Essential ETA Reading List

Whether you are just discovering ETA or preparing to launch your search, these resources are essential reading for every aspiring search fund entrepreneur.

Foundational studies

• Stanford Search Fund Primer — The definitive introduction to the search fund model, published by Stanford's Center for Entrepreneurial Studies. Covers the benefits, challenges, structure, and execution of a search fund.
• 2024 Stanford Search Fund Study — The most comprehensive dataset on search fund performance, analyzing 681 funds from 1984-2023. Key findings: 35.1% IRR, 4.5x ROIC, 63% acquisition rate.
• IESE International Search Fund Study — Extends the Stanford data to cover international (primarily European) search funds. Essential for understanding the European ETA landscape.
• INSEAD ETA & Search Funds Hub — INSEAD's dedicated research and resource platform for ETA, connecting entrepreneurs, investors, and board members globally.

Essential books

• “HBR Guide to Buying a Small Business” by Richard S. Ruback & Royce Yudkoff — Two Harvard professors lay out a practical framework for acquiring a small business. The most widely recommended book for aspiring searchers.
• “Buy Then Build” by Walker Deibel — A comprehensive guide to entrepreneurship through acquisition, covering the full lifecycle from search to operations.
• “The Search Fund Handbook” — Practical guidance for every phase of the search fund process, from fundraising to exit.
• “A Practical Guide to Buying a Business” by Robert Chalfin — Focused on the mechanics of deal structuring, negotiation, and closing.

Academic research

• “Entrepreneurship through acquisition: A scoping review” — Published in Management Review Quarterly (Springer), this paper provides a systematic review of academic literature on ETA.
• Yale School of Management — “Evolution of a Search Fund CEO and Company” — examines how search fund CEOs develop as leaders over time.
• University of Chicago Booth — “The Evolution of Entrepreneurship Through Acquisition” — traces the history and development of the ETA asset class.

Podcasts & communities

• INSEAD ETA and Search Funds Podcast — Interviews with searchers, operators, and investors from the INSEAD network.
• Think Like an Owner — Popular podcast featuring interviews with search fund entrepreneurs and small business operators.
• Searchfunder.com — The largest online community for search fund entrepreneurs, with forums, resources, and deal discussions.
• SearchFundMarket — Connect with searchers, investors, and sellers across Europe.

Key conferences

• INSEAD ETA Conference (Fontainebleau) — A leading annual event connecting the global INSEAD ETA community, featuring panels with searchers, investors, and operators from across Europe, Africa, and Asia.
• IESE Search Fund Conference (Barcelona) — The premier European ETA conference, held annually.
• Stanford Search Fund CEO Conference (Stanford) — The original and most prestigious search fund gathering.