Search Funds, Buy-and-Builds & the Future of ETA | Greg Geronemus Interview

Greg Geronemus is the Co-Founder and Managing Partner of Footbridge Partners, where he backs entrepreneurs pursuing search funds and other forms of Entrepreneurship Through Acquisition (ETA).Before becoming an investor, Greg lived the search fund journey himself. In 2013, Greg and his partner David acquired a tour operator generating roughly $5 million of EBITDA. Over the next four years, they grew EBITDA by approximately 50%, paid down most of the company's $20 million debt load, and ultimately exited the business at approximately 9x EBITDA—around four turns higher than their acquisition multiple.In this episode, Greg and I explore how the search fund ecosystem has evolved from a tiny, relatively unknown corner of entrepreneurship into a rapidly growing asset class and career path.We discuss why buying a great small business has become more competitive, the differences between traditional and self-funded search, and why owning a larger percentage of a smaller company doesn't necessarily create greater economic upside.Timestamps:0:00 Greg's acquisition story and introduction to ETA1:03 How search funds have changed since 20106:40 Raising equity and debt when almost nobody understood search10:40 Is buying businesses actually harder today?17:30 The Harvard ETA course that changed the industry24:42 The mindset required to survive a two-year search27:16 Traditional search vs. self-funded search explained35:33 The biggest misconception about ownership and wealth40:22 Why committed capital vehicles are exploding48:38 What Greg looks for when backing acquisition entrepreneurs50:24 If you had $500k today—which path would you choose?53:08 Greg's advice for future searchersThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.