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Entrepreneurship Through Acquisition

The Inaugural UCLA Anderson ETA and Search Fund Roundtable

 
This event is focused on providing practical, actionable insights that are essential for success across all phases of entrepreneurship through acquisition (ETA). Our goal is to furnish participants with concrete skills and understanding that bolster their effectiveness as searchers, CEOs and other roles in the ETA sphere.

APRIL 3, 2024

LOS ANGELES, CA

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Exploring New Opportunities in Small Business Acquisition

 
Prepare to immerse yourself in a day brimming with dynamic talks and participative sessions on strategic capital allocation decisions, the role of investors in search funds and other topics. Perfect for the prospective searcher, those active in the field and explorers alike, the ETA Roundtable has offerings for every interest.

Engage with peers, broaden your professional circle and extract wisdom from seasoned professionals. Seize this exceptional chance to absorb, interact and emerge motivated!

Circle April 3, 2024, on your calendar and make plans to participate in UCLA Anderson's ETA Roundtable.

We're excited to welcome you!

Korn Convocation Hall
110 Westwood Plaza, Los Angeles, CA 90095

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Agenda

 
April 3, 2024
8:00 a.m.
Breakfast and Networking

Enjoy a hearty breakfast to fuel the day. This is an excellent opportunity for networking and informal discussions before the conference begins.

8:45 a.m.
Welcome & Kickoff

The MCs will officially open the conference and set the tone for insightful discussions and learning. They will provide an overview of the agenda and introduce the key themes and objectives of the event.

9:00 – 9:45 a.m.
Keynote Session

Opening Keynote by Kent Weaver

Kent Weaver, a distinguished figure in the field, will deliver the opening keynote, offering valuable insights into the current landscape and future directions of search funds and entrepreneurship through acquisition (ETA). Expect an engaging session that sets a high bar for the day's discussions.

Panel Discussions
10:00 – 11:00 a.m.
Panel 1: Life as a Searcher

This panel will delve into the personal journeys of searchers in the ETA space, featuring a mix of traditional and self-funded search investors. Moderated by Alex Wang, panelists Darwin Valentine, Abhi Arora, Raam Jani and George Lang will share their experiences, challenges and successes, providing a comprehensive view of the searcher's path.

  • Panelists: Darwin Valentine, Abhi Arora, George Lang, Raam Jani
  • Moderator: Alex Wang
11:15 a.m. – 12:15 p.m.
Panel 2: Lessons and Reflections from the Operators

Moderated by Rick Gustafson, this panel will focus on the operational side of running acquired businesses. Panelists Chris Williams, Fiona Yu, Derek Turner and Sam Swan will explore the critical lessons learned and reflections on driving growth, operational excellence and value creation post-acquisition.

  • Panelists: Chris Williams, Fiona Yu, Derek Turner, Sam Swan
  • Moderator: Rick Gustafson
12:15 – 2:00 p.m.
Lunch and Networking

Refuel, network and discuss the morning's learnings with fellow attendees. Enjoy a selection of lunch options for a variety of dietary preferences.

2:00 – 3:00 p.m.
Panel 3: Value Creation Stories

Discover the art and science behind value creation post-acquisition. This panel, featuring Manvendra and Austin and moderated by Tim Ludwig, will explore real-world stories of growth, innovation and strategic success.

  • Panelists: Manvendra Saxena, Austin King
  • Moderator: Tim Ludwig
3:15 – 4:15 p.m.
Fireside Chat: Reflections from a Seasoned Search CEO

Join Kent and Mahesh for an intimate fireside chat detailing Mahesh’s extensive experience in the search fund ecosystem. Gain insights from his journey, lessons learned and advice for aspiring searchers and operators.

  • Panelists: Mahesh Rajasekharan
  • Moderator: Kent Weaver
4:30 – 5:00 p.m.
Closing Remarks From UCLA Legend Al Osborne

The conference will conclude with closing remarks, summarizing key takeaways, thanking participants and setting the stage for future engagements and continued learning within the ETA community.

Speakers

 
Mahesh Rajasekharan
Mahesh Rajasekharan
CEO of Cleo Communications, Inc.

Mahesh Rajasekharan


Mahesh Rajasekharan, CEO of Cleo Communications, Inc., is a distinguished leader in supply chain and operations management within the software industry, known for pioneering the ecosystem integration software category through Cleo Integration Cloud. His leadership has driven Cleo to enable successful supply chain ecosystems across the logistics, transportation, manufacturing, distribution and retail industries, significantly enhancing corporate profitability and revenue growth. With a strong background in business, technology and finance, including roles as COO at SumTotal Systems and leadership at i2 Technologies, Rajasekharan has guided Cleo from a neo-startup to a high-growth cloud software business with backing from H.I.G. Capital. He holds a Ph.D. in industrial engineering and an MBA from UC Berkeley's Haas School of Business, and has been recognized as an EY “Entrepreneur of the Year” in the U.S. Midwest region.

