Learn about ETA
401guides, reports, and resources on Entrepreneurship Through Acquisition — organized by the six phases of the ETA journey.
Prepare
Understand the ETA model, evaluate your fit, and build the foundations before you start.
AaETA Glossary
60+ terms explained - EBITDA, LOI, PPM, QoE, IRR and more
What Is Entrepreneurship Through Acquisition (ETA)?
Complete introduction to ETA: the search fund model, lifecycle, performance data, ideal targets, and how to get started.
16 min read
GuideWhat is a Search Fund? Complete Guide
Everything you need to know about the search fund model, from fundraising to acquisition to operations.
14 min read
GuideSelf-Funded Search vs. Traditional Search Fund
Compare the two main ETA models: economics, risk, flexibility, and which path is right for you.
10 min read
InvestorWhy Invest in Search Funds?
35% IRR track record, portfolio construction, the European opportunity - a guide for prospective search fund investors.
7 min read
GuideHow to Buy a Small Business: The Complete Guide
Step-by-step guide to buying a small business: defining criteria, financing, sourcing, due diligence, negotiation, and closing.
18 min read
ResearchThe Baby Boomer Succession Crisis: $10 Trillion Opportunity
10 million US businesses, 23 million EU SMEs, and $10 trillion in value - why the boomer retirement wave is the biggest ETA opportunity in history.
15 min read
Fundraise
Raise search capital, build your investor deck, and structure equity for your fund.
How to Write a PPM (Private Placement Memorandum)
Section-by-section guide to writing a compelling PPM for your search fund, with common mistakes to avoid.
12 min read
GuideHow to Structure Your Fundraising Deck
Slide-by-slide guide to building a compelling search fund investor deck, with design tips and meeting strategy.
11 min read
GuideHow to Find Search Fund Investors
Strategies for connecting with investors who back search fund entrepreneurs across Europe and the US.
11 min read
GuideTop Search Fund Investors: A Curated List
Serial search fund investors, dedicated funds, family offices, institutional investors, and MBA networks - the field of search fund capital providers.
14 min read
InvestorFamily Offices as Search Fund Investors
Why family offices invest in search funds, finding SFOs and MFOs, pitching effectively, structuring the relationship, and non-standard terms to watch for.
13 min read
GuideSearch Fund Economics: Cap Tables & Equity
Worked examples of search fund cap tables, equity splits, vesting, and dilution for both traditional and self-funded models.
12 min read
Search
Source deals, evaluate industries, and build a proprietary pipeline of acquisition targets.
Acquiring a Veterinary Practice
Acquire a veterinary practice - ownership structures, due diligence on revenue per DVM, wellness plan strategies, and the rollup opportunity in a $140B+ pet economy.
11 min read
Industry PlaybookAcquiring a Plumbing Business
Acquire a plumbing business - licensing requirements, service vs. construction revenue mix, flat-rate pricing, and growth through multi-trade expansion.
11 min read
Industry PlaybookAcquiring a Landscaping & Lawn Care Business
Acquire a landscaping business - maintenance contract base, seasonal revenue diversification (snow, lighting), labor management, and route density optimization.
11 min read
Industry PlaybooksAcquiring an IT Services & Consulting Firm
A complete guide to acquiring IT services companies including MSPs, consulting firms, systems integrators, and cybersecurity firms - recurring revenue, due diligence priorities, and growth strategies.
12 min read
Industry PlaybooksAcquiring a Vertical SaaS Business
How to evaluate and acquire vertical SaaS companies - industry-specific software with deep moats, high retention, and embedded payments growth potential.
12 min read
Industry PlaybooksAcquiring an Amazon FBA Business
A practical guide to buying Amazon FBA businesses - due diligence on Seller Central, valuation multiples, platform dependency risks, and post-acquisition diversification strategies.
11 min read
Acquire
Execute the deal - from LOI and due diligence to financing, legal structure, and closing.
