The Search Fund Podcast

Hosted by Jake Nicholson, SMEVentures

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Latest episode

Apr 2026

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About the show

Jake Nicholson of SMEVentures uncovers the stories behind search fund entrepreneurs around the world. The Search Fund Podcast is a show about hungry entrepreneurs who, instead of starting a business, decide to buy one. These are their stories of success, failure, and the lessons they've learned.

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18 recent

April 29, 2026Episode 1744 min

TWS & WF Energy Controls: Jason Hew

Send us Fan MailJason Hew went from reviewing 1,000 startups a year at Woolworths' venture arm to searching for a business with SMEVentures and buying two instrument transformer manufacturers, one in Sydney and one in Christchurch, in a single transaction. It was only the second search fund acquisition New Zealand had seen. This episode covers his operator-fit framework for knowing when a business is right for you, how he rebuilt a 20-year factory culture as an outsider, and what happened when his vendor walked out four weeks after settlement.ChaptersEarly Life in Malaysia and Immigration to Australia (2:37)The Petrol Station and Grandad's Influence (5:09)Cadetship at HLB Man Judd and Early Career (7:34)Record Point and the Iron Mountain Deal (9:52)Scaling Woolworths Rewards (11:43)Employee Number One at W23 Ventures (14:45)Cash Rewards and the ANZ Exit (18:00)Why a Risk Averse Person Buys a Business (20:58)15 Months of Search (22:25)Operator Fit vs Founder Problem Fit (24:30)The Acquisition: TWS and WF Energy Controls (28:19)The Cross-Border Complexity (31:43)First 18 Months as CEO (35:32)Vendor Exits at Week Four (38:13)The Brightest Moment (40:15)Advice for Searchers in the Grind (41:44)What Comes Next (42:44)SOME ADVICE FROM JASON"Can you actually see yourself doing this for a long period of time? And that equation becomes more important, not when things are going well, but when things are going bad. Can you see yourself struggling through this for a long period of time in this business, in this industry, in this location?""The ETA opportunity is real. And there's a deal out there for everyone who's doing this for genuine reasons. Don't be thrown away too much by criteria and business metrics. Really try and hone in on what you think will bring you joy and what will help you wake up in the morning on the right side of bed."

February 17, 2026Episode 1656 min

BNI & Griswold Home Care: Graham Weihmiller

Send us Fan MailGraham Weihmiller's journey from Six Sigma black belt to acquiring Griswold Home Care during the Great Recession exemplifies resilience and strategic leadership. He shares his evolution through franchising, scaling Griswold from 100 to 250 locations, and later steering BNI—a global networking organization with 350,000+ members across 77 countries—through one of business history's most dramatic pivots during the COVID-19 pandemic. This episode unpacks the art of founder transitions, the undervalued potential of franchising in ETA, and why your family are your first customers.ChaptersEarly Signs of Entrepreneurship and Financial Distress (2:38)First Venture and Discovering Search Funds (6:45)Acquiring Griswold Home Care During the GFC (10:04)Why Franchising Deserves More Attention (15:00)Founder Transitions: Lessons from Griswold (19:31)Getting the Right People on the Bus (23:59)Acquiring BNI: A Different Kind of Transition (31:45)The Three Bucket Framework (36:11)COVID-19: Pivoting a Global Network Overnight (40:14)Endurance Sports, Burnout, and Family First (48:00)Some advice from Graham:"Your job is not to fix the processes. Your job is to get the right people in the right seats. And they will fix the processes in a much better way than you'll ever be able to.""I don't know if this organization is gonna survive this pivot that we're about to do, but I know it's the right thing to do. Nobody is gonna get hurt if I can help it. Nothing to me is worth somebody getting hurt or certainly worse."