Manvendra Saxena (’14)
Manvendra Saxena
Founder & Chairman, Mars Energy Group

Manvendra Saxena


Manvendra Saxena discovered his passion for entrepreneurship through acquisition (ETA) while at Kellogg, valuing the blend of general management and leadership it offered. Originating from India with an engineering background, he pursued an MBA to broaden his management skills, finding Kellogg's inclusive community and rigorous academic environment instrumental in his development. Experiential classes and a global mindset gained from international studies laid the foundation for his career. Post-MBA, Saxena gained diverse business experience before embarking on an ETA journey, acquiring and significantly growing a street sweeping business, later selling it to Warburg Pincus for a successful exit. He advises potential ETA enthusiasts to engage with various stakeholders, curate a diverse skill set and ensure family alignment for the journey ahead.

Kent Weaver
Kent Weaver
Founder and CEO of Granite Point

Kent Weaver


Kent Weaver, founder and CEO of Granite Point, boasts an extensive background in investing, with involvement in over 75 middle-market companies. His strategic partnerships have nurtured numerous successful ventures across diverse sectors, such as healthcare, HR outsourcing, software development and mental health. Currently, Weaver also serves as executive chairman of a home healthcare company in Northern California, acquired through a self-funded search fund model. His prior roles encompass significant positions in marketing, product management and finance within organizations like a VC-backed marketing automation startup, PepsiCo’s Pizza Hut division and Ernst & Young. Weaver holds an MBA from the UCLA Anderson School of Management and a B.S. in finance from USC, underscoring his solid foundation in business and finance.

 [AF1]Please add grad year in parentheses.

Kyler Gilbert
Kyler Gilbert
Vice President, Business Consulting Resources

Kyler Gilbert


Kyler Gilbert brings a rich consulting background and a blend of academic and entrepreneurial achievements to BCR. With roots in BCR as a high school intern, he expanded his expertise at UCLA, earning degrees in economics and communications. During his time there, Gilbert founded Charipay, a venture supporting nonprofits, notably raising $2 million in PPE during the pandemic. His professional journey continued at Capital Group, where he gained significant experience in investment management and internal consultancy, particularly in solving operational and client experience challenges. Currently pursuing an MBA at UCLA Anderson, Gilbert is set to contribute his diverse skills to BCR's clients in Hawaii and Los Angeles, promising a significant impact on BCR's growth and strategic direction.

 [AF1]Please add grad years in parentheses.

George Lang
George Lang ('23)
Managing Partner, Apex Capital Growth Partners

George Lang


George Lang is a dynamic entrepreneur with roots in Arlington, Virginia, deeply influenced by his family's entrepreneurial spirit. His journey from crafting backyard board games to spearheading tech initiatives showcases a blend of creativity and technical acumen. Lang's career took a significant turn when he identified a niche at the confluence of consulting, contracting and technology, leading him to impactful roles with government entities and multinational firms in Southeast Asia and beyond. His work with companies like Grab and Coupang, coupled with his deployment to Afghanistan, underscores his adaptability and leadership across diverse cultural and operational landscapes. Beyond his professional endeavors, Lang's commitment to real estate, investing and community service highlights his multifaceted interests and dedication to societal improvement.

Jorge Naruse
Jorge Naruse ('23)
Managing Partner, Apex Capital Growth Partners

Jorge Naruse


Jorge Naruse, originating from Lima, Peru, embodies the essence of resilience and strategic acumen as a managing partner, grounded in a rich entrepreneurial lineage. His journey, punctuated by personal challenges and professional milestones, showcases a steadfast commitment to growth and excellence. With an industrial engineering background, Naruse's analytical prowess propelled him from a junior consultant role at Nextel Peru to leading a top-tier sales team at Entel Peru, where he excelled in client relationship management and team leadership. His personal life, shared with his wife, Carolina, and daughter, Mika, fuels his drive, underscoring the harmony between his professional endeavors and family commitments.

Folsom
Dan Folsom ('24)
Current Searcher

Dan Folsom


Dan Folsom’s professional experience is in mechanical engineering, in both designing and rolling out global products across multiple continents. Wanting to pivot into something more entrepreneurial, Folsom decided to pursue the MBA to get business experience to complement his technical background. Upon arriving at UCLA Anderson, he learned of the search fund model and ETA, where he dove headfirst into learning all that he could to prepare himself to pursue a search of his own. After multiple internships, classes and serving as the ETA club president at Anderson, Folsom is now eager to begin his ETA journey. He plans to launch his traditional search upon graduation.

