Deep Dive on Business Operating Systems for ETA Operators including EOS and Scaling Up
September 11, 2025
by an investor from Northwestern University - Kellogg School of Management in Naples, FL, USA
I consistently hear from seasoned ETA operators that adopting a Business Operating System, like the Entrepreneurial Operating System (EOS) or Scaling Up, was pivotal to their leadership journey. If you’ve wondered how these systems actually work in entrepreneurial companies, this note distills what they are, areas of overlap, and why ETA operators should consider one. We also share practical tips for making implementations stick and common failure modes to avoid.
This paper is ideal for search-fund CEOs in their first few years, SMB operators transitioning from founder-led to professionally managed, and MBA students or advisors seeking a plain-English map of options.
I'm grateful to my co-authors, Alex Hodgkin of The University of Chicago Booth School of Business and A.J. Wasserstein of The Yale School of Management, along with Michael Tobey, for his candid Hose Monster experience that grounds the discussion. I look forward to covering this topic more in the Spring at Northwestern University's Kellogg School of Management.
You can access the paper via this link:
https://som.yale.edu/sites/default/files/###-###-#### /Exploring%20Business%20Operating%20Systems%20in%20Search%20Fund-Acquired%20Companies.pdf


in Austin, TX, USA
from The University of Chicago in Houston, TX, USA