ETA Insider Podcast

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, ve...

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...

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...

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...

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 re...

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 op...

In this episode of the ETA Insider Podcast, we are joined by Jake Bitz, Director of Client Accounting & 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 av...

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...

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...

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...

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 o...

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 ref...

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....

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 c...

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 wo...

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 h...

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 regard...

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 mul...

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 fo...

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 bey...

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 drivi...

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 th...

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...

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.