Entrepreneurship through acquisition (ETA), often referred to as search funds, is not new to the MBA landscape. The model dates back to 1984. But over the last decade, there has been a groundswell of interest among students and alumni from top MBA programs pursuing this path.
Over the years at Duke Innovation & Entrepreneurship, I’ve had the opportunity to help cultivate Fuqua’s ETA community, working with students, alumni, investors, searchers, and operators. Across more than 100 conversations, a set of patterns has emerged.
If you’re curious about ETA, or seriously considering it, here are five insights that have stood out to me.
Katherine Butler-Dines didn’t set out to become a business owner when she arrived at Fuqua.
She was a leader in the Duke MBA Finance Club and an early champion of ETA on campus, helping lay the groundwork for what would eventually become the ETA Club. After graduation, she stepped into an operating role at a private equity-backed company, doing meaningful work inside a structure that looked successful on paper.
Early in her tenure, a high-performing employee approached her with a request for a raise. The reason wasn’t opportunistic. Unexpected health expenses for a family member had created real financial strain.
Katherine supported the decision, but there was resistance from the private equity owner. The decision came down to protecting EBITDA margins in a quarter that was already behind target.
That moment clarified something no spreadsheet could. It wasn’t just about compensation. It was about control. About values. About who ultimately gets to decide what kind of company you run.
So, she started searching. For over a year, she worked nights and weekends, building a self-funded search alongside her full-time role. Eventually, she found Affinity Travel, a business aligned with her experience and passion for international travel. (You can read more about her story here.)
You don’t pursue this path because it’s safe or guaranteed. You pursue it because you are drawn to the process, the responsibility, the learning, and the opportunity to build something that reflects your own judgment. That tension sits at the core of ETA. Yes, there are some extraordinary outcomes in ETA, but in those examples, you will find an entrepreneur who was driven by their mission of leading a small business.
Katherine Butler-Dines (second from the left) hosting a Women Travel Abroad tour in Oman
Katherine didn’t start a company from scratch. She acquired one. But that didn’t make her any less of an entrepreneur.
ETA challenges a common assumption in the MBA world that entrepreneurship is synonymous with founding. In reality, many ETA operators step into businesses with history, customers, employees, and momentum — then take entrepreneurial action to lead the culture and grow the company.
After a decade in finance and rising to Regional Vice President at John Hancock Retirement Services, Linh Tran found himself desiring more than the corporate life. He wanted more autonomy in his work and to see the impact of his decisions on the performance of the business. He did not have an idea for a startup, but knew that he could identify a solid business.
He found a commercial refrigeration business in Atlanta, Advanced Commercial, and took the plunge. On his first day, no one knew he was the new owner. When someone asked if he was the tech guy there to fix computers, he simply went along with it.
For months, he kept a low profile. It gave him something far more valuable than a formal introduction. It gave him truth. He asked questions. What works well? What needs fixing? If you could change one thing, what would it be?
18 months in, someone finally asked, “Wait, are you the new owner?”
By then, it didn’t matter. He had already earned trust. This type of leadership, grounded in understanding problems firsthand and taking action, has enabled Linh to successfully scale the business.
Linh Tran, MBA ’06, and Katherine Butler-Dines, MBA ’23, meeting with students.
Don Grigg, owner of Big Adventures LLC, started with the acquisition of a struggling plastic recycling business. Today, he operates a leading manufacturer of multiple kayak brands.
The recycling business seemed straightforward. Produce recycled plastic pellets and sell them into the market. But something didn’t add up. No matter how much he produced, prices didn’t move. Demand was effectively unlimited, but only at a fixed market price.
That realization changed the game.
If the selling price was fixed, profitability depended on how efficiently he could source and process raw materials. He shifted his focus to input, finding ways to acquire cheaper, dirtier feedstock that his facility could uniquely process.
Margins improved. The business stabilized, and he sold a healthy business.
From there, he acquired a plastic molding company with a kayak brand. Now an industry player, Don’s next acquisition was a well-established kayak brand, which had excess manufacturing capacity. The real opportunity came with the acquisition of his third kayak brand. By integrating production into his existing operations, he unlocked profitability.
What looks like a cohesive strategy today was, in reality, a series of insights built over a long period of time. Along the way, Don learned that it’s not just about generating profits, but leading a sustainable business that provides meaningful work for others in a local community.
Grigg hosting the ETA cohort on a facility tour
Businesses are not just financial models. They are systems of people.
