Search Party

Bob Boniface and his ETA search partner went searching for a high quality, blue-collar business in the lower middle market, and found ⁠TransTech⁠ , a commercial driver's license (CDL) training business in North Carolina. The business had predictable revenue and competed in an essential, growing market. The seller was impressed with the research that Bob and his parter had done into the niche indus...

Businesses acquired in the lower-middle-market at single-digit multiples of EBITDA can be sold for double-digit multiples, but only if the new owners improve operations and grow earnings, according to three veterans of the Entrepreneurship-Through-Acquisition (ETA) search-fund market. Multiples arbitrage, seller dynamics, buy-and-build opportunities and market mega-trends are attractive features o...

Women are making gains toward substantial representation in the Entrepreneurship-Through-Acquisition (ETA) community, and supporting each other along the way. In fact, 17% of ETA searchers in the market are now women. In a fascinating conversation, three ETA leaders compare notes about the appeal of the ETA search-fund career, the advantages women can have connecting with fellow entrepreneurs, and...

A career move to the Entrepreneurship-Through-Acquisition (ETA) search-fund market may result in any combination of bewilderment, disappointment, wealth creation and self-actualization, according to A. J. Wasserstein, a Senior Lecturer at the Yale School of Management. Wasserstein, himself the builder of two successful businesses, has made entrepreneurship and the search fund community the subject...

Dustin Sellers and Anthony Walker, Managing Partners at leading Entrepreneurship-Through-Acquisition (ETA) investment firm, Next Coast Legacy, share their personal career journeys through the finance industry to become leading practitioners of the ETA strategy, and comment on the exciting growth of the asset class, the attributes necessary for successful searchers, and the rigors of acquiring and...

Financial journalist David Snow explains the impetus for the launch of Search Party, a new video-podcast featuring Next Coast Legacy Managing Partners Dustin Sellers, Anthony Walker and a rotating roster of expert guests. On a regular basis, Search Party will delve into topics designed to elevate knowledge of the entrepreneurship-through-acquisition (ETA) strategy, a form of investing, value- and...