Search Funded: The ETA Podcast

Hosted by Nick Lall

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Aug 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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36 recent

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 .

April 28, 2026Episode 1130 min

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 .

April 21, 2026Episode 1032 min

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 .

April 14, 2026Episode 958 min

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 .

April 7, 2026Episode 842 min

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 .