ETA Resources Guide

This resource guide is designed to provide valuable resources for existing business owners and aspiring business owners seeking to apply entrepreneurship through acquisition strategies to maximize the outcomes that matter most to them.

**If you know of resources you think would enhance this ETA Resource Guide, please share them with the Promise Partners Administrator at: admin@promise-partners.org and we will add them to this Resource Guide.

Jan 10 -12, 3 DAY ETA Bootcamp w/ Reid Tileston

Over three days, learn how to find, finance, close, lead and position a business for sale.

2024 ETA Event Attendees get special Promise Partners Pricing of only $975 (saving $1,925 off $2,900 price)
Register Now, Using Promise Partner drop down to save $1,925) - HERE

12 Week ETA Applied Leadership Course: ETA ChangeMakers Deep Dive

Learn how to Unlock Engagement, Inspire Action, and, Accelerate Business Results with Jeff Bouwman from the AiMS Institute

Free Workshop to Learn More Thursday 11/7, 2 pm ET - HERE
Download Brochure about Course - HERE
Register Now, ETA Event Special Price Applied (save $1,500) - HERE

RICHARD L. OSBORN ETA SYMPOSIUM
A collaboration between Promise Partners and The Weatherhead School of Management at Case Western Reserve University

4th Annual Osborne ETA Event, October 29th, 2025

Register HERE
Promise Partner Members use ETAVIP code for 50% discount

3rd Annual 2024 Osborne ETA Event Resources

Full Video Replay - COMING SOON (check back around 12/1)
Event Slides - Workshops & Pitch Competition
Attendees List - Name and Organization

2nd Annual 2023 Osborne ETA Event Resources

Full Video Replay
Event Slides - Workshops
Event Slides - General Session
Event Slides - Pitch Competition
Attendees List - Name and Organization
10 Take Aways for ETA Entrepreneurs from Larry Fulton (ETA Entrepreneur & Investor)

1st Annual 2022 Osborne ETA Event Resources

2022 Event Entire Replay (10 Segments)
2022 Event Welcome Message from Andrew Medvedev, Weatherhead Dean
2022 Event Why Here Opening Exercise
History of Promise Partners by Kevin Shaw, Promise Partners Board Member
2022 Event Perspectives on ETA Panel

PROMISE PARTNER GUIDES

PREPARE GUIDE - Ideas on how to Prepare for an Full Time Acquisition Search (Draft - Chapter 1 and 3 of Employee to Owner How To Book)
SEARCH GUIDE - Ideas on how to Find a Company to Acquire
$3 Billion Ideas Goal Setting Model - Promise Partner co-Founder summary of how Mort Mandel (started a company he later sold for several billion) set and pursued goals
What Really Matters Podcast Episode about Promise Partners - Two long time members share some history and highlights of their Promise Partners journey.

ETA FINANCIAL MODELS & WORKSHOP

The ETA workshop covers the technical set up and use of the model. It does not get into valuation theory or financing structure strategies. It does demonstrate how a comprehensive model that includes historical and projected income statement, balance sheet, cash flow statement, bank metrics, etc. is used to evaluate various purchase price and financing approaches including loans, cash from investors and seller financing.

Workshop 1 - When to use the model, overview of set up
Workshop 2 - Populate Model Steps
BLANK Model Google Sheets*
EXAMPLE Model Google Sheets*
*Save a copy of the view-only Google sheet to have an editable version of your own
*Open Google Sheet and "download file to Microsof Excel" if you want a version of the model in Excel (see image below)

THE SEARCH PROJECT
A collaboration of Lucas Braun, Ryan Robinson, Jay Davis, Jason Pananos, Will Bressman, and GJ King

Tips on How to Search for an Acquisition During a Downturn
Session 1: Selecting Industries and VARPing
Session 2: Recurring Revenue (Truly Recurring or Sneaky Imposter)
Session 3: The Sellers Perspective
Session 4: Valuation and Deal Structuring
Session 5: LOI and Purchase Agreement
Session 6: Due Diligence
Session 7: Investor Perspectives on Deals
Slides and Recaps from Session 1 - 7
2021 Annual Searcher Survey Results Survey conducted in January 2022 which included 32 active search funds
2020 Searcher Outreach Survey Results Survey conducted in October 2020 which included 30 active search funds.
Email Topics Blog-like emails discussing ideal search fund industry characteristics and an array of acquisition searcher-driven topics
YALE Case Study On the Nature of Customer Attrition and Revenue, May 2021 Calculating and assessing customer attrition patterns will give entrepreneurs deeper insight into the underpinnings of revenue performance

YALE ETA WHITE PAPERS

AJ Wasserstein, a lecturer at Yale School of Management, specializes in entrepreneurial leadership, search funds, and small business acquisitions. A former entrepreneur and investor, he researches long-term ownership, leadership transitions, and operational challenges. His widely regarded white papers offer practical insights on search funds, scaling businesses, and the strategic and emotional aspects of ownership, serving as key resources for entrepreneurs and investors.

