Unlocking Real Value in Small Business Acquisitions with Dave Lam, USAFA ‘11
Jun 29, 2025
“We’re not just trying to make a deal — we’re trying to be the right partner for the right reasons.” – Dave Lam USAFA ‘11
Dave Lam is a seasoned investor, veteran, and strategic operator focused on unlocking value in microcap and lower-middle market companies. A former U.S. Air Force contracting officer, he offers deep expertise on execution, strategy, and operational excellence.
As a Principal at Phalanx Partners, he helps lead independent sponsorship and advisory efforts for growing companies across multiple sectors. He is also a Managing Principal at Oakwood Legacy Partners, a private holding company investing in alternative assets including real estate, cryptocurrency, and private debt.
With a decade of experience managing complex vendor portfolios and leading operational strategy, Dave’s expertise spans procurement, underwriting, and portfolio management. His background includes work with the U.S. Air Force and Coast Guard, where he oversaw projects in medical services, construction, communications, and defense manufacturing.
Dave holds an MS in Finance from Boston College and an MBA from the University of Chicago Booth School of Business. Whether advising founders or evaluating new investments, he brings a rigorous, data-driven approach to growth, risk management, and long-term value creation.
In this episode of the SABM podcast, Scott chats with Dave about:
From Military to Main Street: How Dave’s background as an Air Force contracting officer led him to pursue small business acquisitions.
The PHX Playbook: A value-driven model where founders sell majority ownership but stay on to scale with strategic support.
Smart Acquisition Strategy: Why clean financials, low owner dependency, and operational upside are essential for a successful deal.
Opportunity in the Lower Market: Dave targets $1–3M EBITDA businesses where hands-on improvements can drive major returns.
The Power of Relationships: Trusted veteran and referral networks are key to finding deals and aligning the right people for growth.
Timestamps:
00:41 Dave’s Background and Introduction
01:48 The Importance of Due Diligence
03:00 Introduction to Phalanx Partners
06:02 Opportunities in Business Acquisitions
14:19 Pitfalls in Business Acquisitions
18:27 Secrets to Finding Deal Flow
20:22 Building Your Professional Network
21:15 Strategic Referral Partners
23:20 Investment and Value Addition
27:28 Optimizing Small Businesses
33:15 Future Goals and Aspirations
38:00 Acquisitions and Exit Circle
39:50 Connecting and Contact Information
Connect with Dave:
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A special thank you to Dave for joining me this week. Until next time!
-Scott Mackes, USNA ’01