ETA Insider Podcast

Hosted by Polsky Center for Entrepreneurship and Innovation

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Jul 2026

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About the show

A podcast series featuring all things related to search funds and entrepreneurship through acquisition. Hosted by Brian O'Connor, Adjunct Professor of Entrepreneurship at the University of Chicago's Booth School of Business and Managing Partner of NextGen Growth Partners.

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August 28, 202633 min

A Decade in ETA: When Search “Goes Wrong”

In this episode of the ETA Insider Podcast, our 10-year anniversary series concludes with Matt Taylor, EMBA '17, founder of WFGT Holdings and CEO of a commercial landscaping business in Sun Valley, Idaho. When Matt first joined the podcast in 2016, he was a Marine Corps officer-turned-Booth student raising a traditional search fund with his best friend. The search never closed — and the partnership didn't survive it. Matt returns to talk candidly about what went wrong, the string of operating roles that followed, and why a self-funded search a decade later succeeded where the first attempt failed. He digs into stress-testing a partnership before you sign, search fund fatigue at the lower end of the market, what sellers look for beyond a résumé, and the daily "covenant" he keeps with the workforce he now employs.

July 31, 202627 min

A Decade of ETA Insider: Why Capital Structure Is Still Everything in the Lower Middle Market

In this episode of the ETA Insider Podcast, we continue celebrating our 10-year podcast anniversary with Steve Groya, Managing Partner at Aldine Capital Partners, returning to the show a decade after his first conversation with us. As Aldine prepares to hold the final close on its fifth fund — a lower middle market vehicle investing both mezzanine and equity in $3–6 million EBITDA businesses — Steve reflects on what has held true over ten years and what has surprised him. From his non-traditional start in public accounting and investment banking to his own stint as an independent sponsor, Steve digs into why capital structure is everything, how over-equitizing at entry can save a deal when the unpredictable inevitably happens, and why staying disciplined in the lower middle market beats chasing the shiny object of bigger AUM. Released July 31, 2026.

June 30, 202630 min

A Decade of ETA Insider: The Things They Don't Put in the Syllabus

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, venture, and independent sponsorship, Alex offers a decade's worth of perspective on what has changed in ETA — and what never will. Alex digs into what it truly takes to find and close a deal in today's more competitive market, how to balance credibility and conviction, and why AI is reshaping everything from the classroom to the back office of small businesses.

May 29, 202632 min

AI, Seller Integrity, and Smarter ETA Deals

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 great deal from an expensive mistake, Sunil offers hard-won wisdom on what it truly takes to buy well, operate wisely, and build a capital-efficient business that lasts — including how AI is poised to transform the businesses searchers are buying today. Released May 29, 2026

April 24, 202631 min

Split Roles, Shared Vision: Making Partnerships Work in ETA

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 discuss how they divide responsibilities, leverage complementary strengths, and maintain alignment while managing multiple companies and global teams. The conversation also explores acquisition strategy, the power of buying complementary businesses, and the realities of scaling across geographies. Throughout, Grant and Julia offer a candid look at what makes partnerships work—and the intentional habits that keep both the business and relationship strong.

March 27, 202624 min

Unpacking the Self-Funded ETA Experience

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 to a “boring” business over the long haul. Mark’s perspective offers actionable advice for anyone considering a self-funded search or looking to build a meaningful legacy in a small business.

February 27, 202629 min

Building Trust and Curiosity as an Operator

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 relationship-building, Matt outlines how new and seasoned ETA leaders can thrive, offering invaluable wisdom for aspiring entrepreneurs and current business owners alike.

January 30, 202624 min

Military Leadership Meets Small Business Ownership

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 operator, the “duality” of doing manual work while making strategic decisions, and what it looks like to involve family in the journey. The conversation also touches on evaluating acquisition opportunities, lessons learned from operating across different industries, and how his perspective on business ownership has evolved since leaving the Army and completing Booth.

December 2, 202525 min

From Diligence to Dashboards: How Finance Shapes Search Success

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 avoid costly surprises, and explains how outsourced accounting models support operators as they scale. Jake also shares guidance on post-acquisition pitfalls, how CEOs should think about cash oversight, and where AI is already reshaping the accounting and finance function.

October 31, 202526 min

Redefining ETA in the Public Markets

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 small businesses. He explains how Kingsway’s permanent capital structure, tax advantages, and operator “scaffolding” differentiate it within the ETA ecosystem. JT also shares insights on “game selection,” the attributes of successful searchers, and why mentorship and fit are essential for long-term success in ETA.