Advertise on podcast: Search Funded: The ETA Podcast

Chaitanya Rathi has spent two decades as an operator, entrepreneur and investor in India. He helped build Sula Vineyards’ wine tourism business, later returned as COO and helped take the company public, and in between worked in both private equity and venture capital, investing in and helping build consumer businesses across India. He eventually began exploring an acquisition of his own, discovered ETA, and instead decided to build Searchlight ETA, becoming the first dedicated search fund investor in India. In this episode, we discuss: Why he believes India could follow the same trajectory in search that it did in private equity and venture capitalHow Indian business owners view search funds differently from traditional private equity, particularly around succession and preserving their legacyWhy financing acquisitions remains one of the biggest challenges for Indian searchers, and how the capital stack differs from the USWhere he sees the most attractive opportunities, including regulated SaaS, precision manufacturing and export-oriented businessesWhat he has learned from India’s first wave of searchers and acquisitions, and why getting the first few deals right is critical to building the ecosystemHow India’s combination of aging business owners, returning diaspora talent and long-term economic growth could create a major opportunity for ETA  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

Kevin Fleming left Wharton during COVID to pursue an unconventional search thesis: combining ETA with his background in real estate private equity. In this episode, we discuss: Why Kevin chose independent hotels despite their asset intensity and operational complexityHow he financed Avenir Hospitality’s first acquisition in Cannon BeachWhat he learned going from investor to hands-on operatorWhy Avenir focuses on supply-constrained leisure markets and independent hotelsHow the strategy has evolved as Avenir expanded across the West Coast, including its recent Joshua Tree acquisitionThe economics and tax advantages of hotel investing, including cost segregation and bonus depreciationSend us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode of Search Funded, we sit down with entrepreneur, investor, and holdco founder Vadim Rogovskiy to explore one of the most important emerging trends in entrepreneurship through acquisition: the intersection of AI and small business ownership. Vadim shares his journey from building and scaling venture-backed startups, including AI company 3DLOOK, to founding Rebel Capital, a holdco focused on acquiring and modernizing software businesses with AI. He explains why more founders and investors are becoming interested in acquisitions and cash-flowing businesses, and how ETA offers a compelling middle ground between operating a single company and being a passive venture investor. The conversation dives into practical applications of AI for acquisition entrepreneurs, including how AI can uncover missed revenue opportunities, capture institutional knowledge trapped in inboxes and spreadsheets, improve sales operations, and automate project management workflows. Vadim also discusses lessons learned from hosting his popular AI for Rollups & Holdcos events, why AI may favor serial acquirers and holdcos, and how the next generation of acquisition entrepreneurs can prepare for an increasingly AI-driven future. Whether you're a searcher, independent sponsor, holdco operator, or simply curious about how AI is changing the economics of business ownership, this episode offers a practical look at where the industry may be heading next. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode of Search Funded, we are joined by Nikita Gossain, founder and principal of PPR Capital, an Australian investor who has acquired, operated, and exited small businesses through a permanent-hold acquisition model focused on durable, founder-led companies. Nikita shares her path from KPMG, where she worked on large acquisitions, IPOs, and complex transactions, into the much more personal world of small business ownership. After completing her MBA at Cornell, she set out to raise a traditional search fund in Australia, but the ecosystem was still early and investors wanted to see the model proven locally. Rather than waiting, she began searching anyway, cold calling business owners before acquiring Smokeshield, a 40-year-old electronic security business, using her own capital and a personally guaranteed bank loan. The conversation explores why small business acquisitions require a different lens from large corporate transactions. Nikita explains how the mechanics of M&A still translate, from diligence to working capital to deal documentation, but the real risks often sit in people, culture, undocumented knowledge, and founder dependency. She discusses: Why she was drawn to ETA after growing up around small businessWhat her KPMG transaction experience taught her about acquisitionsWhy Australia remains early in its ETA ecosystemWhy she believes the risk of enduring small businesses is often overstatedHow she thinks about buying businesses that can remain relevant 20 years from nowWhy PPR is built around long-term ownership rather than a five-year exitHow her yield model works through prudent leverage and dividendsWhy growth at all costs can damage certain founder-led businessesHow she thinks about replacing founders with the right CEO or general managerWhy founder dependency can be an opportunity rather than only a riskWhat operating Smokeshield taught her about culture, systems, and change managementHow charity ownership could create a new succession path for enduring small businessesWhy her exposure to poverty in India shaped her commitment to global health and effective givingNikita also shares her view that many good small businesses are not meant to be transformed, rolled up, or pushed into aggressive growth. The better path may be to preserve what already works, improve it carefully, and let the business compound over decades. Whether you’re interested in ETA outside the U.S., permanent-hold acquisition models, small business succession, or the intersection of business ownership and philanthropy, this episode offers a thoughtful look at a very different way to buy and steward enduring small businesses. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode, Nick speaks with veteran M&A attorney Joel Ankney, author of Here's the Deal: Everything You Wish a Lawyer Would Tell You About Buying a Small Business. Joel shares his journey from Big Law attorney to running a boutique practice focused on small business acquisitions and explains how an unexpected call from a professor introduced him to the emerging world of entrepreneurship through acquisition.  Drawing on more than three decades of transaction experience and roughly 125 self-funded ETA deals, Joel discusses how the search ecosystem has evolved from a niche concept into a mainstream path to business ownership. He explains why he is seeing more searchers raise outside capital, how that trend is changing deal structures, and the additional risks and complexity that come with investor-backed acquisitions.  The conversation focuses on the questions first-time buyers most frequently ask lawyers: when to hire counsel, what lawyers actually do during a transaction, how due diligence should be approached, how long deals really take to close, and what buyers should expect to pay. Joel shares practical examples of mistakes he has seen in letters of intent, why engaging a lawyer early can save significant money and headaches later, and how legal issues can derail a transaction if they are not addressed upfront.  Joel also discusses the role of AI in dealmaking, the importance of state-specific legal knowledge, how lawyers and accountants should work together during diligence, and the characteristics of the most successful acquisition entrepreneurs he has worked with.  For anyone considering buying a small business, this episode provides a practical roadmap for navigating the legal side of acquisitions and avoiding some of the most common mistakes first-time buyers make.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode of Search Funded, I speak with Bhavik Rasyara, founder of Pravah Capital and one of the first searchers helping build the entrepreneurship through acquisition ecosystem in India. Bhavik shares his journey from IIT Madras to BCG, Bain Capital, Scaler, and Harvard Business School, and explains why he entered his MBA already knowing he wanted to return to India and become an entrepreneur. He also discusses why the VC-backed startup path did not fully resonate with him, and why ETA felt more aligned with his desire to build durable businesses over the long term. We discuss what has surprised him since he started searching in India, including the depth of the intermediary ecosystem, the volume of actionable deal flow, and the challenges around seller valuation expectations. Bhavik also explains why India differs from the U.S. search market, particularly around acquisition financing, seller involvement, growth expectations, and exit opportunities. Finally, Bhavik shares the types of businesses he is most interested in, why B2B services and technology are attractive areas in India, and how he sees the Indian ETA ecosystem developing over the next decade. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

