Masters in Small Business M&A cover image

Masters in Small Business M&A

The Shifting EtA Landscape: The Rise of Self-Funded Search with HBS Professors Royce Yudkoff & Richard Ruback

Mar 6, 2025
Royce Yudkoff and Richard Ruback, Harvard Business School professors and co-authors of the Harvard Business Review Guide to Buying a Small Business, share their insights on the evolving landscape of Entrepreneurship Through Acquisition (EtA). They discuss the shift from funded to self-funded searches, highlighting why this model has gained traction among MBAs. The duo also explores how financing options have transformed, the impact of SBA loans, and the increasing diversity in the EtA space, revealing how small business ownership now serves as a viable alternative career path.
57:02

Podcast summary created with Snipd AI

Quick takeaways

  • The evolution of Entrepreneurship Through Acquisition (EtA) showcases its transformation into a respected career path beyond elite MBA programs.
  • Increased financing options, such as institutional capital and SBA loans, have made acquiring small businesses more accessible for searchers.

Deep dives

Overview of Entrepreneurship Through Acquisition (ETA) Education

The podcast discusses the structure and focus of Entrepreneurial Through Acquisition (ETA) coursework at Harvard Business School (HBS). Professors Royce Yudkoff and Rick Ruback teach this program, which consists of three main courses aimed at equipping students with the practical skills needed for buying small businesses. The fall course introduces students to the market of small business acquisitions, while the spring course delves deeper into the practical steps of sourcing, equity raising, and due diligence with the help of industry experts. A specialized seminar assists committed students in developing their search strategies, emphasizing the intensive, hands-on learning experience of the ETA education.

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