ETA EVENTS

Stanford Search Fund CEO Conference - The Search Fund CEO Conference includes speakers, investor meetings and networking opportunities for search fund CEOs and frequent investors.
Promise Partners ETA Symposium - Annual Event bringing together the Cleveland entrepreneurship through acquisition (ETA) community together. Next event ~ Fall 2024.
Chicago Booth and Kellogg Annual ETA Conference - Annual Event with 500-600 attendees that started around 2013.
MIT ETA Event - Annual ETA Event

PODCASTS

ETA Podcast by Weatherhead - A special series of the "What Really Matters" podcast, hosted by Reid Tileston, Adjunct Professor of ETA at Weatherhead, ETA Entrepreneur and Investor.
Acquisitions Anonymous - Podcast for discovering, acquiring, and operating small businesses.
ETA Podcast by Chicago Booth - A podcast series featuring all things related to search funds and entrepreneurship through acquisition. Hosted by Brian O'Connor, Adjunct Professor of Entrepreneurship at the University of Chicago's Booth School of Business and Managing Partner of NextGen Growth Partners.
Acquiring Minds - Real stories from acquisition entrepreneurs who have bought businesses with up to $2M in annual earnings.
Think Like an Owner - This show seeks out conversations with business owners and private investors to learn how to acquire and run small companies, with a special focus on search funds, micro private equity, and permanent capital.
Permanent Podcast - Real Talk About Private Equity and Buying, Selling, and Operating Small Businesses
Private Equity Funcast - Hosted by Devin Mathews and Jim Milbery, partners at ParkerGale Capital, a middle-market private equity group. This bi-weekly show is a lively discussion of the uses of technology to improve business operations for companies with less than $100 million in revenue.
Owned and Operated - Owned and Operated is a weekly podcast that dives deeply into the operations of businesses giving entrepreneurs, searchers and the public a window into a real business.
Buy and Build - Buy and Build is a weekly podcast that explores the nuances of buying and building small businesses, with a focus on the UK and Europe.
Let’s Buy a Business - Buying a business is a blend of process, timing, and luck. A few times a week Ryan Condie shares the deals he’s looking at in a short form podcast.
The Search Fund Podcast - The Search Fund Podcast is a show about hungry entrepreneurs who, instead of starting a business, decide to buy one. These are their stories of success, failure, and the lessons they've learned.
The Acquisition Entrepreneur Podcast - A podcast exploring the world of buying and growing businesses, featuring insights from experts and real-life stories of acquisition success.
Mundane Millionaires Podcast - A podcast for this generation of small business owners who want to see their ego set aside and focus on what matters - community, family, quality of life, and cash flows.
Think Big, Buy Small Podcast by Harvard - Think Big, Buy Small helps listeners to determine if entrepreneurship through acquisition is for them and, if it is, provides insights and guidance on the different milestones along the way.

BOOKS

Grit it Done, The Low Risk Guide to Entrepreneurial Business Ownership, by Reid Tileston
HBR Guide to Buying a Small Business
Buy Then Build
Messy Marketplace
Search Funds & Entrepreneurial Acquisitions
Winning Moves, 105 Proven Ways to Create Value in PE Backed Companies
The $10 Trillion Opportunity, Designing Successful Exit Strategies for Middle Market Business Owners
The Messy Marketplace, Selling Your Business in a World of Imperfect Buyers
The Outsiders, Eight Unconventional CEOs and Their Radially Rational Blueprint for Success
Selling Your Business for Dummies, by John Davies
The Lifestyle Business Owner, How to Buy a Business, Grow Your Profits and Make it Run Without You
You Don't Know What You Don't Know, Everything You Need to Know to Buy or Sell a Business
Walking To Destiny, 11 Action An Owner Must Take To Rapidly Grow Value and Unlock Wealth
Here's The Deal: Everything You Wish a Lawyer Would Tell You About Buying a Small Business