David Khalil, Partner and CFO at saas.group, joins Search Funded to discuss the changing economics of SaaS.  We talk about the collapse of SaaS exceptionalism, the shift away from ARR multiples, why GAAP profitability matters again, how stock-based compensation distorts earnings, and how saas.group acquires and operates profitable product-led software businesses for the long term.   Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode of Search Funded, I speak with Michael Johns, Managing Director of Ascentro Capital Partners, a New Zealand-based private investment firm focused on buying, building, and growing businesses across New Zealand and Australia. Michael shares the story of leaving the corporate and finance world to build Ascentro from the ground up, and why that transition was far more humbling than he expected. He explains what it took to raise capital deal by deal, why walking away from bad deals helped build trust with investors, and how putting meaningful personal capital into each transaction shaped the firm’s approach. We also discuss what makes the New Zealand and Australian lower-middle-market different from the U.S. Michael explains why competition is thinner, why public information on private companies is scarcer, and why good businesses in New Zealand may trade for 4–6x EBITDA compared to much higher multiples in the U.S. At the same time, he is clear that the lower entry multiples are not “free,” because operators still need to attract strong management teams, professionalize the business, and execute effectively after closing. A major theme of the conversation is people. Michael talks about the importance of hiring high-quality CEOs and management teams, why he is willing to pay above market for exceptional talent, and why diligence needs to go beyond the founder or CEO to understand the real culture and bench strength of a business. He also shares lessons from deals that did not go as planned, including the importance of spending more time with the second layer of management before closing. We also explore New Zealand’s “tall poppy syndrome” and how it affects entrepreneurship, ambition, and the way successful founders are perceived. Michael reflects on why New Zealanders often under-celebrate business success and why he wants to help normalize ownership, entrepreneurship, and financial literacy for the next generation. Finally, Michael explains why he sees generative AI as a major opportunity in smaller markets like New Zealand. Because many traditional business owners are older and slower to adopt new technology, Ascentro is focused on using AI across sales, operations, finance, reporting, and compliance to create an operating advantage. He also discusses Ascentro’s long-term ownership philosophy, its approach to platform building and integration, and the appeal of New Zealand as a private capital market in a more uncertain geopolitical world. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode we are joined by Alexander Kelm, founder of ETA Europe and writer of Buyout Diary, to explore why entrepreneurship through acquisition in Europe requires a very different playbook from the one most searchers know in the United States. Alexander shares his journey from finance and startups into ETA, why he chose independence over the traditional search fund model, and how his MBA research on governance, founder knowledge transfer, and post-acquisition operations shaped his thinking around buying and owning small businesses. They discuss:  Why the U.S. ETA model doesn’t cleanly translate to Europe  The importance of language, culture, and local trust in European acquisitions  How seller financing and government-backed loans differ from SBA financing  Why relationship-building matters more in European dealmaking  The growing ETA ecosystem across Amsterdam, Brussels, Spain, and beyond  How family offices in Europe are slowly waking up to ETA  Cross-border investing opportunities between the U.S. and Europe  Why Alexander chose a self-funded path instead of a traditional search fund The conversation also dives into a broader theme that often gets overlooked in ETA: how to design an acquisition path that fits the kind of life you actually want to live, not just the one that looks best on paper. Whether you’re interested in international ETA, self-funded acquisition entrepreneurship, or the future of small business succession outside the U.S., this episode offers a rare on-the-ground look at one of the fastest-growing ETA ecosystems in the world. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

