Search Funded: The ETA Podcast

Search Funded is the entrepreneurship through acquisition podcast for search fund entrepreneurs, self-funded searchers, independent sponsors, investors, and operators. Hosted by Nick Lall, the show features conversations with acquisition entrepreneurs and ETA investors about how to find, finance, acquire, operate, and grow established small and lower-middle-market businesses.

Search Funded: The ETA Podcast is a business podcast hosted by Nick Lall, with 35 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Nick Lall hosts Search Funded: The ETA Podcast, a business show with 35 episodes published.

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  Search Funded: The ETA Podcast

  What Every Searcher Should Know Before Hiring an M&A Lawyer | Joel Ankney

  Aug 11, 202643 min

  In this episode, Nick speaks with veteran M&A attorney Joel Ankney, author of Here's the Deal: Everything You Wish a Lawyer Would Tell You About Buying a Small Business . Joel shares his journey from Big Law attorney to running a boutique practice focused on small business acquisitions and explains how an unexpected call from a professor introduced him to the emerging world of entrepreneurship through acquisition. Drawing on more than three decades of transaction experience and roughly 125 self-funded ETA deals, Joel discusses how the search ecosystem has evolved from a niche concept into a mainstream path to business ownership. He explains why he is seeing more searchers raise outside capital, how that trend is changing deal structures, and the additional risks and complexity that come with investor-backed acquisitions. The conversation focuses on the questions first-time buyers most frequently ask lawyers: when to hire counsel, what lawyers actually do during a transaction, how due diligence should be approached, how long deals really take to close, and what buyers should expect to pay. Joel shares practical examples of mistakes he has seen in letters of intent, why engaging a lawyer early can save significant money and headaches later, and how legal issues can derail a transaction if they are not addressed upfront. Joel also discusses the role of AI in dealmaking, the importance of state-specific legal knowledge, how lawyers and accountants should work together during diligence, and the characteristics of the most successful acquisition entrepreneurs he has worked with. For anyone considering buying a small business, this episode provides a practical roadmap for navigating the legal side of acquisitions and avoiding some of the most common mistakes first-time buyers make. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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  Search Funded: The ETA Podcast

  Search Funds in India - Bhavik Rasyara, Pravah Capital

  Jul 7, 202657 minS5

  In this episode of Search Funded, I speak with Bhavik Rasyara, founder of Pravah Capital and one of the first searchers helping build the entrepreneurship through acquisition ecosystem in India. Bhavik shares his journey from IIT Madras to BCG, Bain Capital, Scaler, and Harvard Business School, and explains why he entered his MBA already knowing he wanted to return to India and become an entrepreneur. He also discusses why the VC-backed startup path did not fully resonate with him, and why ETA felt more aligned with his desire to build durable businesses over the long term. We discuss what has surprised him since he started searching in India, including the depth of the intermediary ecosystem, the volume of actionable deal flow, and the challenges around seller valuation expectations. Bhavik also explains why India differs from the U.S. search market, particularly around acquisition financing, seller involvement, growth expectations, and exit opportunities. Finally, Bhavik shares the types of businesses he is most interested in, why B2B services and technology are attractive areas in India, and how he sees the Indian ETA ecosystem developing over the next decade. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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  Episode #12

  Buying SaaS After the Boom with David Khalil, Saas.group

  Jun 23, 202631 minS2

  David Khalil, Partner and CFO at saas.group, joins Search Funded to discuss the changing economics of SaaS. We talk about the collapse of SaaS exceptionalism, the shift away from ARR multiples, why GAAP profitability matters again, how stock-based compensation distorts earnings, and how saas.group acquires and operates profitable product-led software businesses for the long term. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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  Search Funded: The ETA Podcast

  Deal by Deal PE in New Zealand - Michael Johns, Ascentro

  Jun 22, 202635 min

  In this episode of Search Funded, I speak with Michael Johns, Managing Director of Ascentro Capital Partners, a New Zealand-based private investment firm focused on buying, building, and growing businesses across New Zealand and Australia. Michael shares the story of leaving the corporate and finance world to build Ascentro from the ground up, and why that transition was far more humbling than he expected. He explains what it took to raise capital deal by deal, why walking away from bad deals helped build trust with investors, and how putting meaningful personal capital into each transaction shaped the firm’s approach. We also discuss what makes the New Zealand and Australian lower-middle-market different from the U.S. Michael explains why competition is thinner, why public information on private companies is scarcer, and why good businesses in New Zealand may trade for 4–6x EBITDA compared to much higher multiples in the U.S. At the same time, he is clear that the lower entry multiples are not “free,” because operators still need to attract strong management teams, professionalize the business, and execute effectively after closing. A major theme of the conversation is people. Michael talks about the importance of hiring high-quality CEOs and management teams, why he is willing to pay above market for exceptional talent, and why diligence needs to go beyond the founder or CEO to understand the real culture and bench strength of a business. He also shares lessons from deals that did not go as planned, including the importance of spending more time with the second layer of management before closing. We also explore New Zealand’s “tall poppy syndrome” and how it affects entrepreneurship, ambition, and the way successful founders are perceived. Michael reflects on why New Zealanders often under-celebrate business success and why he wants to help normalize ownership, entrepreneurship, and financial literacy for the next generation. Finally, Michael explains why he sees generative AI as a major opportunity in smaller markets like New Zealand. Because many traditional business owners are older and slower to adopt new technology, Ascentro is focused on using AI across sales, operations, finance, reporting, and compliance to create an operating advantage. He also discusses Ascentro’s long-term ownership philosophy, its approach to platform building and integration, and the appeal of New Zealand as a private capital market in a more uncertain geopolitical world. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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  Episode #13

  Self-Funded ETA in Europe | Alexander Kelm, Buyout Diary

  Jun 8, 202632 minS2

  In this episode we are joined by Alexander Kelm, founder of ETA Europe and writer of Buyout Diary, to explore why entrepreneurship through acquisition in Europe requires a very different playbook from the one most searchers know in the United States. Alexander shares his journey from finance and startups into ETA, why he chose independence over the traditional search fund model, and how his MBA research on governance, founder knowledge transfer, and post-acquisition operations shaped his thinking around buying and owning small businesses. They discuss: Why the U.S. ETA model doesn’t cleanly translate to Europe The importance of language, culture, and local trust in European acquisitions How seller financing and government-backed loans differ from SBA financing Why relationship-building matters more in European dealmaking The growing ETA ecosystem across Amsterdam, Brussels, Spain, and beyond How family offices in Europe are slowly waking up to ETA Cross-border investing opportunities between the U.S. and Europe Why Alexander chose a self-funded path instead of a traditional search fund The conversation also dives into a broader theme that often gets overlooked in ETA: how to design an acquisition path that fits the kind of life you actually want to live, not just the one that looks best on paper. Whether you’re interested in international ETA, self-funded acquisition entrepreneurship, or the future of small business succession outside the U.S., this episode offers a rare on-the-ground look at one of the fastest-growing ETA ecosystems in the world. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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