Entrepreneurship Through Acquisition: Recent Episodes
Polsky Center for Entrepreneurship and Innovation
A podcast series featuring all things related to search funds and entrepreneurship through acquisition. Hosted by Brian O'Connor, Adjunct Professor of Entrepreneurship at the University of Chicago's Booth School of Business and Managing Partner of NextGen Growth Partners.
In this episode of the ETA Insider Podcast, we continue celebrating our 10-year podcast anniversary with Steve Groya, Managing Partner at Aldine Capital Partners, returning to the show a decade after his first conversation with us. As Aldine prepares to hold the final close on its fifth fund — a lower middle market vehicle investing both mezzanine and equity in $3–6 million EBITDA businesses — Steve reflects on what has held true over ten years and what has surprised him. From his non-traditional start in public accounting and investment banking to his own stint as an independent sponsor, Steve digs into why capital structure is everything, how over-equitizing at entry can save a deal when the unpredictable inevitably happens, and why staying disciplined in the lower middle market beats chasing the shiny object of bigger AUM. Released July 31, 2026.
In this episode of the ETA Insider Podcast, we kick off our 10-year podcast anniversary with Alex Schneider, Adjunct Lecturer in ETA at Kellogg at Northwestern, co-leader of the Kellogg Zell Fellows, and Co-Founder and Partner of Clover Capital Partners. From his accidental start, buying a college shipping and storage business, to building a multifaceted investment career spanning search funds, venture, and independent sponsorship, Alex offers a decade's worth of perspective on what has changed in ETA — and what never will. Alex digs into what it truly takes to find and close a deal in today's more competitive market, how to balance credibility and conviction, and why AI is reshaping everything from the classroom to the back office of small businesses.
In this episode of the ETA Insider Podcast, Sunil Grover, MBA ’99, joins the podcast to discuss his decades-long journey from investment banking and startup founder to ETA investor and advisor. Sunil is Managing Partner at Aavaran Capital, and a longtime supporter of Chicago Booth’s Polsky Center. From navigating a painful post-acquisition culture clash to identifying the red flags that separate a great deal from an expensive mistake, Sunil offers hard-won wisdom on what it truly takes to buy well, operate wisely, and build a capital-efficient business that lasts — including how AI is poised to transform the businesses searchers are buying today. Released May 29, 2026
In this episode, Grant, MBA ’23, and Julia, MBA ’20, Hensel share how they’ve built a unique partnership—both personally and professionally—through ETA.. From meeting as undergraduates to pursuing separate but complementary paths at Chicago Booth, the couple now operates across investing and operating roles, with Julia leading two acquired businesses and Grant building an investment platform. They discuss how they divide responsibilities, leverage complementary strengths, and maintain alignment while managing multiple companies and global teams. The conversation also explores acquisition strategy, the power of buying complementary businesses, and the realities of scaling across geographies. Throughout, Grant and Julia offer a candid look at what makes partnerships work—and the intentional habits that keep both the business and relationship strong.
In this episode, Mark Hoffman, MBA ’91, owner of Larson Packaging Company, sits down to explore his decades-long journey as a self-funded business owner. Mark shares the realities of moving from consulting to entrepreneurship, describes the challenges and triumphs of growing a packaging company from the ground up, and reflects on the personal rewards, identity, and wealth that come from committing to a “boring” business over the long haul. Mark’s perspective offers actionable advice for anyone considering a self-funded search or looking to build a meaningful legacy in a small business.
In this episode of the ETA Insider Podcast, Matt Littell joins the podcast to discuss his early experiences managing union employees, his transition into small business acquisitions, and the importance of building trust and curiosity as an operator. Matt is Cofounder at Legacy 41 and Adjunct Lecturer in Entrepreneurship at Northwestern Kellogg School of Management. From practical skills to deep relationship-building, Matt outlines how new and seasoned ETA leaders can thrive, offering invaluable wisdom for aspiring entrepreneurs and current business owners alike.
In this episode of the ETA Insider Podcast, Alex Panosian, MBA ’18, joins the podcast to discuss his path from the U.S. Army to ETA and operating small businesses. Alex reflects on how military leadership shaped his approach to ownership, discipline, and decision-making. He shares firsthand experiences operating acquired businesses, including the day-to-day reality of being both an owner and an operator, the “duality” of doing manual work while making strategic decisions, and what it looks like to involve family in the journey. The conversation also touches on evaluating acquisition opportunities, lessons learned from operating across different industries, and how his perspective on business ownership has evolved since leaving the Army and completing Booth.
Advisory Services and Consulting CFO at Boulay. Jake breaks down the accounting realities that searchers and newly minted CEOs face before and after acquiring a small business. He outlines the most common red flags uncovered during diligence, offers practical steps searchers can take early to avoid costly surprises, and explains how outsourced accounting models support operators as they scale. Jake also shares guidance on post-acquisition pitfalls, how CEOs should think about cash oversight, and where AI is already reshaping the accounting and finance function.
In this episode of the ETA Insider Podcast, we sit down with JT Fitzgerald, CEO of Kingsway Financial Services—the only U.S. public company embracing the search fund model. JT traces his path from trading on the Chicago Board of Trade to acquiring his first company and ultimately building Kingsway Search Accelerator (KSX), a platform that partners with high-potential operators to acquire and grow small businesses. He explains how Kingsway’s permanent capital structure, tax advantages, and operator “scaffolding” differentiate it within the ETA ecosystem. JT also shares insights on “game selection,” the attributes of successful searchers, and why mentorship and fit are essential for long-term success in ETA.
