Search Funded: The ETA Podcast

Nick Lall

 Search Funded is the entrepreneurship through acquisition podcast for search fund entrepreneurs, self-funded searchers, independent sponsors, investors, and operators. Hosted by Nick Lall, the show features conversations with acquisition entrepreneurs and ETA investors about how to find, finance, acquire, operate, and grow established small and lower-middle-market businesses. 

  1. 1d ago

    Permanent Hold ETA in Australia with Nikita Gossain, PPR Capital

    In this episode of Search Funded, we are joined by Nikita Gossain, founder and principal of PPR Capital, an Australian investor who has acquired, operated, and exited small businesses through a permanent-hold acquisition model focused on durable, founder-led companies. Nikita shares her path from KPMG, where she worked on large acquisitions, IPOs, and complex transactions, into the much more personal world of small business ownership. After completing her MBA at Cornell, she set out to raise a traditional search fund in Australia, but the ecosystem was still early and investors wanted to see the model proven locally. Rather than waiting, she began searching anyway, cold calling business owners before acquiring Smokeshield, a 40-year-old electronic security business, using her own capital and a personally guaranteed bank loan. The conversation explores why small business acquisitions require a different lens from large corporate transactions. Nikita explains how the mechanics of M&A still translate, from diligence to working capital to deal documentation, but the real risks often sit in people, culture, undocumented knowledge, and founder dependency. She discusses: Why she was drawn to ETA after growing up around small businessWhat her KPMG transaction experience taught her about acquisitionsWhy Australia remains early in its ETA ecosystemWhy she believes the risk of enduring small businesses is often overstatedHow she thinks about buying businesses that can remain relevant 20 years from nowWhy PPR is built around long-term ownership rather than a five-year exitHow her yield model works through prudent leverage and dividendsWhy growth at all costs can damage certain founder-led businessesHow she thinks about replacing founders with the right CEO or general managerWhy founder dependency can be an opportunity rather than only a riskWhat operating Smokeshield taught her about culture, systems, and change managementHow charity ownership could create a new succession path for enduring small businessesWhy her exposure to poverty in India shaped her commitment to global health and effective givingNikita also shares her view that many good small businesses are not meant to be transformed, rolled up, or pushed into aggressive growth. The better path may be to preserve what already works, improve it carefully, and let the business compound over decades. Whether you’re interested in ETA outside the U.S., permanent-hold acquisition models, small business succession, or the intersection of business ownership and philanthropy, this episode offers a thoughtful look at a very different way to buy and steward enduring small businesses. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    Permanent Hold ETA in Australia with Nikita Gossain, PPR Capital
  2. Aug 11

    What Every Searcher Should Know Before Hiring an M&A Lawyer | Joel Ankney

    In this episode, Nick speaks with veteran M&A attorney Joel Ankney, author of Here's the Deal: Everything You Wish a Lawyer Would Tell You About Buying a Small Business. Joel shares his journey from Big Law attorney to running a boutique practice focused on small business acquisitions and explains how an unexpected call from a professor introduced him to the emerging world of entrepreneurship through acquisition.  Drawing on more than three decades of transaction experience and roughly 125 self-funded ETA deals, Joel discusses how the search ecosystem has evolved from a niche concept into a mainstream path to business ownership. He explains why he is seeing more searchers raise outside capital, how that trend is changing deal structures, and the additional risks and complexity that come with investor-backed acquisitions.  The conversation focuses on the questions first-time buyers most frequently ask lawyers: when to hire counsel, what lawyers actually do during a transaction, how due diligence should be approached, how long deals really take to close, and what buyers should expect to pay. Joel shares practical examples of mistakes he has seen in letters of intent, why engaging a lawyer early can save significant money and headaches later, and how legal issues can derail a transaction if they are not addressed upfront.  Joel also discusses the role of AI in dealmaking, the importance of state-specific legal knowledge, how lawyers and accountants should work together during diligence, and the characteristics of the most successful acquisition entrepreneurs he has worked with.  For anyone considering buying a small business, this episode provides a practical roadmap for navigating the legal side of acquisitions and avoiding some of the most common mistakes first-time buyers make.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    What Every Searcher Should Know Before Hiring an M&A Lawyer | Joel Ankney
  3. Jun 22