What Katherine experienced was not a modeling error. It was a values misalignment.
What Linh understood early was that listening matters. His initial months in disguise were an investment in understanding the human side of the business. Later, he reinforced that through action.
What Don built was not just operational efficiency. It was a workforce that takes pride in their work and loyal community.
In ETA, especially in smaller businesses, these dynamics are immediate and personal. They compound over time, just like financial decisions.
One of the most underestimated aspects of ETA is the scale of impact. These are not headline-grabbing startups or billion-dollar exits. They are often small, steady businesses employing dozens of people. But for those employees, those communities, and those customers, the impact is anything but small.
Don’s businesses have provided stable employment for hundreds over time, built with a long-term mindset focused on durability.
Linh built a company where employees can do meaningful work while maintaining balance in their lives. As Advanced Commercial grew, he reached a point where he could hire a professional CEO, freeing his time to launch Apex Group, an investment fund backing self-funded searchers.
Katherine, Don, and Linh are all Fuqua alumni and members of the Duke Innovation & Entrepreneurship ETA Advisory Council, a group of professionals deeply engaged in the ETA ecosystem. They contribute their time, expertise, and philanthropy to advancing ETA within the Duke community, supporting both students and alumni as they explore and pursue this path.
To learn more about their individual ETA journeys, I encourage you to listen to their appearances on the Acquiring Minds podcast here:
The reality is, many people will explore ETA. Fewer will pursue it. And that is exactly as it should be. ETA is a commitment to showing up every day and making decisions, often imperfect ones, in service of your customers, your employees, and your business over a long period of time.
For those who pursue it, there is a community to provide support and guidance along the way. In Duke Innovation & Entrepreneurship, we provide immersive experience and support for an ETA Cohort of graduate students each year. These are students with a clear ambition for pursuing ETA either immediately upon graduation or as a next step in their career.
The post 5 Defining Themes of Entrepreneurship Through Acquisition appeared first on Duke Daytime MBA Student Blog.
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Over the years at Duke Innovation & Entrepreneurship, I’ve had the opportunity to help cultivate Fuqua’s ETA community, working with students, alumni, investors, searchers, and operators. Across more than 100 conversations, a set of patterns has emerged.
If you’re curious about ETA, or seriously considering it, here are five insights that have stood out to me.
1. Understand your motivations beyond financial outcomes and safety
Katherine Butler-Dines didn’t set out to become a business owner when she arrived at Fuqua.
She was a leader in the Duke MBA Finance Club and an early champion of ETA on campus, helping lay the groundwork for what would eventually become the ETA Club. After graduation, she stepped into an operating role at a private equity-backed company, doing meaningful work inside a structure that looked successful on paper.
Early in her tenure, a high-performing employee approached her with a request for a raise. The reason wasn’t opportunistic. Unexpected health expenses for a family member had created real financial strain.
Katherine supported the decision, but there was resistance from the private equity owner. The decision came down to protecting EBITDA margins in a quarter that was already behind target.
That moment clarified something no spreadsheet could. It wasn’t just about compensation. It was about control. About values. About who ultimately gets to decide what kind of company you run.
So, she started searching. For over a year, she worked nights and weekends, building a self-funded search alongside her full-time role. Eventually, she found Affinity Travel, a business aligned with her experience and passion for international travel. (You can read more about her story here.)
You don’t pursue this path because it’s safe or guaranteed. You pursue it because you are drawn to the process, the responsibility, the learning, and the opportunity to build something that reflects your own judgment. That tension sits at the core of ETA. Yes, there are some extraordinary outcomes in ETA, but in those examples, you will find an entrepreneur who was driven by their mission of leading a small business.
Katherine Butler-Dines (second from the left) hosting a Women Travel Abroad tour in Oman
2. You don’t have to be a founder to be an entrepreneur
Katherine didn’t start a company from scratch. She acquired one. But that didn’t make her any less of an entrepreneur.
ETA challenges a common assumption in the MBA world that entrepreneurship is synonymous with founding. In reality, many ETA operators step into businesses with history, customers, employees, and momentum — then take entrepreneurial action to lead the culture and grow the company.
After a decade in finance and rising to Regional Vice President at John Hancock Retirement Services, Linh Tran found himself desiring more than the corporate life. He wanted more autonomy in his work and to see the impact of his decisions on the performance of the business. He did not have an idea for a startup, but knew that he could identify a solid business.
