Entrepreneurship Through Acquisition (ETA) is a path that requires equal parts strategy, adaptability, and relationship-building. In this episode of the INSEAD ETA podcast, we sit down with A.C. Goh, founder of Garlic Equity Capital, Singapore’s first traditional search fund, to explore his journey and the unique challenges of navigating the search phase in Southeast Asia. A.C. shares how his career experiences at Uber and McKinsey prepared him for the complexities of fundraising and searching for the perfect acquisition target. The conversation dives into the interpersonal dynamics of deal-making, the critical role of trust in business transactions, and the unique nuances of Singapore’s business landscape. Listeners will gain valuable insights into the misconceptions surrounding the search phase, the supportive nature of the search fund community, and strategies for creating value in acquired businesses. A.C. also offers actionable advice for aspiring searchers, emphasizing the importance of purpose, adaptability, and a strong network. This episode is a must-listen for anyone curious about the evolving ETA landscape in Southeast Asia. 00:00 Introduction to Entrepreneurship Through Acquisition 05:11 A.C. Goh's Career Journey 10:37 The Search Fund Model 17:02 Fundraising for Garlic Equity Capital 20:17 Networking and Its Importance in Search Funds 20:28 Building Trust in Business Transactions 23:02 Navigating Singapore's Unique Business Landscape 25:35 Misconceptions and Surprises in the Search Fund Journey 27:49 Advice for Aspiring Search Fund Entrepreneurs 30:40 Creating Value and Driving Growth in Acquired Businesses 33:12 The Future of the ETA Model in Southeast Asia
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36:50
Insights from an Entrepreneur: Kieron Chalder
Entrepreneurship often begins with a bold leap, and for Kieron Chalder, that leap meant transitioning from a corporate career to pursuing his entrepreneurial vision through acquisition. As co-CEO of Emotion and founder of the search fund Iberica Cap, Kieron’s journey is one of resilience, adaptability, and innovation. In this episode of the INSEAD ETA podcast, we delve into Kieron’s experiences, from his time at INSEAD to the challenges of acquiring CarPro during the uncertainty of the COVID-19 pandemic. Kieron shares how he navigated the transformation of a traditional business into a modern technology provider, highlighting the importance of cultural shifts, internal process improvements, and growth strategies tailored to changing market conditions. The conversation also explores the value of supportive investors, effective people management, and the balance between operational execution and long-term planning. Reflecting on his global business operations, Kieron emphasizes the critical role of education, networking, and the lessons learned from his search fund journey. He offers actionable advice for aspiring entrepreneurs, illustrating why ETA can be a fulfilling and impactful career choice. 00:00 Introduction to Entrepreneurship Through Acquisition 06:43 The INSEAD Experience and Networking 11:58 First Days as a CEO 18:57 Cultural Transformation in a Modern Company 24:03 Key Learnings in Managing Investors 29:27 The Benefits of a Global Business 34:41 Reflecting on the Journey and Future Directions
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Insights from an Advisor and Investor: Dr Gernot Eisinger
As an evolving pathway that blends strategic vision with hands-on business leadership, Entrepreneurship Through Acquisition (ETA) is growing in popularity. For aspiring entrepreneurs, investors, and advisors alike, understanding the nuances of this field is critical to success. In this episode of the INSEAD ETA podcast, we speak with Dr. Gernot Eisinger, a leading voice in the ETA space and a founder of Afinum, an investment firm shaping succession situations for SMEs for more than 20 years. With a career that spans the chemicals industry, strategy consulting, and private equity, Dr. Eisinger offers a wealth of experience and insights into building businesses through acquisition. Dr. Eisinger delves into the qualities that differentiate successful searchers, emphasizing the importance of active listening, management skills, and a deep understanding of the seller's perspective. He sheds light on identifying ideal acquisition targets, navigating the complexities of the search phase, and attracting investor interest in an increasingly competitive market. This conversation also explores how ETA compares to traditional startup entrepreneurship, the critical role of networking, and the long-term value of strategic exit planning. For those curious about the potential of ETA, Dr. Eisinger presents it as a powerful avenue for entrepreneurial growth, rich with opportunities for those who dare to seize them. 00:00 Introduction to Entrepreneurship Through Acquisition 06:08 The Rise of Search Funds11:57 Understanding the Seller's Perspective17:56 The Evolving Landscape of Search Funds 24:03 Attracting Investors as a Searcher 30:22 Challenges in the ETA Landscape 40:10 Strategizing for Exits
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Insights from a Searcher: Monika Wincel
Entrepreneurship Through Acquisition (ETA) is becoming an increasingly popular career path for recent MBA graduates and mid-career professionals. The entrepreneurial route of acquiring and scaling a business holds immense promise, however the journey is anything but straightforward. In this episode of the INSEAD ETA and Search Funds podcast we speak with Monika Wincel, founder of CEDO Capital and a trailblazer in Poland’s ETA landscape. As the first female-led search fund in the country, CEDO Capital represents a bold step forward in a market ripe with untapped potential. Drawing on her diverse career in consulting Privae Equity and entrepreneurship Monika sheds light on the unique challenges of launching a search fund in a market where such activity is still in its infancy. She shares invaluable insights into the resilience and adaptability required to navigate the fundraising phase, secure acquisitions and scale successfully.Monika also explores how ETA is evolving in Poland, emphasizing the importance of understanding local market dynamics and leveraging diverse experiences to carve out a successful path. This conversation offers practical advice and fresh perspectives for searchers and investors alike.00:00 Introduction to Entrepreneurship Through Acquisition01:26 Monika Winslow's Inspiring Journey07:47 The Birth of CEDO Capital11:40 Identifying Opportunities in Poland15:50 Successful Fundraising Journey22:17 Navigating the Search Phase23:21 Navigating the Search Landscape27:58 Leveraging Past Experiences30:40 The Importance of Resilience33:24 Identifying Value Creation Opportunities38:31 The Future of ETA in Emerging Markets
INSEAD’s ETA and Search Funds Podcast explores the dynamic world of Entrepreneurship Through Acquisition (ETA), offering valuable insights for entrepreneurs and investors alike. Each episode showcases individuals from across the ETA journey—entrepreneurs in various stages, from search to operations to exit, as well as experienced investors—while showcasing success stories and lessons learned.Entrepreneurs can gain practical strategies to navigate acquisitions and lead businesses effectively, while investors discover how ETA can generate returns while fostering economic growth. With a spotlight on addressing the global succession crisis, the series highlights ETA’s potential to ensure business continuity and preserve legacies. Whether you're curious or committed, this podcast equips you with actionable knowledge around the topic of to ETA and Search Funds.
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