Search Funded: The ETA Podcast

Nick Lall
  • 5.0 (1)
  • Entrepreneurship
  • Updated Weekly

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

    5d ago

    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.

    32 min
  2. Building a Search Fund in China: No Playbook, Local Trust, and What Actually Works - Sally Tian, Snowtide Capital

    Apr 28

    Building a Search Fund in China: No Playbook, Local Trust, and What Actually Works - Sally Tian, Snowtide Capital

    Sally Tian shares her journey from consulting, tech, and Harvard Business School to building one of the first search funds in China alongside her husband and co-founder. She explains why she walked away from the “immigrant dream” and chose a more uncertain but aligned path in entrepreneurship.  We discuss what it actually takes to do search in China, including how fundraising differs across international and local investors, why credibility matters more than the model itself, and how relationship-driven dynamics shape sourcing and dealmaking. Sally also highlights key cultural differences, from how sellers perceive young operators to why traditional search fund narratives don’t translate directly.  Throughout the conversation, she reflects on identity, returning to China, and how her background across cultures has shaped her approach to building and operating a business in a market where there is no clear playbook.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    30 min
  3. The End of Financial Engineering and Why AI Won’t Save You - Lee McCabe, Claymore Partners

    Apr 21

    The End of Financial Engineering and Why AI Won’t Save You - Lee McCabe, Claymore Partners

    Most private equity returns over the last decade were not driven by operators. They were driven by cheap debt and multiple expansion. That playbook is breaking. In this episode, Lee McCabe, partner at Claymore Partners, explains what actually drives value creation now and why most lower middle market businesses are far less prepared than they think. At Claymore, Lee works directly with private equity firms and their portfolio companies to drive value creation across marketing, data, and technology. Before that, Lee led digital and growth initiatives at companies like eBay, Expedia, Facebook, and Alibaba, giving him a unique perspective on how digital and now AI actually show up inside real businesses, not just pitch decks. We cover:  Why most businesses do not actually understand how they make money  How KPI laundering and broken data lead to bad decisions  Why AI is mostly a distraction for unprepared companies  The real value creation playbook: data, systems, marketing, then AI  How to think about CAC, conversion, and net profit per lead  Why CEOs, not tech, are usually the biggest bottleneck  How searchers and independent sponsors should adapt in a post multiple expansion world Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    32 min
  4. He Built an Industry Leader and Walked Away from Selling It - Eric Whitley, GridSME

    Apr 14

    He Built an Industry Leader and Walked Away from Selling It - Eric Whitley, GridSME

    In this episode we speak with Eric Whitley, co-founder of GridSME and GridSec, one of the leading providers of grid compliance, engineering, and cybersecurity services for renewable energy operators in the Western United States. After decades working inside the power grid, Eric and team built a highly specialized business that became essential to the rapid growth of solar and other inverter-based resources. But what makes Eric’s story especially compelling isn’t just the business he built, it’s the decision he and his team made not to sell it. After going through a full sale process, meeting with buyers, and receiving multiple offers, they ultimately walked away. Instead of optimizing for an exit, he and his partner and top leadership chose to structure the company for long-term independence, internal ownership, and what he calls a “forever company.” And since Eric stepped aside from leading the company, they chose to fund his buyout of GridSME through the company rather than outside investors, thus creating a succession ownership model for each of the remaining owners when their time is right.  Along the way, Eric shares the frameworks that shaped his thinking, from The Pumpkin Plan to Another Way: Building Companies That Last…and Last…and Last, and how they translated those ideas into real decisions: focusing on A-level clients, building almost entirely through referrals, and sharing 50% of profits with employees. More than anything, this conversation is a reminder that behind every acquisition opportunity is a real person who has spent decades building something meaningful.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    59 min
  5. ETA Is Breaking (and Going Global): Investor Conflict, Weak Boards, and Structural Shifts - Ibrahim Abdel Rahim of Moonbase Capital

    Apr 7

    ETA Is Breaking (and Going Global): Investor Conflict, Weak Boards, and Structural Shifts - Ibrahim Abdel Rahim of Moonbase Capital