June 30, 2025Episode 1553 min

Water Direct: Adam Johnson

Send us Fan MailThis episode charts the unique path of Adam Johnson, CEO of the critical UK infrastructure company, Water Direct. Adam recounts his journey from an entrepreneurial Texas upbringing to the fast-paced world of Silicon Valley tech sales at startups like WePay and Voxbone, experiences that forged a distinct perspective on adaptability and storytelling. He shares how a Texas blizzard became the "AHA moment" that revealed the hidden value in Water Direct, leading him to acquire the company through the search fund model he discovered during his MBA. This episode highlights the translation of skills between seemingly unrelated industries and the profound challenges and rewards of stepping into the CEO role.ChaptersMeet Adam Johnson: from Texas to Silicon Valley (0:40)Adam's early life and influences (2:39)Navigating career choices and early jobs (8:07)Sales and startups: lessons from WePay and Voxbone (11:26)Transition to leadership and private equity insights (20:37)Discovering the search fund model (23:19)Getting hooked on ETA (26:22)The role of an MBA in pursuing a search fund (27:27)The importance of storytelling in ETA (30:20)Acquiring Water Direct (31:49)Understanding Water Direct's business model (32:04)Challenges and rewards of being a CEO (41:52)Advice for aspiring entrepreneurs (47:37)Future plans for Water Direct (49:30)Conclusion and key takeaways (51:45)Some advice from Adam:"It's rare that you you become infatuated with something like this, but it just made sense to me. And I think it's really lucky not a lot of people from a career perspective, at least can say that, they get a bit obsessed with what they're doing. And I, I totally felt that with the search.""Speak to as many people as you can. Everybody's experience with entrepreneurship broadly is going to be unique. [Try] to form a view of whether or not this is the right path for you can only be done through looking ... into the kaleidoscope because everybody's experience is different and yours will not mimic anybody, but it might at least have quite a few elements from lots of people that you speak to."

April 14, 2025Episode 1440 min

SEYSES: George Berczely

Send us Fan MailGeorge Berczely's journey from corporate executive to search fund entrepreneur is a testament to adaptability and personal growth. He shares his candid experiences navigating the search process, acquiring SEYSES, and the challenges of integrating into a new role and industry. This episode highlights the personal transformation that comes with embracing entrepreneurship and the invaluable lessons learned along the way.ChaptersEarly Life and Education (2:20)Career Beginnings and McKinsey Experience (9:21)Transition to Deutsche Post and DHL (10:56)Discovering Entrepreneurship Through Acquisition (20:02) The Search and Acquisition of SEYSES (25:10) Operating SEYSES: Challenges and Successes (28:37) Future Plans and Reflections (34:58) Some advice from George:"First, I'm so glad I took this route because it really allowed me to reach my Ikigai. You know, I'm doing what I love, what I'm good at. I think pushing the energy transition is something that the world needs. And I can also profit from it financially in a way that was never possibly in a corporate environment.""I think that the one thing I overestimated, and I wouldn't do that again, Is how much a company depends on its previous owner. So when, when I bought this company, I thought I would never be able to absorb everything and the company would depend on the owners forever. I don't think that's the case anymore. If you have a proper process in place and hire people, nobody, and also not me is indispensable."Resources:smeventures.comhttps://seyses.com/en/nosotros/https://novastone-ca.com/seyses.phphttps://www.linkedin.com/in/george-berczely/

February 22, 2024Episode 131 hr 0 min

Briscoe Protective: Alexander Schuil

Send us Fan MailIn this inspiring episode of "The Search Fund Podcast," we delve into Alexander Schuil's remarkable journey from an early interest in entrepreneurship to achieving a significant exit through a search fund. Alexander shares his beginnings, from diverse early work experiences to pivotal educational moments that shaped his path. He discusses the strategic acquisitions that propelled his business forward, leading to a successful exit. This episode is a must-listen for mid-career professionals seeking to explore entrepreneurship through acquisition, offering valuable insights into the challenges and triumphs of the search fund model. Alexander's reflections post-sale and his ongoing contributions as an investor and board member provide a comprehensive view of the search fund ecosystem. Join us to uncover how Alexander's journey can inspire your own path to entrepreneurial success.

