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 37 episodes on record and a Required Pod Score of 80.

Nick Lall hosts Search Funded: The ETA Podcast, a business show with 37 episodes published.

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  Search Funded: The ETA Podcast

  The Rise of the AI-Powered HoldCo - Vadim Rogovskiy

  Sep 22, 202625 min

  In this episode of Search Funded, we sit down with entrepreneur, investor, and holdco founder Vadim Rogovskiy to explore one of the most important emerging trends in entrepreneurship through acquisition: the intersection of AI and small business ownership. Vadim shares his journey from building and scaling venture-backed startups, including AI company 3DLOOK, to founding Rebel Capital, a holdco focused on acquiring and modernizing software businesses with AI. He explains why more founders and investors are becoming interested in acquisitions and cash-flowing businesses, and how ETA offers a compelling middle ground between operating a single company and being a passive venture investor. The conversation dives into practical applications of AI for acquisition entrepreneurs, including how AI can uncover missed revenue opportunities, capture institutional knowledge trapped in inboxes and spreadsheets, improve sales operations, and automate project management workflows. Vadim also discusses lessons learned from hosting his popular AI for Rollups & Holdcos events, why AI may favor serial acquirers and holdcos, and how the next generation of acquisition entrepreneurs can prepare for an increasingly AI-driven future. Whether you're a searcher, independent sponsor, holdco operator, or simply curious about how AI is changing the economics of business ownership, this episode offers a practical look at where the industry may be heading next. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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  Episode #9

  Permanent Hold ETA in Australia with Nikita Gossain, PPR Capital

  Aug 18, 202634 minS5

  In this episode of Search Funded, we are joined by Nikita Gossain, founder and principal of PPR Capital, an Australian investor who has acquired, operated, and exited small businesses through a permanent-hold acquisition model focused on durable, founder-led companies. Nikita shares her path from KPMG, where she worked on large acquisitions, IPOs, and complex transactions, into the much more personal world of small business ownership. After completing her MBA at Cornell, she set out to raise a traditional search fund in Australia, but the ecosystem was still early and investors wanted to see the model proven locally. Rather than waiting, she began searching anyway, cold calling business owners before acquiring Smokeshield, a 40-year-old electronic security business, using her own capital and a personally guaranteed bank loan. The conversation explores why small business acquisitions require a different lens from large corporate transactions. Nikita explains how the mechanics of M&A still translate, from diligence to working capital to deal documentation, but the real risks often sit in people, culture, undocumented knowledge, and founder dependency. She discusses: Why she was drawn to ETA after growing up around small business What her KPMG transaction experience taught her about acquisitions Why Australia remains early in its ETA ecosystem Why she believes the risk of enduring small businesses is often overstated How she thinks about buying businesses that can remain relevant 20 years from now Why PPR is built around long-term ownership rather than a five-year exit How her yield model works through prudent leverage and dividends Why growth at all costs can damage certain founder-led businesses How she thinks about replacing founders with the right CEO or general manager Why founder dependency can be an opportunity rather than only a risk What operating Smokeshield taught her about culture, systems, and change management How charity ownership could create a new succession path for enduring small businesses Why her exposure to poverty in India shaped her commitment to global health and effective giving Nikita also shares her view that many good small businesses are not meant to be transformed, rolled up, or pushed into aggressive growth. The better path may be to preserve what already works, improve it carefully, and let the business compound over decades. Whether you’re interested in ETA outside the U.S., permanent-hold acquisition models, small business succession, or the intersection of business ownership and philanthropy, this episode offers a thoughtful look at a very different way to buy and steward enduring small businesses. Send us Fan Mail Support the show Find us on Apple , Spotify , Amazon , and YouTube .

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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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