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Entrepreneurship Through Acquisition

Entrepreneurship Through Acquisition (ETA) involves buying and running a pre-existing business and driving it towards a new level of success. It is increasingly becoming an important form of entrepreneurship as more and more founders reach retirement and want to pass on their legacies.


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Objectives of the Program

  1. Introduce students to acquiring and operating a small-to-mid-sized business (“SMB”), commonly known as Entrepreneurship through Acquisition (“ETA”)
  2. Bring in real-world SMB owners and operators to share lessons learned, provide guidance, and engage in candid Q&A discussions with students
  3. Create a valuable program that can have a meaningful impact and students can build meaningful relationships
  4. Replicate the proven success of the ETA and search fund offerings at other top business schools like Harvard and Stanford

 

Ideal Candidates for ETA Program

High-achieving students in Ivey's HBA and MBA Programs. The ETA program is targeted for students who may be heading into investment banking, consulting, or entrepreneurship. The program is particularly designed for students who wish to end up in private equity or for those who wish to acquire their own business. Students should have an advanced understanding of finance and economics (through internships, previous work experience, or coursework).

History of ETAs

Since the 1980s, the idea of Entrepreneurship Through Acquisition was explored and championed by the Harvard Business School, where courses and pathways were built to help MBAs move into leadership roles in established firms.

While it is a relatively new phenomenon in Canada, alumni from the Ivey Business School have played an important role in that short history. 

Erik Mikkelsen, HBA ’06, together with Rob Cherun, HBA ’04, were part of Canada’s first successful exit by a search fund with Auxo Management in 2014. They purchased a Toronto-based video surveillance firm, which they grew through additional acquisitions and expansions from 55 to over 2000 employees across North America. Stealth was acquired by Garda World Security Corporation in 2024.

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Globe & Mail: Ivey HBAs Rob Cherun and Erik Mikkelsen seal the first successful exit for a Canadian search fund in 2014.

ETA Program at Ivey Business School

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The ETA Program at Ivey was founded in 2023 in partnership with Toronto-based investment firm Alcorn Partners. The exclusive program walks students through the process of how to identify ventures for acquisition, the intricacies of the deal-making process, and how to operate businesses with long-established legacies.

The program opens applications at the end of summer and is hosted in October at the Ivey Business School. The ETA Program also includes a case competition with teams from Queen's University in Toronto.

Objectives of the Program

  1. Introduce students to acquiring and operating a small-to-mid-sized business (“SMB”), commonly known as Entrepreneurship through Acquisition (“ETA”)
  2. Bring in real-world SMB owners and operators to share lessons learned, provide guidance, and engage in candid Q&A discussions with students
  3. Create a valuable program that can have a meaningful impact and students can build meaningful relationships
  4. Replicate the proven success of the ETA and search fund offerings at other top business schools like Harvard and Stanford

 

Ideal Candidates for ETA Program

High-achieving students in Ivey's HBA and MBA Programs. The ETA program is targeted for students who may be heading into investment banking, consulting, or entrepreneurship. The program is particularly designed for students who wish to end up in private equity or for those who wish to acquire their own business. Students should have an advanced understanding of finance and economics (through internships, previous work experience, or coursework).