In this episode of the ETA Insider Podcast, Jason Jackson shares his journey from first discovering ETA at the 2014 Booth-Kellogg Conference to navigating the highs and lows of running a search fund-backed business. He discusses the challenges of acquiring a dental support business in a competitive, PE-driven market—and the unexpected discovery of fraud just weeks into ownership. Jason reflects on how focusing on cash, communication, and culture helped him and his partner lead through crisis. He also discusses the founding of the Black Search Network, his work at Futaleufu Partners, and why systematic mentorship and CEO health are crucial for long-term success.
In this episode of the ETA Insider Podcast, we explore the unique intersection of family, career, and community within the world of ETA with Cat Littell, MBA ‘08. Cat shares her journey from launching her first venture during the 2008 financial crisis to building a career in investing, teaching, and supporting searchers alongside her husband. She discusses the challenges of balancing professional and personal life in ETA, the frameworks that helped her and Matt work together, and the lessons she now passes on to Booth students. Listeners will gain insights into navigating ETA as both a demanding profession and a way of life.
Operating in the White Space of ETA in Mexico by Polsky Center for Entrepreneurship and Innovation
In this episode, we sit down with Jake Levine, MBA '19, CEO of ROBO, an Austin-based IT managed service provider. Jake shares his non-traditional path to ETA, reflecting on his journey from political campaigns to business school to acquiring and operating ROBO. He candidly discusses the challenges of search fund life, partnership dynamics post-acquisition, and the pivotal decision to pursue both organic and inorganic growth. Jake offers valuable insights for aspiring ETA operators, emphasizing the importance of self-awareness, trust building, and adaptability. This episode provides a real-time window into the ups and downs of operating and scaling a lower middle market business.
In this episode, we sit down with Keith Burns and his journey behind leaving a legal career and a promising path in finance to pursue ETA. Keith shares how a well-timed bonus and a trusted partnership with Michael Curry set him on a path to build and scale a healthcare services company. Keith breaks down their approach to capital, growth, and navigating multiple acquisitions and exits. He also reflects on the importance of aligned values, long-term thinking, and learning to “run toward pain” in business. This is a grounded, tactical look at ETA from someone who’s lived it at every stage.
This month’s episode of the ETA Insider Podcast welcomes Christine Koval, founder of Next Haven Group. Christine shares her journey from successful start-up Chewy to search entrepreneurship. She reflects on the strategic reasons for the e-commerce success story, the lessons learned from emotionally driven consumer businesses, and why she now prioritizes revenue quality in service-based industries. Christine also discusses how the ETA landscape has shifted, emphasizing the importance of storytelling, personal hustle, and authentic relationship-building in an increasingly competitive market.
In this episode of the ETA Insider podcast, we are joined by Michael Aubrey, Partner at Shore Search Partners. Michael shares his compelling entrepreneurial journey which has resulted in the creation of billions of dollars of equity value. The discussion begins with a heart-wrenching family story that ignited his entrepreneurial spirit, moves through his early days raising a search fund with his college classmate, and ultimately dives into scaling businesses in the medical products and veterinary medicine fields, respectively. The conversation delves deep into the strategic and tactical aspects of building and growing businesses, the importance of a competitive spirit, and the compounding value of long-term experience and learning in the realm of entrepreneurship.
This month’s episode of the ETA Insider Podcast welcomes Anthony Walker, MBA ’14, an influential figure in the ETA investment space. Anthony brings a wealth of experience from his diverse career path, having started on Wall Street at Morgan Stanley, followed by roles at Lehman Brothers, Citadel, and Millennium. He now leads the efforts at Next Coast Legacy, focusing on investment strategies and working closely with management teams. Tune in to hear Anthony discuss his journey, the importance of effective board involvement, and the entrepreneurial lessons he has experienced.
In this month’s episode, we sit down with Mark Jackson, MBA ’11, Co-Founder of Centennial Investment Partners, and operator to several business he acquired through ETA. Mark talks about his journey into acquisition and lessons he's learned along the way. From transitioning out of investment banking to building a self-funded portfolio, Mark shares the challenges, strategies, and key insights that have shaped his approach to acquiring, growing and starting businesses. He also dives into the importance of sourcing tactics, forming strong partnerships, and recognizing new opportunities within existing companies. Whether you're an aspiring searcher or an experienced operator, this conversation is packed with valuable takeaways on scaling through acquisition.
In this episode of the ETA Insider Podcast, we speak with Brian Wolfe, who co-led a self-funded ETA search, which he and his partner sold to Alpine Investors, and who now teaches courses on private equity and ETA at Washington University in St. Louis and the University of North Carolina. They discuss Wolfe's transition from being a PE M&A attorney at a leading law firm, and Wolfe’s insights regarding the importance of a business thesis, the criteria for choosing acquisition targets and the evolving ETA landscape. Tune in to gain valuable perspectives on navigating the complex and evolving world of ETA and subscale private equity.
