Is a Full-Time ETA Search Still Viable in Today’s Market?

September 16, 2025

by a searcher from Vanderbilt University in San Francisco, CA, USA

* I'm posting anonymously because I'm still employed and do not want my employer to find this post I’m at a crossroads and considering whether to commit to ETA full-time. I’ve been following the space for a while, have some capital to deploy, and I’m seriously weighing whether now is the right moment to make the leap. I would be looking for business services (both b2b and b2c) in the $500K-$1.5M SDE range. What I’m trying to get clarity on: • Are there still reasonable deals to be had (sensible multiples, solid cash flow, small but defensible businesses) — just with more effort required to find them? • Or has the broader market shifted in such a way that makes “boring business” acquisitions increasingly infeasible for self-funded or SBA-backed buyers? • For those who are actively searching right now — what are you seeing in terms of deal flow and pricing dynamics? I’d really value candid input from people who are out there doing it, especially around whether the juice is still worth the squeeze if you’re willing to hustle and turn over more stones. Thanks in advance for any perspective!

Reply by a professional
from Western Michigan University in Columbus, OH, USA

The market is tougher than in years past. Having completed over 20 successful searches, I could not possibly be more anti full-time search. You have no idea how long it will take to find a deal. Closing can take forever. You’re unnecessarily burning through capital. You need to find a way to work harder and hopefully you have a job where you can step away for a broker/seller call now and then. The only plus of full-time is going “off market” can be hard part-time. But off market is tough for first timers. As you start looking, make sure you are only considering business med that match your background. Not doing so will waist a lot of time and energy.

Reply by a searcher
from Colorado State University in Centennial, CO, USA

Happy to tune in here Luke. Mr Vanderbilt, the community seems to be caught up in the "Silver Tsunami" and the Guru's telling us how easy it is to get a deal done in 90 days blah blah. Ultimately the space is incredibly competitive. It took me 2 years full time to actually close a deal. I wasn't aggressive in the first year but I was active. I have a couple of professional CEO friends who were being paid to search who also took almost this long. I have another self funded search buddy who has had 3 deals tied up with his group (also professionals who have been in corp dev for years) and they have all fallen apart in DD. I was part of multiple mastermind/support groups during my search time and I can say that 80%+ of those people ended up giving up and returning to whatever they were doing before OR doing something entirely different; ultimately giving up on ETA. The last example I will give is one of a good friend who is a true pro (he has purchased, scaled and exited multiple businesses over the years throughout the country). He has found it so difficult to source deals in the last hand full of years, that he purchased interest in one of the largest brokerage shops in his community where they have formed a small PE company to cherry pick deals their brokers dig up, that make sense. We won't get into the conversation of that brokerage shop having conflicting interests or discuss whether its even worth a "searchers" time to look at that firms deals but this just goes to show the lengths that people are going to in order to actually find and close businesses that makes sense, especially given how competitive it is. I had a wife supporting my efforts and a previous career with savings behind me but it takes a LOT longer than you think unless you get really lucky; I know of 3 people who also got lucky and found deals withing 3-6 months of starting their search. They are the vast minority. Aside from my verbose rambling to try and show how tough it really is, I had lunch with one of the few really good brokers I know recently. He has 30 yrs behind him and he said his income has dropped 80% in 2025 over what it was any of the last 4 years. He said buyers have become grinders and sellers are unrealistic with younger brokers buying themselves more listings by promising they can sell that business for more money. Anything worth shaking a stick at (if its being listed by a broker) will be a feeding frenzy and have someone likely paying too much. I recently saw the announcement of a Univ. of CO sponsored ETA event coming up soon. This is for a school who only added ETA to their MBA program within the last year or so. I cant go because I am going to another one already in a different part of the country.... I think you get it by now. Plan for the long road ahead is my advice.

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