Reactions from the 2021 HBS ETA Conference

As a first-time attendee of the HBS ETA Conference, I figured I'd share some of my takeaways and reactions from the event in case it would be helpful for others. While I found certain segments more interesting than others, I thought the conference did a great job of curating a diverse set of panelists and ensuring key search topics are covered. As with most content in the search community, some topics are significantly more relevant to personal situations than others, but throughout I picked up numerous interesting ideas to follow-up on. I will certainly be joining in the future.

Key takeaways:

1) Search is ever evolving. The common theme throughout the conference was how the landscape has not only shifted from 10 years ago, but also has shifted in the past six months. The searchers, investors, advisors, and structures are continually being redefined. The fundamentals of business acquisition and ownership obviously have remained largely the same, but the expansion of players and structures creates new opportunities that can be leveraged. Staying on top of these trends, while not necessarily required, can open new doors to successful ETA.

2) There is no roadmap. What may come as obvious to most searchers, the panelists were clear examples that there is no one path to business ownership. Each of the presenters had a very unique story and none are expected to be a template. That can be frustrating for first time searchers, but also expected to be refreshing as there is flexibility in getting into business ownership.

3) Focus on people. Every single discussion at the conference had a key component surrounding people. From investors to operators to employees, the wrong people can single handedly make or break a transaction and a company. This can be difficult as there isn't a one-size-fits-all approach to personnel, but in hindsight the people will likely drive success or failure.

4) Be transparent. While first time searchers inherently lack operational experience and committed investor capital, there is a place for searchers in the M&A market and there are countless examples to prove it. There is a misconception that searchers need to oversell or misrepresent their ability to close a deal and operate it. (And it creates a bad name for searchers!)

5) Search is hard. There is no easy path and the search journey is full of expected roadblocks. Don't feel discouraged. Make sure you surround yourself with the people that want to see you succeed. Networking is key and the search community is full of people willing to help. Leveraging your network and investing in it will pay dividends.

Best of luck on your searches!