ETA Insider Podcast

In this episode, Mark Hoffman, MBA ’91, owner of Larson Packaging Company, sits down to explore his decades-long journey as a self-funded business owner. Mark shares the realities of moving from consulting to entrepreneurship, describes the challenges and triumphs of growing a packaging company from the ground up, and reflects on the personal rewards, identity, and wealth that come from committing to a “boring” business over the long haul. Mark’s perspective offers actionable advice for anyone considering a self-funded search or looking to build a meaningful legacy in a small business.

Matt Littell, Cofounder of Legacy 41 and adjunct lecturer at Kellogg, draws on years running small acquired businesses. He talks about hands-on leadership, balancing technical and people skills, and using assessments and experiential learning. He highlights building trust through transparency, mapping processes and cash early, and cultivating curiosity and listening as core operator habits.

Alex Panosian, a West Point grad, former Army officer and McKinsey alum who now runs and acquires defense-related small businesses. He describes growing up in hands-on ownership, the duality of manual work and strategy, building a firm with his father, and why he became CEO of a mission-driven startup serving the military.

In this episode of the ETA Insider Podcast, we are joined by Jake Bitz, Director of Client Accounting & Advisory Services and Consulting CFO at Boulay. Jake breaks down the accounting realities that searchers and newly minted CEOs face before and after acquiring a small business. He outlines the most common red flags uncovered during diligence, offers practical steps searchers can take early to avoid costly surprises, and explains how outsourced accounting models support operators as they scale. Jake also shares guidance on post-acquisition pitfalls, how CEOs should think about cash oversight, and where AI is already reshaping the accounting and finance function.

JT Fitzgerald, CEO of Kingsway Financial Services and founder of the Kingsway Search Accelerator, blends trading roots with acquisition-led entrepreneurship. He recounts building a permanent-capital platform, proving a searcher-led leadership model, and tightening criteria for winning deals. He also covers KSX’s growth playbook, tax advantages, and how to attract patient public-market investors.

In this episode of the ETA Insider Podcast, Jason Jackson shares his journey from first discovering ETA at the 2014 Booth-Kellogg Conference to navigating the highs and lows of running a search fund-backed business. He discusses the challenges of acquiring a dental support business in a competitive, PE-driven market—and the unexpected discovery of fraud just weeks into ownership. Jason reflects on how focusing on cash, communication, and culture helped him and his partner lead through crisis. He also discusses the founding of the Black Search Network, his work at Futaleufu Partners, and why systematic mentorship and CEO health are crucial for long-term success.

In this episode of the ETA Insider Podcast, we explore the unique intersection of family, career, and community within the world of ETA with Cat Littell, MBA ‘08. Cat shares her journey from launching her first venture during the 2008 financial crisis to building a career in investing, teaching, and supporting searchers alongside her husband. She discusses the challenges of balancing professional and personal life in ETA, the frameworks that helped her and Matt work together, and the lessons she now passes on to Booth students. Listeners will gain insights into navigating ETA as both a demanding profession and a way of life.

Operating in the White Space of ETA in Mexico by Polsky Center for Entrepreneurship and Innovation

Jake Levine, an MBA graduate and CEO of ROBO, shares his unconventional journey from political campaigns to leading an IT managed service provider. He discusses the challenges of search fund life and partnership dynamics after acquisition. Jake emphasizes the importance of self-awareness, trust-building, and adaptability in business. Listeners gain insights into both organic and inorganic growth strategies and the emotional rollercoaster of scaling a lower middle market business, providing a valuable perspective for aspiring entrepreneurs.

In this engaging conversation, Keith Burns, Co-chairman and CEO of Lullwater and Company and entrepreneurship professor at Chicago Booth, shares his dynamic journey from law to building a healthcare empire. He discusses the pivotal moment that ignited his transition and the crucial partnership with Michael Curry. Listeners will find insights on navigating acquisitions, the significance of aligned values, and the challenges of teaching entrepreneurship. Keith also emphasizes the emotional rollercoaster of entrepreneurship and the importance of lifelong learning.