In this month’s episode, Marcela Fernandez, founder of Olive Ridge Partners, discusses her journey into ETA alongside her husband, Andrew. Originally from Monterrey, Mexico, Marcela transitioned from biotech engineering and running a cidery to attending Stanford Graduate School of Business. The couple pursued ETA to stabilize their lives and quickly acquired Colorado Home Services, focusing on multi-trade residential services, achieving significant growth. They brought on a third partner to help manage operations and are now conducting a second search for new acquisitions. Marcela highlights the importance of aligned roles in partnerships, realistic expectations, and leveraging operational skills. She also talks about balancing work and personal life seamlessly, offering advice to other potential searchers.
In this episode of the ETA Insider Podcast, host Brian O'Connor sits down with Gabe Barkley, former CEO of MHW. Gabe acquired and led MHW through an impressive growth trajectory in an ETA effort. They discuss Gabe’s journey into ETA, key factors that contributed to his success, and the operational learnings that shaped his tenure and eventual exit. Gabe also shares his future plans and insights for aspiring entrepreneurs in the ETA space.
In this episode of the ETA Insider Podcast, join host Brian O'Connor as he sits down with Ryan Turbes and Clay Brownlee, partners at Boulay, a Top 100 CPA firm and financial consultancy specializing in the lower middle market. They discuss how searchers and entrepreneurs considering ETA can work with firms like Boulay throughout their lifecycle. From early engagement to post-close services and beyond, Ryan and Clay provide valuable insights on navigating the accounting, tax, and finance needs in the ETA space. Whether you're a searcher, operator, CEO, or leader of a small business, this episode offers practical guidance for leveraging CPA support at every phase of the search journey. Tune in to gain a deeper understanding of how to collaborate with financial experts and set a strong foundation for entrepreneurial success.
This month’s episode features Lacey Wismer, Founder and Managing Partner of Hunter Search Capital and Co-Founder of the Women's Search Network. In this episode, we explore her journey in the ETA landscape, with a spotlight on search funds. Lacey delves into her personal experiences, the evolution of the search fund model, and the impactful initiatives like the Women's Search Network that are driving diversity in the field. Tune in to gain a comprehensive understanding of the past, present, and future of the ETA industry from one of its passionate advocates.
This month’s episode features Reyes Florez, MBA ’14, CEO and Founder of the Platform Accounting Group, a private equity-backed business services company. Discover the compelling journey from acquiring a small family-owned tax firm to leading a nationwide group of professional services firms. Listeners will gain valuable insights into the strategic approaches used for successful acquisitions and the importance of fostering relationships within the industry. Join us for an engaging conversation that captures the essence of entrepreneurial spirit and sustainable growth in today’s accounting landscape.
This month’s episode features Rob LeBlanc, Co-Founder & Managing Partner at ambit partners. The discussion highlights the growing momentum of ETA in various countries and delves into fund deployment, geographic investment distribution, and the potential for ETA in major economies outside of North America. The conversation also underscores an optimistic perspective for ETA's expansion into new and emerging international markets, with an emphasis on establishing precedent and cultivating local investor networks.
This month’s episode features Sara Rosenthal, partner at TTCER Partners and co-founder of the Women's Search Network, who shares her journey in the search fund ecosystem and her efforts to promote diversity and mentorship. Brian and Sara discuss the culture of search funds, fostering leadership qualities, evolving models in the industry, and the need for structured mentorship programs.
This month’s episode features Chris Richling, MBA ’14, owner of a franchise business in Seattle. Chris shares his entrepreneurial journey from search fund pursuits to self-funded acquisition. He discusses the challenges faced, the transition to a management program, and ultimately acquiring a franchise. Chris reflects on lessons learned, emphasizing the importance of relationships, adaptability, and navigating personal dynamics in entrepreneurship. Released April 30, 2024
This month’s episode features a live recording from the Harper Center with Aizik Zimerman, MBA ’23, CEO of J Blanton Plumbing, a business he acquired during his second year at Booth. Unlike many ETA students focused on quick exits, Zimerman is dedicated to long-term growth, aiming to build the business into the nation's largest home services company. Influenced by his family's immigrant background and entrepreneurial success, Zimerman brings a wealth of experience from investment banking, private equity, and management roles in tech companies like Uber Eats. His journey exemplifies resilience and a commitment to creating lasting impact through entrepreneurship.
This month’s episode features a discussion with AJ Wasserstein, Professor, Yale School of Management, on the rapidly changing world of search funds. They explore the normalization of search funds, demographic trends, and the evolution of search fund models. Delving into the investor landscape, they discuss the shift from individual to institutional investors and its impact on entrepreneur-investor relationships. Despite the influx of capital driving market growth, concerns about declining quality and increased competition linger. Tune in for expert insights into the opportunities and challenges of navigating the search fund frontier. This conversation was based on "Exploring the Future of Entrepreneurship through Acquisition" which can be found at bit.ly/ExploringETA
This month’s episode features Peter Jackson, the owner and CEO of Miller Industrial, as he shares his remarkable journey from the world of Wall Street to becoming a key player in Main Street entrepreneurship. The discussion delves into Peter’s diverse career experiences, from corporate finance to his pivotal role at Groupon, leading up to the acquisition of Miller Industrial in 2018. Explore the challenges, triumphs, and lessons learned as Peter navigated the complexities of self-funding, searching for a business, and the ongoing responsibilities of industrial entrepreneurship.