 [AF1]Please add grad year in parentheses.

Rish Sharma
Rish Sharma ('25)
Current Searcher

Rish Sharma ('25)


Rishi Sharma is a standout TA for the Search Fund Class at UCLA Anderson School of Management, bringing a rich blend of venture capital insight and startup experience. His involvement in Newlin VC in Los Angeles, focusing on sectors like food, consumer tech and spacetech, complements his deep-rooted expertise in consumer goods, particularly in DTC growth, retail strategy and product development. With over 15 years of experience, Sharma has contributed significantly to various businesses, enhancing his prowess in operations, strategy and managerial finance. Additionally, his mentorship roles at Plug and Play and Founder Institute underscore his commitment to nurturing emerging talent in the entrepreneurial ecosystem.

Darwin Valentine
Darwin Valentine

Owner, Gloria Avenue Partners

Darwin Valentine

Darwin Valentine is the key figure at Gloria Avenue Partners, marked by his background as a first-generation college graduate and the youngest in a family of five, which instilled in him resilience and the significance of community support. With a diverse career spanning energy, power and industrial markets, alongside nonprofit work, Darwin embodies a unique blend of professional understanding and empathy central to his business acquisition strategy. Focused on fostering respectful partnerships and strategic growth, he places a high value on the narratives of Southern California businesses he collaborates with, aiming to enhance their success and community impact.

Abhi Arora
Abhi Arora

Co-Founder, Olympia Partners

Abhi Arora

Abhi Arora's journey into entrepreneurship was sparked early on in India, observing her father's dedication to a small construction business. This inspiration led her to a career at Kearney, where she managed global sales and cost-transformation projects, and then the International Finance Corporation, where she supported entrepreneurs through investments and advice. Motivated to address women's healthcare challenges in India, Abhi contributed significantly to building Proactive For Her, a Series A company, by leading products and operations to attract its initial customer base. With an academic background from Shri Ram College of Commerce and an MBA from the Stanford Graduate School of Business, she's now poised for a new venture. Beyond business, Abhi is a certified yoga teacher and mindfulness practitioner, enjoying cooking and the discipline of Vipassana meditation.

Rick Gustafson
Rick Gustafson

Search Fund Investor

Rick Gustafson

Rick Gustafson has distinguished himself as a serial CFO in Silicon Valley, with a prolific career chiefly in enterprise SaaS companies. His expertise has been pivotal during significant periods of growth and transition, notably during his eight-year tenure at ServiceMax, a leading field service management SaaS provider, where he played a crucial role in the company's strategic development, exponential growth and eventual $1 billion acquisition by GE Digital. Rick's prior CFO roles at Genius.com, Coupa Software (leading to an IPO) and Ketera Technologies underscore his significant contributions to the SaaS sector. His academic foundation includes an MBA from the Stanford Graduate School of Business and a B.A. in economics/business from UCLA, equipping him with a robust blend of financial acumen and strategic insight.

Austin King
Austin King

Co-Founder and Executive Chairman, Steel River

Austin King

Austin King is a pivotal figure at Steel River as co-founder and at CraneTech as chief financial officer and head of M&A, where his passion for small businesses and community engagement fuels his work. His goal is to foster a culture that positively impacts communities. Austin's journey in finance and business development includes a notable tenure at Alpine Investors as director of business development, where he successfully oversaw the acquisition and growth of assets totaling over $200 million in enterprise value. Before Alpine, he honed his skills at Accenture, optimizing operations and achieving cost savings for Fortune 500 companies. Austin's academic achievements at Providence College, where he graduated magna cum laude with a B.A. in economics and political science, laid the groundwork for his professional endeavors, underscoring his analytical prowess and commitment to community-centric growth.

Raam Jani
Raam Jani

Partner, BakerHostetler

Raam Jani

Raam Jani is a distinguished partner in BakerHostetler's Business Group, specializing in a broad array of corporate practices that span middle-market private equity, mergers and acquisitions, venture capital and entrepreneurship through acquisition (ETA) transactions. His practice also extends to offering general corporate counsel to closely held private businesses and emerging companies across diverse industries. Raam's expertise includes working with well-known private equity funds, search funds and independent sponsors on leveraged acquisitions, recapitalizations and exit transactions. His proficiency in international transactions is notable, advising on cross-border deals involving non-U.S. search funds and private companies. Raam is also recognized for his contributions to academia, lecturing at prestigious business schools across the United States, including The University of Chicago Booth School of Business, Kellogg School of Management, Stephen M. Ross School of Business, Darden School of Business, Wharton School and Rice University, sharing his insights and experiences in the field.

