From Operator to Investor: How Pete Seligman Built a Portfolio of 10+ Acquisitions

Pete Seligman has been buying, running, and backing businesses since 2013. He started the way most acquisition entrepreneurs do - a mate, some savings, and a bank loan secured against their houses. Today, as the founder of EtA Forum and EtA Central, he's Australia's most active Search Fund investor, directly involved in 15-20 deals and having backed more than 20 searchers across the Asia-Pacific.In this episode Pete gets honest about what it actually takes to build a portfolio of small businesses. There's no ten-step framework and no passive income shortcut - just hard-won lessons on delegation, deal structure, earn-out negotiation, and the mental discipline required to show up for ten different businesses without losing your mind.IN THIS EPISODE:How Pete manages board positions across 10+ companies (and the Bill Clinton trick he uses to stay focused)Why you should never assume you can just "install a CEO and walk away"Why delegation - not deal-finding - is the real reason most small businesses never break through the $20-30M revenue ceilingHow Search Fund deals are structured: equity splits, vesting, and IRR hurdles explained plainlyFunding options for solo acquirers in Australia without a Search FundHow Australian sellers really feel about earnouts, including a seller who turned down a free $1MWhether keeping the seller involved post-close actually worksCONNECT WITH PETE:Website: www.peteseligman.com.au LinkedIn: https://www.linkedin.com/in/peteseligman YouTube: https://www.youtube.com/@PeteSeligman TikTok: https://www.tiktok.com/@peteseligmanTIMESTAMPS:0:00 - Managing multiple businesses: plate spinning vs juggling 2:52 - The Bill Clinton brain compartmentalisation trick 6:46 - The myth of "buy a business, drop in a CEO, walk away" 10:16 - Delegation: the #1 ceiling for small business owners 13:55 - Running two businesses at once 15:52 - Pete's shift from operator to Search Fund investor 18:34 - How Search Fund deals are structured 21:46 - Funding an acquisition without a Search Fund in Australia 24:26 - Earnouts and vendor finance in Australia 27:58 - Should the seller stay on after the deal closes?Deals Down Under is the podcast about buying, selling, and growing businesses in Australia. Subscribe wherever you listen to podcasts.