Sally Tian shares her journey from consulting, tech, and Harvard Business School to building one of the first search funds in China alongside her husband and co-founder. She explains why she walked away from the “immigrant dream” and chose a more uncertain but aligned path in entrepreneurship.  We discuss what it actually takes to do search in China, including how fundraising differs across international and local investors, why credibility matters more than the model itself, and how relationship-driven dynamics shape sourcing and dealmaking. Sally also highlights key cultural differences, from how sellers perceive young operators to why traditional search fund narratives don’t translate directly.  Throughout the conversation, she reflects on identity, returning to China, and how her background across cultures has shaped her approach to building and operating a business in a market where there is no clear playbook.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

Most private equity returns over the last decade were not driven by operators. They were driven by cheap debt and multiple expansion. That playbook is breaking. In this episode, Lee McCabe, partner at Claymore Partners, explains what actually drives value creation now and why most lower middle market businesses are far less prepared than they think. At Claymore, Lee works directly with private equity firms and their portfolio companies to drive value creation across marketing, data, and technology. Before that, Lee led digital and growth initiatives at companies like eBay, Expedia, Facebook, and Alibaba, giving him a unique perspective on how digital and now AI actually show up inside real businesses, not just pitch decks. We cover:  Why most businesses do not actually understand how they make money  How KPI laundering and broken data lead to bad decisions  Why AI is mostly a distraction for unprepared companies  The real value creation playbook: data, systems, marketing, then AI  How to think about CAC, conversion, and net profit per lead  Why CEOs, not tech, are usually the biggest bottleneck  How searchers and independent sponsors should adapt in a post multiple expansion world Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode we speak with Eric Whitley, co-founder of GridSME and GridSec, one of the leading providers of grid compliance, engineering, and cybersecurity services for renewable energy operators in the Western United States. After decades working inside the power grid, Eric and team built a highly specialized business that became essential to the rapid growth of solar and other inverter-based resources. But what makes Eric’s story especially compelling isn’t just the business he built, it’s the decision he and his team made not to sell it. After going through a full sale process, meeting with buyers, and receiving multiple offers, they ultimately walked away. Instead of optimizing for an exit, he and his partner and top leadership chose to structure the company for long-term independence, internal ownership, and what he calls a “forever company.” And since Eric stepped aside from leading the company, they chose to fund his buyout of GridSME through the company rather than outside investors, thus creating a succession ownership model for each of the remaining owners when their time is right.  Along the way, Eric shares the frameworks that shaped his thinking, from The Pumpkin Plan to Another Way: Building Companies That Last…and Last…and Last, and how they translated those ideas into real decisions: focusing on A-level clients, building almost entirely through referrals, and sharing 50% of profits with employees. More than anything, this conversation is a reminder that behind every acquisition opportunity is a real person who has spent decades building something meaningful.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