This month’s episode of the ETA Insider Podcast features Marc Shiffman, MBA ’94, Former President & CEO of SMS Assist. In this episode, we explore the dynamic career journey of a finance professional who transitioned into the realm of innovation and leadership. Beginning in New York with McAndrews & Forbes owned and operated businesses, Marc played pivotal roles in iconic companies like Revlon, Coleman, and Sunbeam. The narrative takes a turn with a move to Chicago and a decade plus-long stint at SMS Assist, where Marc rose to the role of CEO. Delve into his experiences navigating challenges, embracing innovation, and building SMS Assist into a billion-dollar enterprise. The episode touches on the importance of technology, strategic decision-making during the pandemic, and the eventual merger with another company. Join us for a captivating discussion on leadership, entrepreneurial spirit, and the strategic choices that shape a successful career in the business world. Released January 3, 2024.
This month’s episode of the ETA Insider Podcast features Manvendra Saxena, Founder and Chairman at Mars Energy Group. Manny discusses navigating the challenges of moving acrosscontinents to his experiences in corporate America and the startup world. Through this discussion, you learn the pivotal decision-making moments that led him to embrace ETA andwhy the sponsored model became a risk-mitigated path for his ambitions. Manny discusses the importance of confidence, emotional intelligence, and building a support network in theunpredictable world of business. Released November 30, 2023
This month’s episode of the ETA Insider Podcast features Lisa Forrest, Director of Live Oak Bank. At the time of the taping last March, the LMM SBA market was in the throws of adjusting to the interest rate shocks. Deal flow at that time was in a state of disarray as buyers, sellers, and lenders were all trying to figure out acquisition structures in this rate environment. Almost 7 months later, the market is starting to adjust and many lenders like Live Oak Bank will end up with solid 2023 production and heading into 2024 with a good pipeline of transactions. Ms. Forrest also refers to some potential SBA SOP changes that, as of this drop, are still in flux. It would be an understatement to say that the LMM for self-funded searchers has seen disruption in 2023. But with disruption also comes opportunity. Released October 31, 2023
This month’s episode of the ETA Insider Podcast features Tim Lahey, CEO of r:Home, a technology concierge company, who shares his journey into entrepreneurship through acquisition (ETA) from a finance career. He stresses the significance of personal risk assessment in ETA and discusses his acquisition process, including location and size criteria. Tim highlights the challenges of scaling a service-oriented business and the importance of company culture. He advocates for patience in business growth and emphasizes the value of industry knowledge. Tim reflects on the personal growth and learning experiences that come with ETA, encouraging aspiring entrepreneurs to embrace the journey and its rewards.
This month’s episode of the ETA Insider Podcast features Clement Lucas, Principal of Relay Investment, a diverse firm based out of Boston that focuses on ETA investments. Clement’s unique perspective as a former operator is a value add to his team and the searchers Relay works with. Clement shares with Brian how diversity is beneficial within your resume in addition to the team you build. He also shares advice and mistakes that both searchers and operators can make and insights into the future of ETA.
This month’s episode of the ETA Insider Podcast features Jan Simon, the Managing Partner of Vonzeo Capital, a Professor of the Practice of Management in Entrepreneurship at IESE, and the Academic Director of its International Search Fund Center. Jan’s expertise and research focuses on investment strategies, mergers and acquisitions, and entrepreneurial acquisitions. Prior to working in the investment world, Jan spent four years in the Special Forces. In his conversation with Brian, Jan discusses how to think about market inefficiencies, performance persistence, stage-appropriate capital, and risk-adjusted returns in ETA.
In this episode of the ETA Insider Podcast, Brian interviews Nick Oberhouse, MBA ‘20, CEO of DAWGS (Door and Window Guard Systems, Inc.). After graduating from Chicago Booth, Nick partnered with NextGen Growth Partners (NGP) to acquire a business, eventually acquiring DAWGS in October 2021. DAWGS serves municipal and commercial property owners by securing their buildings with DAWGS' patented steel security system. Nick discusses how he transitioned from a background in consulting to a career in ETA, how he navigated building long term relationships with businesses during the global and economic uncertainty of the pandemic, why he chose an incubated/sponsored search as his search method, and how he maintains a symbiotic relationship with the original founder of DAWGS.
This special edition, live episode of the ETA Insider Podcast features Brian Vanderheyden, MBA ‘14, Founder and CEO of Glass Lake Holdings. When Brian joined the podcast in 2020, he was CEO of the Richmond Alarm Company, which he acquired in July 2017 out of his search fund. In this episode, recorded live at the Chicago Booth Harper Center in front of an audience of students and alumni, Brian discusses his recent exit, including the process of working with a bank and choosing between financial and strategic buyers. Brian also fields questions on life post-exit from the live audience, discussing his introspection process on his next steps and how to design his work/life balance through his next endeavor.
This episode features Mia Jackson, CEO of Vital Care Industries, a medical surgical supplies manufacturer. With a background in operations, supply chain, and finance, Mia discusses how acquiring Vital Care Industries combined her expertise with her passion for healthcare. In this episode, Brian interviews Mia on her career in entrepreneurship through acquisition, her advice to future searchers on how to strategically prepare to operate during the search, and the importance of building networks throughout the search process and as an operator.