December 12, 2023Episode 1249 min

ACE Training & MultiSkills Training: Rob Gaunt

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July 11, 2023Episode 1151 min

The Manager's Handbook: David Dodson

Send us Fan MailIn this episode, two-time search fund entrepreneur, 20-year search fund investor, Stanford GSB professor, and now author David Dodson joins us to discuss his new book The Manager's Handbook, which derives lessons from his life and experiences with search funds. From his humble Colorado upbringing to unconventional early jobs to success as a CEO and investor, Dodson's journey serves as a testament to the power of ambition, collaboration, determination, and solid decision making. Don't miss this insightful episode that explores the life and accomplishments of an exceptional individual.

September 28, 2022Episode 1056 min

Explora BioLabs: Sandy Paige

Send us Fan MailIn this episode we hear from Sandy Paige, who is the self-proclaimed oldest person to launch a search fund. While I'm not sure that's true anymore, I think it might have been true when he launched a traditional search fund in 2017, focused exclusively on Northern California, at age 48. Most investors actually declined to back his search, possibly due to his unique profile and geographical limitations. But Sandy now has the distinction of being not only the oldest, but also one of the most successful search funds to date, having just sold his company for 295 million dollars.

July 29, 2022Episode 1032 min

Interland Design: Jake Cervilla

Send us Fan MailJake Cervilla wanted to be a business owner since age 12. Now he is owner and CEO of Interland Design. In this episode, Jake remembers the business owners he looked up to throughout his career before making an acquisition only months before the COVID lockdown. Reflecting on entrepreneurial dreams, he says that being a business owner is harder than he expected, but that he wouldn't have it any other way. Chapters00:01:48 Early beginnings on the water00:05:48 Teenage side jobs & mulch00:07:03 University of Virginia00:08:40 Financial advisory (a.k.a. sales) & consulting00:13:28 Tepper MBA & entrepreneurial alternatives00:17:18 Blacktail Capital00:19:06 Interland Design & COVID00:23:03 A new leader00:25:12 Why house painting?00:26:13 Reflections & words of wisdomSome advice from Jake:"Get those mentors... My two professors and a couple of my friends have been that kind of sounding board, safe group to talk to, because they've been there, they understand it, and like you said, the CEO section can be very, very lonely."Resources:interlanddesign.comblacktailcapital.comtepper.cmu.edu

June 20, 2022Episode 956 min

TECLENA: Tiago Paixão

Send us Fan MailIn this episode, Tiago recounts a conventional corporate journey turned unconventional. He and his partner acquired two businesses about a year apart, marking the first acquisitions in Portugal's budding search fund market. Now helming TECLENA and JUNCOR as co-CEO, Tiago shares the thinking that spurred him into the search fund space, and how his robust partnership has enabled him to create value and lead both companies through the supply chain crisis brought about by the pandemic. ChaptersEarly beginnings: business and finance (5:21)Discovering the search fund model (9:50)Consulting, partnerships and new markets (16:46)The anatomy of the search (26:04)The two acquisitions: adding value as co-CEO (38:48)Past, present and future goals (48:37)In hindsight: advice for aspiring searchers (51:44)Some advice from Tiago:"You don’t need to have a lot of prior experience, if you really wanna be an entrepreneur. If you really want to do it, you can do it. There are a lot of experienced people in the search fund environment who are willing to help, willing to coach you. So it’s just a question of whether you really want to do it, whether you really want to be an entrepreneur or not.""I wouldn't worry too much about the challenges or the things that you probably wouldn’t be able to do because you're going to have a big, interesting environment around you that will support you during your search. You'll be entering an ecosystem. There are always investors, ex-searchers who have been through it, like me, and can help you achieve your goals."Resources:zinc.capitalsmeventures.comteclena.ptjuncor.pt