He found a commercial refrigeration business in Atlanta, Advanced Commercial, and took the plunge. On his first day, no one knew he was the new owner. When someone asked if he was the tech guy there to fix computers, he simply went along with it.
For months, he kept a low profile. It gave him something far more valuable than a formal introduction. It gave him truth. He asked questions. What works well? What needs fixing? If you could change one thing, what would it be?
18 months in, someone finally asked, “Wait, are you the new owner?”
By then, it didn’t matter. He had already earned trust. This type of leadership, grounded in understanding problems firsthand and taking action, has enabled Linh to successfully scale the business.
Linh Tran, MBA ’06, and Katherine Butler-Dines, MBA ’23, meeting with students.
3. The path is rarely linear
Don Grigg, owner of Big Adventures LLC, started with the acquisition of a struggling plastic recycling business. Today, he operates a leading manufacturer of multiple kayak brands.
The recycling business seemed straightforward. Produce recycled plastic pellets and sell them into the market. But something didn’t add up. No matter how much he produced, prices didn’t move. Demand was effectively unlimited, but only at a fixed market price.
That realization changed the game.
If the selling price was fixed, profitability depended on how efficiently he could source and process raw materials. He shifted his focus to input, finding ways to acquire cheaper, dirtier feedstock that his facility could uniquely process.
Margins improved. The business stabilized, and he sold a healthy business.
From there, he acquired a plastic molding company with a kayak brand. Now an industry player, Don’s next acquisition was a well-established kayak brand, which had excess manufacturing capacity. The real opportunity came with the acquisition of his third kayak brand. By integrating production into his existing operations, he unlocked profitability.
What looks like a cohesive strategy today was, in reality, a series of insights built over a long period of time. Along the way, Don learned that it’s not just about generating profits, but leading a sustainable business that provides meaningful work for others in a local community.
Grigg hosting the ETA cohort on a facility tour
4. Spreadsheets aren’t human, but good operators are
Businesses are not just financial models. They are systems of people.
What Katherine experienced was not a modeling error. It was a values misalignment.
What Linh understood early was that listening matters. His initial months in disguise were an investment in understanding the human side of the business. Later, he reinforced that through action.
What Don built was not just operational efficiency. It was a workforce that takes pride in their work and loyal community.
In ETA, especially in smaller businesses, these dynamics are immediate and personal. They compound over time, just like financial decisions.
5. Small in business, big on impact
One of the most underestimated aspects of ETA is the scale of impact. These are not headline-grabbing startups or billion-dollar exits. They are often small, steady businesses employing dozens of people. But for those employees, those communities, and those customers, the impact is anything but small.
Don’s businesses have provided stable employment for hundreds over time, built with a long-term mindset focused on durability.
Linh built a company where employees can do meaningful work while maintaining balance in their lives. As Advanced Commercial grew, he reached a point where he could hire a professional CEO, freeing his time to launch Apex Group, an investment fund backing self-funded searchers.
Supporting the Next Generation of ETA Leaders
Katherine, Don, and Linh are all Fuqua alumni and members of the Duke Innovation & Entrepreneurship ETA Advisory Council, a group of professionals deeply engaged in the ETA ecosystem. They contribute their time, expertise, and philanthropy to advancing ETA within the Duke community, supporting both students and alumni as they explore and pursue this path.
To learn more about their individual ETA journeys, I encourage you to listen to their appearances on the Acquiring Minds podcast here:
- Why Choose Ownership Over Being a CEO (Katherine Butler-Dines)
- The Dream Outcome: From $300k to $5m EBITDA (Linh Tran)
- Exiting for Millions vs. Long-Term Hold (Don Grigg)
The reality is, many people will explore ETA. Fewer will pursue it. And that is exactly as it should be. ETA is a commitment to showing up every day and making decisions, often imperfect ones, in service of your customers, your employees, and your business over a long period of time.
For those who pursue it, there is a community to provide support and guidance along the way. In Duke Innovation & Entrepreneurship, we provide immersive experience and support for an ETA Cohort of graduate students each year. These are students with a clear ambition for pursuing ETA either immediately upon graduation or as a next step in their career.
The post 5 Defining Themes of Entrepreneurship Through Acquisition appeared first on Duke Daytime MBA Student Blog.
More...
How does this impact your International MBA decision?
I'd be glad to learn your thoughts on this story : 5 Defining Themes of Entrepreneurship Through Acquisition