Search Funded: The ETA Podcast

Hosted by Nick Lall

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Oct 2026

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About the show

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.

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40 recent

October 22, 2026Episode 1243 min

From Self-Funded Searcher to Institutional Investor | Ian Reynolds, Thesis Capital

Ian Reynolds began his ETA journey in 2017, initially pursuing a traditional search before pivoting to a self-funded acquisition of Zibtek, a software services company he operated alongside its founder. After several years as an operator, he went on to build Thesis Capital, which has now invested across more than eight portfolio companies and closed over $100 million of transactions. Thesis has developed a differentiated model around identifying experienced operators first, building investment theses around their expertise, and providing the sourcing, transaction and capital infrastructure around them. In this episode, we discuss: What Ian learned from acquiring and operating Zibtek, and how those lessons shaped the way Thesis invests today Why Thesis takes a “people first” approach, identifying experienced operators before searching for businesses that fit their backgrounds and strengths What Ian looks for in operators, including the behavioral traits he believes matter more than traditional M&A experience How Thesis reduces some of the career and opportunity-cost risks that come with pursuing a traditional search Why service, alignment and long-term thinking are central to the way Thesis approaches business ownership How Ian thinks about choosing equity and debt partners, and why how a capital provider behaves when things go wrong matters more than their terms when everything is going well Why governance and fiduciary responsibility are especially important in the often informal lower-middle market How increasingly competitive sourcing, longer search timelines and changing market conditions are affecting ETA Why Ian believes buyers should stay close to industries they actually understand rather than pursuing attractive businesses outside their expertise Why overpaying may be one of the biggest mistakes in ETA, and why buyers should focus on actual free cash flow rather than getting caught up in EBITDA multiples or deal fever Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

October 13, 2026Episode 1126 min

India's First Institutional Search Investor- Chaitanya Rathi, Searchlight ETA

Chaitanya Rathi has spent two decades as an operator, entrepreneur and investor in India. He helped build Sula Vineyards’ wine tourism business, later returned as COO and helped take the company public, and in between worked in both private equity and venture capital, investing in and helping build consumer businesses across India. He eventually began exploring an acquisition of his own, discovered ETA, and instead decided to build Searchlight ETA, becoming the first dedicated search fund investor in India. In this episode, we discuss: Why he believes India could follow the same trajectory in search that it did in private equity and venture capital How Indian business owners view search funds differently from traditional private equity, particularly around succession and preserving their legacy Why financing acquisitions remains one of the biggest challenges for Indian searchers, and how the capital stack differs from the US Where he sees the most attractive opportunities, including regulated SaaS, precision manufacturing and export-oriented businesses What he has learned from India’s first wave of searchers and acquisitions, and why getting the first few deals right is critical to building the ecosystem How India’s combination of aging business owners, returning diaspora talent and long-term economic growth could create a major opportunity for ETA Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

October 6, 2026Episode 1037 min

Buying Independent Hotels through the EtA Model: Kevin Fleming, Avenir Hospitality

Kevin Fleming left Wharton during COVID to pursue an unconventional search thesis: combining ETA with his background in real estate private equity. In this episode, we discuss: Why Kevin chose independent hotels despite their asset intensity and operational complexity How he financed Avenir Hospitality’s first acquisition in Cannon Beach What he learned going from investor to hands-on operator Why Avenir focuses on supply-constrained leisure markets and independent hotels How the strategy has evolved as Avenir expanded across the West Coast, including its recent Joshua Tree acquisition The economics and tax advantages of hotel investing, including cost segregation and bonus depreciation Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

September 22, 202624 min

The Rise of the AI-Powered HoldCo - Vadim Rogovskiy

In this episode of Search Funded, we sit down with entrepreneur, investor, and holdco founder Vadim Rogovskiy to explore one of the most important emerging trends in entrepreneurship through acquisition: the intersection of AI and small business ownership. Vadim shares his journey from building and scaling venture-backed startups, including AI company 3DLOOK, to founding Rebel Capital, a holdco focused on acquiring and modernizing software businesses with AI. He explains why more founders and investors are becoming interested in acquisitions and cash-flowing businesses, and how ETA offers a compelling middle ground between operating a single company and being a passive venture investor. The conversation dives into practical applications of AI for acquisition entrepreneurs, including how AI can uncover missed revenue opportunities, capture institutional knowledge trapped in inboxes and spreadsheets, improve sales operations, and automate project management workflows. Vadim also discusses lessons learned from hosting his popular AI for Rollups & Holdcos events, why AI may favor serial acquirers and holdcos, and how the next generation of acquisition entrepreneurs can prepare for an increasingly AI-driven future. Whether you're a searcher, independent sponsor, holdco operator, or simply curious about how AI is changing the economics of business ownership, this episode offers a practical look at where the industry may be heading next. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

August 18, 2026Episode 933 min

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 business What her KPMG transaction experience taught her about acquisitions Why Australia remains early in its ETA ecosystem Why she believes the risk of enduring small businesses is often overstated How she thinks about buying businesses that can remain relevant 20 years from now Why PPR is built around long-term ownership rather than a five-year exit How her yield model works through prudent leverage and dividends Why growth at all costs can damage certain founder-led businesses How she thinks about replacing founders with the right CEO or general manager Why founder dependency can be an opportunity rather than only a risk What operating Smokeshield taught her about culture, systems, and change management How charity ownership could create a new succession path for enduring small businesses Why her exposure to poverty in India shaped her commitment to global health and effective giving Nikita 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 .

August 11, 202642 min

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 .

July 7, 202656 min

Search Funds in India - Bhavik Rasyara, Pravah Capital

In this episode of Search Funded, I speak with Bhavik Rasyara, founder of Pravah Capital and one of the first searchers helping build the entrepreneurship through acquisition ecosystem in India. Bhavik shares his journey from IIT Madras to BCG, Bain Capital, Scaler, and Harvard Business School, and explains why he entered his MBA already knowing he wanted to return to India and become an entrepreneur. He also discusses why the VC-backed startup path did not fully resonate with him, and why ETA felt more aligned with his desire to build durable businesses over the long term. We discuss what has surprised him since he started searching in India, including the depth of the intermediary ecosystem, the volume of actionable deal flow, and the challenges around seller valuation expectations. Bhavik also explains why India differs from the U.S. search market, particularly around acquisition financing, seller involvement, growth expectations, and exit opportunities. Finally, Bhavik shares the types of businesses he is most interested in, why B2B services and technology are attractive areas in India, and how he sees the Indian ETA ecosystem developing over the next decade. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

June 23, 2026Episode 1230 min

Buying SaaS After the Boom with David Khalil, Saas.group

David Khalil, Partner and CFO at saas.group, joins Search Funded to discuss the changing economics of SaaS. We talk about the collapse of SaaS exceptionalism, the shift away from ARR multiples, why GAAP profitability matters again, how stock-based compensation distorts earnings, and how saas.group acquires and operates profitable product-led software businesses for the long term. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

June 22, 202635 min

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 .

June 9, 2026Episode 1331 min

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 .

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