Reflections On the Evolution of ETA

Jeff Stevens, one of the earliest searchers and a longtime investor in the ETA ecosystem, joins Rick and Royce to discuss how search has evolved over the past thirty-five years. In this episode, he reflects on the early days of search, when the model was largely uncharted territory, and contrasts that experience with searching in today’s more developed – but still challenging – landscape. Jeff discusses why searchers should focus on building relationships and credibility with business owners, how technology has transformed the sourcing process, and the trade-offs between industry-focused, geographically focused, funded, and self-funded searches. He also shares his perspective on the growing overlap between search and private equity, the role of the entrepreneur-CEO in creating value, and why he believes the traditional search model’s emphasis on managing risk and buying strong businesses remains powerful. They also delve into why search success rates have declined as the ecosystem has grown, the changing role of investors, and the importance of distinguishing between simply buying a company and buying a great company. Tune in to this engaging conversation to hear how one of ETA’s original practitioners views the opportunities and challenges facing the next generation of searchers.