    Deal by Deal PE in New Zealand - Michael Johns, Ascentro

    In this episode of Search Funded, I speak with Michael Johns, Managing Director of Ascentro Capital Partners, a New Zealand-based private investment firm focused on buying, building, and growing businesses across New Zealand and Australia. Michael shares the story of leaving the corporate and finance world to build Ascentro from the ground up, and why that transition was far more humbling than he expected. He explains what it took to raise capital deal by deal, why walking away from bad deals helped build trust with investors, and how putting meaningful personal capital into each transaction shaped the firm’s approach. We also discuss what makes the New Zealand and Australian lower-middle-market different from the U.S. Michael explains why competition is thinner, why public information on private companies is scarcer, and why good businesses in New Zealand may trade for 4–6x EBITDA compared to much higher multiples in the U.S. At the same time, he is clear that the lower entry multiples are not “free,” because operators still need to attract strong management teams, professionalize the business, and execute effectively after closing. A major theme of the conversation is people. Michael talks about the importance of hiring high-quality CEOs and management teams, why he is willing to pay above market for exceptional talent, and why diligence needs to go beyond the founder or CEO to understand the real culture and bench strength of a business. He also shares lessons from deals that did not go as planned, including the importance of spending more time with the second layer of management before closing. We also explore New Zealand’s “tall poppy syndrome” and how it affects entrepreneurship, ambition, and the way successful founders are perceived. Michael reflects on why New Zealanders often under-celebrate business success and why he wants to help normalize ownership, entrepreneurship, and financial literacy for the next generation. Finally, Michael explains why he sees generative AI as a major opportunity in smaller markets like New Zealand. Because many traditional business owners are older and slower to adopt new technology, Ascentro is focused on using AI across sales, operations, finance, reporting, and compliance to create an operating advantage. He also discusses Ascentro’s long-term ownership philosophy, its approach to platform building and integration, and the appeal of New Zealand as a private capital market in a more uncertain geopolitical world. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    Deal by Deal PE in New Zealand - Michael Johns, Ascentro
  4. Jun 9

    Self-Funded ETA in Europe | Alexander Kelm, Buyout Diary

    In this episode we are joined by Alexander Kelm, founder of ETA Europe and writer of Buyout Diary, to explore why entrepreneurship through acquisition in Europe requires a very different playbook from the one most searchers know in the United States. Alexander shares his journey from finance and startups into ETA, why he chose independence over the traditional search fund model, and how his MBA research on governance, founder knowledge transfer, and post-acquisition operations shaped his thinking around buying and owning small businesses. They discuss:  Why the U.S. ETA model doesn’t cleanly translate to Europe  The importance of language, culture, and local trust in European acquisitions  How seller financing and government-backed loans differ from SBA financing  Why relationship-building matters more in European dealmaking  The growing ETA ecosystem across Amsterdam, Brussels, Spain, and beyond  How family offices in Europe are slowly waking up to ETA  Cross-border investing opportunities between the U.S. and Europe  Why Alexander chose a self-funded path instead of a traditional search fund The conversation also dives into a broader theme that often gets overlooked in ETA: how to design an acquisition path that fits the kind of life you actually want to live, not just the one that looks best on paper. Whether you’re interested in international ETA, self-funded acquisition entrepreneurship, or the future of small business succession outside the U.S., this episode offers a rare on-the-ground look at one of the fastest-growing ETA ecosystems in the world. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    Self-Funded ETA in Europe | Alexander Kelm, Buyout Diary

About

 Search Funded is the entrepreneurship through acquisition podcast for search fund entrepreneurs, self-funded searchers, independent sponsors, investors, and operators. Hosted by Nick Lall, the show features conversations with acquisition entrepreneurs and ETA investors about how to find, finance, acquire, operate, and grow established small and lower-middle-market businesses.