Brian interviews Jason Pananos and Jay Davis, cofounders of the Nashton Company, on their careers in entrepreneurship through acquisition. Jason and Jay discuss how they developed a serial acquisition strategy, the benefits of long-term growth, and how their experience with ETA has informed how they think about investing today.
Addie Epstein and Ashley Quisol, principals and cofounders of Benton Place Partners, join Brian to discuss their journey into entrepreneurship through acquisition. Addie and Ashley share their search philosophy and highlight the importance of playing to your strengths, how to market yourself to business owners, and lessons learned from the ups and downs of searching.
Santiago Perez Teuffer, Managing Partner at Cerralvo Capital - a search fund investment firm based in Mexico City - discusses his journey into the world of ETA as well as his current work at Cerralvo as the firm approaches its third fund. The conversation revolves around the compelling future of ETA in new frontier markets in Europe and Asia, and Santiago shares his insights on navigating these international opportunities for both entrepreneurs and investors - including the top countries for search fund activity and growth rate.
Graham Weaver, founder and CEO of Alpine Investors, joins the podcast to tell the story of Alpine's evolution. Graham focuses on key times (the Great Recession) and people who made Alpine what it is today. The episode is full of hard earned wisdom from the importance of coaching to how to find incredible talent and is sure to leave the listener inspired.
Industry veteran David Dodson joins Brian to talk about his successful and varied career in the Entrepreneurship through Acquisition community. From his time as an early student of Irv Grousbeck to his multiple successful searches, acquisitions to his more recent time as an investor David’s stories are full of earned wisdom and success. David also details the importance of mentorship and how he has taken lessons learned in ETA to his non profit work.
Monica Weaver, MBA '07 talks through her first two years of leadership at TGI Direct, a company that manages direct mail in highly regulated industries. Monica shares her search story from raising and then closing a traditional search fund after two years to keeping her pipeline active and eventually acquiring TGI Direct through a self funded search. Along the way she details her success in building a strong relationship with the seller both in the acquisition process and also the first year operating. She also discusses her leadership style, the importance of listening and the crash course in HR that awaits new business owners.
Robert Graham talks through his busy roles first as the CEO of Pilar Health Group, a company he acquired through a partnered self funded search in 2018, and also as a Partner at Search Investment Group where he advises self funded searchers on diligence, deal sources and raising capital. During the conversation Robert provides insider perspective on the home health space and Pilar's growth strategy built on building a great company culture and acquiring business units with complementary services. He also talks through some misconceptions about self funded searchers and provides advice for future searchers.
Andrew Cousin joins to talk about his career as an ETA entrepreneur. His story is full of rich anecdotes from acquiring and building onto a woodworking hardware company in the early 90s to exiting that business and leading one of the largest search acquisitions in history at Circle Graphics. Andrew brings great perspective on how to view manufacturing businesses versus service businesses and growing new product categories within mature businesses. HIs interview is full of gained wisdom and entertaining tales of his interactions with the search community over the years.
Brian Kruse, MBA '18, joins the podcast to talk about his first year as the owner/operator of Legacy Roofing in Ohio. The two talk about how to identify a great industry and weigh the pros and cons of choosing the right size business to acquire. Kruse also concentrates on the importance of building a great team and identifying and prioritizing each persons' strengths.
Brian chats with Trevor Lwin, MBA ’12, about his round trip ETA journey. Trevor discusses his introduction to the model during his time as an executive MBA student at Chicago Booth, his keys to a successful partner search, advice on intermediaries, and his experience operating T Base, a proprietary software company that converts documents for people who have vision impairments. Trevor also goes into detail about his recent sale of T Base to Thompson Street Partners and what he has planned next.
Jamie Shah, MBA ’13, joins the podcast to talk about family enterprise and her experiences after joining her family’s company Chem-Impex Intl. Jamie shares the entrepreneurial roots of her father and the laboratory science product supplier, Chem-Implex Intl., that he started from scratch. Jamie discusses her role within the business and the operational strategies and impulses that guide her work as she tries to support growth within the company. Jamie also shares advice for searchers approaching family-owned businesses and the unique strengths and potential complications of working within a family-owned business, whether a member of the family or joining a family firm.
Brian is joined by frequent podcast guest, Shamus Hines, MBA '15, and Chicago Booth professor Steve Morrissette, MBA '90, to discuss the exciting growth recapitalization of Shamus’ company Applied Data Corporation (ADC). Shamus talks about ADC’s switch to providing their clients with a SaaS platform and the recapitalization that will allow ADC to enter a new growth stage. Professor Morrissette recounts his history with Shamus from the classroom, where as a student, Shamus actually introduced him to the ETA model. And later, how Professor Morrissette served as an investor and advisor in Shamus’ initial purchase of ADC in 2017.
Reid Tileston, MBA '15, and Brian O'Connor discuss the in depth, and often, involved diligence efforts that Reid went through in purchasing Giddings Hawkins, a company that he acquired through a self-funded search. Reid is a one of a kind guest and his stories are impactful and, at times, humorous-from daily cold showers to racing up skyscraper stairs and cleaning Southern Wisconsin's grease traps. Reid's stories from his first year as an operator cover a number of lessons about assessing risk and what to do as an operator when faced with a worst-case scenario. He also provides honest advice for entrepreneurs considering the self-funded route.
