Jeff Stevens & A.J. Wasserstein on The Future of Entrepreneurship Through Acquisition
January 18, 2024
by an investor from Harvard University - Harvard Business School in Toronto, ON, Canada
This week, I was very grateful to have the opportunity to speak with ^redacted and ^redacted, two of the most thoughtful and experienced investors in the Search Fund community. In November, Jeff and A.J. published a widely read paper on the future of Entrepreneurship Through Acquisition, which served as the basis for our discussion today.
Among many other topics, we discuss whether ETA has lost its "hidden gem" status, the realities of having more and larger investors in the ecosystem, the economics offered to searchers, how software went from out-of-favor to the most popular vertical for searchers to target, and whether the days of trying acquire SMBs for 3-5x EBITDA gone.
Special thanks to our Sponsors:
- Oberle Risk Strategies: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses
- The Profit Line: The Outsourced Finance & Accounting Department for Small and Medium Sized Businesses
Jeff Stevens & A.J. Wasserstein on The Future of Entrepreneurship Through Acquisition
from University of Calgary in Airdrie, AB, Canada
from Harvard University in Boston, MA, USA