Fiona Yu (’21)
Fiona Yu (’21)

Operating Partner and Treasurer, Savana Partners

Fiona Yu (’21)

Fiona Yu embarked on her professional journey in accounting at Bentley University, subsequently earning her CPA certification. Her career began at Ernst & Young, where she specialized in the healthcare and consumer technology sectors. Fiona's path led her to a venture-backed agriculture startup experiencing rapid growth, where she was VP of operations and strategy. In this role, she found her passion in assisting COOs with prioritization, cultivating an understanding that effective balance sheet management combines scientific precision and artistic insight.

Alex Wang (’01)
Alex Wang (’01)

Co-Founder and Managing Partner, Riviera Capital

Alex Wang (’01)

Alex Wang is a seasoned entrepreneur and investment professional, currently leading as the co-founder and managing partner at Riviera Capital. His career is highlighted by significant achievements, including his tenure as CEO of Medi-Tech/Phycom Group, where he quadrupled the company's size and revenue, leading to its acquisition by an affiliate of Prudential Capital. Alex's entrepreneurial journey began in 2003 with a self-funded search that led to the acquisition and successful growth of Resource Directory Group, eventually resulting in a 9x return on investment. He also co-founded and served as CFO of motoreyes, which was acquired by OnStation Corp., where he later became VP of corporate development, handling major client services. Before venturing into entrepreneurship, Alex gained valuable experience in investment banking and private equity, working with Intel Capital, AIG Investment Corp. and JPMorgan Chase. He holds a B.A. and B.B.A. from Boston University and an MBA from the UCLA Anderson School of Management, and is involved in various board positions and as a SCORE/SBA mentor, contributing his expertise to the entrepreneurial community in Southern California.

Chris Williams
Chris Williams

Chris Williams

Chris Williams is the CEO of System Six, a modern, remote, cloud-based finance and accounting firm that partners with hundreds of small businesses, startups, nonprofits and search fund-–acquired companies across the U.S. His firm manages clients' back office finance needs, including bookkeeping, bill pay, invoicing and controllership advisory. Before leading System Six, Chris had a career in finance, where he served as an advisor to and investor in midsize to large businesses. He’s worked for companies such as Emporos, TPG Global and Barclays. He received an MBA from Stanford University and an undergrad degree in economics from Brown University. Chris loves being with family, going for runs and working on his golf game.

Derek Turner
Derek Turner

Derek F. Turner

Derek Turner, the founder and managing partner of Chaparral Capital, has a rich entrepreneurship and business development background, with deep Southwestern roots that inspired the firm's creation. His leadership at IMS Infrastructure Management Services, a Chaparral Capital investment, has significantly boosted its growth through technological advancements, making IMS a leader in the municipal pavement management sector in the U.S. Before Chaparral, Derek's career spanned various industries, including a key role at Grand Circus Detroit, where he helped grow Michigan's first software development boot camp, and early involvement in Ambassador, a marketing software firm. He also contributed to ClaimTrak, a healthcare software company. A Stanford University alumnus with an MBA and an M.A. in education and a B.A. in political science from Columbia University, Derek balances his professional achievements with his role as a father to two sons and husband to his high school sweetheart, Katie.

Tim Ludwig
Tim Ludwig

Tim Ludwig

Tim Ludwig is a co-founder and partner of Majority Search. Tim is also the founder of Ohana Capital, a private holding company through which he has invested in over 80 search funds since 2007. He also owns three companies in the business services, health care and transportation industries. Before he began investing in search funds, he was an executive at a diversified real estate company, consulted with Arthur Andersen and a middle-market manufacturing company, founded two online publishing companies and held positions with Dell and a venture-backed startup. He graduated from The College of Wooster, received his MBA from the University of Michigan and lives in San Diego.

Sam Swan
Sam Swan ('19)

Sam Swan (’19) 

Sam Swan (’19) is an experienced professional who began his career in Cooper Industries' Operations Leadership Program, taking roles as a manufacturing engineer, machine shop manager and transfer of work project manager before moving into product management. His career advanced as he became a global product manager at Power Distribution Incorporated (PDI), where he significantly contributed to the growth of his product lines by collaborating closely with engineering, sales, operations and finance while also handling quality and market challenges. Later, as the manager of PDI's West Coast operations, he revitalized a struggling Santa Ana–based business by implementing continuous improvement strategies, empowering employees and developing new manufacturing processes, overseeing a team of 175. Sam, a graduate of the UCLA Anderson School of Management and Clarkson University, with a background in engineering and management, decided to leave PDI to fulfill his dream of owning and operating a small business. Outside of his professional pursuits, Sam enjoys spending time with his family, skiing, rock climbing and alpinism.