On this episode of the ETA podcast Brian re-visits (previously featured on the 2018 episode Navigating Your Search) Booth alums Jessica Markowitz, MBA '13 and Trista Engel, MBA ’13. Jessica and Trista give an update on their acquisition of Paragon Legal, a San Francisco-based legal services firm, and their quick transition from searchers to new operators to business leaders during a pandemic. Jessica and Trista also discuss some lessons on building a great partnership, their focus on a culture of integrity, advice for entrepreneurs considering ETA amid a pandemic, and the landscape for women in ETA.
“Well there’s gotta be a better way to do this!” This is the rallying cry of HeatWorks CEO Jerry Callahan, MBA ’88. From cardboard point of purchase displays, to summer bbqs, and hot showers, there is a good chance one of Jerry Callahan’s ideas has made your life easier. Jerry graciously visits the pod to talk about his successful career developing and improving products and companies through invention and acquisition.
Fresh off her new book, Leadership and Life Hacks, Alyssa Rapp joins Brian to talk about her transition from founding and leading every wine drinker’s favorite app, bottlenotes, to moving back to Chicago and takin the reins at Surgical Solutions. Alyssa discusses her “hacks” for learning about the health care services industry, working with an inherited board and juggling family and personal life outside of work. She also speaks about her work at Booth as a lecturer for the capstone class Women as CEOs, Investors and Board Members. Spoiler alert-hacks will only get you so far as Alyssa’s motivational story is one of hard work, being present, taking risks and surrounding yourself with great people.
Michael Tobey discusses his successful transition from Booth graduate to investment banker to owner/operator of Hose Monster, and the search pivot that he made when a year’s worth of diligence and negotiations fell through right as a unique opportunity became available. Michael also outlines changes Hose Monster has made due to the Covid-19 pandemic as well as his long term plans regarding growth, spending and debt structure during the pandemic.
Booth alum Brian Vanderheyden, CEO of Richmond Alarm Company, reflects on how he began his ETA journey, executing on the herculean task of launching a search and the altruistic element that was influencing his approach and tactics. Recorded during the Covid-19 crisis, Brain discusses his contingency planning during this new and rapidly developing situation, and its associated economic challenges.
Eric Roza is executive-in-residence with General Catalyst (one of the country’s leading venture capital firms) and serves as Chairman of TrueCoach (the leading SaaS platform for personal trainers). He recently stepped down as the general manager of Oracle Data Cloud, a post he assumed following his sale of Datalogix to Oracle for $1.25B in 2015, delivering a 35x return to Series A investors in 5 years. In this keynote conversation moderated by Chicago Booth alum Alex Hodgkin, Eric reflects on his career trajectory that led him from Asurion to Datalogix, and the eventual sale to Oracle. Eric discusses his post-Oracle life and current role as an active investor, and offers his advice for those embarking on ETA careers.
This episode of the ETA podcast features Nick Somers, MBA ’88, managing partner of Somers Investment Partners. After getting his start in investment banking, Nick transitioned to private equity in quite an entrepreneurial way. He reflects on lessons learned in building out teams and capabilities, his approach to investing and evaluating companies, and exciting trends ahead in the ETA landscape.
This edition of the ETA podcast features Booth alum Shamus Hines, CEO of Applied Data Corporation (ADC), a fresh item management software company. Featured on the podcast in 2016 while in the thick of his search, Shamus returns to update on his search, diligence, acquisition, and his transition to CEO. Shamus discusses the unexpected challenges and surprises he encountered, how he approached composing ADC’s board, and what the future holds.
This episode of the ETA podcast features Ryan Jones, CEO of Dynamic Growth Dental Support, a dental support organization that was formed to provide the business resources and support dentists need to focus on quality dental care. Having launched his business five years out of business school, Ryan speaks to the importance of pairing with the right investors and how his focused approach and strong thesis helped him navigate the increasing competition in the search fund landscape, ultimately leading him to the business he is now running. Now over 18 months into his CEO role, Ryan discusses his growth strategy, the opportunity for buy and build, and financing acquisitions.
In this episode of the ETA podcast, Chicago Booth alum Dave Newberry reflects on why he ultimately chose to pursue an incubated search model and important lessons learned during his 24 month search. Now one year into his role as CEO of Condata Global, Dave discusses aspects of the transition that were different than expected, unforeseen challenges he’s faced in the first year leading a company, and the value of self-assessment.
Chicago Booth alums Erick Laseca and Giovanni Barbat discuss their partnered search experience and the important characteristics of their team that led them to the acquisition of American Vision Group, a leading eyecare services platform. In addition to addressing the challenges of consolidating three disparate companies at time of acquisition, Erick and Giovanni discuss healthcare rollups and their strategic plan behind vertical integration.
Booth alum Nathan Dey, discusses how his investment banking experience led him to take the entrepreneurial leap and pursue ETA, eventually stepping into the CEO role of a 50 year old logistics company. In an industry undergoing a huge digital transformation, Nathan discusses how his company is building on its rich history, positioning themselves to be an innovative leader in the shipping and logistics space, and transforming into a tech-forward global supply chain software company.
