Acquiring Minds A Searcher’s Second Act: Building a $25m Holdco
Aug 14, 2025
Eric Calderon, owner of TXE Partners, transitioned from engineering to entrepreneurship through a search fund. He shares insights on building an industry-focused holding company, revealing the importance of community banks and emotional challenges in downsizing. The discussion highlights strategies for acquiring small businesses, the benefits of a shared services model, and the evolving role from operator to investor. Eric emphasizes storytelling in business and aims for a target size of $1 million SDE for acquisitions, focusing on long-term value creation amidst market fluctuations.
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From Engineer To Searcher
- Eric discovered the search fund model at Harvard Business School after intending to return to engineering.
- He took Rick and Royce's class, which launched his path into acquiring and operating small businesses.
Create A Wide Surface Area Of Luck
- Build a local network of brokers, accountants, and attorneys to surface off-market deals in your target geography.
- Talk to everyone and tell your search story — you never know where a referral will come from.
Niche Oil & Gas Opportunities Exist
- Oil and gas can work for searchers if you target less cyclical niches like midstream manufacturing.
- Choosing product/manufacturing over field services reduced capex sensitivity and fit better with small acquisition targets.
