Search Party

Cory Prott, an ETA searcher who acquired and became CEO of HRtoGo, had to engineer a cultural overhaul after discovering he inherited a workforce that had an antagonistic view of their employer. This was one of numerous challenges he faced that an advanced degree in accounting did not prepare himself for, he details in this episode of Search Party.  Joined by Dustin Sellers of NCL Partners and Bur...

When ETA entrepreneurs finally reach the exit they've spent years grinding toward, the tax decisions made in that moment can cost them millions — or save them millions.  Boulay Wealth Partner Nathan Faith breaks down the strategies many financial advisors don't know exist, from Flex SMAs that harvest losses, to the Section 1202 exclusion. If you're an ETA searcher anyhere on the journey — buying,...

Chris Sigala took an unconventional path through ETA — no MBA, no traditional search fund syndicate, and a relatively brief search in a very specific healthcare niche. Sigala has now completed an ETA round trip, having sourced and acquired Renvio - which serves dialysis clinics by streamlining how they operate - led it it as CEO, and exited to a financial partner.  Sigala shares his journey in a f...

Sure, searching for a lower-middle-market business to acquire and run is challenging, but have you tried doing it while pregnant? Entrepreneurs-through-acquisition Ania Aliev and Courtney Dunn share their own searching-while-pregnant stories in a fascinating, inspiring and touching conversation with Search Party's Lauren Farkas. Aliev, now CEO of Life Support Systems, and Courtney Dunn, now VP Cus...

Having acquired many small businesses over the years, entrepreneur Keith Burns observed a growing problem in the lower-middle-market - even the most talented CEOs have very little understanding of the evolving threats and opportunities around cybersecurity.  "People don’t recognize how much of their value is left exposed by not having the right security posture in place," Burns tells Search Party....

An Entrepreneur-Through-Acquisition is like the captain of a ship meant to deliver rewards to many constituants, and yet those rewards are uncertain and variable based on decisions made early in the life of the investment.  In particular, the personal wealth-building of an ETA searcher may be compromised if certain tax consequences are not considered at the outset of the journey, a panel of expert...

ETA search investing is more "hits-driven" than previously thought, and aspiring Entrepreneurs-Through-Acquisition can face steep odds delivering a performance of more than one-times invested capital, according to new research out of the Yale School of Management.  This episode of Search Party features a lively, candid, deep-dive conversation about the findings of the new paper, "How Are Search Fu...

An in-depth conversation with good friends Casey Schuler and Hutson Prioleau who, in late 2019, acquired PalCare, a healthcare technology company that powers nurse-call systems for assisted living and memory care communities. That's when the real pain began.  What began as an exemplary Entrepreneurship-Through-Acquisition (ETA) investment quickly turned into a crisis when COVID-19 disrupted senior...

In the middle of COVID, when parking-garage volume was down 80%, Diego Cuenca, the first-time CEO of a parking garage tech platform called TickeTech, was feeling beat up.   Having acquired TicketTech just months earlier as part of an Entrepreneurship-Through-Acquisition (ETA) search-fund investment group, Cuenca was beginning to have visions of himself as leading “one of the worst search-fund outc...

Entrepreneur Henrique de Freitas is barely a year into his ETA journey, and he's already the CEO of a lower-middle-market business-process outsourcing company called Reliable Premium.  De Freitas tells Search Party the founder of Reliable Premium " built the business over 20 plus years. It had grown into something bigger than he probably ever imagined it could, and it turned out to be a win-win -...

Artificial intelligence has reached the lower-middle-market, as seen in the case study of Haley, an AI agent deployed by Entrepreneur-Through-Acquisition (ETA) Tyrel Sulzer to win customers for his commercial driving school, TransTech. In a fascinating conversation with Search Party, TransTech co-CEO Sulzer and his investment partner, Dustin Sellers, Managing Partner of ETA private equity firm Nex...

Curt Black, CEO of a growing SaaS business, was a successful Google executive before deciding to pursue the path of Entrepreneurship-Through-Acquisition. His ETA journey introduced him to the founder of Aproove, who agreed to be acquired by Black and partners, then called the whole thing off.  Black finally managed to acquire the Aproove business in January 2025.  Through deal-search twists and tu...

A board of directors should hold the CEO accountable and evolve with the company's growth, say veterans of lower-middle-market business building. In a conversation with Search Party, Megan Webster of law firm Mayer Brown, Max Artz of Peterson Partners and Anthony Walker of Next Coast Legacy share observations about the positive impact a board can have on a lower-middle-market business, and the cha...

A decline in email response rates is forcing deal searchers to be more creative, says Entrepreneur-Through-Acquisition searcher Christine Koval, currently on the hunt for a lower-middle-market, back-office services business to acquire.  In an interview with Search Party, Koval notes the increasing competition to find deals in the vast US lower-middle-market, as well as the ubiquity of powerful bus...

Professionalizing the finance function of a lower-middle-market business is one of the most impactful forms of value-creation a new CEO can pursue, according to a panel of Entrepreneurship-Through-Acquisition (ETA) market experts. To learn the importance of the finance function in ETA investments, Search Party convened a conversation between Anthony Walker, Managing Partner at Next Coast Legacy ,...

Small insurance brokerages make for "great" Entrepreneurship-Through-Acquisition deals, provided the acquirer has a deep understanding of the industry, says August Felker, an ETA searcher turned CEO of Oberle Risk Solutions . In an interview with Search Party, Felker shares his personal ETA journey to becoming the CEO of a leading lower-middle-market insurance brokerage, starting with being raised...

The relationship between lender and lower-middle-market CEO is a critical factor in the success of ETA deals, say veterans of the Entrepreneurship-Through-Acquisition strategy. This episode of Search Party is about how to get the most from your lender over the lifecycle of an ETA investment, with expert commentary from ⁠ Castle Capital ⁠Managing Partner and ETA veteran Chandos Mahon, Conor Tidgwel...

As a growing number of MBA students become interested in Entrepreneurship-Through-Acquisition (ETA), a proper understanding of the challenges involved in finding and running a business is essential, say Austin Fruchter and Rohit Datta, Co-Presidents of the Columbia Business School ETA Club.  The Columbia ETA Club provides students with exposure to the ETA process, connecting them with investors, o...

Failing to strengthen the sales function can undermine the growth of a newly acquired business, a CEO stumble made worse in a leveraged environment, three veterans of the lower-middle-market tell Search Party. Founder-led small businesses often lack structured, scalable sales systems—and the ETA searchers-turned CEOs who acquire them must rapidly diagnose and improve how EBITDA is generated, accor...

Shortly after acquiring security-camera service ⁠EyeQ Monitoring⁠ nine years ago, Markus Scott had no way of knowing he’d eventually grow revenue by a factor of 24. He was too busy dealing with “a whole list of terrible things” that indicated the business was doomed. In an interview with Search Party, Scott says, before detailing these tribulations: “This is the place where I should be pouring bou...

An increasing supply of investor capital is chasing business-school students contemplating ETA as a career, and "search-curious" MBA candidates should know the risks involved are manifold, but well worth the journey, according to Matthew Conley and Daniel Lazier, Co-Presidents of the Kellogg School of Management's Entrepreneurship Through Acquisition Club. The Kellogg ETA Club was spun out of the...

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...