Booth alum Gabe Barkley, CEO of MHW, reflects on his early entrepreneurial aspirations that led him from a post-college position at a wine shop to the role of CEO of a leading alcoholic beverage service platform. Gabe discusses why he decided to pursue an incubated search, and how he found MHW and formed a valuable partnership with the owner as the incoming CEO.
Booth alum Charles Mullenger, CEO of Ethos Evacuation Strategies d/b/a MedSled, discusses the correlations between leading a team in a military environment and leading in a corporate environment, and what aspects of his military background that have translated to the business. Charles also shares how his Midwestern roots played a role in this search, his advice for young CEOs, and important factors to keep in mind when looking for the right business.
Chicago Booth alum Michael Curry, CEO of Krueger Gilbert Health Physics and Apex Physics Partners takes us through his entrepreneurial journey from bootstrapping a custom clothing company in the early 2000’s to a successful partner-led search. Now an operator in the health physics landscape, Michael reflects on the importance of servant leadership throughout his ETA journey.
Steve Swinney, CEO of Kodiak Building Partners, speaks to the importance of finding balance between the pace of acquisitions and maintaining an operational focus to build a great business – all while mastering the cyclicality of the construction industry. Additionally, Steve shares lessons learned on the importance of managing a united culture through his over 21 acquisitions.
Chicago Booth alum Phil Colaco, global leader for the corporate finance advisory practice at Deloitte, draws parallels between Deloitte’s investment banking arm and the ETA search. Phil elaborates on strategies to maximize chances of success in a search, the importance of partners, and trends in lower-middle market acquisitions.
Ivan Zinn, founder and managing partner of Atalaya Capital Management, elaborates on the evolutionary changes in the credit industry as it relates to the launch and growth of Atalaya Capital, trends in the corporate credit landscape, and considers the intentional use of human capital as a means to drive impact and outcomes.
In this episode, David Rhodes, a technology consultant and active ETA investor, discusses how he advises search entrepreneurs when they have interest in a software-driven company. David emphasizes the importance of evaluating the product, process and team, and highlights some of the challenges and opportunities presented by SaaS.
In this episode, Chicago Booth alum Darrin Shillair, president of Specialty Sales LLC, discusses his ETA journey and explains the benefits of pursuing a self-funded search and how he was able to acquire Specialty Sales a little over a year after beginning his search. Darrin explains how his search model provided him with a unique advantage in identifying smaller cap companies and being able to narrow his search to a specific geography.
In this episode, our host Brian O'Connor is joined by Dan Kessler, partner at Cyprium Partners, and Ken Sander, former chairman and CEO of Kellermeyer Building Services. The pair work through the mechanics of a management buyout (MBO) and discuss how Cyprium Partners worked with Ken's team to facilitate the MBO of Kellermeyer Building Services.
Mark Agnew, president and CEO of Lou Malnati’s and adjunct professor of entrepreneurship at Chicago Booth, speaks about his journey with Lou Malnati’s and the lessons he’s learned as president and CEO of the company. Mark stresses the importance of making every experience a learning opportunity and developing a strong company culture. He attributes the success of Lou’s to the commitment of the people working at the company and their ability to innovate and lead from within.
Successful entrepreneur Rob Swanson, former founder and CEO of RAS & Associates, shares his experience founding a company, driving growth through sales and employee development, and ultimately exiting the business. As an operator, Rob’s insights into his sales and growth strategy for RAS & Associates serves those in the ETA community that have, or are looking to operate a business.
In this episode, Mary Josephs, founder and CEO of Verit Advisors, discusses employee stock ownership plans (ESOP) and their role in ETA. She provides listeners with an overview of ESOPs, how they work, and their role as a corporate finance alternative to acquiring a business.
Co-founders and Principals of Calyx Capital Partners, Trista Engel and Jessica Markowitz discuss their ETA journey and how they came together to form a search fund following their time at Chicago Booth School of Business. The pair reflect on their partnership and share insights into how they've been able to maintain both a professional and personal relationship throughout their search. Trista and Jessica speak about the ups and downs of their search and provide valuable advice for those looking to pursue the search fund model.
On this episode, Mike Wallach with Levy Family Partners discusses special purpose acquisition companies, or SPACs, and provides listeners with an in-depth look into how the investment vehicles are structured and can be used to carry out a transaction. Mike speaks about his experience with the Levy Acquisition Corp. and their ultimate acquisition of Del Taco in 2015.
Co-Founding Managing Directors of Relay Investments, Sandro Mina and Martin Steber, touch on a variety of topics including launching an international search, working with a partner, and managing your search budget. Sandro and Martin have over 45 years combined experience in search fund investing, participated in 100+ deals, and invested in 16 countries on 5 continents.
This episode features Michael Miles, Co-Founder and Partner at the Operand Group, a fund that exclusively invests in search funds. A longtime search fund investor and operator, Michael shares his insights on forming a search fund, attracting investors, and closing a deal. He also goes through some do's and don'ts for budding entrepreneurs.
Devin Matthews, Partner at ParkerGale Capital, discusses his firm's investment strategy and the significance of a portfolio company's management team. He highlights the importance of putting together the right team and the qualities he looks for in an operator when evaluating a potential investment.