In this episode, Ibrahim Abdel Rahim returns to share how ETA has evolved from a niche strategy into a rapidly globalizing asset class. Moonbase has expanded beyond Europe into markets like Brazil and India, where activity is accelerating, while countries like Spain continue to produce strong deal flow. But as the ecosystem grows, Ibrahim argues that deeper structural issues are emerging. He points to investor dynamics as a key pressure point. What was once a collaborative, trust-based model is, in his view, seeing more misalignment, politics, and investors who underestimate the level of involvement required to support operators. According to Ibrahim, this is most visible in board composition, arguably the most important driver of outcomes in ETA. He suggests that boards are increasingly formed based on check size rather than merit, leading to under-engaged or overly financial oversight, which becomes especially problematic when companies struggle. Ibrahim shares his framework for building effective boards:  Prioritize merit over capital  Balance experience with hunger  Include operational, not just financial, expertise  Optimize for trust and responsiveness Zooming out, Ibrahim argues that while ETA is scaling quickly, the model’s success depends on maintaining high-quality investors and strong boards. The key question going forward is whether the ecosystem can grow without losing what makes it work. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

DC Moore is a mid-career searcher and the new CEO of Atlantic Technology Group, an enterprise wireless and mobility infrastructure provider benefiting from durable tailwinds tied to 5G densification, in-building connectivity needs, and rising mobile data demand. With a path that includes Georgia Tech (electrical engineering), Wharton, and time at Motorola, Lockheed Martin, and McKinsey, followed by more than a decade in Africa doing M&A and operating leadership, DC brings a fundamentally different profile to ETA than the typical post-MBA searcher. Instead of buying a simple business and replacing the owner, DC deliberately sought out complexity, kept the founder on, and structured real alignment around long-term growth. In this episode, DC discusses: Why ETA appealed to him as a way to combine acquisitions with real operating authority rather than just board-level investingRaising a traditional search as a mid-career operator and challenging some of the stereotypes around who “fits” the modelHow a failed deal process with ATG turned into a better partnership by preserving trust with the sellerStructuring meaningful rollover equity so the founder remains economically and emotionally invested in the next phaseManaging unexpected hockey-stick growth, especially working capital strain and building hiring systems before scaling too fastSend us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

Kevin Hong is a former searcher who was fired from the company he acquired and is now the founder of Caprae Capital, a tech-enabled lower middle market investment platform behind SaaSquatch Leads, Search as a Service, and a growing portfolio of businesses. After years as an entrepreneur, Kevin turned to search as a more de-risked path to ownership. But his experience running a data center services business turned into a battle over governance, board control, seller alignment, and strategy. Instead of disappearing after being removed, he went public, interviewed other terminated searchers, and began publishing investor rankings and operator feedback in an effort to bring more transparency to the search ecosystem. In this episode, Kevin discusses: Why search appealed to him, how he approached his acquisition, and what ultimately led to his firingWhat he thinks traditional search gets wrong about governance, boards, and operator-investor alignmentHow Caprae works, what he means by “rewriting LMM PE from the source code,” and why he believes founder-led, tech-enabled models can outperform the traditional playbookWhat he learned from surveying terminated searchers and why he believes the industry needs more transparency as it scalesSend us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.