Interest in ETA careers is rising "exponentially" among MBA candidates at what is widely regarded as the intellectual birthplace of Entrepreneurship-Through-Acquisition, according to three leaders of the Stanford Graduate School of Business' ETA club.

In a joint interview with Search Party, president Michelle Nguyen and vice presidents Ruby Au and Laura Kiehl share details of the club's mission to prepare students for the rigors of ETA search, in which post-MBA entrepreneurs, backed by investors, have two years to find and acquire a high-quality, lower-middle-market business, and, if successful, take the reins as CEO.

According to Au, ETA increasingly is viewed as a "risk-adjusted way to do a startup," appealing to ambitious operators who want ownership without starting from scratch. "If you really want to run something and have your own piece of something, then search fund starts to make a lot of sense," she says.

Nguyen, Au and Kiehl also share details of their own professional backgrounds and what led them to become ETA-curious.

Important takeaways from the conversation:

ETA searchers are backed more like athletes choosing coaches than founders pitching VCs—fit and mentorship matter as much as capital.

While ETA offers autonomy and potential reward, its journey is uncertain and emotionally demanding, requiring grit, adaptability, and community support. "Search could be very lonely, could be very stressful. It takes determination as well as a very can-do attitude to go through the search process," says Nguyen.

The Stanford ETA Club has become a hub for investor access and student exploration, offering a blend of networking, mentorship, and tailored coursework. "We are kind of like the orchestrator, trying to select based on experience, knowledge, know-how, and just kind of value to the students, but also to the investors," says Kiehl.

Stanford GSB's faculty have published some of the most influential studies in the search fund space, including the Search Fund Primer and Search Fund Study, which have become essential reading for aspiring searchers and investors who back searchers. These materials helped define the model, demystify the process, and give institutional legitimacy to what was once a niche strategy.

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