Michael Heath – Diving Headfirst Into ETA

Betsy Harbison shares her journey from Wall Street investment banker to HBS, to raising a traditional search fund to acquire a software company, Softrip, which she operates today. Betsy discusses the impact of transacting during the COVID pandemic, and how she approached direct outreach in search of a proprietary deal by leaning in on her Midwest roots.

Nick Akers shares his journey from being a graduate student in chemistry to becoming the CEO of a startup. He discusses the challenges of commercializing scientific inventions and the importance of communication in leadership roles. Nick also talks about his experience in running a family-owned chemical company and the opportunities for professionalizing the business. Ultimately, he decided to leave the company and pursue a different direction in his career. Nick Akers shares his experience transitioning from a family business to forging his own path as an independent sponsor. He discusses the challenges of pushing the organization and the need for personal growth. After exploring different roles, he decides to partner with NovaStone, an accelerator, to increase his chances of successfully acquiring a business. He talks about the rigorous interview process and the support NovaStone provides in terms of capital, expertise, and systems. Nick pivots his search strategy from a hyper-specific proprietary search to an industry-agnostic nationwide search, ultimately finding and acquiring STL Communications, an IT managed service provider.

Dhruv Patel shares his journey from growing up in India to acquiring his first business, a med spa. He discusses his entrepreneurial background, military service, and transition to business school. He explores the process of self-funded search, financing, and the healthcare industry landscape. Dhruv Patel shares his experience in acquiring a medical spa business, discussing his approach to deal sourcing, valuation, and the challenges of transitioning into the owner-operator role. He emphasizes the importance of building relationships with industry-specific firms and investors, as well as the significance of understanding patient demographics in the healthcare space. Dhruv also highlights the sales and marketing focus of the medical spa industry and his vision for building a portfolio of medical spa practices.

August Felker shares his journey as an acquisition entrepreneur in the insurance industry. August bought The Murphy Insurance Group via a traditional search fund process in 2010 and ultimately built and sold the business to Hub International in 2015, and then did a self-funded search which resulted in the acquisition of Oberle Risk Strategies based in St. Louis in 2019, which he operates today. August discusses the value of having a sales background and developing a thick skin and having a positive attitude when commencing a small business search, and also discusses why he focused on finding a business proprietarily. August also discusses why – following the sale of Murphy Insurance – he decided to the take the ETA plunge again and acquire Oberle in a self-funded search.

Noah Weiss discusses his career journey, from studying computer science at Princeton University, to working at leading technology companies such as Tesla, and his eventual search and acquisition of an electrical contracting firm, which he owns and operates today.

Walker Deibel literally “wrote the book” on buying and building small businesses (“Buy Then Build”). Walker shares his acquisition entrepreneurship journey, from growing up in St. Louis to building a portfolio of small businesses and starting Acquisition Lab, which supports the next generation of AEs. Walker also discusses the current ETA and search fund landscape and “what’s ahead” for the industry.

Michael Heath discusses his ETA journey, which includes buying and building several small businesses based around St. Louis, including in the garage door/dock leveler and pool/spa industries.