While at Harvard Business School, Greg Geronemus discovered the concept of entrepreneurship through acquisition, particularly the search fund model. This idea resonated with him, as he saw it as a way to utilize his expertise in private equity and jumpstart his journey toward running his own business. He recognized that the chances of success were higher in this route. This discovery sparked a love for the concept of entrepreneurship through acquisition, leading Greg on a path to becoming a successful entrepreneur.

footbridgepartners.com

Timestamps

• [00:01:38] Goldman Sachs job led to entrepreneurial path.
• [00:05:06] Unexpectedly stumbled upon and acquired tour operator.
• [00:08:44] Struggled with everything, but learned a lot.
• [00:10:29] Early entry into Cuba and Egypt, impactful business growth.
• [00:15:08] Footbridge: Search fund turned investing partnership
• [00:18:08] Key considerations for searchers during fundraising.
• [00:22:08] Hybrid model for business; flexible and supportive.
• [00:25:04] Gender diversity in search stubborn, needs change. Entrepreneurship through acquisition growing, but challenges. Uncertain future with increasing number of searchers.

Key Quotes

1. Evolution of a Business Model: “Being able to take what was strictly a B2C business…and build up more of, I guess, what we considered to be a B2B2C model that didn't exist before we bought the business. Selling into universities, selling into retirement communities, chambers of commerce, starting a new business line from scratch that became pretty sizable." 00:11:53-00:12:29
2. Finding the Right Investor Group: "I would think about really interviewing your investors as much as they are interviewing you and really thinking about what you want and what you think you might need in an investor group and not being afraid to ask hard questions about how investors support searchers." 00:18:08-00:20:13
3. Accelerator and Traditional Search Investor: "Our model is sort of a hybrid between accelerator and traditional search investor in the sense that I think we draw a lot of inspiration from accelerators in how closely that we work with searchers, the support that we provide, the engagement that we provide." 00:22:08-00:23:28

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