Entrepreneurship Through Acquisition

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 British Swim School. 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 British Swim School 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 across continents 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 and why 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 the unpredictable 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.