The youngest of 13 children, Richie Connolly got his first taste of entrepreneurship early in life with a homegrown lawn care business that expanded as he purchased client lists from other landscapers. Connolly earned a finance degree and gained corporate experience. He then followed his drive for business ownership back to BYU Marriott for an MBA focused on entrepreneurship through acquisition (ETA)—the strategy of buying and growing an established business. By the time he graduated in 2024, Connolly had more than a diploma in hand. He was closing a deal to buy Utah College of Dental Hygiene, its affiliated dental clinic, and the related real estate.
How did an MBA student manage to find a thriving business for sale, secure loans, and navigate a multimillion-dollar purchase? “It’s more achievable than you think,” says Connolly, who combined his years of preparation with training from ETA experts at BYU Marriott’s Rollins Center for Entrepreneurship and Technology to make business ownership a reality.
The Rollins Center’s ETA program has been evolving under the leadership of Mike Hendron, the center’s director, as well as Tom Peterson, an associate teaching professor who pioneered the first ETA course for BYU Marriott MBA students. “The intent of the class was to show that buying and growing a company that already has momentum can be less risky than creating a startup without any momentum from prior sales, branding, or known product-market fit,” says Peterson, who worked in real estate acquisition before coming to BYU.
Hendron adds, “ETA is job creation at its core, but it’s an easier way to create jobs than starting from scratch.” There’s nothing easy about due diligence, though. “You could look at 100 businesses to find 10 you’re interested in, and only one in those 10 is even realistic,” he notes.
Filtering through scores of businesses didn’t deter Devin Bybee, who also saw a BYU Marriott MBA as a path to entrepreneurship. Bybee studied at BYU when Peterson first began teaching ETA. “The program gave me the confidence to go out and bet on myself,” Bybee says.
Bybee not only bet on himself but also on the soft-caramel candy company he purchased in 2010. His company, CandyCo LLC, soon acquired Utah Truffles, Mrs. Call’s, and other brands, growing them from local favorites to national staples. In 2024, Bybee shared his journey with alumni, students, and business owners at an ETA conference held at BYU.
Through such conferences and networking events, the Rollins Center connects the business investors, sellers, and buyers who populate the ETA food chain. Another Rollins Center resource? Grants for students pursuing ETA. Connolly’s experience paved the way for ETA students to access Rollins Center grants that were previously earmarked for student startups. And to ensure that even more students can access ETA training, BYU Marriott opened courses to undergrads in fall 2024.
“Entrepreneurship is a leap of faith that you’re doing with preparation and support,” says Hendron. The Rollins Center will continue to support student entrepreneurs who are taking that leap of faith to find purpose and prosperity through ETA. As Peterson puts it: “We are built to do more and to answer a higher calling—a vocation that brings out our best and matches merit with reward.”
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This article is published on page 15 of BYU Marriott's 2024 Annual Report.