Understanding the Purchase Agreement: APA vs. SPA
Asset Purchase Agreements vs. Share Purchase Agreements - key clauses, reps and warranties, indemnification, escrow, working capital adjustments, and negotiation tips.
15 min read
DataEBITDA Multiples by Industry: 2025-2026 Benchmarks
Current EBITDA multiples for SaaS, healthcare, manufacturing, home services, professional services, and more - benchmarks for SME acquisitions.
15 min read
GuideAdjusted EBITDA: Add-Backs, Normalizations & Red Flags
How adjusted EBITDA is calculated, which add-backs are legitimate, gray-area adjustments, red flags, and how to validate with a quality of earnings report.
14 min read
GuideLetter of Intent (LOI): How to Draft & Negotiate
Key sections, binding vs non-binding clauses, negotiation strategies, and EU-specific LOI formats.
13 min read
ChecklistETA Due Diligence Checklist
A practical checklist covering financial, legal, operational, and commercial due diligence for acquisitions.
11 min read
GuideFinancial Due Diligence: What to Look For
Revenue quality, EBITDA analysis, working capital, cash flow, balance sheet deep dive, and the Quality of Earnings report - a complete FDD framework.
15 min read
Operate
Run and grow your acquired company - first 100 days, team, revenue, and digital transformation.
Hiring Your First Executive Team Post-Acquisition
Learn when and how to hire your first controller/CFO, VP of operations, and sales leader after acquiring a business - including where to find talent and how to structure compensation.
10 min read
OperationsCompensation & Incentive Design for Acquired Companies
Design modern compensation and incentive structures for acquired businesses - base salary frameworks, performance bonuses, sales comp, and equity/phantom equity plans.
11 min read
OperationsFirst 90 Days as CEO: Actionable Quick Wins After Buying a Business
Discover high-impact, low-risk quick wins for the first 90 days after acquiring a business - financial, operational, customer-facing, and people-focused improvements that build credibility.
11 min read
OperationsWhen to Let People Go: Making Tough Personnel Decisions
Manage the hardest part of being a new CEO - when to terminate underperformers, how to use PIPs effectively, and how to conduct terminations with respect and legal compliance.
11 min read
OperationsMiddle Management: Your Secret Weapon Post-Acquisition
Develop the missing middle management layer in your acquired business - identify hidden leaders, train them in delegation and KPIs, and build the execution capacity to scale.
10 min read
OperationsImplementing a CRM System in Your Acquired Company
A practical guide to CRM selection and implementation for acquired businesses - from HubSpot to Salesforce, with a 12-week implementation roadmap and adoption strategies.
11 min read
Exit
Prepare for exit - valuations, strategic vs financial sale, and returns analysis.
Search Fund Statistics: 681 Funds Analyzed
Thorough search fund statistics: fund creation trends, acquisition rates, returns, deal sizes, demographics, and European growth.
14 min read
ResearchStanford 2024 Search Fund Study: Key Takeaways
A deep dive into the 2024 Stanford GSB study covering 681 search funds, 35% IRR, and the latest trends shaping the industry.
11 min read
DataSearch Fund Returns & Performance Data
Analysis of search fund performance data, IRR benchmarks, and success factors from 40 years of data.
10 min read
ResearchFamous Search Fund Success Stories
Asurion, EndoChoice, and other notable exits - key decisions, growth strategies, and lessons from top-performing search funds.
9 min read
ResearchEuropean Search Fund Research: IESE & INSEAD Studies
EU vs US performance, deal sizes, success factors, growth trajectory, and key findings from leading European business schools.
11 min read
InvestorHow to Evaluate a Searcher: Due Diligence for Investors
The framework experienced search fund investors use to evaluate searcher candidates - track record, character, resilience, business acumen, and leadership potential.
14 min read
ETA Glossary
EBITDA, ARR, LOI, PPM, QoE, IRR — searchable A-Z dictionary of 60+ ETA and acquisition terms with links to detailed guides.
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