    In this episode, Ibrahim Abdel Rahim returns to share how ETA has evolved from a niche strategy into a rapidly globalizing asset class. Moonbase has expanded beyond Europe into markets like Brazil and India, where activity is accelerating, while countries like Spain continue to produce strong deal flow. But as the ecosystem grows, Ibrahim argues that deeper structural issues are emerging. He points to investor dynamics as a key pressure point. What was once a collaborative, trust-based model is, in his view, seeing more misalignment, politics, and investors who underestimate the level of involvement required to support operators. According to Ibrahim, this is most visible in board composition, arguably the most important driver of outcomes in ETA. He suggests that boards are increasingly formed based on check size rather than merit, leading to under-engaged or overly financial oversight, which becomes especially problematic when companies struggle. Ibrahim shares his framework for building effective boards:  Prioritize merit over capital  Balance experience with hunger  Include operational, not just financial, expertise  Optimize for trust and responsiveness Zooming out, Ibrahim argues that while ETA is scaling quickly, the model’s success depends on maintaining high-quality investors and strong boards. The key question going forward is whether the ecosystem can grow without losing what makes it work. Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    42 min
  6. From M&A in Africa to Enterprise Wireless Infrastructure, DC Moore of ATG

    Mar 24

    From M&A in Africa to Enterprise Wireless Infrastructure, DC Moore of ATG

    DC Moore is a mid-career searcher and the new CEO of Atlantic Technology Group, an enterprise wireless and mobility infrastructure provider benefiting from durable tailwinds tied to 5G densification, in-building connectivity needs, and rising mobile data demand. With a path that includes Georgia Tech (electrical engineering), Wharton, and time at Motorola, Lockheed Martin, and McKinsey, followed by more than a decade in Africa doing M&A and operating leadership, DC brings a fundamentally different profile to ETA than the typical post-MBA searcher. Instead of buying a simple business and replacing the owner, DC deliberately sought out complexity, kept the founder on, and structured real alignment around long-term growth. In this episode, DC discusses: Why ETA appealed to him as a way to combine acquisitions with real operating authority rather than just board-level investingRaising a traditional search as a mid-career operator and challenging some of the stereotypes around who “fits” the modelHow a failed deal process with ATG turned into a better partnership by preserving trust with the sellerStructuring meaningful rollover equity so the founder remains economically and emotionally invested in the next phaseManaging unexpected hockey-stick growth, especially working capital strain and building hiring systems before scaling too fastSend us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    49 min
  7. From Fired Searcher to $50M in Deals in One Year | Kevin Hong, Caprae Capital

    Mar 17

    From Fired Searcher to $50M in Deals in One Year | Kevin Hong, Caprae Capital

    Kevin Hong is a former searcher who was fired from the company he acquired and is now the founder of Caprae Capital, a tech-enabled lower middle market investment platform behind SaaSquatch Leads, Search as a Service, and a growing portfolio of businesses. After years as an entrepreneur, Kevin turned to search as a more de-risked path to ownership. But his experience running a data center services business turned into a battle over governance, board control, seller alignment, and strategy. Instead of disappearing after being removed, he went public, interviewed other terminated searchers, and began publishing investor rankings and operator feedback in an effort to bring more transparency to the search ecosystem. In this episode, Kevin discusses: Why search appealed to him, how he approached his acquisition, and what ultimately led to his firingWhat he thinks traditional search gets wrong about governance, boards, and operator-investor alignmentHow Caprae works, what he means by “rewriting LMM PE from the source code,” and why he believes founder-led, tech-enabled models can outperform the traditional playbookWhat he learned from surveying terminated searchers and why he believes the industry needs more transparency as it scalesSend us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    45 min
  8. Employee Ownership as a Search Fund Advantage, Turner Wyatt of Small Capital

    Feb 18

    Employee Ownership as a Search Fund Advantage, Turner Wyatt of Small Capital

    Turner Wyatt is the founder and CEO of Small Capital, an investment firm backing self-funded searchers who want to bake employee ownership into their acquisitions from day one. A lifelong social entrepreneur (food security, food waste/climate, and founding the Upcycled Food Association), Turner describes his pivot into ETA as a direct response to what he sees as the other defining challenge of this century: income inequality. His core thesis is simple: if ETA is reshaping ownership in America, it’s a missed opportunity if employees remain locked out of wealth creation, and it’s also a missed opportunity for business performance.  Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.

    35 min
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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. 

Information

  • Creator
    Nick Lall
  • Years Active
    2022 - 2026
  • Episodes
    31
  • Rating
    Clean
  • Copyright
    © 2026 Search Funded: The ETA Podcast
  • Show Website
    Search Funded: The ETA Podcast

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