CEO of an Oregon-based company that provides educational marketing services for registered investment advisors speaks about the three roles of an entrepreneur. He discusses his path to pursuing entrepreneurship, why he chose to assemble a diversified group of investors to fund his search, and how he’s made the transition from investor to operator of a company.
Chris Killackey, Partner at Prairie Capital, has over 23 years of experience in private equity and middle-market lending, including time with Banc One Mezzanine Corporation (now part of Chase Mezzanine) and American National Bank. In this episode, Chris speaks from the point of view as an investor in search funds and provides insight into what behavioral qualities Prairie Capital looks for in the searchers and entrepreneurs they fund.
Patrick Dickinson, co-founder and Managing Partner of Ninth Street Capital Partners, discusses his early exposure to ETA through working with a merchant banking group specializing in acquiring and operating companies, and his eventual decision to pursue an MBA and round-off his business skills. He went on to found Ninth Street Capital Partners with Michael Weiner, which now has a diverse investment portfolio and successfully exited Castronics in 2012. Patrick reveals the secret behind his firm’s investment strategy as well as their individual takes on different roles in order to play to their own strengths.
Mark Egan, a founder and Managing Partner of Boston-based investment firm Marion Equity Partners, recounts the last 30 years of the search fund model and how he’s seen both searcher and investor’s approach change over the years. Mark provides his words of wisdom for those looking to start a search fund and emphasizes the power of community in entrepreneurship.
Matt Burr, General Partner at Matland Capital, lends his expertise to discuss the dynamics of the relationship between searcher and investor, and what leads to a rewarding partnership. Matt expounds on his own experiences as an investor in search funds, as well as those of his father, Craig Burr, to provide a glimpse into how the investor thinks. He highlights a key trait their entrepreneurs have, “native intelligence,” and how it separates successful searchers from the rest.
Austin Hall, Founder and Director of Brick Street Partners, reflects on the first six months of his search, looking back to his initial motivation to pursue entrepreneurship through acquisition, why he chose a self-funded search, and how he’s measured success thus far. Austin openly discusses the challenges of focusing his search in a confined geography, and explains the benefits of the self-funded model.
This episode features Chuck Mishoulam, Founder of Alert Protective Services, and David Silberstein, Managing Principal of Anchor Light Partners, and CEO of Alert Protective Services. The duo provide a 360-view of the acquisition process – from making the decision to sell, working through a broker to source and execute the deal, and how they’ve ensured a smooth transition post-acquisition.
Coley Andrews, Co-Founder and Managing Member of Pacific Lake, a well regarded institutional investor in search funds, lends his perspective on a wide variety of topics. Beginning with his personal story and the inception of Pacific Lake, he delves into the common traits of successful search entrepreneurs, investment theses that can lead to good outcomes, the importance of having a bias to action, and advice on best practice when serving as a search fund entrepreneur turned CEO.
Dennis Chookasian, Adjunct Professor of Strategic Management at the Booth School of Business at the University of Chicago and incredibly accomplished executive, shares tactics for juggling multiple professional responsibilities, how to work with your board as a young CEO, and key reasons why companies fail.
Brad Morehead, Adjunct Lecturer of Innovation & Entrepreneurship at the Kellogg School of Management at Northwestern University, recounts his own professional journey, moving through careers in investment banking, private equity, and ultimately to company operator as CFO of FeldCo, and later CEO of LiveWatch Security, which he acquired in 2010. In the conversation he reveals secrets to leading and managing people, the characteristics of successful serial entrepreneurs, and the importance of having mentors.
Alex Schneider, adjunct professor of entrepreneurship at the Kellogg School of Management, Northwestern University and the founding partner of Clover Capital Partners, talks about his personal career path to becoming an independent sponsor, shares the stories behind his initial investments, touts the merits of having an industry focus, and contrasts the differences between pursuing a business with committed equity funding versus more open ended arrangements.
Matt Taylor, Managing Director of search fund Gypsum Ridge Capital, shares his reasons for pursuing a search fund, working with a partner, choosing your investors, conducting the search from two locations, and tactics to maximize the probability of success.
Search fund entrepreneur Shamus Hines of Silverfield Capital talks about his strategies for finding the right business, how he balances his time between searching, assessing companies, and performing due diligence, getting the most out of interns, intermediated versus proprietary deal flow, communicating with investors, and how to effectively engage with business owners.
Steve Groya, Managing Director of Aldine Capital Partners, discusses best practices when raising debt financing in conjunction with acquiring a company. The conversation covers what information lenders evaluate during their underwriting process, the various different forms of debt - senior debt, mezzanine, and seller paper, and how entrepreneurs can position themselves for success during the process.
Raam Jani, Partner at McDermott, Will & Emery, provides perspective on the legal aspects of the search fund through the full lifecycle, from raising the search capital to closing the acquisition. He covers what legal documents come into play and when, key terms that often receive attention, and when it's appropriate to use your attorney and when to DIY.
Matt Estep of Bosworth Capital shares insights gained from his own experiences as a search fund entrepreneur - deciding on the career path, raising search capital, acquiring a company, serving as the co-CEO, and ultimately selling the business.
During the conversation he touches on a number of interesting topics - how his team positioned themselves to succeed versus other buyers on a basis other than price, the importance of their board of directors, what they did, both right and wrong, in improving the business, finessing the sale of the company to a private equity firm, and his ultimate transition to other endeavors.