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.
