzanine/Preferred Equity → Real estate partnerships, structured deals with cash flow + upside.
  • Common Equity → Growth-stage companies or operating businesses where I hold a minority equity stake.

Every deal fits somewhere on this stack, and understanding it helps me assess risk and return clearly.

I don’t just want random exposure. I want a balanced portfolio across the capital stack – one that stacks income, appreciation, and long-term equity growth without requiring me to operate every day.

 

What I Look for in Fractional Deals

So what kinds of businesses do I invest in? The same ones I’d want to own, but just with the day-to-day operations removed.

I still apply the same growth predictor framework we use in Acquisition Lab.

 

 

  1. Experienced operator or team: I’m backing people who have done it before. They’re not guessing.
  2. Established demand and defensibility: I want strong recurring or repeat revenue, and a market position that’s hard to compete with.
  3. Asymmetric upside: I’m not interested in “safe bets” that return 8%. I’m looking for businesses with gazelle potential – $1M+ revenue, growing 20%+ per year.
  4. Private market inefficiencies: If the deal looks obvious on Twitter, it’s already too late. I want to play where capital is limited and pricing is inefficient.

Real Examples from My Portfolio

Some of the deals I’ve invested in fractionally include:

  • A coding bootcamp with recurring revenue and employer partnerships
  • A data-driven marketing firm where I knew the founder and the niche
  • A private credit fund that produces steady monthly cash flow
  • A real estate deal with strong preferred returns and upside
  • An oil well rollup that I believe is mispriced by public markets
  • And even a video game production company with a contrarian angle

Each of these represents a different “slice,” and each is sized around what I’d normally use as a down payment for a full acquisition.

 

Why This Strategy Is Even Possible Now

The crazy thing? This type of investing wasn’t really available to most of us until a decade ago.

The 2013 Jumpstart Our Business Startups (JOBS) Act changed that.

 

Source: AwesomeFinTech

 

Regulation D 506(c) allowed general solicitation of private deals, as long as investors are accredited. Suddenly, access to the private markets expanded beyond country clubs and private banks.

That’s when I realized:

We’re now allowed to play the same game the ultra-wealthy have been playing for decades.

You just have to know how to find the deals – and how to evaluate them.

 

Stay an Owner. Just Not the Only Owner.

This is the part that clicked for me:

I didn’t have to stop being an owner.

I just had to stop being the only owner.

Fractional acquisitions let me keep playing the game at a higher level. I still get to capitalize, grow, and exit – just like in my core businesses.

But now, I don’t have to spin up a new team, new infrastructure, or take on new debt every time.

And honestly? The ability to build wealth without the emotional rollercoaster of a new acquisition has been life-changing.

 

Final Thought

If you’re grinding away, wondering whether your next move is to buy another business… pause for a second.

Ask yourself:

Do I want more complexity?

Or do I want more wealth?

Because there’s another path. One where you can stay an owner, leverage your capital, and build a real wealth stack – without adding another full-time job to your plate.

Fractional acquisitions are how I build wealth now.

Pizza by the slice. And it tastes just as good.

If you’re ready to invest alongside me, get access to the Deal Room now – or join my investor list to be the first to hear about upcoming opportunities.

Picture of Walker Deibel

Walker Deibel

Walker Deibel is an entrepreneur and advisor. He is the author of Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game and Creator of Acquisition Lab.

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