VIDEOS

2022 Richard Osborne ETA Symposium - Annual Event, collaboration between Promise Partners and Weatherhead School of Management
Understanding the Basics of ETA - Chicago Booth Alumni Club presents an overview of Entrepreneurship Through Acquisition.
Structuring the Deal - Chicago Booth Alumni Club discuss the process of structuring the acquisition, working through the transaction, and common pitfalls that can torpedo deals.
Funding the Acquisition - Chicago Booth Polsky Center for Entrepreneurship, the nuts and bolts of debt financing.
ETA in Practice - Chicago Booth Alumni Club discusses the experience of people engaged in ETA.
A Day in the Life & Completing the ETA Transaction Process - Chicago Booth Alumni Club
The Acquisition Search Process - Chicago Booth Alumni Club discusses mechanics of the search process including how to identify suitable acquisition targets and how to measure the effectiveness of the search process.
Structuring the Acquisition Deal - Chicago Booth Alumni Club discusses the process of structuring the acquisition, working through the transaction, and common pitfalls that can torpedo deals
Pre-Acquisition Valuation Considerations - Chicago Booth Alumni Club discusses important considerations as it relates to valuing potential acquisition targets.
Perspectives on Search Funds Video Series - Polsky Center for Entrepreneurship Chicago Booth
2021 Booth Kellogg ETA Conference Video Series
2020 Booth Kellogg ETA Conference Video Series
2018 Booth Kellogg ETA Conference Video Series
2017 Booth Kellogg ETA Conference Video Series

CITY OF CLEVELAND RESOURCES FOR SMALL BUSINESSES

City Financial Solutions - Loans, Grants, Tax Incentives
Repurpose Industrial Sites
Neighborhood Investment Managers

RESEARCH

Stanford Search Fund Primer - A comprehensive guide created by Stanford Graduate School of Business to introduce entrepreneurs, investors, and business owners to the search fund model. It covers key concepts, the investment process, fundraising, acquisition strategies, and operational challenges, making it a foundational resource for those interested in entrepreneurship through acquisition.
Stanford Search Fund Study - The 2024 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2022 study with data through December 31, 2023.

RUNNER / PEOPLE SEARCHING FOR ACQUISITION MISC. RESOURCES

Discussion with Ken Patsey and Ron Clough, Manufacturing Works (March 24, 2021)Ken and Ron shared their observations on how first time buyers could improve their interactions with seller. View notes taken by Pat Morris.
Promise Partners Share from Noelle Sieradzki (provided September 19, 2021). Noelle was a Runner for over a year. Although she was unable to buy a company during that time, she was kind enough to share some resources and thoughts for future Runners: View copy of Presentation
On the Nature of a Search Fund Not Working Out as Planned (Yale School of Management, July 31, 2020)
On the Nature of Debt (Yale School of Management, May 15, 2020)

MBA PROGRAMS WITH ETA OFFERINGS

Weatherhead School of Management (WSOM) at Case Western Reserve University
- WSOM has a 30 Year partnership with Promise Partners. Many WSOM Alum interested in ETA joining Promise Partners to support their ETA Journey. Since inception, 44 WSOM alum have gone from employee to owner using various ETA Models with long term mentoring and support from Promise Partners
- Additional ETA offerings are being rolled out in 2023, including an ETA Specialization and an Online MBA with an entrepreneurship focus, including ETA.
- Contact Scot Lowry, Osborne Professor of Entrepreneurship / ETA at Weatherhead: csl@case.edu
Harvard Business School
Stanford Graduate School of Business
UPENN The Wharton School of Business
Chicago Booth Business School
U. Michigan Ross School of Business
Columbia Business School
Dartmouth Tuck School of Business
MIT Sloan School of Business
Northwestern Kellog School of Business
IESE Business School University of Navarra

BUSINESS OWNER / OPERATIONS / SCALING / TRANSITION RESOURCES

Leading Next Level Growth - Offered by Weatherhead Executive Education, Growth Strategies for Established Middle Market Companies led by Simon Peck, PhD
Entrepreneurs Organization (EO) - As the world’s only peer-to-peer network exclusively for entrepreneurs, EO helps transform the lives of those who transform the world.
Vistage - The world’s most trusted CEO coaching and peer advisory organization.
Exit Planning Institute - The Exit Planning Institute, provides advisors of business owners crucial education to support business owners planning for transition.
EOS Entrepreneurs Operating System - EOS help entrepreneurs clarify their vision, gain traction and increase team health through simple, proven and practical tools
AIMS - A complete management system for strategic planning, culture shaping and team development that allows leaders to unleash the full potential of their teams by transforming the conversations they are having day to day.
Manufacturing Works Leadership Institute - provides a high-level overview of essential knowledge and skills needed for acquiring or leading a manufacturing company. The 12-week program helps you explore your leadership strengths, gain confidence, and expand your network.
Manufacturing Works Ownership Transition Program - Designed from the ground up for manufacturing and manufacturing-related industry owners, our transition program focuses on the needs of the participants, whatever their transition plans.
The Ohio Employee Ownership Center (OEOC) at Kent State - a nonprofit that provides support for business owners interested in selling their business to their employees; training and education programs for existing employee-owned companies.