Al Osborne

Al Osborne 

Alfred E. Osborne, Jr., is UCLA Anderson’s senior associate dean for external affairs, with oversight of a variety of key initiatives for the school, including resource development, alumni relations, corporate initiatives and executive education.

Osborne also holds an appointment as Professor of Global Economics, Management and Entrepreneurship and is the founder and faculty director of the Harold and Pauline Price Center for Entrepreneurship & Innovation. The Price Center serves to organize faculty research, curricula and student activities related to the study of entrepreneurship and new business development at UCLA Anderson.

He served as UCLA Anderson's interim dean from July 1, 2018 to July 1, 2019.  

Osborne is interested in leadership development, specifically, “how young people in this turbulent world can find their voice and develop the ability to influence a challenging environment by being powerful. This speaks to my theme of moral, value-based leadership, with an active practice of achieving desired outcomes in constructive and collaborative ways.”

Osborne’s areas of academic expertise include social entrepreneurship and the development of a leadership approach that applies business models and methodologies to the nonprofit world. Under his leadership, the Price Center created a number of management development programs, including five in partnership with health care giant Johnson & Johnson: the UCLA/Johnson & Johnson Head Start Management Fellows Program; the UCLA/Johnson & Johnson Advanced Management Institute for Head Start; the UCLA/Johnson & Johnson Health Care Institute; the UCLA/Johnson & Johnson Health Care Executive Program; and the Management Development Institute (MDI) for health care organizations in sub-Saharan Africa. Several related, innovative programs include the Institute for the Study of Educational Entrepreneurship (ISEE) and the UCLA/Los Angeles County Office of Education (LACOE) Head Start Leadership Institute.

A deep belief in the value of entrepreneurship has guided Osborne’s vision for what is possible throughout his decades-long tenure at Anderson. In addition to founding the Price Center, he facilitated infusion of an entrepreneurial approach to leadership into the Anderson culture and curriculum, including and transcending the notion of business startups.

“Societies that don’t innovate are destined to die,” Osborne says. “My view was that our MBA students could benefit from understanding things from an entrepreneurial point of view.”

Osborne combines his emphasis on innovation with a deep belief in the value of a broad-based diversity that includes demographics but, just as important, a wide range of ideas.

“The value of cognitive diversity ― the acceptance of different points of view as expressed typically by different ethnicities, genders and cultures ― is the secret sauce of the American experience,” he says.

“I think we need to respect and cherish more of that. Life experiences shape peoples’ perspectives, and someone who grew up in a different culture is the gist of construction, connection and valuable conversations. I am a product of that diversity, coming to this country from Panama. My goal is simply to encourage people to get out into the traffic of ideas and collide with somebody with a different point of view. Physicists tell me there’s no work unless there’s friction and there’s no power or energy without collisions. Let’s collide in a more inclusive and respectful way,” he says.

Osborne is an active participant in the business community, serving as a director of Kaiser Aluminum, Wedbush Inc., and First Pacific Advisors (FPA) family of mutual funds. His nonprofit affiliations include serving as a trustee of the Geffen Academy at UCLA, Fidelity Charitable, the Harvard Westlake School, and the Los Angeles Police Memorial Foundation. He served many years on the corporate boards of the Times Mirror Company, US Filter Corporation, Greyhound Lines Inc., Nuverra Environmental Solutions Inc., First Interstate Bank of California, Nordstrom Inc. and K2 Inc., among others.

While on sabbatical from UCLA in the 1970s, he was an economic fellow at the Brookings Institution and directed studies at the Securities and Exchange Commission that contributed to changes in Rule 144, Regulation D and other exemptive requirements to the securities laws designed to lower costs and improve liquidity and capital market access to venture capitalists and emerging growth firms alike.

Osborne’s research interests also include venture capital and private equity, family and closely-held business, and the role of boards of directors in private, public and not-for-profit organizations.

A corporate governance expert, he established a Director Education and Certification Program designed to help officers and directors of public, private and nonprofits prepare for the fiduciary duties and legal responsibilities of governance. This program also addresses best practices and topical issues confronting directors.

Sponsors

 


Baker Hostetler
Business Consulting Resources
Kilpatrick
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